With globalization and globalized transactions taking a huge leap every year with more and more people who are starting to trade overseas, more and more companies that facilitate such trading practices are highly in demand. These companies are not only supposed to act in favor of clients to aid them in foreign exchange dealing but also form a crucial framework of a country with its clients. As foreign exchange is, in a greater scenario, the backbone of an economy and are determinants to a great extent of what the exact financial situation of a country is. The net value of foreign exchange reserves that a country has is the deciding factor for how financially stable a country is.
Particularly looking at South Africa for the sake of this article, it too has several foreign exchange facilitators and brokers who bring the service of foreign exchange within the reach of whoever is asking for it. One such company originally belonging to South Africa with a great influence is FXGM ZA
Some characteristics of the company
- This company is a brokerage firm by nature particularly working in this definite field. It comes along with other services besides brokerage, like an opportunity to operate with trade forex, and deal in commodities and equities, and even with indices along with a leading Foreign Exchange broker. And having such a wide range of services to offer the customers, it has a great utility to its clients and hence has a great demand too.
- It doesn’t have a wide area of expansion and only is limited within the strict boundaries of South Africa. It functions solitarily within the boundaries abiding by the law and regulations of the State itself.
- They are registered and regulated under the regulator body of FSCA (Financial Sector Conduct Authority) and accredited by them as a legalized forex broker.
- The company was established in the year 2011 and hence is a relatively newer company.
- They charge a minimum deposit amount of 200 USD which is quite reasonable for a foreign exchange broker company and clients are quite satisfied with it.
- Their leverage ratio is 1:200 which is again quite impressive.
- They are the market maker genre of the Broker market and hence build the market strategies with a firm hold.
- They do not deal in any other account currency than ZAR as they don’t particularly need to, because they only function within the State boundaries which extensively uses ZAR as their currency.
- They have multiple deposit options to offer, which definitely is a perk. It has Credit or debit cards, bank transfers, EFTpay, PAYGATE, OZOW, and Skrill. All of these are extremely feasible for people and hence are not a big deal or a problem. Their deposit methods are also quite easy to use and feasible for the clients.
- But they are a CFD service and before you jump right in, you should know that there are risks involved in this process with valid chances of you losing your capital in the process. Hence you should read, study and evaluate all terms and conditions before you take a step.
As already stated, this is a client favorite company for how diversified its area of services is and how it is genuinely willing to help its customers through its services. It has obviously several reasons for being one of the topmost foreign exchange brokers in South Africa. However, from the thousands of reviews provided by people on the internet, the following pros and cons of the company have been recognized for your perusal.
- It provides its clients with top-notch protection. Its maximum limit ranges up to 10 protected losing trades and customers are always at an advantage when working with them.
- It has this innovative mechanism called Authochartist. It is seamless, easier, and more accurate than any other means, and hence another customer preference.
- They are verified brokers and hence no room for fraud or any mistake to occur in the process.
- There is no demo account and that obviously is an issue.
- Not much educational material is provided on their website and hence is not absolutely beginner-friendly.
And with all the above-stated points, this is the end to the detailed review of FXGM ZA to help you have a vague idea of their area of concern and what particularly their task is accompanied with its pros and cons for you to evaluate.