Introduction
The organization is a global forex broker that provides financial services for online trading regarding currency exchange. FXGiants as well serves the retail investors as well as investors from institutions from more than 150 countries across the globe. It is the among the leading online forex and CFDs broker organization across the globe more especially in the countries of incorporation. The company was established in the year 2015 at the same time in two countries; the UK and Australia. However, the company has been Australia for a longer time and has been operating under a veteran forex trading company in the brokerage industry. It forms a registered brand for the IronFX Global company. FXGiants has two trading companies presently which were both once owned by IronFX but currently one is owned by GVS Pty Ltd in Australia and another one by 8Safe in UK. The organization’s headquarters is based on London in the UK. The official address for the organization is 51 Church Street on the 5th Floor of the Andrew’s Place in HM12 Hamilton, Bermuda. The company trades with a wide range of commodities such as over 80 currency pairs, more than 200 kinds of financial instruments to numerous clients who come from more than 150 countries worldwide. The committed focus of the organization is to offer a fulfilling trading experience for the financial services consumers with the integration of latest technology and provision of high standard services. The organization’s popularity is well felt in the Australian nation, in Europe as well as South America.
Company license and regulations
The company is under stringent regulations that are spanning the globe from the various regulators of the countries of regulation. With the organization’s commitment to offer services compliant to the highest standards, it operates under full regulation of the financial regulating authorities of the two countries of incorporation. In the UK, the organization is regulated by the Financial Conduct Authority (FCA) under the license number 585561 while in Australia it is regulated by the Australian Securities and Investment Commission (ASIC) under the ASFL number 417482. This therefore makes the organization a fully compliant organization for laws of the land in both UK and Australia. The licensing and regulations verifies that the organization is a legit forex trading broker in the financial services provision industry. The company also being a participant in the European Union market, it is a full compliant of the guidelines and authorities provided by the European Union. It also complies to the rules and regulations of the Financial Services Compensation Scheme of the UK since it is protected by the scheme. The scheme can give compensation to the FXGiants’ investors in the event when the company has not met its financial obligations to the agreed rates between the company and the compensation scheme.
FXGiants reliability
With the desire of every investor to ensure that every dollar invested produces a yield, nobody wants to be a victim of scam forex traders. Especially in the online platforms, the practice of scamming is very rampant since the offices are not sometimes physical identified or they are in abroad regions where some other local investors cannot easily access them. Therefore, legitimacy and authenticity of the forex trading brokers is a question of great concern for the investors. Despite the fact that the FXGiants broker is young in the industry and has been operating for less than four years in the market, its age does not affect its reliability. With this doubt about its age, the company has been motivated to work harder seeking to win trader and investor trust in the online community.
The first evidence of reliability is seen in the company’s concerted efforts to secure regulation under two different jurisdictions in the two countries of operation. In a span of less than 2 years, the company has been able to be licensed under the Australian regulation and the UK regulation. This regulation gives assurance to the traders that any investment they make with the company is in safe hands. There is also constant supervision of the FXGiants company by FCA and ASIC thus ensuring that the company conducts its operations transparently and fairly which can assure the investors that they will be able to transparently see their investment performance as time goes. Additionally, the company has partnered with the Financial Services Compensation Scheme of the UK thus in any event of financial incapability or insolvency, the investors are assured of compensation amounting to a maximum of 50,000 pounds per every investor. The company also has an automated risk management system which manages the accounts of the investors thus they do not have to worry of their accounts running on negative state.
FXGiants trading platforms
Working in the financial brokerage industry, FXGiants company works solely on online platforms. Its specialization is inclined to forex trading with more than 80 currencies of operation. The company offers a wide variety of trading platforms that are compatible with Windows as well as Mac Operating Systems. The mobile compatible platforms are also available such as applications form tablets and smartphones which allow investors to access their accounts while even travelling. Any investor account offers unrestricted access to the company’s platforms at any time.
The major trading platform is the MetaTrader 4 (MT4) which is a software developed by the MetaQuotes Software company. The platform forms the major trading platform for the company since it is the most popular forex business platform in the forex trading industry. It is used as the main trading platform by over 80 percent of the companies that participate in the forex trading business. The MT4 trading platform is a highly popular platform that is user-friendly and robust thus supporting the forex trading business greatly since it is integrated with a charting package and other technical indicators which the investor can use to analyze the market thus guide informed investment decisions.
