Question 1

What is FXGT and what assets can I trade?

Accepted Answer

FXGT is a regulated online broker established in 2019, offering a diverse range of trading instruments including forex, cryptocurrencies, indices, commodities, and stocks via CFDs. With account currencies like USD, EUR, JPY, BTC, ETH, XRP, and USDT, FXGT caters to a global clientele. They provide access to popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), known for their robust trading capabilities and advanced tools. Additionally, FXGT offers its proprietary platform, FXGT Trader, which is web-based and features an intuitive interface. The broker emphasizes client fund safety through segregated accounts and adherence to regulatory standards, holding licenses from reputable authorities such as the Seychelles FSA and South Africa’s FSCA.

Question 2

Is FXGT a beginner-friendly broker?

Accepted Answer

FXGT can be considered suitable for beginners due to its low minimum deposit requirement starting from $5 and the availability of a demo account. The demo account is a valuable tool for new traders to practice strategies without risking real capital. The broker also offers Mini and Standard+ accounts with smaller contract sizes, which can be advantageous for those new to trading. However, FXGT's educational resources are limited, mainly consisting of a blog with basic trading tips. While the platforms are user-friendly, more comprehensive educational materials and in-depth market analysis from leading brokers like eToro or XTB could provide a more guided learning experience for absolute beginners.

Question 3

What account types does FXGT offer and what are their features?

Accepted Answer

FXGT offers five different account types to cater to various trading needs: Mini, Standard+, ECN Zero, PRO, and Optimus. The Mini account, ideal for beginners, has a minimum deposit of $5, spreads from 1 pip, and no commissions, with contract sizes of 10,000. The Standard+ account requires a $10 minimum deposit, features spreads from 1 pip, no commissions, and larger contract sizes of 100,000. For more experienced traders, the ECN Zero account offers spreads from 0 pips and commissions up to $6 round-turn on FX, with a $100 minimum deposit. The PRO account has spreads from 0.5 pips and no commissions, requiring a $50 minimum deposit. The Optimus account, tailored for day traders, provides high leverage up to 1:5000, spreads from 0.8 pips, and a $10 minimum deposit, but is only accessible on MT5 and does not qualify for promotions. All accounts offer leverage up to 1:1000 (depending on account type and regulation), negative balance protection, and access to MT4/MT5 platforms.

Question 4

What are the fees and spreads associated with trading on FXGT?

Accepted Answer

FXGT provides a competitive fee structure. Most account types are commission-free, relying on variable spreads. Spreads can start from as low as 0.0 pips on ECN accounts, with commissions on ECN accounts being up to $6 round-turn for FX and 0.1% for crypto. For other accounts like Mini and Standard+, spreads start from 1 pip with no commissions. Swap fees may apply for overnight positions, but FXGT offers swap-free options on select instruments for PRO and ECN account holders. Deposits are generally free, while withdrawals may incur fees depending on the method. Transparent fee structures are emphasized, with no hidden charges, though potential third-party transaction costs should be considered.

Question 5

What deposit and withdrawal methods does FXGT support?

Accepted Answer

FXGT offers a diverse range of deposit and withdrawal methods to cater to its international clientele. These include credit/debit cards (Visa, MasterCard, Apple Pay, Google Pay), bank wire transfers, and popular e-wallets such as Bitwallet, Sticpay, and Neteller. Deposit processing is typically instant with no fees for most methods, and minimum deposits can be as low as $5 for certain options like Sticpay. Withdrawal requests are usually processed within 24 to 48 hours, with low or no fees for most methods. It's important to note that cryptocurrency transactions are not supported for account opening, deposits, or withdrawals.

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