FXGiants Scam Test

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FXGiants Review

Overview

Forex broker provides customers with the opportunity to profitably trade forex and CFD, as well as bonuses and affiliate programs.

Details

Broker FXGiants
Website URL fxgiants.com
Founded 2020 year
Headquarters 12th Floor Broadgate Tower, 20 Primrose Street, London, United Kingdom, EC2A 2EW
Support Number +44 (0) 207-523-5394
Support Types Phone, Email, Chat
Languages English, Spanish, Italian, German, Korean, Chinese, Vietnamese, Malaysian, Thai, Japanese, etc
Trading Platform MetaTrader 4, Personal Multi-Account Manager, MT4 Extended
Minimum 1st Deposit $100
Minimum Trade Amount $2,5
Bonus Contests, bonuses
Leverage 1:500 (depending on the account)
Spread From 0 points
Free Demo Account Open Demo
Regulated
Regulation FCA (№ 585561), CySEC (№ 125/10)
Commissions
Commission Info Up to $ 18 per lot, depending on the account
Account Types Demo, Micro, Premium, 0 Fixed Spread, STP/ECN No Comission, ABSOLUTE ZERO STP/ECN, STP/ECN 0 SPREAD, ABSOLUTE ZERO PLUS STP/ECN
Deposit Methods Mastercard, Neteller, Skrill, UnionPay, VISA, Bank Transfer
Withdrawal Methods Mastercard, Neteller, Skrill, UnionPay, VISA, Bank Transfer
Number of Assets 250+
Types of Assets CFDs, Shares, Indices, Metals, Cryptocurrency, Currency pairs
Account Currency EUR, USD, GBP, JPY, CZK
US Traders Allowed
Mobile Trading
Tablet Trading
Overall Score 8.9/10

Full Review

What are FXGiants today? Are the fraudulent trading services it provides? Is FXGiants a swindle or a reliable platform? The answers to these questions are in our material.

FXGiants trading conditions

The official registered name of the company operating under the brand FXGiants is Notesco UK Limited. It should be noted that before the FXGiants formation in its present form it underwent more than one rebranding and several times changed its name.

In 2020, for example, IronFX UK Limited, by that time a world-known company operating under the IronFX brand, was re-registered to IRONFX GLOBAL UK LIMITED due to the change in policy. But after a scandalous incident in November 2020, CySEC ordered it to pay €335,000 as compensation for refusing to withdraw funds to customers. In the same month, the company re-registered to 8SAFE UK LIMITED, having fully rebranded and changed its name to FXGiants. And after its subsequent sale in 2020, it was re-registered to NOTESCO UK LIMITED.

FXGiants offers its clients the opportunity to trade on Forex and CFD. Despite the fact that the platform is an updated version of the world-famous Iron FX branded company, the product line and customer offerings have remained almost unchanged. This is also confirmed by FXGiants’ support team, which refers to the Iron FX affiliate website IronFX.com for all questions regarding FXGiants’ trading conditions. On the official website fxgiants.com you can find information about trading conditions, account types, a separate block with step-by-step training materials about the market, all this will allow any beginner to get acquainted with the basics of exchange trading (Forex trading training).

The company also offers its clients several types of accounts, the main difference of which is the complete absence of spreads when trading the instrument EUR/USD, which looks quite attractive at the initial consideration. FXGiants company offers its clients trading conditions both with fixed and floating spreads, which vary depending on the account category. Maximum leverage rates at FXGiants vary from 1:30 to 1:500, also depending on the type of account. Since its rebranding in 2020, the company has reduced its minimum deposit requirements, which is currently $100.

When registering on the website fxgiants.com, after specifying the «Country of Location» player form field, there is a warning that, by continuing registration, the future client agrees that he or she will be redirected to the website FXGiants BM. This company does not have any regulation by being in an unregulated offshore zone. Upon completion of this procedure, fxgiants.com will become the customer’s working website, where information that FXGiants is a brand of Notesco Limited, registered on Bermuda Islands.

It is worth noting that FXGiants does not hide information about its jurisdictions, its services, but it is very important for the client to be careful at every stage of his getting familiar with the Forex broker. This is necessary in order to objectively understand the prospects of cooperation with the project and not to be deceived by working with a regulated broker, and in fact working with a company located in a jurisdiction that does not regulate the relationship between the client and the company.

