FXGT.com is a forex and CFD broker that was founded in 2021. The company claims to be regulated by the Financial Services Authority (FSA) of Seychelles, the Financial Services Commission (FSCA) of South Africa, and the Vanuatu Financial Services Commission (VFSC). However, there are several red flags that suggest that FXGT.com is a scam broker.
FXGT.com is a privately held company with its registered address in Seychelles. The company does not have a physical office, and its contact information is hidden. This is a common practice among scam brokers, as it makes it difficult for regulators and law enforcement to track them down.
Does FXGT.com Have Any License?
FXGT.com claims to be regulated by the FSA of Seychelles, the FSCA of South Africa, and the VFSC. However, these licenses are not as reputable as they seem. The FSA of Seychelles is a relatively new regulator, and it has been accused of being lax in its oversight of forex brokers. The FSCA of South Africa is also a relatively new regulator, and it has been criticized for its lack of resources. The VFSC is a well-respected regulator, but it is not as strict as some other regulators, such as the Financial Conduct Authority (FCA) in the UK.
Is FXGT.com Regulated By Any Authority?
In addition to the licenses mentioned above, FXGT.com also claims to be regulated by the International Financial Market Relations Regulation Center (IFMRRC). However, the IFMRRC is not a real regulator. It is a self-regulatory organization that is not recognized by any major financial authorities.
Pros and Cons
- Low spreads
- High leverage
- Multiple account types
- A variety of trading platforms
- Educational resources
- No FCA or CySEC regulation
- Hidden contact information
- Lack of transparency
- Negative reviews from former clients
How Does FXGT.com Reach To Their Prey?
FXGT.com uses a variety of methods to reach out to potential victims. These methods include:
- Running ads on social media and search engines
- Offering free trading signals and webinars
- Cold-calling potential victims
- Using affiliate marketers to promote their services
The minimum deposit requirement for FXGT.com is $200.
FXGT.com offers a variety of trading platforms, including MetaTrader 4 and MetaTrader 5.
The spreads offered by FXGT.com are variable. The average spread for EUR/USD is 1.0 pip.
The maximum leverage offered by FXGT.com is 1:1000.
Packages and Products They Offer
FXGT.com offers a variety of packages and products, including:
- Standard account
- Pro account
- ECN account
- Islamic account
- Copy trading account
Withdrawal and Deposit Method
FXGT.com offers a variety of withdrawal and deposit methods, including credit cards, debit cards, wire transfers, and cryptocurrencies.
What Do Their Previous Traders Say?
There are a number of negative reviews about FXGT.com online. These reviews allege that the company is a scam and that it has refused to allow clients to withdraw their funds.
Summing Up- Why Should Not You Trust FXGT.com
There are a number of reasons why you should not trust FXGT.com. These reasons include:
- The company is not regulated by any major financial authorities.
- The company has hidden contact information.
- The company has a poor reputation online.
- The company has been accused of refusing to allow clients to withdraw their funds.
If Bad Things Happen, Where Can You Get The Quick Solution? (Our Part)
If you have lost money to FXGT.com, you should contact us alongside report the scam to the above-mentioned regulators. We will provide you with a free consultation and service recommendations to help you in recovering the lost fund.
File A Complaint Against Scam Broker's
FXGT.com is a scam broker. The company is not regulated by any major financial authorities and has a poor reputation online. If you are considering trading with FXGT.com, we recommend you reconsider. There are many reputable forex brokers out there that you can choose from.
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