Another feature of the MT4 platform is the which is the most powerful feature is its capability to support automated trading with using the Expert Advisors. Those traders who are experts in computer applications can program the Expert Advisors to build an automatic trading on the platform. The platform is made available in various versions like MT4 for PC as well as MT4 for Mac. They both have features like activity reports, advanced charts, advanced security systems, real-time news feeds, real-time quotes, support trading signals, and support for various kinds of trading orders. The mobile trading platform has MT4 mobile compatible platform that can be downloaded from Google Play Store for android phones or the App Store for the iPhones. The traders can monitor their accounts or execute trades right from their mobile phones.
FXGiants transparency and trading conditions
The organization has strong transparency since it is regulated by two bodies which oversee its operations. The subjection to two kinds of regulations makes it achieve the highest standard of transparency as they move on with their operations. The organization has also specified the compensation limits for the investors in the event of financial difficulties or insolvency thus straightforward with the financial services that it offers. The accessibility of all their trading platforms with only one investor account also makes the trading to be highly transparent and makes the trading conditions convenient for every investor.
The company’s trading accounts
The company genuinely offers a meaningful and wide range of types of accounts from which the investor can choose from. Therefore, it is possible for an investor to open a market maker account or an account that deals with desk type on the basis of the commissions. There are five different types of accounts that from which the investor can choose from. The accounts are as follows
Micro account – The investor is able to choose between live fixed or live floating spread depending on the individual tastes and preferences. In any spread that an investor will choose, the minimum deposit remains to be $100 but an average of $500. The leverage range for this account ranges from 1:1 to 1:500 with variety of the currencies like AUD, EUR, GBP and many more. The benchmark for fixed spread is 2.2 while for the floating spread is at 1.1 with the freedom of opening one account with numerous base currencies. The min lot size for this account is 0.01 and the account is available for 24 hours for five days in a week. The transaction hotline is also available to sort out issues with investors.
Premium account – This also lies in the similar choice by the investor either live fixed or live floating spread. For either choice of the spread, the minimum deposit is $2500 with a benchmark spread of 1.2 maximum and a minimum of 0.7 USD floating rate. The highest leverage given for one account of this type is $500 and the account is also allowed to be opened with numerous base currencies. The min lot size for this type of account is 0.1 with also dedicated account manager in 24 hours in five days. It is therefore slightly below the micro account.
0 Fixed Spread account – This account can be opened with a minimum deposit of $500 with a minimum lot size of 0.01 and a minimum commission as from $18 per lot is charged on the account. The account manager for this account is also available for 24 hours for five days a week. A highest leverage of up to 200 base currencies which translates to around 1.8 pips of the currency pair used as benchmark.
STP/ECN No Commission account – This account’s deposit charge is similar to the minimum deposit for Micro account and 0 Fixed Spread account. Base currencies used in this account are also similar to the Micro account. The only difference is that the leverage caps for this account are at 1:200 other than 1:500 noted in the Micro account. Also there is no transaction hotline and also no account manager for the account. The minimum lot size is 0.01 with allowance for various base currencies as the Micro account.
STP/ECN 0 Spread account – The account has the same features like the STP/ECN No Commission account thus the two accounts can be opened interchangeably by the investors. This account forms the largest account in the company forex trading business thus can accommodate any investor who wants to invest huge amounts of money into the business.
Unique features with FXGiants
The company offers its products and services on its trading platforms in 24 hours in 5 days every week. Their services are available for online platforms and compatible with either PC or smartphones. The major trading platform used is well-known to people and always user friendly for either the MetaTrader 4 platform or the Personal Multi Account Manager (PMAM). For the PMAM platform, it allows for the creation and management of multiple accounts by the user. The company is also always aimed at becoming semi-professional money managers which can manage investor assets on their behalf. In addition, the company has a group of professionals with a wealth of experience in the field of international finance and forex trading business. The team of professionals deal with markets analysis, business solution specialization, business developers and risk management. The company goods and services are spread in over 150 countries across the globe with more than 200 financial instruments. The company also has interesting bonus package which has initial bonus at 35 percent free. It also includes incentives such as 100% bonus maximizer and also bonus advantage of 20 percent for deposits amounting up to $2000.
