FXGM ZA offers a state-of-the-art trading platform, which combines unique industry tools and a user-friendly interface to create a pleasing trading platform to investors with different levels of experience.
Between their constant support and top of the line security, traders will feel safe entrusting their investments to FXGM ZA.
In addition to having a powerful platform, FXGM ZA also provides the opportunity to pick from 140 tradable assets on one trading platform. That way, investors can pick and choose the industries, companies, and trends that feel right to them.
Regulations
FXGM SOUTH AFRICA (PTY) LIMITED is incorporated and registered under the Laws of South Africa. This means that they are licensed and authorized Financial Service Provider (FSP) by the South Africa Financial Sector Conduct Authority (FSCA, South Africa) (www.fsca.co.za). The authorization number for FXGM ZA is: 50202
FSCA South Africa implements strict guidelines to ensure that its registrants are employing safe, ethical, and honest services to their clients. FXGM ZA works diligently to keep up with the FSCA’s guidelines and demands, to ensure that each investor has a positive experience on the platform.
Leverage Options
FXGM ZA has different leveraging options the platform has available. Whether you are looking for cryptocurrency, FOREX, or Commodities, FXGM ZA offers leverages for them and many more:
- Foreign Exchange Currency Trading (FOREX) 1: 200
- Gold, Silver, and Oil: 1: 200
- Other Commodities: 1:100
- Single Stocks CFDs: 1:10
- ETF CFDs: 1:10
- Cryptocurrencies CFDs: 1:10
- Protected Positions: 1:10
For the most part, these leverages are average for the trading market and not over-inflated. While bigger leverage would mean a bigger potential return, it would also mean a bigger risk. So, sticking with lower leverage, especially if you are just starting out is a good idea.
Trading Assets
FXGM ZA strives to give their investors the best type of trading assets available and therefore, they offer a solid collection of different trading assets to choose from:
- CDFs
- Commodities
- Currencies
- Stocks
- Indices
- Shares
Trading Commissions and Fees
It is not uncommon for trading platforms like FXGM ZA to have a few different fees attached to their trade offerings. These are the different fees that FXGM ZA charges:
- The financing fee for FX is calculated as 0.015% of the overnight exposure
- On CFDs, the financing fee is calculated as 0.015% of the overnight contract value in US Dollars.
- For Cryptocurrencies, the financing fee is 0.1%
- For inactivity, a fee of $100 USD per month is charged on a quarterly basis after three months of inactivity.
Deposit Conditions
The deposit conditions for FXGM ZA are very strict. So, you want to make sure you follow them exactly if you want your cashiering transactions to go smoothly. These are the deposit conditions for FXGM ZA:
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Verification of Identity
This verification should be provided as a color copy and both sides of your International Passport and National ID card.
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Payment Verification
This verification should also be provided as a color copy and both sides of the Credit or Debit card that is going to be used for the deposit. (Only a MASTERCARD or VISA is acceptable.)
Withdraw Conditions
Thankfully, all the intensely technical conditions are taken care of with FXGM ZA before you get to the withdrawing portion of trading. Yet, there still are a few different conditions that must be met before the funds are released to you:
- Login to your trading account and register your withdrawal. The form for registering a withdrawal can be found on the FXGM ZA website.
- If you used a Credit Card to fund your trading account, you will need to fill out a Credit Card Declaration form. (Which means it is just easier to use a bank account.)
- Once this is completed, investors are asked to send these forms to FXGM ZA via fax or they can be scanned and sent via email at customer.service@fxgm.co.za.
The most important aspect of this is process is knowing that investors should use the same method of transaction for both depositing and withdrawing funds. This makes the whole transaction cycle much easier for everyone.
Tools for trading
Keeping track of many different investments and trying to ensure you are making the best decision possible to enhance your financial future is a difficult burden to bear. That is why FXGM ZA offers its investors these useful tools to aid them in the wealth of investment options they have available to them:
Autochartist
An Autochartist combines a wealth of trading information into one organized chart. This provides a bigger picture of collected data, which investors use to chart their long-term and short-term trading strategy.
Economic Calendar
The Economic Calendar provides a real-time snapshot of investment and trading trends taking place on a global scale. This calendar offers predictions, statistics, and current industry and international data to help investors figure out where they should trade next.
Pros
- FXGM ZA is extremely forthcoming with the different legal documents that an investor might need while working with this broker.
- This broker offers many different leveraging options, all for an average leverage value, according to current markets.
- The broker gives their investors many tools to ensure their investors are informed.
Cons
- The maximum trading leverage for FXGM ZA under their regulations is 1:200. While this isn’t terribly low, it might not be too well received by some investors.
- FXGM ZA is stingy with their deposit and withdrawal methods. While it is one thing to want to be safe and secure, FXGM ZA takes an already strict policy to the extreme. (However, this might not be their fault, as the regulations for South Africa and FSCA seem to be extremely stringent).
Conclusion
To conclude, FXGM ZA has a lot of useful tools for the investor that can understand them and find value in them. FXGMA ZA can be a company that an investor could start with, and also it could be a decent transitioning company, once the investor knows more of what they want to invest in.