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FXGT Review 2024

Written By

Tobias Robinson

Written By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Fact Checked By

William Berg

Fact Checked By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Updated

Nov 18, 2024

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Overall Rating

3.5 / 5

FXGT is #58 in our CFD broker rankings.

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Customer Reviews

Regulation & Trust

3.5 / 5

Accounts & Banking

3.3 / 5

Assets & Markets

2.8 / 5

Fees & Costs

3.3 / 5

Platforms & Tools

3.5 / 5

Customer Support

3.3 / 5

Minimum Deposit $5

Trading Platforms FXGT App, FXGT.com Trader, MT4, MT5

Instruments CFDs on Forex, Stocks, Indices, Metals, Energies

Regulators FSCA, VFSC, FSA

Account Currencies USD, EUR, JPY

Payment Options Visa, JCB Card, Mastercard, Sticpay, Wire Transfer, Bitwallet

Pros

• Beginners will appreciate the low $5 minimum deposit across all account types and excellent range of funding options
• FXGT's sponsored VPS is fully integrated into MT5 and offers 3GB RAM and 16GB disk space
• Alongside MT4/5, FXGT has added a user-friendly app and TradingView-powered FXGT.com Trader for trading directly through browsers

Cons

• There is limited market research beyond Trading Central insights to inform trading decisions
• FXGT still needs to step up its educational resources if it's going to compete with the best brokers for beginners
• FXGT holds weak offshore regulatory licenses, notably the VFSC and FSA, a drawback compared to the safest brokers

FXGT is an online broker that offers CFD trading on forex, stocks, indices and commodities, mainly to clients in Asia, Africa and the Middle East.

This online broker employs dynamic leverage between 1:10 and 1:1000 depending on the asset traded, and it also offers promotions and automated VPS trading.

This FXGT review will give the lowdown on the brokerage, from a list of the firm’s pros and cons to details on welcome bonuses, the MT5 platform, trading fees, and more.

Key Takeaways

• Accepts cards, e-wallets and bank transfers and supports crypto and fiat account currencies
• Focus on standard forex and stocks with commodities limited to oil, natural gas, silver and gold
• Authorized by South Africa’s FSCA, the FSA of the Seychelles and Vanuatu’s VFSC
• Does not accept traders from major regions including the US, UK, and EU
• New trading tools in FXGT App and FXGT.com Trader
• Low trust and safety score
• Up to 30% deposit bonus
• 24/7 support

Assets & Markets

FXGT.com offers CFD trading on four asset classes:

• Forex – 53 forex pairs including a selection of major, minor and exotic currencies
• Stocks – 50 stocks including US giants such as Amazon, Microsoft, Apple and Netflix
• Indices – 13 indices from the US, Japan, UK, Germany, France, Australia and India plus the Volatility Index (VIX)
• Commodities – 3 energies – US oil, UK oil and natural gas – as well as gold (XAUUSD) and silver (XAGUSD)

FXGT’s asset list is fairly broad and will provide plenty for forex traders. All the major currency pairs and a good range of minors and exotics are available, as well as a selection of large US companies and some of the biggest indices.

Stock traders might prefer a wider selection of assets listed, particularly if they prefer smaller companies with more volatility. And, with only a few commodities on offer, this isn’t really an option for traders whose main focus is on these assets – though the presence of gold, silver and energies could serve traders well for diversification and hedging purposes.

Spreads & Fees

FXGT’s non-ECN accounts charge $0 commission or transaction fees. Instead, there is a variable spread starting at 0.00005 but varying greatly among the assets; at the time of writing, gold’s spread was at 0.38 and the US100 index 3.58.

The spreads also differ between accounts, with the tightest on the Pro account and the widest on the Mini account. Spreads update constantly during trading hours; check FXGT’s site or MT5 terminal for the latest.

The ECN account operates with much tighter spreads than the other account types, with the tradeoff of an up-to-$6 round-turn commission on all FX assets and up to $5 on precious metals.

Swap fees are charged on trades that remain open overnight, but FXGT does offer traders several ways of swap-free trading, depending on the asset and their account type. The Pro account can take advantage of six days swap-free on all asset types, while other account types receive just three days, and only on forex pairs and the XAUUSD.

Bank wire transfers incur fees depending on the amount sent, but the broker has no other listed fees – deposits and withdrawals for all other payment methods are free, and there are no fees for opening, maintaining or closing your account.

Overall, trading fees and non-trading charges at FXGT are transparent and competitive.

