For your trading success, the importance of a well-regulated, standard Forex broker cannot be overemphasized. Many Forex traders have been scammed by unregulated brokers. And as more brokerage companies emerge, it has even become more expedient to evaluate them so as not to fall to the schemes of fraudulent ones.
In making your choice, FXGM ZA, a relatively young South African Forex brokerage service provider, deserves your attention. A juristic representative of Unum Capital (Pty) Ltd, the broker offers a standard online Forex trading platform, comprehensive learning and research resources, and an excellent customer support service.
Here is a complete review of the broker to guide you in your decision-making process.
Introducing FXGM ZA
FXGM ZA, operated by the Pretoria-based Unum Capital (Pty) Limited, is a South African online Forex broker. It is registered with the Financial Service Conduct Authority (FSCA) and conducts its activities in line with its regulations. The broker presents itself as a solidly regulated brokerage company which seeks to provide quality services to its teeming population of clients.
Years ago, the Forex market was almost exclusively dominated by institutional investors. Also, the absence of the internet meant that all financial transactions had to be done at physical locations. The online Forex brokerage industry has since changed the narrative. FXGM ZA is one of the legitimate game changers that have ensured that no matter who you are, using just an internet-enabled computer, you can access the Forex market from anywhere in the world.
Is FXGM ZA a Scam?
When shopping for a broker, the regulatory status is the most important point to evaluate. In fact, it is the sole factor that determines whether a broker’s operations are legitimate and can, therefore, be trusted or not.
In this regard, FXGM ZA is a legitimate Forex brokerage service provider. Being duly registered with the South African Financial Sector Conduct Authority (FSCA), it is a regulated brokerage company that has to operate under the obligation to adhere to specific guidelines of the financial authority.
For instance, one of those requirements is the keeping of clients’ funds in segregated accounts. Consequently, the broker operates multiple, segregated accounts for its clients’ funds. Hence, since it cannot easily access them, it has an extremely low or even a nonexistent chance of mismanaging those funds. This means that a client’s account is accessible only by the client himself.
What Brought the Broker to the South African Forex Industry?
The establishment of FXGM ZA was due to the passionate desire to revolutionize the South African online Forex brokerage industry. As a result of the schemes of many unscrupulous industry players, the Forex industry has earned an inglorious reputation of fraud. Hence, FXGM ZA, being a duly regulated broker, has made it its mission to provide only services that can be trusted.
Besides trust, it has been the goal of the broker to give the country’s retail traders the benefit of multiple choices. This desire informed its multiple account type offerings which cater to different trading and capital needs, the first of its kind in the industry. This arrangement makes it possible for anyone, notwithstanding their trading experience and capital, to open an account with the broker.
There are at least six account types among which are Junior, Premium, VIP, Executive, and Royal accounts. The Junior Account, the lowest of them, can be opened with as low as $200! However, the Royal Account requires funding of at least $100,000. Therefore, no matter your capital, you will have an account type that suits your needs.
Furthermore, most other brokers have very limited tradable instrument catalogue. Consequently, traders have had few products to explore and profit from. With FXGM ZA, the situation has changed. The broker offers over 140 instruments. There are Forex pairs, commodities, shares, indices, and even cryptocurrencies! FXGM ZA has opened up new trading opportunities for the country’s traders with its extensive library of tradable products.
Customer Support Service
A notable feature of FXGM ZA is the quality of its customer support service. While many brokers have nonexistent customer support services at worst and slow, inefficient ones at best, FXGM ZA sets itself apart from the pack with its fast, highly responsive customer support service that can, in fact, pride itself as the industry standard.
The broker’s customer support service is provided through multiple channels. There are email, phone, and live chat support services. Usually, emails are replied within 24 hours of receipt. The live chat support is integrated with the broker’s platform itself and is therefore available almost all the time. The phone option is also easily accessible and is toll-free.
In addition to the fact that the support service is offered through multiple channels, it is also efficient and responsive. As highlighted above, all complaints and inquiries are processed within 24 hours. As a result, whenever you have a recommendation or just an inquiry, you will always be able to get in touch and you will be promptly attended to.
Notably, also, the broker provides personal account managers to new clients to guide them through the account opening process and to resolve any issue they might have along the way.
How to Start Online Trading with FXGM ZA
Starting trading with FXGM ZA is a very easy process. It is the operative goal of the broker to make available quality online Forex brokerage services to its clients at competitive costs. To easily achieve this goal, it simplified the account opening process.
To open an account, all you have to do is to log in to the broker’s website. You will be requested to provide your personal information such as name, occupation, and other details. After opening an account, the next step is depositing funds.
However, before you will be able to trade, you will be asked to upload a KYC (Know Your Customer) document such as a driver’s license, passport, or national ID card, and then also verify your residential address. This is to ensure that the broker has the right information about you to provide services that will just be right for you.
From then on, you will have direct access to the most dynamic financial market in the world and you will also be able to benefit from the money-making opportunities it offers.