Review of FXGT Trading Conditions Offered by Hybrid Brokerage
FXGT Forex Broker is a popular choice for traders looking to engage in foreign exchange trading. The platform offers a user-friendly interface, a wide range of trading instruments, and competitive spreads. With FXGT, traders can access a variety of trading tools and educational resources to enhance their trading experience. The broker also provides a secure and reliable trading environment, ensuring the safety of clients’ funds and personal information. Overall, FXGT Forex Broker is a reputable option for those interested in forex trading.
FXGT is an international broker providing its customers access to a variety of assets, such as currency pairs, equity indices, metals, energies, stocks, cryptos, synthetic cryptos, and the GTi12 Index. It is compliant with regulations in 4 distinct jurisdictions. The broker furnishes four account types to fit the requirements of different traders. These consist of Pro, ECN, Mini, and Standard+ accounts. It further offers low fees, up to 1000:1 leverage, and remarkable 24/7 customer support.
This review of FXGT will cover all the essential information potential traders should know before signing up for an account. We’ll look into safety, instruments and fees, trading platforms, and much more to provide an in-depth overview of this broker.
Ensuring the Protection of FXGT broker’s Clients
It is critical for traders and investors to find a safe and reliable broker for their financial trading. A trustworthy indication of the broker is if it fulfills regulatory requirements. Regulators necessitate brokers to regularly report and go through financial tests. Moreover, they must have key safety features such as dividing client funds, negative balance protection and more.
FXGT is a reliable broker, as they are regulated by four distinct authorities. To provide further assurance, their licence numbers can be found, enabling you to double-check the information.
- FXGT is authorized by the Seychelles Financial Services Authority (FSA) with the Securities Dealer’s License Number SD019.
- The Financial Sector Conduct Authority in South Africa has given its approval to FXGT (FSP Number 48896).
- The broker is officially licensed and regulated by the Vanuatu Financial Services Commission (VFSC) with the Principal’s License Number 700601.
- The Cyprus Securities and Exchange Commission (CySEC) has issued license number 382/20 to FXGT in accordance with the Markets in Financial Instruments Directive (MiFID II). This license is only allocated to institutional traders.
It is also essential to note that the broker separates the clients’ funds from their own operating funds. This is key as it ensures that the customers will always have access to their money. This is particularly relevant due to the cases of bankruptcies that have occurred, in which traders lost their entire funds.
FXGT offers negative balance protection for all its customers, meaning that traders cannot lose more money than the amount they initially deposited. With a leverage of up to 1000:1, traders can manage up to 1000 times their initial deposit. This, however, increases the risk of a negative account balance, should the market experience volatile conditions. Fortunately, if the balance does turn negative, traders can reach out to customer support, and the balance will be reset to zero.
Clients of FXGT are safeguarded with an insurance policy that offers a maximum of 1 million Euros in coverage. This insurance is to protect against any financial losses resulting from errors, omissions, or negligence.
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What FXGT account type is suitable for you?
Individual traders have separate needs. Those with limited capital or who want to experiment with their trading techniques with a limited amount of danger, often opt for mini/micro accounts. Algorithmic traders, day traders who are active and high frequency traders (HFT) generally prefer ECN accounts due to the low prices and spreads. Traders who usually swing trade and plan their trades in advance, normally go for regular accounts with small commissions.
FXGT provides four account types – Pro, ECN, Mini, and Standard+ – to meet the requirements of all types of traders. Trading platforms such as MetaTrader 4 and MetaTrader 5 are accessible to all of these accounts, and additionally, swap free accounts and negative balance protection are both accessible. Despite this, each account has its own distinguishing features. For instance, the Mini account is suitable for traders with low capital and those looking to test strategies, as the contract size is 10,000, which is 10 times lower than the other accounts.
Traders who are highly active can benefit from spreads as low as 0 points on an ECN account, however, they must be aware that commissions up to $6 per round-turn could be charged for all FX Asset Classes, $5 for Precious Metals, and 0.1% for Crypto Asset Classes.
No commissions are included with either a Pro or Standard+ account. But, these accounts include trading fees which are embedded into their respective spreads. For Pro accounts, spreads start from 5 points (or 0.5 pips), while Standard+ accounts have spreads beginning at 10 points (or 1 pip).
It is important to remember that the broker gives its customers the opportunity to utilize cryptocurrencies to finance their accounts, along with other internationally accepted currencies. One can deposit to any of the four accounts using these types of currency.
- Bitcoin is represented by BTC
- Ethereum is denoted by ETH
- Tether (US Dollar Tether) is designated by USDT
- Cardano is represented by ADA
- Ripple is indicated by XRP
- The Euro is marked by EUR
- The US Dollar is symbolized by USD
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A look at the different account types provided by FXGT is illustrated in the image below. The selection of accounts offered by FXGT can vary.
At FXGT, customers can both make deposits to their accounts and withdraw funds.
