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FXgtrade.com Review: Is FXG Trade a Scam or Legit

FXgtrade.com Review: Is FXG Trade a Scam or Legit

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FXG Trade targets traders with deep pockets given their higher than usual deposit requirements. Other than this, they operate like a Forex and CFDs brokerage. If you have no idea what trading on this platform looks like, you should probably read this unbiased FXG Trade review to find out.

FXG Trade review

This broker offers contract for difference across a large variety of financial instruments. However, we also see that they are focusing on Crypto currencies than on any other financial instruments. These include Bitcoin, Ethereum, Dash, Monero and Ripple.

FXGTrade

Methods of funds transfer include Bank Transfer, Credit/Debit Card, Yandex money, OkPay, Sofort, iDeal and many more. Unfortunately, they do not support the most popular e wallets such as Skrill and Neteller. This is rather disappointing given that most users would generally prefer Skrill or Neteller and will only venture into other payment methods if these funding methods are not available. Having said this, we would like to let you know that there are far bigger issues than this particular problem. If the broker fails to provide solutions to these issues, they can as well be considered an outright scam.

With regards to leverage, FXG Trade offers leverage of up to 1;300 which is rather unusual but appropriate for all types of trading styles. For you to effectively utilize leverage, you need to ensure that you are well conversant with risk management. High leverage is often blamed for being one of the reasons why traders lose money.

Again, FXG Trade supports MT4 platform which is considered the most popular and preferred trading platform among Forex traders. This software has been in use for many years now, providing a complete, fast and stable solution for those who trade the financial markets. The software is available in desktop, web and mobile versions and traders can access the financial markets as long as they have an internet connection.

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The main advantage of using this platform is that it allows for various ways of customization in addition to supporting a number of expert advisors and indicators. In fact, some of these trading software can be used free of charge although we don’t encourage the use of free software because they are often blamed for being one of the reasons why people lose money in the financial markets. If you want to automate your trading, the best way to approach this problem would be to purchase a license from a decent software developer. 

Having said this, it is clear that FXG Trade is looking to compete with major regulated brokers but the fact that it is an unregulated brokers means that these features won’t be very beneficial to you. The broker needs to prove that they are not a potential scam and that our money will be safe in their hands. To prove so, they need to be registered with a financial regulatory firm in their area of jurisdiction. This brings us to the discussion of whether or not FXG Trade is regulated.

Not a regulated broker

FXG Trade does not state whether or not they are regulated by any financial authority. This is considered a huge red flag because if a broker is claiming to offer financial services, they are generally required by the law to obtain the appropriate license before they can open shop. The company that runs this business is registered in Bulgaria where EU-wide MIFID standards are the order of the day in this industry. This simply means that the broker must seek a license from the local financial regulator before they can be allowed by the law to operate this business.

High minimum deposit of $5000

As you can see in the above title, this broker sets a high barrier for most traders and is only giving an opportunity to wealthy traders who can fork 5k without blinking an eye. One thing you should understand is that trading is done with money that we can afford to lose. If you are not willing to lose $5000 to trading, you should never deposit this amount with any broker, even if they are a regulated broker.

Having said this, there are many decent brokers who are offering an opportunity to trade on their platform with as little as $100. In an industry where there is a lot of competition and consumers have a choice, they can always choose what is best for them. In this sense, there is no reason a trader would choose FXG Trade over a regulated broker with an established track record. 

Wide spreads

Trading with a broker shouldn’t be a costly affair. Wide spreads means you are paying more, and it is affecting your profitability in one way or the other. FXG Trade offers fixed spreads of 4.4 pips, which is rather unusual. The industry’s going rate is quite low and affordable. Besides, their high minimum deposit requirement is locking out interested users. If you couple this with the fact that their spreads are abnormal, one would get convinced that FXG Trade is not the right broker to choose.

100% bonus on deposits

Again, this is a too good to be true promise. You cannot imagine even for a second that an unregulated broker can double your investment of $5000 and let you trade without hidden conditions. Something is fishy. Either this broker is looking to attract customers with these fake marketing promises or are intending to scam traders using fine print material where they dictate the hidden conditions binding anyone who will accept the bonus.

Our best advice for you

FXG Trade is unregulated and their minimum deposit is quite discouraging. If you lost $5000, you’d go crazy because we are sure no trader would be willing to lose this much no matter what. This is just a precaution. Never trade or deposit your money with an unregulated broker because the likelihood of that money getting lost will be so high. Always put yourself in an advantageous situation by avoiding these brokers. At least use regulated brokers who have what it takes to provide you with a service you love and can afford. 

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Product Name
FXG Trade
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One Reply to “FXgtrade.com Review: Is FXG Trade a Scam or Legit”

  1. Great article review. I think this brocker is not legit. 5000$ minimum deposit is too much I think. So stay away from it guys. Thanks for sharing your review.

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