Company special offers, promotions and bonuses
The company is delighted in rewarding its investors with an array of variety of promotions. The promotions range from Live and Demo Trading competitions to extraordinary bonuses which boost the investors’ trading needs. The FXGiants company rewards its traders every month with a trading competition. From month to month the price changes. For example, in the month of January 2018 the price of the reward was a vacation package to Europe or a $5000 token. However, the bonus is given to those investors who fully comply to the terms and conditions of the bonus. All the promotions and bonuses are aimed at boosting the needs of the investor as well as enhancing the company reputation as it engages in forex trading business.
Company commissions and spreads
The company commission charges are only applicable to the Fixed Spread account. The investors with this type of account are required to make a payment of $18 for every lot of trading. However, for the other accounts for trading in this company, the investors are required to make a payment of small spreads for any trade that they engage in. They can participate in the fixed or floating spread regarding their tastes and preferences. When using the Micro account, the fixed spread can be to the minimum of 2.2 pips while the floating spread can be to the minimum of 1.1 pips. On the other hand, the premium account the least floating is 0.7 pips while the least fixed spreads is 1.2 pips. However, the typical spreads are different for the various currencies as indicated on the company website.
Deposit and Withdrawals of money
This is a trading exercise which needs recharging of funds when they go below the required level and also withdrawal when the investment makes a profit. The first and important exercise is the deposit of funds to the investor account such that one can become an active participant in the business and also to fund the account for transactions. The company has a proprietary interface which makes process simple, enhanced and secure. The company does not take cash deposits from the investors. Instead, there are several options that can be used to make automatic deposits to the investor account such as the Visa or MasterCard credit cards, Neteller, Skrill, Fasapay, UnionPay China, Safecharge, EccomPay, and DotPay. The investors can also use alternative deposit method of using the bank wire transfer to deposit finances to their trading accounts in case they do not have access to eWallet of credit cards. All these methods have different fees with different terms and conditions of operation. Withdrawal can also be made through the same methods used to deposit funds to the trade accounts. The withdrawal fee varies from one method to the other but the least withdrawal fee applicable is $0.5 while the maximum applicable $30.
Customer support
FXGiants offers 24-hour customer support services for 5 working days every week. The customer support staff is helpful in solving the customer complaints. The company’s customer support centers are based in London in the UK with the primary language in offering the support services being English but can also be translated to various languages which include Spanish, Italian, Korean, Chinese, Russian, Malay, Portuguese, Hungarian and Indonesian. Their customer support services can be reached through various mediums such as emails, telephone call, or a live chat at any time even in the instances when the market is busy. The company has also toll free contact numbers for customer support in specified countries such as China, Malaysia, Hungary, Spain, Poland, Indonesia, Italy, Thailand, Portugal, Russia, and Korea.
Education
The company is focused on the delivery of variety of assets that are easily tradeable by the investors in a simple execution of commands over the trading platforms. With this focus, the company therefore strives to educate its investors with an educational content that is always restricted to a forex trading glossary and the news releases for the company as well as other headlines that concern key economic performance across the globe and the region of operation. The company glossary despite being limited, it is useful to the investors to a great extent. The company website also has light educational materials regarding forex trading as well as basic economic news regarding forex trading market analysis that is fundamental to the investors.
Safety of finances
To curb insecurity issues, the company’s accounts are maintained in the top tier banks by the use of banking and treasury services that are applied at Westpac as well as other major high class institutions dealing with banking. The investor funds are in complete segregation with the other funds thus the customers can be sure that clarity, integrity and security is highly observed in dealing with their finances. Each investor account has a unique code which effectively guides depositing and withdrawal of funds from the account. The company is regulated and protected by recognized agencies in the lands of its operation thus very secure.
Pros and Cons
Pros
The company has variety of trading accounts (total of 5 types)
There is low deposit requirement for minimum initial deposit
The company is a regulated broker thus secure and legit
It has a wide range of financial instruments as well as products and services
Cons
The company lacks multi lingual support
They also lack local telephone customer support
They have no web based platform for trading
Only the MT4 trading platform is supported
Conclusion
With the company review, it is evident that the company has strong regulatory oversight, brilliant spreads and an array of accounts which the investors can choose from. It is true that is has been in operation for a very short period but it has managed to gain massive following and has accumulated a pool of loyal investors. The company has affordable accounts starting as low as $100 with amazing promotions and bonuses. Therefore, is it of no doubt that the company has proved itself as an investor friendly broker for those individuals seeking to begin their forex trading business.
