FXGT Review: User Experience in the Global Arena

FXGT is a dynamic player in the forex brokerage landscape. Although it began operations in 2018, the company has shown a strong commitment to innovation and customer service. This approach enhances the FXGT broker to reach clients across various continents, including Southeast Asia, Africa, and Japan.

This forex trading broker review reveals the core aspects of FXGT’s background, regulatory compliance, range of trading instruments, account options, and the overall trading environment it provides to users.  

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FXGT : Overview 

FXGT is a forex and CFD broker that started in 2018, with the headquarters in South Africa. It offers a variety of trading instruments, including forex pairs, cryptocurrencies, precious metals, and more. 

FXGT is known for its competitive trading conditions, high leverage options, and low minimum deposit requirements. With multiple account types suited to different trader needs, FXGT provides flexibility for both novice and experienced traders. 

The FXGT broker operates under regulatory oversight from several authorities, ensuring a secure trading environment. However, it is important to note that FXGT does not serve US or EU clients and operates primarily through offshore entities.

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Regulation and Registration

FXGT operates under multiple international regulatory bodies. These include the Financial Sector Conduct Authority (FSCA) in South Africa, the Seychelles Financial Services Authority (SFSA), the Vanuatu Financial Services Commission (VFSC), and the Cyprus Securities and Exchange Commission (CySEC). These licenses assure traders of FXGT’s legitimacy and financial standards. The broker operates customer accounts under regulatory supervision and strict risk management.

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Account Types of FXGT

PRO Account

• Minimum Deposit: $5
• Spread: From 5 points
• Commission: $0
• Maximum Leverage: Up to 1:1000
• Instruments: FX pairs, equity indices, metals, energies, stocks, cryptos, synthetic cryptos, GTi12 Index, DeFi tokens, NFTs.

ECN Account

• Minimum Deposit: $5
• Spread: From 0 points
• Commission: Up to $6 round-turn on FX asset classes, up to $5 for precious metals, 0.1% on crypto asset classes.
• Maximum Leverage: Up to 1:1000
• Instruments: FX pairs, equity indices, metals, energies, stocks, cryptos, synthetic cryptos, GTi12 Index, DeFi tokens, NFTs.

Mini Account

• Minimum Deposit: $5
• Spread: From 10 points
• Commission: $0
• Maximum Leverage: Up to 1:1000
• Instruments: FX pairs, equity indices, metals, energies, stocks, cryptos, GTi12 Index.

Standard+ Account

• Minimum Deposit: $5
• Spread: From 10 points
• Commission: $0
• Maximum Leverage: Up to 1:1000
• Instruments: FX pairs, equity indices, metals, energies, stocks, cryptos, synthetic cryptos, GTi12 Index.

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Deposit and Withdrawal

FXGT provides multiple deposit methods including credit cards, cryptocurrencies, e-wallets, and bank wire. These methods support various currencies like USD, EUR, JPY, and more. The minimum deposit ranges from 5 – 50 EUR/USD or equivalent, with instant processing for most methods. Cryptocurrency transactions are processed within 1 – 30 minutes. Most methods incur no fees, except for bank wire, where fees vary based on the amount.

For withdrawal methods, FXGT offers credit cards, cryptocurrencies, e-wallets, and bank wire. Most methods do not charge withdrawal fees. The minimum withdrawal amount ranges from 5 to 50 EUR/USD or equivalent, with processing time within 48 hours. Instant withdrawals are available with e-wallets and local bank transfers. Bank wire withdrawals may take up to 5 business days and could have variable fees. 

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Products in FXGT

FXGT stands out for its extensive range of trading products, offering traders a diverse portfolio to choose from. The available products in FXGT include:

• Forex
• Indices
• Metals
• Energies
• Stocks
• Cryptocurrency
• Synthetic Cryptos
• GTi12 Index
• DeFi Tokens
• NFTs

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Trading Platform of FXGT

FXGT trading platforms offer a range of tools and features to enhance the trading experience. Here are the trading platforms available on FXGT broker:

• MetaTrader 4
• MetaTrader 5 

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Fees of FXGT

The FXGT broker offers a range of accounts with different fee details, including options for zero transaction fees, though some accounts may incur fees up to $6 for FX asset classes and up to $5 for precious metals. 

Clients should be aware that payment providers might charge their own transaction or conversion fees. Additionally, FXGT applies financing fees on cryptocurrency trades in some account types, with daily charges and triple swap charges on Fridays for Mini and Standard+ accounts. 

Overall, FXGT maintains the policy of not charging any fees on deposits and withdrawals, but the specifics are different based on the account type and trading instruments used.

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FXGT Promotions

FXGT offers a variety of exclusive bonuses and promotions. These include a 50% welcome bonus on your first deposit, a 25% unlimited loyalty bonus for continuous rewards, and a $30
no-deposit bonus simply for verifying your account.

Additionally, FXGT offers an Advanced MT5 Trading Toolkit and a VPS Sponsorship Program, providing 24/7 access to high-speed servers for uninterrupted trading. These promotions are available to both new and existing clients of FXGT.com, with qualifications for Mini and Standard+ accounts. 

To access these offers, clients need to meet some criteria outlined in the terms and conditions of each promotion.

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Customer Support

• Email: [email protected]
• Live Chat: Available 24/7

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Pros & Cons

Pros Explained

• FXGT offers a wide range of trading instruments and accounts, providing different trading styles and strategies.
• The platform supports high leverage up to 1:1000, which can be helpful for experienced traders looking to maximize potential gains.
• The broker’s educational resources and customer support stand out in helping traders effectively, especially beginners.
• The minimum deposit requirement is low, enhancing accessibility for various traders.

Cons Explained

• The broker doesn’t offer services to clients in the US and EU, as well as some other regions, likely due to regulatory constraints or licensing issues.
• The reliance on MetaTrader platforms may not satisfy traders seeking more various platform options.

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Is FXGT Worth Considering?

Overall, FXGT presents a reliable choice for traders, especially those in regions like South Africa and Asia. Featuring numerous account types, trading instruments, and competitive fees, it is suitable for both beginner and experienced traders.

Although the FXGT broker is an attractive choice for seeking a robust and user-friendly trading environment, clients should consider the broker’s regional limitations and the lack of some trading options or platforms when making their decision. Moreover, traders should carefully consider their risk tolerance and trading experience before engaging.

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FAQs

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