FXGM Review | Why is it a scam? 2025's Latest User Tests and Complaints Revealed

1. Platform Background Check

• Brand Name : FXGM (common domain name: fxgm.com)

• History : Claims to have been established in 2011, operating under the name "Depaho Ltd.", and regulated by CySEC.

• Points of dispute :

• Between 2019 and 2022, CySEC imposed multiple penalties on the company, including for false marketing and failure to disclose investor losses.

• Several European regulatory bodies (ConsoB of Italy, CNMV of Spain) have issued warnings

• Current situation : FXGM's official website has been shut down or inaccessible multiple times, and some are still using mirror sites to solicit customers.

📌Conclusion : Although it was registered in Cyprus in the early days, it has actually lost its market credibility due to multiple violations and is considered a high-risk platform.

2. Personal test results in September 2025

• Account opening experience :

• The registration page is simple and there is no strict KYC process

• Customer service actively promotes high-leverage accounts

• Deposit test :

• Deposit 400 USDT → The payment arrives quickly, but the recipient is a third-party company account

• Unable to confirm whether the funds have entered the regulated escrow account

• Trading experience :

• The platform is an "MT4-like" system, and transaction delays are severe

• EUR/USD spreads fluctuate between 8 and 13 pips, well above regulatory compliance levels.

• Stop-loss and limit orders have repeatedly failed, suspecting backend manipulation.

• Withdrawal test :

• Withdraw 200 USDT → System requires payment of 20% "tax"

• The user's payment is still not received and the customer service refuses to respond

📌Conclusion : The deposit was successful, but the withdrawal failed, which is an obvious scam.

3. User Real-Name Complaint Cases

• Case 1

• Name : Zhao (Nanjing, China)

• Deposit amount : 9,000 USDT

• Encounter : Withdrawal was frozen and I was asked to pay a thawing fee

• Case 2

• Name : Stefano (Rome, Italy)

• Deposit amount : 11,000 EUR

• CONSOB continues to operate despite warnings, and its funds have not been returned.

• Case 3

• Name : Maria (Barcelona, Spain)

• Deposit amount : $5,500

• Encounter : Account balance cleared by backend

📌Statistics : In September 2025, BrokerHiveX received 15 user complaints, with a total loss amount exceeding US$200,000 .

IV. Supervision and Compliance Verification

• CySEC official registration query → Depaho Ltd. is indeed registered, but has been fined multiple times

• CNMV (Spain) → FXGM added to warning list

• CONSOB (Italy) → Explicitly named FXGM as a violating platform

• FCA (UK) → Not registered

Conclusion : Although FXGM once had a license, it has been identified as an unsafe platform by the market due to repeated violations and regulatory warnings.

5. Fee trap

• Point difference abnormality : up to 10 points or more

• Hidden fees : account maintenance fee + withdrawal fee

• Withdrawal barriers : Refusing to pay due to "taxes/margins"

• Customer service inducement : constantly encouraging users to add funds

VI. Third-Party Media and Warnings

• WikiFX : Very low rating, warning of high-risk platform

• FX110 : contains a large number of user rights protection cases involving failed withdrawals

• TraderKnows : Labels FXGM a scam-risk platform

7. Comparison with Compliant Platforms

📌Conclusion : FXGM has lost its compliance and is completely unsafe compared to legitimate platforms.

8. Multi-dimensional scoring

IX. Conclusion

Although FXGM (fxgm.com) was once registered in Cyprus, its operating company has been punished for multiple violations and has been included in the warning list by regulators in many European countries.

⚠️ BrokerHiveX Conclusion : FXGM is a scam platform. Investors should stay away immediately to avoid financial losses.