FXGiants is a trading broker operating internationally from London to provide trading services to both institutional investors and retail investors. FXGiants was launched in London in 2016. FXGiants is said to be a subsidiary of Iron FX. IronFX is an international trading platform with offices in both Australia and the United Kingdom. IronFX operates in more than 180 countries.
In November 2015, both the UK and the Australia units were rebranded immediately CySEC ordered IronFx to pay about 150 customers €333,000 because the company denied customers the right to withdraw.
Currently, two trading companies are operating under FXGiants. One of the companies is owned by GVS Ltd based in Australia, while the other is based in the UK with brand name 8Safe Ltd. The trading company based in Australia is highly regulated and controlled by ASIC. Similarly, the UK trading office is being regulated by the FCA of the United Kingdom.
This review intends to explore FXGiants trading platform to highlighting its pros and cons to enable you decided whether to trade with them or not. Without further ado, let us set the ball rolling.
The Financial Conduct Authority is the agency saddled with the responsibility of protecting investor’s funds. The agency ensures that they deploy certain requirements and rules to guarantee the security of investors’ funds. It is a matter of the fact that the brokers that are regulated by FCA should keep investors’ funds in such a way that it would be segregated from the companies account. To ensure financial stability, all the brokers based in the UK must present proof of assert worth €730,000.
It should be noted that all the UK investors are covered by a scheme known as Financial Services Compensation Scheme. This is to ensure that whenever the Company faces insolvency, the scheme would take care of the compensation amount to €50,000 per investors. Also, FXGiants offers Negative Balance Protection to its clients.
When you are on the FXGiants trading platform, there are some lucrative bonus and promotions to expect. As of now, the following are some of the promotions offered by the company;
- No deposit is amounting to $35 to holders of a live account. This bonus can be withdrawn the investor immediately finishes four turns of lots.
- Bonus Maximizer amount to 100% is duly available to holders of live account that just joined. Also, this bonus can be withdrawn after a certain amount of trade has been achieved.
- 20% bonus is also available as an advantage on all deposits. This amount is around $2000.
Traders using the FXGiants platform can deposit funds into their respective accounts through any of the following means;
- Credit/Debit cards
- Visa, Maestro, and MasterCard
- Bank Wire
- China UnionPay
It should be noted that the profits made by traders are withdrawable only by Bank wire. Clients can open and deposit funds into their accounts in EUR, HUF, USD, CZK, PLN, GBP, CHF, JPY, and AUD.
Just like other trading companies, FXGiants offers its clients the MT4 arrangement. This arrangement is compatible with various devices like PC, MAC, and mobile apps available for iOS and Android. Also, FXGiants also offers Personal Multi-Account Manager. This account grants clients the leverage to properly manage their unlimited accounts, as well as, real-time tracking.
However, this claim does not suffice because some clients complained that the profit promised by the company didn’t actualize when they initially joined the platform.
Currently, there are five different types of account you can operate if you joined this trading platform. The accounts are;
- Micro: With Micro account, you can only choose from a live floating or live fixed spread. The minimum deposit is $500 whether you opt for the live floating or live fixed account. There are different currencies such as EUR, GBP, AUD, among others which can be deposited in this account type. Clients can leverage up to 1:1 and 1:500.
- Premium Account: The Premium account is also categorized into Live floating or Live fixed spread. Although the minimum amount to deposit here is $2500, all the features of Micro account are replicated in the Premium account.
- 0 Fixed Spread: When it comes to minimum deposit, this account type is similar to that of Micro. However, a little token of $18 is taken in the form of The token is based on per lot.
- STP/ECN No Commission: This account type combines the features of both 0 fixed deposits and the Micro account.
- STP/ECN 0 Spread: This account type is similar in operation to STP/ECN No Commission account.
- Minimum Initial Deposit: When you want to trade on the FXGiants platform, potential clients should note that the initial deposit is peg at $500 minimum.
- Average Spread and Commission: FXGiants offers floating and fixed spread. Although this spread varies depending on the account type, you opened. The spread and commission are high when you are holding a Micro account.
FXGiants offers leverage rate that is around 1:500. When compared with other trading platforms, the leverage is relatively high. However, most brokers regulated by FCA normally peg their leverage to be too high. You are advised to check the leverage of any trading platform before subscribing to the platform.
After considering all the reviews about FXGiants, it is observed that the trading company lacks customer support team that is properly trained. Most of the previous clients complained bitterly about the attitude of their customer support team. Also, the phone numbers provided on their website are not always reachable. It is either it is busy, or they may decide to put clients on hold.
Furthermore, the company has a lot of toll-free lines that are not even working.
Advantages of FXGiants
FXGiants is a trading broker operating internationally from London to provide trading services to both institutional investors and retail investors. Some of the benefits of using the platform are;
- They have a robust environment for users to trade due to the varied spreads, as well as, good leverage.
- FXGiants offers users speedy execution.
- They partner with over 17 banks to provide liquidity to users.
- They have an expert-level analyst who gives out daily market research.
- They have five types of account to choose from depending on your interest.
- FXGiants stands tall being an extremely user-friendly site.
- FXGiants has a robust regulation.
- The promotion offered by this company is attractive.
Disadvantages of FXGiants
- Clients do not have the choice to choose the platform to trade.
- The minimum deposit is relatively high.
- The cost of trading is also higher than average.
FXGiants is a trading broker operating internationally from London to provide trading services to both institutional investors and retail investors. FXGiants was launched in London in 2016. Being a subsidiary of Iron FX, FXGiants share almost same features with IronFx and the other brand.
Just like other trading companies, FXGiants offers its clients the MT4 arrangement. This arrangement is compatible with various devices like PC, MAC, and mobile apps available for iOS and Android. Finally, FXGiants also offers Personal Multi-Account Manager. This account grants clients the leverage to properly manage their unlimited accounts, as well as, real-time tracking.[/vc_column_text]
*Trading carries high risks