FXGiants Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this FXGiants Review.
FXGiants offers 4 basic account types, all of which are accessible through the popular MetaTrader 4 platform and offer micro lots for trade. Clients of this broker are able to choose between floating and fixed spreads, market and instant execution, and commission-free trading and commission-involving one with spreads as low as zero.
Personal multi account manager accounts, as well as swap-free (Islamic) ones are also available with this broker.
Please, be advised that FXGiants does not offer its services to residents of certain jurisdictions such as USA, Iran, Cuba, Sudan, Syria and North Korea.
FXGiants is an international online trading broker, providing services for trading in financial markets to both retail and institutional investors.
Launched in 2016, London-based brokerage FXGiants in fact is a part of the IronFX family. Both the Australian and the UK units have been rebranded, shortly after in November 2015 IronFX was ordered by CySEC to pay €335,000 in settlement for denying withdrawals to more than 150 customers.
FXGiants is a registered business name of 8Safe UK LTD, a company authorised and regulated by the Financial Conduct Authority (FCA).
Its sister company, GVS (AU) Pty Limited., doing business as FXGiants in Australia, is authorized and regulated by ASIC.
Security of Funds
The UK’s Financial Conduct Authority applies certain rules and requirements to license holders. FCA-regulated brokers must keep client funds in segregated accounts, separated from the companies operating funds. Besides, UK-based brokerages must maintain net tangible assets amounting to at least €730 000 as a proof of their financial stability.
What is more, clients of UK brokers are covered the Financial Services Compensation Scheme (FSCS). In the event of a company insolvency, FSCS is able pay compensation up to a maximum of £50,000 per person per regulated entity.
Speaking of safety of funds, we should also mention that according to its website, FXGiants offers its clients Negative Balance Protection, meaning that all negative balances are covered by the company.
Minimum Initial Deposit
The minimum deposit for opening a trading account with FXGiants is $500, which is a bit too high. In comparison, Trading 212, which also holds FCA license, requires $49 as a start, while leading CFD and spread betting brokerage CMC Markets has set no minimum initial requirement.
Average spreads & Commissions
FXGiants offers both fixed and floating spreads, which vary by account category. The ones on the Micro account are quite high, as is usually the case with micro accounts. However, spreads on commission-free STP/ECN account (also available with $500 initial deposit) start from 1.7 pips on EUR/USD, which is even higher than the floating spread on Micro accounts. What is more there is a Zero fixed spread account, however it involves a salt commission of $18 per lot. So, as it turns out average cost of trading per lot for the EUR/USD pair on these accounts is above 1.5 pips, which is not an attractive pricing. If you are willing to make a larger initial deposit, Premium accounts with this broker offer more favorable conditions: Variable spread as low as 0.7 pips on EUR/USD, or fixed spread of 1.2 pips on EUR/USD and no commission applicable.
In comparison, Trading 212 offers floating spread as low as 0.9 pips on EUR/USD and does’t charge any commission. For further information, you may look up and compare real-time spreads of 15 leading brokers.
The maximum leverage rates at FXGiants are up to 1:500. Such leverage is considered comparatively high, although many other FCA-regulated brokers offer similar leverage rates. For instance, leading EU brokerage FxPro provides leverage up to 1:500. You may check out a list of forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.
Please, be advised that investing in over-the-counter derivatives with high leverage involves significant risks.
Like most forex brokers, FXGiants supports the popular MetaTrader4 (MT4) platform. It is preferred by most investors, because it has with user-friendly interface, and offers all a trader needs: advanced charting package, a number of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs).
With this broker, the MT4 platform comes as desktop and mobile versions.
What is more, via the FXGiants VPS service, traders can install their favorite EA Application and have it run 24/5 without requiring a PC to be powered on. MT4 VPS hosting with this broker is free of charge to new and existing clients that deposit a minimum amount of $5000 or equivalent in other currency and maintain such balance for the following months.
Lucrative promotions and bonuses are something else that you can expect to see regularly from FXGiants. Currently the broker offers:
– $35 no deposit bonus to live account holders, other than ECN/STP & Premium & spread betting ones. Mobile verification via SMS required and the bonus is withdrawable after completion of 4 turn lots.
– 100% Bonus Maximiser which is also available to new live account holders, other than ECN/STP, Premium & spread betting ones. It can be withdrawn after certain volumes are traded.
– 20% Bonus advantage up to $2000 (Bonus on all deposits).
Methods of Payment
Clients of FXGiants can make deposits to their accounts via credit/debit cards, (Visa, MasterCard, Maestro), bank wire, Skrill, Neteller, Safecharge, DotPay, China UnionPay and EccomPay.
Profits made from trading can be withdrawn only via bank wire.
FXGiants enables clients to open accounts and deposit funds in USD, EUR, GBP, AUD, JPY, CHF, PLN, HUF, CZK.
FXGiants is a UK broker with a rich product portfolio offering trading in various currency pairs and CFDs on the renown MT4 platform under attractive conditions.
FXGiants Review Conclusion
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