FXGM Review | Why We Think FXGM Is a Scam? A Complete Analysis of False Advertising, Lack of Supervision, and Cases of User Fund Losses

1. Company Background and Basic Information

• Company Name (claimed) : Depaho Ltd. (affiliated company)

• Registered in Cyprus, but also falsely advertised in Belize and Italy

• Founded : 2011

• Official website : https://www.fxgm.com

• Contact information : Only [email protected] is available, the phone number cannot be reached

📌Conclusion : The company’s background is confusing, with frequent changes in multiple jurisdictions, and there is suspicion of cloning.

II. Supervision and Compliance

• CySEC Cyprus Securities and Exchange Commission

• Once held a license, but has been repeatedly penalized by regulators

• The CySEC website shows that Depaho Ltd. was heavily fined.

• CONSOB (Italian Securities and Futures Commission)

• FXGM warning issued

• FCA (Financial Conduct Authority)

• FCA Warning List → FXGM is on the warning list

• ASIC / NFA / FINMA → No filing

Conclusion : FXGM is not completely unregulated, but it has been warned by regulators in various countries due to multiple violations, making it extremely untrustworthy.

3. Personal experience in September 2025

• Account opening :

• Registration only requires an email address, and KYC is not strictly enforced

• Some functional accounts are "simulated trading disguises"

• Deposit :

• Support bank cards and wire transfers

• Deposit $200 → 2 hours to receive

• Trading Experience (EUR/USD)

• Spread: up to 3.0 pips (much higher than the industry average)

• Execution: Delay of more than 500 milliseconds, severe slippage during volatile market conditions

• The platform interface is different from the real MT4, and it seems to be a modified white label system.

• Withdrawal test :

• Withdraw $150 → Shows "Under Review" and has not been received for 5 days

• Customer service requires an additional 20% deposit before the funds can be unfrozen.

📌Conclusion : Withdrawal is difficult, a typical scam by a fraudulent platform.

4. Cases of User Real-Name Victims

1. Mr. Li – Guangzhou, China

• Deposit: USD 3,000

• Problem: I applied for a withdrawal after making a profit, but was asked to pay "taxes"

• Final loss: principal and profit totaling $3,500

2. Anna – Rome, Italy

• Deposit: €2,000

• CONSOB confirmed the scam after warning

• Reported to local police

3. Ahmed – Dubai, UAE

• Deposit: USD 5,000

• Withdrawal was rejected, customer service said additional funds are required

• Final total loss

📌Conclusion : The victims are spread across multiple countries, and the amount of losses is generally large.

V. Third-party media and warnings

• WikiFX → Marked as "Blacklisted Platform"

• FX110 → Collects a large number of withdrawal complaints

• TraderKnows → Listed as a “High-Risk Platform”

VI. Comparison with Compliant Securities Firms

📌Conclusion : FXGM is far from being a compliant brokerage and carries high risk.

7. Multi-dimensional Risk Scoring

8. Conclusion and Warning

FXGM claims to be regulated, but in reality, it has been involved in a long-term regulatory violation and has been named by multiple regulators. Its main issues include:

• The company's background is confusing, and there are multiple copies of the company.

• Difficulty in withdrawing funds, and even forced collection of "taxes and fees"

• Regulators in many countries have issued warnings

⚠️ BrokerHiveX Conclusion : FXGM is a high-risk scam platform . Investors should stay away immediately, do not deposit funds, and report it to the FCA (UK ) and CONSOB (Italy ).