For further getting to know the broker FXGiants we will study in details the website of the company from the offshore jurisdiction of Bermuda.

FXGiants platform

Like the majority of Forex brokers, FXGiants offers for traders the popular MetaTrader4 (MT4) platform. It is preferred by most investors because it has a user-friendly interface and meets all the basic needs of the trader, includes a package of charts, technical indicators for Forex, an extensive back-testing environment and the ability to add a variety of robots and experts.

Access to trading in the financial market can be obtained only through the trading terminal. However, the quality of work on different platforms can be very different. Various promptness of requests fulfilment, methods of actual aggregated analytics and many other aspects that affect the style of decisions taken by the trader. Trading terminals developers strive to take into account all client requests and implement them into new solutions. The fierce competition among providers of brokerage services assists it. FXGiants offers a number of trading platforms to users for Windows and Mac operating systems:

WebTrader 4. It does not require downloading, it is available from any PC. Characterized by the interface simplicity. All trading accounts are available. The web version is fully synchronized with MT4. Complete security is guaranteed, since all information is securely encrypted.

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Personal Multi-Account Manager (PMAM). Personal Manager of several accounts, it enables to manage them and monitor online. When installing the application, it is necessary to go through an initialization procedure to connect to the server.

МetaТrader 4. Trading terminal that is popular in trader environment, taking into account a number of wishes of various different categories of speculators. Platform advantages consist in the availability of quotes for all trading assets, the possibility of technical analysis, using a plurality of integral indicators. Automated trading is implemented, if required.

МetaТrader 4 extended version. Optimized sections «Market» and «Signals» have been added in the advantages of its previous version. They provide access to relevant information much faster. Therefore, the service convenience has been improved considerably. Analytic functions of the terminal is one of its strongest points. Algorithmic trading is available.

FXGiants Virtual Private Server. It features a remote computer for all clients. Using this server, the users will have the same benefits as when trading with the computer. With FXGiants VPS the clients easily install expert advisers, and can use them around the clock.

Apart from the solutions mentioned above, FXGiants offers mobile platforms MT iOS Trader for iPhone/iPad and MT4 Android Trader for Smartphone / Tablet.

FXGiants broker quotations

FXGiants does not inform its clients in any way about the method of receiving quotes and the counterparties that provide it with information. It would seem to be common, but with a more in-depth review of the documentation, namely the «Terms and Conditions of Cooperation», Giants BM tries to release the information about the services provided (in English).

It is clearly stated that all trading instruments offered by the company, as well as currency pairs of the Forex market, are the contracts for difference (CFD). In addition, trading in the platform is a simple agreement between the broker and the client, it is a bet on a rise or fall, which «do not go» beyond the trading terminal FXGiants (all truth about Forex). Of course, the contracts for difference are a full-fledged financial instrument, but in order to protect yourself from possible troubles, the client needs to study the «Agreement» between him and the company in more detail.

FXGiants demo account

Like the majority of brokers, FXGiants provides its clients with the opportunity to open a demo account. You can try the demo trading with the company by choosing one of two types of accounts – floating and zero spread. Forex demo-account allows you to test the advantages and capabilities of the company without prior investment (Forex with no investments and risks).

FXGiants mobile application

For trading on a phone or tablet, FXGiants offers the possibility to use the mobile terminal MetaTrader 4 (iOS/Android). This allows clients to trade without access to a computer, in any convenient place and at any time.

FXGiants bonuses

The majority of brokers offer a variety of bonus programs and competitions expanding their customer audience. Many novice traders are eager to try their hand at trading on the financial market. However, some of them fear the rapid blowing account, while others do not have enough funds to start on the real account types. In this respect, the bonuses provided by the broker can be of great assistant to beginners. Using them, a novice trader is subject to less psychological pressure and much more confident in taking important trading decisions. Moreover, he/she receives an invaluable trading experience that has a subsequen a positive effect on trading results. FXGiants strives to keep up with its competitors and offers a variety of stocks.

The trading contest with a prize fund of USD 10 thousand in the real accounts competition

Prizes for the first 3 places – USD 5 thousand and a tour to the South Africa, USD 3 thousand and USD 2 thousand, respectively. Competition period – November and December 2020. More detailed information on the promotion conditions you can find on the website fxgiants.com.