Leverage

FXGT’s ‘dynamic leverage’ varies according to the asset traded. As a rule, the more volatile an asset is, the less leverage is available. The amount of available leverage also reduces as the trade volume goes up.

So, with major forex pairs, 1:1000 leverage is available for volumes up to USD$200,000. This goes down by roughly half as the trade volume rises through a series of tiers, until Tier 6 trades over USD$5,000,000, when leverage of just 1:20 is available.

Leverage for minor pairs and precious metals also ranges from 1:20–1:1000, and exotic pairs can be traded with leverage between 1:20–1:500.

The leverage available for equity indices and energies ranges from 1:10–1:100. Stock leverage is available only at 1:10, which is behind many of FXGT’s competitors.

Margin requirements vary between assets. FXGT’s website includes a full list of the leverage available by asset, along with margin requirements and maximum limit per symbol.

Account Types

FXGT traders can choose from four account types. The basic differences are:

• Mini – Smaller contract size; spreads from 10 points; 70% margin call; 40% stop out
• Standard+ – Standard contract size; spreads from 10 points; 70% margin call; 40% stop out
• Pro – Standard contract size; spreads from 5 points; 50% margin call; 20% stop out
• ECN – Standard contract size; spreads from 0 points; 70% margin call; 40% stop out

The minimum deposit for all account types is $5, making the broker accessible for beginners, and there are no limitations on the account you choose to open. All accounts offer trading on FXGT’s full range of assets and support the same trading platforms and account currencies.

All accounts also accept US dollars, Japanese yen and euros as account fiat currencies, or Bitcoin, Ethereum, Ripple, Cardano or Tether as crypto options. This is a useful feature as not many brokers offer crypto currencies.

How To Register For An FXGT Account

Traders from qualifying countries can easily set up an FXGT account by completing the application form on the company’s website.

The initial form requires your basic personal information, including your full name, email address, country of residence and phone number. It will also ask you to select between a live and a demo trading account, though this can be altered later.

Completing this simple registration form will open an account with FXGT. Then simply transfer money in and start trading, though you will not be able to make withdrawals without completing the KYC verification process.

This involves entering your full details, including a passport number. You will also need to provide details of your income, net worth and trading experience, and upload an official document such as a passport or driver’s licence plus proof of address.

Payment Methods

FXGT has a good selection of payment methods, including three debit/credit cards, two e-wallets, bank/wire transfers and direct crypto transfers.

• Visa – USD/EUR/JPY
• Mastercard – USD/EUR/JPY
• JCB – USD/EUR/JPY
• Bitwallet – USD/EUR/JPY
• Sticpay – USD/EUR/JPY
• Bank Wire – JPY
• Instant Local Bank Transfer – JPY
• Direct crypto transfers

Deposits

Minimum deposits vary by payment method and currency. The lowest for USD and euro transactions is Sticpay, which allows transfers of just $5/5 euros. Visa and Mastercard transactions require $50/50 euros. The lowest minimum yen deposit method is Bitwallet or JCB at 1000 JPY.

Processing speeds for all methods except bank transfers are instant. A bank wire takes up to five business days, and an instant local bank transfer takes up to 15 minutes.

How To Make A Deposit

1. Log into your FXGT.com account
2. Click the ‘Make a deposit’ button on the dashboard
3. Select the currency you want to make a deposit in and click the ‘deposit’ symbol
4. Choose your preferred payment method, check the terms and conditions pop-up window and accept to proceed
5. Enter the amount you wish to deposit and the email address of your e-wallet if required
6. Click the ‘Proceed’ button to finalize your deposit

Alternatively, you can click the ‘Ewallets’ tab at the top of the page, which will take you to a screen where you can select a preferred payment option, including crypto payments.

To make a crypto deposit, click the deposit button to reveal the relevant wallet information. When we used FXGT, we also liked that the broker provides QR codes to simplify crypto transactions.

Withdrawals

Withdrawals are available fee-free on all deposit methods except bank wire, which will incur a fee depending on the amount sent.

Bank wires take up to five business days to process, and cards take two business days. E-wallet withdrawals should be complete within 48 hours. These timelines are pretty standard compared to other brokers.

How To Make A Withdrawal

To make a withdrawal, transfer the funds you want to withdraw to the appropriate ‘e-wallet’ for the withdrawal method you want to use. Then, click the ‘Actions’ at the top right-hand corner of the E-wallets tab and select ‘Withdraw’ from the scroll-down menu. Follow the instructions on the next page to complete your withdrawal.