FXGT provides a variety of deposit and withdrawal options for traders. They can use their VISA and CreditCards, instantEFT, or go for a Wire bank transfer. Moreover, they can also deposit funds with some of the most popular crypto currencies like Bitcoin, Ethereum, Tether (US Dollar Tether), Cardano, and Ripple. It is to be noted that most of these methods are immediate whereas bank wire transfers usually take a couple of days.
Trading opportunities offered by FXGT
FXGT provides a variety of trading platforms that offer users an array of trading chances. These platforms feature a range of features and tools that enable traders to make informed decisions. The selection of platforms available allows traders to find a platform that meets their individual needs.
FXGT offers their traders two of the most sought-after platforms for trading: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both of these trading platforms were developed by MetaQuotes and have many of the same features. Nevertheless, they are distinct from each other. MT5 is a bit more complicated, sophisticated, and is capable of trading a variety of asset types, including futures, bonds, stocks, and cryptocurrencies. Alternatively, if you intend to only trade currencies and a few other CFDs, then the MT4 is the more suitable option as it was mostly created to trade currency pairs.
Mention should be made of the fact that the broker offers a web trading terminal and a mobile app to its clients.
Receive a Quarter-Back Loyalty Incentive Without Any Limit
Customers of FXGT are eligible for an unlimited 25% loyalty bonus. This reward is only open to those with Mini and Standard accounts. As an example, if you deposit 1000 USD, your account will show a balance of 1250 USD, with an additional 250 USD as the bonus.
Trading Products on FXGT
FXGT provides a range of tradable instruments for its customers to choose from. The selection includes currencies, commodities, indices, and stocks. All of the available instruments can be traded with a single account.
FXGT provides the opportunity to trade a variety of different asset classes, including currency pairs, cryptos, Synthetic cryptos, precious metals, energies, equity indices, stocks, DeFi Tokens, and Non-Fungible Tokens (NFTs).
This broker offers a variety of popular currency pairs, such as EUR/USD, GBP/USD, AUD/USD, USD/JPY and USD/CAD, as well as minor and exotic pairs. US stocks are also available, with names like AAPL, AIG, AMZN and BABA. The maximum leverage for trading stocks is 10:1, while for currencies the maximum is 1000:1.
For those who engage in cryptocurrency trading, the broker provides a vast selection of crypto derivatives, including but not limited to: BTC/USD, BTC/JPY, LTC/USD, XRP/USD, and more. The maximum leverage available for crypto derivatives is 1000:1.
Offering assistance at FXGT
At FXGT, we are dedicated to providing our customers with the help they need. Our customer support team is available to answer any questions and provide assistance. We strive to make sure our customers have a positive experience with us.
Customer service is a necessity for any enterprise that caters to clients. In the financial services sector, there are many rivals, so it is even more important for FXGT to provide excellent customer support. The broker has a resource center page with all the most commonly asked questions. Furthermore, traders can email or live chat with the staff. The live chat is available 24/7 in various languages, making it extremely convenient.
Would it be a worthwhile option to trade currencies through FXGT?
FXGT is a regulated Forex broker that provides users with a variety of trading opportunities through the well-known MetaTrader 4 and MetaTrader 5 platforms. Leverage of up to 1000:1 is available, and there are account types that can be tailored to different trader types. The customer service is noteworthy, and account opening and verification are both done digitally. It may be worthwhile to open a demo account to experience the broker’s services first-hand.
Common inquiries regarding the FXGT broker:
Is FXGT legitimate or a scam?
It can be assured that FXGT is not a fraud, as the broker is legitimately authorized and regulated by various authorities.
- FXGT has obtained a Securities Dealer’s License Number SD019 from the Seychelles Financial Services Authority (FSA).
- The broker has been authorized as an FSP with FSP Number 48896 by the Financial Sector Conduct Authority in South Africa.
- The Vanuatu Financial Services Commission (VFSC) has issued a Principal’s License Number 700601 to FXGT.
- The Cyprus Securities and Exchange Commission (CySEC) has granted FXGT license number 382/20 and the broker has developed according to the Markets in Financial Instruments Directive (MiFID II). This license is limited to institutional traders.
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What kind of assets can be traded at FXGT?
At FXGT, traders have access to a variety of asset classes for trading, including currency pairs, equity Indices, metals, energies, stocks, cryptocurrencies, synthetic cryptos, and the GTi12 Index. Leverage varies depending on the instrument class, with a maximum of 1000:1.
If I am looking to daytrade, what type of account should I select?
Traders who trade frequently usually select accounts that have the narrowest spreads and are willing to pay commissions in its place. FXGT provides an ECN type of account for daytrading. Pro and Standard+ are suitable for swing and position traders, while the Mini account type is designed for those who have limited capital and are practising strategies.
FXGT Forex Broker Review Top Insights and Analysis
*Terms and Conditions Apply. There are risks associated with investing. This should not be considered as professional advice. It is important to note that all investments carry risks.