FXGT is a forex broker with headquarters in Victoria, Seychelles, and is regulated by the SFSA. According to research recently done, FXGT is an established forex broker company in Seychelles.
On the company’s website, FXGT describes itself as a new breed of forex broker powered by FXGT. It is the upshot of the digital transformation of currency markets and the widespread adoption of cryptocurrencies.
The main aim of the company is to invest in the trader’s success, providing digital tools, and trading pairs, while striving to offer the best trading conditions in the market.
FXGT is operated by 360 Degrees Markets Ltd which is a registered company in Seychelles, with Registration Number 8421720-1.
There is not much information on the internet or FXGT’s website to give any indication of when the company was founded or any other historical facts. Sources do however state that the company was founded in 2019.
FXGT Awards and Recognition
In the world of forex broker companies, it counts much for the company’s reputation if it has been honored with awards from esteemed organizations or publications.
Since its inception in 2019, it does not seem like FXGT has received any awards yet as nothing is mentioned on its website or in reviews on the internet.
FXGT Account Types
A forex account is a trading account held by a trader with a company like FXGT, that is issued with the primary purpose of trading through its platforms. The number and type of accounts that a trader can open with a broker company usually differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.
FXGT Types of Accounts and Their Features
FXGT offers clients the option to open a demo account with demo balances. These vary from currency to currency.
Up to one demo account can be created per currency, and you can choose leverage from 1:1 to 1:500. There is no indication of the balance offered in the demo account and for how long it is valid. It is also not clear if the demo account can be converted into a live account.
FXGT offers four different account types. A Mini Account, Standard+ Account, PRO Account, and an ECN Account. Clients of the Muslim faith can also apply for a Swap Free Account. These clients should however note that exotic pairs are excluded for swap-free accounts and clients should be credited or debited the normal overnight swap.
The process to open an account can be started from links on the company homepage. The process is quick and easy and almost instantly.
Once you register with FXGT and provide your full name, email address, password, and country, they will send a confirmation link to your email address. You click the link to confirm your subscription and your account is ready to login too.
Clients can have one Client Portal Account but can open multiple trading accounts from within your Client Portal. Deposits into a trading account can be made in the following currencies: USD, EUR, JPY.
FXGT Minimum Deposit
📍 The following minimum deposits are required in the different currencies used:
➡️ USD 5
➡️ EUR 5
➡️ JPY 500
📍 The following methods can be used to fund accounts or make withdrawals:
➡️ Credit cards (Master Card, JCB Card)
➡️ E-Wallets (Bitwallet)
➡️ STAY
➡️ Bank Wire (Wire Transfer)
FXGT does not charge any deposit fees except for Bank Wire deposits where a fee is applicable depending on the amount deposited.
It should also be noted that the minimum deposit made through bank wire is USD 10. The same applied to the withdrawal of money where only Bank Wire withdrawals will be charged a fee.
There might be other fees applicable depending on the service provider clients use to withdraw funds.
FXGT states that most withdrawals are instant if the proper documentation is adhered to. Credit Card and Bank Wire withdrawals can be requested at any time but will only be processed within banking working hours which is from Monday to Friday between 09:00 – 17:00 GMT.
For Digital wallet deposits and withdrawals, FXGT requires all its customers to provide proof of account ownership if the client’s email is different from the Digital wallet email. Crypto deposits and withdrawals depend on blockchain overload.
FXGT Fees and Spreads
The cost of trading depends on different factors like commissions, spreads, and margins.
The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.
The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.
Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.
Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.
While contract for differences (CFD) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, its trading on shares will incur a commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.
As already stated, FXGT does not charge any deposit or withdrawal fees. It is not clear on the website whether FXGT charges any commission.
Spreads on forex pairs start from 0.00014 pips. On the FXGT website, traders can click on the Trading link for an extensive list of spreads on specific instruments.
FXGT Leverage
FXGT allows a maximum leverage ratio of 1:1000. Leverage starts at 1:5
The amount of leverage is expressed as a ratio, for instance, 50:1, 200:1, or 500:1. Assuming that a trader has US Dollar 1 000 in a trading account and is trading ticket sizes of 200 000 USD/JPY, that leverage will equate to 200:1.
Leveraged product trading magnifies a trader’s potential profit – but of course, also increases the potential loss. This facility enables traders to get a larger exposure to the market than the amount they deposited to open a trade.
FXGT Security of Funds
Segregated Funds: FXGT keeps client funds entirely separate from our operational funds in various Tier 1 banking institutions.
Data Security: FXGT’s advanced encryption technology, secure servers, and strong firewalls ensure the maximum security of data.
Negative Balance Protection: FXGT offers negative balance protection to our clients, so they can trade with added peace of mind.
Capital & Reserves: FXGT maintains a capital adequacy ratio of 40%, which is four times more than the typical capital-to-risk weighted exposure ratio required by reputable regulators.
Regulation: FXGT is a fully regulated broker, with licenses from the Seychelles Financial Services Authority (SFSA) and the South African Financial Services Conduct Authority (FSCA).
Liability Insurance: Clients and third parties are insured up to a total of €1,000,000 against errors, omissions, negligence, or other risks that may result in financial loss.
FXGT Sign-up Bonus
Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to benefit from a bonus.
The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proven himself as an active trader.
Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.
The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit about the marketing, distribution, or sale of a CFD, thus ruling out the offering of such bonuses.
With FXGT first-time traders can qualify for a 100% credit bonus on the first deposit. This bonus is only available to clients to transfer money for the first time into MT5. There is also a time deposit bonus of 30% Credit and an anytime deposit bonus.
FXGT Trading platforms
The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like stocks, equity indices, precious metals, energies, and forex.
Some companies provide their proprietary platform, while others prefer well-known platforms. If there is a choice, the trader should keep in mind what he would like to trade.
FXGT offers MetaTrader5 as the only trading platform. It is the fastest trading platform available, giving traders the power and control they need. Its features allow greater control over the positions which are open and offer more investment strategies.
In addition, MT5 offers 38 built-in indicators, 22 analytical tools, and 46 graphical objects, equipping traders with additional features to boost their trading experience. It is available on desktop, web, android, and iPhone in English and Japanese.
FXGT Markets, Products, and Instruments
Most brokers offer all or some of the following market instruments for trading:
Forex
Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.
