One of the major challenges intending traders face is deciding which broker to trust. The Forex and the contract for difference (CFD) market are flooded by brokers, most of whom share similarities in their contract terms. Today we want to discuss more about FXGM ZA, to see how viable they as a broker are.
The first thing to observe when looking for an online broker to trade Forex or CFDs is regulation. You must ensure that the broker is regulated and has a good standing with its clients.
Brokers commonly offer various trading options for traders, including but not limited to:
– Forex Trading: the trading of one currency for another. The forex market is the largest financial market globally. The daily turnover according to Continuous Linked Settlement (CLS) – a specialist US financial institution that provides settlement services to its members in the foreign exchange market (FX) – had risen to $1.805 trillion in January 2018, up 24 percent from 2017. The popularity of forex trading continues to expand as more people tilt towards online trading.
– Contracts for difference (CFDs): a contract that allows “buyer” and “seller” to speculate that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time (if the difference is negative, then the buyer pays instead to the seller).
– Demo accounts which are funded with virtual money, are practice accounts that are used to practice trading strategies or to test broker’s services and platform.
As the South African financial market continues to grow in parallel with the global financial market, more people in South Africa are showing interest in the Forex and CDF markets. If you are new to the South African financial market and you are looking for a reliable broker, FXGM ZA is one of the brokers you will need to consider.
FXGM ZA – Well-regulated
FXGM ZA is an online trading broker that operates only within South Africa and functions under the South African applicable law and regulations. Even though this is not a guarantee that the company is reliable, they meet the first requirement that most traders look for before choosing a broker. This also means that the trader can be assured that their money is safe as the company is operating under authority and regulation of the relevant authority.
Providing Learning Resources
FXGM ZA puts an effort to make trading an easy task for their client as they provide learning resources such as e-books and Webinars. These educative materials are made available for free to all clients irrespective of the trading accounts they have. They take it a step further by providing a personal account manager and a trading insider to all account holders. While these learning resources are valuable to new and inexperienced traders, the more experienced ones may not need it.
Industry-Standard Trading Platforms
In addition to providing informative materials, FXGM ZA provides industry-standard platforms to meet the taste of traders.
The WebPROfit platform can be accessed without having to download any file. The WebPROfit is suitable for traders who may not want to download any file. It is accessible on all the popular web browsers. Other than giving the traders a satisfying platform experience, it also allows them to access to real-time charts to enhance their analysis and gives them easy updates on financial news which is streamed directly to the platform. Most importantly, gives trader access to all the instruments of trade the company offer.
The PROfit app makes trading a lot easier as traders can manage their accounts, receive currency quotes, edit their positions and place trades – directly from their mobile devices. This app is available on Android and iOS and it’s made completely free for all their clients. The app also comes with useful trading tools like economic calendar, market updates, and up-to-the-minute analysis. All these standout features combine to give satisfactory user experience, intuitive controls and ease of navigation. With the one-click buy and sell buttons, traders can make smooth and easy transactions. However, this can also be a major disadvantage as it gives little or no margin for error, one wrong click may prove costly. Another drawback of the PROfit app is that finding it on Google Play Store requires a tedious effort.
Various Account Options to Choose From
FXGM ZA offers various accounts options to allow the traders to choose the ones they prefer. There are seven types of live trading accounts to choose from, the aim is to accommodate the various level of traders. The Basic account is the smallest and a minimum deposit of $200 is required to set up the accounts. This seems high compared to what is attainable with other brokers. The other accounts they offer are; Discovery account, Silver account, Gold account, Diamond account, VIP account, and VIP+ account. Each of these accounts comes with additional features that the basic accounts users cannot enjoy, and some of them are exclusive to specific accounts.
As noted earlier, most brokers offer demo accounts which allow traders to trade with virtual money as a way of practicing strategies and testing the broker’s services and platform. Unfortunately, FXGM ZA doesn’t seem to have demo account, neither do they offer a welcome bonus. However, they have an incentive package that allows new customers to get their money back should they lose in their first 5-10 positions when trading CDFs on the company’s live trading platform. They also have a team of professionals who are always on standby to offer support via phone, email, and live chat support.
FXGM ZA operates within strict laws as they are under the regulations of the South Africa Financial Sector Conduct Authority. This calms the fear of weak security protection for the traders. The company also make use of industry-standard platforms which enhance trading. All these makes FXGM ZA a reliable company to invest with.
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