Note that withdrawals can only be requested by verified accounts.

Demo Account

FXGT offers a demo account – in fact, each customer can open two. The easiest way to open a demo account is to click the relevant tab while completing the initial registration process.

The demo account will work through the MT5 trading platform in the same way as a live trading account. To credit your demo account with paper funds, you will need to contact the FXGT support team by opening a ticket. Do this by navigating to the support center (click the ‘clipboard’ symbol at the top right of the screen) and clicking the ‘open ticket’ button.

On the downside, it was disappointing to see that the simulator account isn’t automatically credited with funds, meaning potential clients have to jump through extra hoops to get started.

Trading Platforms

FXGT has upgraded its platform offering over the years, moving from just MetaTrader 5 (MT5) to MetaTrader 4 (MT4), and now FXGT.com Trader, which is a web-accessible platform that uses TradingView charts.

FXGT.com Trader would be my pick for aspiring traders seeking a well-designed, easy to navigate interface that still delivers in the tooling department.

You get 90 smart drawing tools and I love that you can save chart settings – it’s really annoying with other platforms when you have to reconfigure your charts when you re-enter the platform.

MT4 and MT5 are powerful and widely used trading platforms that are available on Windows and Mac computers as well as iOS (iPhone) and Android mobile devices, plus web browsers.

Traders who are not familiar with them already should be able to find everything they need to plan and execute profitable trades if they put effort into learning how it works. Using the demo account is a good way to do this.

My only gripe is the dull and frankly outdated look and feel of the MT4 and MT5 platforms.

Order Types

All four FXGT accounts only support market orders. This is disappointing as limit orders can be an effective tool that traders can use to anticipate market movements.

Additional ‘Trading Tool Plans’ are available for ‘Gold’ traders – effectively, those who have deposited real funds into their account – and for ‘Platinum’ traders who have made deposits worth $500 or more.

The tools include things like an ‘Orders on Equity’ tool that closes multiple trades simultaneously when certain conditions are met.

However, our experts found that there is no specific list of the tools available in each toolkit, so traders will need to contact the support team to receive them.

How To Place A Trade

Place a trade on the MT5 platform with the following steps:

1. Open the MetaTrader 5 platform and login
2. Locate the instrument you wish to trade on the Market Watch window and right-click on it
3. Select ‘New Order’ from the dropdown menu
4. Enter the volume (size) of your trade in lots and specify the stop loss and take profit levels if these tools are available
5. Check the details of your order, then select ‘Sell’ or ‘Buy’ to place your trade

Mobile Apps

FXGT unveiled its own mobile app in 2024, while customers can also trade while on the move using the MT4/5 mobile apps, available on Android and iOS devices.

The FXGT App impresses with its slick design, secure deposits and withdrawals and access to over 130 markets. Mobile traders also benefit from the broker’s fast and reliable order execution.

The MetaTrader apps are reliable and stable, allowing for full trade management. The mobile and tablet applications also integrates smoothly with the desktop software.

Regulation & License

FXGT is regulated by South Africa’s FSCA, the FSA of the Seychelles and by Vanuatu’s VFSC. These are not top-tier regulatory bodies and you should not expect the same degree of protection as you would get from a more reputable regulator like the UK’s FCA. We also could not verify the broker’s licensing details on the VFSC register.

However, while using FXGT, we were pleased to note that the broker provides negative balance protection to all accounts, as well as liability insurance for up to 1 million euros. It also states that client funds are kept in segregated accounts.

FXGT Bonuses

FXGT offers a ‘loyalty bonus’ promotion for Mini and Standard+ accounts in which traders can pick up a 20% bonus on deposits up to $2000 and a 30% bonus thereafter.

Active traders can ‘reset’ the loyalty bonus each month, but at less favorable conditions – this time only a 20% bonus is available, and this caps out at $6000.

The broker has also been known to run social media ‘giveaways’ of bonus funds.

Importantly, these bonus payments cannot be withdrawn from your account – rather, they can be used to boost your trading positions, and in this way, it works like added leverage. However, as with normal leverage, the increased trading power could also lead to magnified losses.

Additional Features

FXGT uses its own system of measuring trading volume across all instruments and asset classes, known as a GTLot. One GTLot is equal to $100,000 of trading volume.

Traders who meet the requirements of an initial $3,000 deposit and a monthly trading volume worth five GTlots are eligible to apply for VPS Sponsorship.

