FXCG Review – 5 things you should know about fxcg.com

Beware! FXCG is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Visit Site

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

FXCG did not seem like the worst of brokers. The company did provide releatively comprehensive Terms and Conditions, and allowed us to download the leading trading platform MetaTrader 4. They also did not seem to charge any fees that we would call particularly shady. However, this is still an unregulated offshore broker that provide vague information on most of its trading conditions. Investing with such a broker can be extremelly risky and result in huge losses due to scam. Our advice would be to not take any chances and just invest in a reliable, regulated company.

FXCG Regulation and safety of funds

FXCG is registered in St. Vincent and the Grenadines – a favorite destination for scam brokers. The reason why so many scammers set up companies in this specific country is simple – the local financia regulator, SVGFSA, does not regulate forex brokers or monitor their activities. There are no requirments such brokers have to face which is why you can never be sure that they would offer you safe, transparent service.

Better turn to a broker actually licensed by in a strict jurisdicitons such as the UK or the EU – such brokers not only maintain the highest standards and provide great customer service but also provide traders with a huge level of security. All licensed brokers have to:

• report regularly to authorities and allow external audits to promote transparency
• maintain a minimum capital to of €730 000 in order to prove their financial stability
• participate in compensation schemes – so if your broker becomes insolvent, you could claim a compensation – up to £85 000 in the UK, and €20 000 in the EU.
• ensure Negative balance protection to all retail clients – you could never lose more money than you have in your account

For all of these reasons, trading with a licensed broker is usually a much safer, more transparent affair than dealing with an offshore enterprise.

FXCG Trading Software

FXCG offers its clients access to MetaTrader 4 – one of the leading platforms in the world of trading. This is indeed a good choice for trading software – the platform has been immensely popular since its introduction in 2006.

There is a good reason for the love many traders hold for the MT4- it is not too hard to use which makes it quite beginner-friendly, offers both a desktop, and a web version, and is packed with a ton of useful tools for trading that will be appreciated by new and experienced traders alike. You will be able to:

• use Expert Advisors that track markets and trade in accordance with an algorithm
• set up customizable signals for prices going above or below a certain level
• access add-ons on the MT market
• create custom scripts

Definetly give MT4 a try – but maybe go for a different broker. FXCG would not allow us to access their trading terminal – the login credentials they provided proved to be invalid. That is also why we could not exactly established what sort of conditions this broker offers. Whatever the case might be, you might be better of checking out multiple offers before settling for an unregulated offshore enterprise.

FXCG Trading instruments

FXCG claims that you would be able to trade currencies, oil, gold and CFDs on indices if you chose to open an account with them. This is a quite limited range of markets. There are plenty of legitimate brokers that offer access to thousands of trading instruments across various markets such as forex, commodities, stocks, indices, cryptocurrencies, options, futures, etc. Settling for anything less is not worth it.

FXCG Spreads and cost of trading

Without access to a trading terminal, we cannot say with complete certainty what sort of spreads FXCG offers. They generally promised around 1.6 pips on EURUSD on their STP account and as low as 0.0 pips (with a commission of $2-$4 per side per lot) on ECN accounts. This actually sounds quite good – however, good spreads are no reason to open an account with such shady enterprises.

Our advice would be to look up some legitimate companies – many of them offer even better spreads.

FXCG Maximum leverage

FXCG offers access to a maximum leverage of up to 1:500 – though it was not specified which trading instruments we would be able to trade with such a leverage. Offshore brokers like this one are indeed free to offer any leverage they decide – unlike brokers in many other strict jurisdicitons. However, we would always recommend that you are careful with your leverage settings – trading with high leverage could result in both bigger profits and enormous losses. That is exactly why the maximum leverage retail traders can get access to is limited in so many jurisdicitions.

FXCG Deposit and withdrawal methods

FXCG states that you would be able to deposit using any of the following deposit methods – credit\debit card, wire transfer, China UnionPay or AsiaPay. There no deposit and withdrawal fees charged with the broker. Since we were asked to provide a lot more personal information before opening an account with this broker, we did not actually try to transfer money. We were also unable to see if all of these payment solutions would actually be available. Still, we would like to point out that these are generally safe, legitimate payment methods.

If you have been scammed by this broker, there might still be a way of getting your money back. Both Visa and MasterCard allow chargebacks withing 540 days of the transaction. Contact your card issuer as soon as possible to see what can be done.

FXCG Minimum deposit

FXCG asks for a minimum deposit of $100 in order to open any of its trading accounts. That is both acceptable and affordable – in fact, many legitimate brokers would ask for the same amount of money or even for less. Better check out some more low-cost offers.

FXCG Withdrawal requirements

If we believe FXCG’s word, the broker does not charge withdrawal fees. However, we are reluctant to believe just their word since such offshore brokers usually charge very high withdrawal fees – 20% or more. They also sometimes have trading volume requirments and might ask you to reach an insanely high turnover in order to withdraw your money which is why you should always be careful and look through the Terms and Conditions before putting your money in the hands of such shady brokers.