It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
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Pros and cons of FXGT
Pros:
Regulated by the Seychelles Financial Services Authority (FSA)
Offers a wide range of financial instruments, including forex, cryptocurrencies, metals, energies, equity indices, stocks, DeFi tokens, and NFTs
Provides multiple account types to choose from, catering to different trading styles and preferences
Offers the popular and versatile MT5 platform, available on desktop, web, and mobile devices
Low minimum deposit requirements and no extra fees charged for deposits or withdrawals
Provides a variety of educational resources to help traders improve their knowledge and skills
Responsive and 24/7 customer support available via email and social media channels
Cons:
Seychelles-based regulation may not be as stringent as some other regulatory bodies, such as the FCA or ASIC
The maximum leverage of 1:1000 offered by FXGT can be considered high-risk for inexperienced traders
The spreads and commissions for certain account types may be relatively high compared to other brokers in the market
What type of broker is FXGT？
FXGT is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, FXGT acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that FXGT has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with FXGT or any other MM broker.
General information and regulation of FXGT
FXGT is a Seychelles-registered forex and CFD broker that provides a wide range of trading instruments including forex, cryptocurrencies, metals, energies, equity indices, stocks, DeFi tokens, and NFTs. The company is regulated by the Financial Services Authority (FSA) in Seychelles and offers multiple trading accounts, competitive spreads, and high leverage of up to 1:1000. FXGT provides access to the popular MT5 platform across desktop, web, and mobile devices and offers a range of educational resources to support traders. The company has a 24/7 customer support team available via email and social media channels.
In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
Market instruments
FXGT offers its clients a diverse selection of trading instruments. Traders can access the forex market and trade major, minor, and exotic currency pairs. The broker also offers a range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, as well as synthetic cryptos. Additionally, FXGT provides traders with the opportunity to trade metals, energies, equity indices, stocks, DeFi tokens, and NFTs. This wide range of instruments allows traders to diversify their portfolio and potentially benefit from various market movements. However, it is important to note that some of these assets, such as cryptocurrencies and DeFi tokens, carry high volatility and risks, making them unsuitable for all traders.
Spreads and commissions for trading with FXGT
FXGT offers four different account types with varying spreads, commissions and other costs. The ECN account offers the tightest spreads from 0 points, however, this account type comes with a commission charged on all FX asset classes, with up to $6 round-turn charged for FX and up to $5 round-turn for precious metals. The PRO account offers spreads from 5 points, and no commission is charged. The Mini and Standard+ accounts offer spreads from 10 points with no commission charged. FXGT ensures transparent pricing and no hidden fees or charges, giving traders peace of mind. However, information on overnight swap charges or other fees is not available on the website. Moreover, there are bonuses or promotions offered to traders, which may be an advantage for some.
Trading accounts available in FXGT
FXGT offers traders a variety of account types to choose from, including the PRO, ECN, Mini, and Standard+ accounts. Each account has its unique features and benefits, such as commission-free trading on the PRO, Mini, and Standard+ accounts and the availability of high leverage up to 1:1000 on all accounts. However, some traders may find the spreads on the Mini and Standard+ accounts may be higher than other brokers. Additionally, the ECN account charges commission on certain asset classes, which may not be suitable for all traders. Nonetheless, FXGT offers negative balance protection on all accounts, which is a crucial feature to have in case of unexpected market volatility.
Trading platform(s) that FXGT offers
Regarding the platforms dimension, FXGT offers the popular and advanced MT5 trading platform, which is available on desktop, web, and mobile platforms. The desktop platform is highly customizable with a wide range of technical analysis tools and indicators, making it suitable for more experienced traders. The web platform is accessible from any browser without needing to download software, which is beneficial for traders who are always on the go. The mobile platform is available for both iOS and Android devices, allowing traders to manage their accounts and trade on the go. However, the fact that FXGT only offers the MT5 platform may not be preferred by all traders who may prefer other platforms. Additionally, some traders may find the platform too complex or overwhelming, and trading on a mobile device may be less convenient and less efficient than on a desktop platform.