This Virtual Private Server program allows FXGT clients to set up their own 24/7 private server with 3GB of RAM and 16GB of disk space. A VPS essentially keeps your trading terminal permanently linked to the markets, allowing you to continue placing trades even when you are not personally logged into your platform.

Besides this, FXGT does not offer much in the way of additional features, with only a couple of trading calendars and no educational materials. This is a considerable drawback for beginners who can find extensive learning resources at alternative brokers.

Customer Support

FXGT’s multilingual customer support is available 24/7 through the live chat box on the website.

We contacted support agents at three different times of day, and each time reached a human agent within minutes. The agents were knowledgeable and efficient.

The other ways to reach FXGT’s customer support team are by email at support@fxgt.com or by submitting a form on the broker’s contact page.

You can also find the brokerage on social media channels, including Instagram, Twitter, Facebook and LinkedIn.

Security & Safety

FXGT provides negative balance protection and insurance on up to 1 million euros of clients’ funds, which it keeps in segregated accounts.

It also maintains a capital adequacy ratio of 40%, which is four times higher than the amount required by most regulators. This refers to the amount of capital available compared to its risk-weighted credit exposures.

FXGT also takes encouraging measures on the security front, ensuring that clients’ details, trading profiles and activities are stored on secure servers and protected by firewalls.

However, there is no escaping the fact that FXGT.com is not overseen by reputable regulators, which brings down its overall safety rating.

Company Details

FXGT is a brand name that is operated by various companies in different jurisdictions.

The brand name is operated by 360 Degree Markets Ltd in the Seychelles, GT IO Markets Ltd in South Africa, and GT Global Markets Ltd in Vanuatu.

While the brand is also associated with a CySEC-regulated Cypriot company, TEC International (Cyprus) Ltd, it is not currently open to Cypriot, EU or UK clients.

Trading Hours

FXGT’s trading hours depend on the instrument. All instruments are listed according to the GMT+3 time zone.

Forex is available for trade 24/5, while precious metals can be traded from 1am to midnight, Mon–Fri.

UK oil is traded from 3am to midnight, Mon–Fri, and US oil is traded from 1am to midnight, Mon–Fri.

Stocks are available from 16:30–23:00 GMT+3.

FXGT Verdict

FXGT offers several benefits for traders who are interested in forex and a selection of stocks and indices – its spreads for these assets are generally competitive and the company has made an effort to provide good safety measures and reliable customer service. It’s a shame that US, UK and EU clients are not able to take advantage of these services.

On the other hand, with little choice available on alternative assets and loose spreads on gold and silver, commodities traders may want to look elsewhere. The lack of regulatory oversight from top-tier financial authorities is also a serious consideration.

All in all, there is nothing wrong with FXGT’s offerings, but you might find better options elsewhere.

FAQs

Is FXGT Legit Or A Scam?

FXGT does not hold a license with a reliable regulator. This raises concerns over the broker’s reputation and gives the brand a lower trust score. We recommend caution when depositing funds with FXGT.

What Can I Trade On FXGT?

FXGT has dozens of forex pairs available, including all the major pairs and a good selection of minors and exotics. Traders will also find a decent selection of US stocks on offer, though these are limited to the big companies. FXGT traders can also access UK and US oil, natural gas, gold and silver and a selection of indices.

What Is FXGT?

FXGT is a broker that offers CFD trading on forex, stocks, indices and commodities. It mainly works with traders from Asia, Africa and the Middle East, but does not accept clients from the UK, US or EU.

Does FXGT Support TradingView?

FXGT.com Trader was added in 2024, which is powered by TradingView and available directly from your browser with no download required.

Fast, dependable and packed with dozens of charting tools and a highly customizable workspace, it’s a welcome improvement to the FXGT.com offering.

Does FXGT Offer Any Welcome Bonuses?

FXGT offers a ‘loyalty’ bonus to Standard+ and Mini accounts. This grants a 20% bonus for deposits up to $2,000 and a 30% bonus thereafter. Traders can renew this, but it will only grant a 20% bonus up to $6,000 in the following months. Importantly, bonus credit cannot be withdrawn.

Does FXGT Accept Luna?

FXGT supports crypto deposits, but it does not accept Luna. Instead, you can deposit with Bitcoin, Ethereum, Cardano, Tether (USDT), or Ripple (XRP).

Top 3 Alternatives to FXGT

Compare FXGT with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex
3. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers

FXGT Comparison Table

Compare Trading Instruments

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