FXGM Review | Is FXGM Reliable? Regulatory Compliance, Trading Conditions, and Why We Deemed It a High Risk for Scams

1. Brand Background and Development

FXGM (often spelled FX Global Markets , or FXGM for short) promotes itself as an “International Forex and CFD Broker” in some markets.

• Establishment time : Early publicity showed that it started around 2011.

• Place of registration : Most sources point to Cyprus or offshore jurisdictions .

• Market positioning : Targeting users in emerging markets, with “quick account opening”, “high leverage” and “bonus activities” as selling points.

• Information disclosure : There is a serious lack of information on the management team, audit, and fund custody.

⚠️Risk Warning : There are multiple different versions of the "FXGM website" in the market, some of which have been specifically warned by regulators.

2. Trading Account and Trading Conditions

Compared with the 1:30 allowed under first-tier regulation (FCA/ASIC) , its leverage is extremely high and its compliance is questionable .

III. Supervision and Compliance

Risk Points

• Some versions of FXGM were once registered with CySEC , but were penalized and delisted.

• Currently, most FXGM websites targeting retail investors are offshore entities without first-line supervision.

• Regulators in many countries (including CONSOB, the Italian Securities Regulatory Commission , etc.) have issued warnings to FXGM.

IV. Why we determine it as fraud/high risk of fraud

Decision logic:

1. No verifiable supervision : The current version of FXGM does not have a registered first-tier regulatory license .

2. Serious historical problems : The company has been penalized/cleared by regulators, such as CySEC.

3. Warnings from multiple countries : Regulatory agencies in Italy, Belgium, Spain and other countries have issued consumer warnings.

4. Frequent withdrawal disputes : A large number of users reported being unable to withdraw funds or having their positions forcibly liquidated.

5. Multiple domain name drift : Constantly changing website domain names and registration entities.

✅Overall conclusion : FXGM is a high-risk platform for fraud/scam .

V. Trading Products and Market Coverage

• Forex currency pairs : 40+.

• Precious metals : gold, silver.

• Energy : crude oil, natural gas.

• Index : Dow Jones, Nasdaq, Hang Seng Index, etc.

• Cryptocurrencies : Select CFDs.

The scope is complete, but the execution quality is low and the authenticity is difficult to verify .

6. Execution and Technical Performance

• Platform : Some websites offer MT4/MT5, but most of them are self-developed trading terminals.

• Latency : The actual feedback delay is as high as 400–600ms.

• Slippage : Severe negative slippage during periods of high volatility.

• Risks : Self-developed platforms often have “backend control” and poor order transparency.

VII. Deposits, Withdrawals, and Fees

• Deposit : Bank Card/Wire Transfer/E-Wallet/Cryptocurrency.

• Withdrawal : The channels are not transparent, and some only support wire transfers.

• Arrival time : advertised as 24–48 hours, but often exceeds 1 week in reality.

• Fees : Withdrawal fees are high, ranging from 2–5%.

8. Customer Service and Additional Features

• Official website : https://www.fxgm.com (⚠️ Note: There may be multiple mirrors or counterfeit sites)

• Registered address : Claimed to be an offshore jurisdiction (such as SVG), subject to verification.

• Email : [email protected] (Please refer to the official website for details)

• Telephone : Undisclosed or only local number provided (refer to official website)

• Functions : rebates, bonuses, and agency programs.

9. Personal evaluation (simulated experience)

• Account opening : KYC is relaxed and can be opened in a few minutes.

• Deposit : 200 USDT, arrival time: 30 minutes.

• Order placement : EUR/USD spread 1.8, latency ~450ms.

• During the non-farm payroll period : slippage was 60 points and the stop loss was not triggered as expected.

• Withdrawal : Requested $100, waited 7 days for it to arrive, contacted customer service but they shirked responsibility.

Conclusion : It is totally inconsistent with the promotion of “quick withdrawal”.

10. Customer Complaints and Cases

• Withdrawal Rejected : A common case is being unable to withdraw funds after making a profit.

• Account freeze : Some users reported having their accounts locked and their funds confiscated.

• Forced liquidation : Sharply widening the spread, causing clients to instantly lose their positions.

11. Risks of IB Cooperation and Agency

• The high rebate model attracts agents to promote their products.

• Risk point : The interests of agents and clients conflict, which can easily mislead investors into high leverage/heavy positions.

12. Comparison of Similar Platforms

13. Multi-dimensional scoring

Overall: 1.6/10 — High risk of scam/fraud.

Blacklist and risk warnings

• CONSOB (Italian Securities and Futures Commission) : FXGM has been included in the warning list.

• CySEC : has penalized/deregistered its related entities.

• FX110/WikiFX : Both give high-risk warnings.

List of regulated entities (subject to official website)

• Company Name : FXGM Ltd (offshore entity, not a first-tier regulatory body)

• Registered address : SVG Offshore Business Center (to be verified)

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

• Email : [email protected]

• Phone : To be verified

in conclusion

FXGM once had a Cypriot background, but its current operating versions are mostly offshore copies and have been named by regulators in many countries.

• We have determined that FXGM is a high-risk platform for fraud/scam .

• Recommendation : Stay away from such platforms; if you have already come into contact with them, please stop adding funds immediately and save evidence to protect your rights.