Maximum leverage of FXGT
FXGT offers a maximum leverage of up to 1:1000, which can be an attractive feature for traders who want to maximize their potential returns with a smaller initial investment. Higher leverage allows traders to take advantage of market opportunities and execute more trades. However, it's important to note that higher leverage also carries higher risk, which means traders need to be cautious and employ effective risk management strategies. If not managed properly, higher leverage can also result in significant losses. Additionally, higher leverage may lead to higher transaction costs, and traders who prefer lower risk trading may find limited leverage options. Overall, while high leverage can be beneficial, traders need to carefully consider their risk tolerance and trading strategy before utilizing it.
Deposit and Withdrawal: methods and fees
FXGT offers a variety of payment options for both deposits and withdrawals, including major credit cards, bank wire transfers, and various cryptocurrencies. Deposits are processed instantly, and FXGT does not charge any extra fees for deposit transactions. However, the minimum deposit amount is around 50 USD, which may not be suitable for some traders. Withdrawals can be made using the same payment methods as deposits, but processing time takes up to 2 business days, which can be considered as a disadvantage. Despite these limitations, FXGT provides several popular payment options without any additional charges, making it a suitable choice for traders looking for a reliable payment system.
Educational resources in FXGT
FXGT provides traders with a comprehensive range of educational resources that cater to different learning styles and levels. These resources include an economic calendar, market reports, video tutorials, trading signals, technical analysis, eBooks, and a glossary. Traders can access these resources for free, and they are designed to help traders stay informed about the latest developments in the financial markets. The educational resources also provide valuable insights into market analysis and trading signals, which can help traders make informed decisions about their trades. However, it is important to note that the educational resources may not guarantee profitability or success in trading, and some resources may be more basic and may not cater to advanced traders. Additionally, there is no access to one-on-one coaching or mentoring, which may be a disadvantage for some traders.
Customer service of FXGT
FXGT offers a solid customer care dimension with multiple channels available for users to contact the support team. Customers can reach out to the support team via email at support@fxgt.com, or through social media platforms like Instagram, Facebook, and LinkedIn. The support team is available 24/7, and they are known to be responsive and helpful in resolving customer queries and issues. However, there is no phone support or live chat available, which may be a disadvantage for some users. Additionally, local language support is not available, which may be a limitation for non-English speakers. Overall, FXGT provides a decent customer care experience, with a reliable support team and multiple channels for users to contact them.
Conclusion
Overall, FXGT is a reputable forex and CFD broker that offers a wide range of trading instruments, multiple account types, and a variety of trading platforms. With its competitive trading conditions, including low spreads, high leverage, and negative balance protection, FXGT attracts traders of all levels of experience. The company also provides a variety of educational resources, such as market reports, trading signals, and video tutorials, to assist traders in their trading journey. While FXGT is a relatively new company in the industry, it has already gained a positive reputation among traders. With its customer-oriented approach, 24/7 support, and user-friendly trading platforms, FXGT is an excellent option for traders looking for a reliable and transparent broker.
Frequently asked questions about FXGT
Question: Is FXGT a regulated forex broker？
Answer: Yes, FXGT is a Seychelles-registered company and is regulated by the Financial Services Authority (FSA) of Seychelles.
Question: What trading platforms are available at FXGT？
Answer: FXGT offers the popular MT5 platform, which is available on desktop, web, and mobile devices.
Question: What is the minimum deposit required to open an account with FXGT？
Answer: The minimum deposit required for all account types at FXGT is $5.
Question: What types of accounts are available at FXGT？
Answer: FXGT offers four account types: PRO, ECN, Mini, and Standard+ accounts. Each account type has its own unique features and trading conditions.
Question: What is the maximum leverage offered by FXGT？
Answer: The maximum leverage offered by FXGT is up to 1:1000, which is a high level of leverage compared to other brokers.
Question: Does FXGT charge any deposit or withdrawal fees？
Answer: FXGT does not charge any deposit or withdrawal fees, and processing times are generally quick, with deposits being instant and withdrawals taking up to 2 business days.
Question: What educational resources are available at FXGT？
Answer: FXGT offers a variety of educational resources, including an economic calendar, market reports, video tutorials, trading signals, technical analysis, eBooks, glossary, and trader insights.
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