100% Bonus Maximiser

With this award the project enables customers to maximize their commercial potential. Offer shall be valid throughout 2020 and shall be available for clients with the deposit amount for at least USD 500. The bonus period shall be valid for 30 months. Profit from the account can be derived when receiving a certain amount of profit.

Bonus up to USD 2 thousand for any deposit

Open a real account and submit a corresponding application for this purpose. The offer shall be valid throughout 2020 and be granted only once. The minimum amount of the deposit should be at least USD 100. The profit can be derived only after reaching a certain amount. Detailed information is available on the website fxgiants.com.

Compensation up to USD 500 for failed transactions

To receive the compensation, you must open an account «Live Floating Spread» and deposit funds on the deposit. The losses incurred by the trader for the first 5 trading operations will be compensated by a maximum amount of up to USD 500.

40% Booster Bonus

The chance to obtain a 40% bonus on all deposits available to the trader. The maximum amount of this compensation does not exceed USD 4 thousand. Similar promotion can improve significantly the whole trade efficiency. It should be noted that FXGiants discloses bonuses and rules of work with them in detail, but this information is disclosed only in English. Moreover, each document contains the client’s consent with the condition that the only language for communication with the company is English. By continuing to work here, he accepts this condition unconditionally.

Deposit and withdrawal

FXGiants Forex broker, put that in context, its affiliated company registered in Bermuda, offers its clients a wide variety of deposit and withdrawal options. Most importantly, FXGiants provides customers with the ability to deposit their accounts in Bitcoin’s cryptocurrency. At the same time, on the data entry page, the broker does not provide an opportunity to choose a convenient amount for replenishment, offering to choose one of several amounts already set here. You can deposit/withdraw funds in the following ways:

  • Bank cards (Visa, Mastercard);
  • Bank transfer;
  • Electronic payment systems (Bitcoin, Perfect Money, Skrill etc.).

Complaints against FXGiants

Although the company is relatively new to its operations, there are plenty of feedback on the network, mainly concerning cash withdrawal issues. At the same time, feedback left by traders points out that after the rebranding of IronFX, the project’s working methods have remained the same, despite the fine paid by the company to the European regulator CySec for fraud and outright non-payment of money to its customers.

Examples such as the banal closure of a personal account by a broker, ignoring customer requests are quite common in reviews. Positive reviews are rather few, which should also alert the client. Mainly they concern qualitative support, which helps to understand the platform more quickly for beginner traders, etc.

If we find complaints about FXGiants, we will post it on social media. Follow us to be well informed:

FXGiants broker regulator

Concluding a cooperation agreement with the broker, the majority of novice speculators do not think of the possibility of further withdrawal of funds from their trading account. Meanwhile, some companies refuse paying even the initial deposit. In this case, the issue is raised immediately of whether the license of the broker and the regulator that issued it. All companies providing intermediary services in the financial market are subject to mandatory certification. That is why, one of the most important criteria when choosing a broker is availability of appropriate license and reliability of the regulator that issued it. Unfortunately, the level of confidence to different regulators is also different because they are characterized by different functionality. Many brokers generally indicate the licensing information on their websites that is why it is not difficult to check regulation.

FXGiants is a trademark of Notesco UK Limited (it includes the FXGiants brand) is regulated by the Financial Services Authority of the Great Britain (FCA №585561). The address: 12th Floor Broadgate Tower, 20 Primrose Street, London, United Kingdom, EC2A 2EW. The subsidiary of FXGiants is part of the company. FCA regulator, like nobody else is interested in the efficient and transparent functioning of the British financial markets, including Forex. The organization fights economic crime and attempted fraud on the part of brokers in every possible way and tries to provide users of financial services with the high-quality and timely legal protection.

FXGaints User agreement

The agreement concluded with the broker is the first trader’s major step to trade on the financial market. Start of trading does not make sense without reviewing the document carefully, and not properly filling out legal activities. Moreover, it is extremely dangerous, if the trader is planning to replenish the deposit with a substantial amount of money.

Experienced speculators, getting acquainted with the user agreement, determine immediately the reliability of a brokerage company on a number of aspects. The contract establishes the regulations for input and, most importantly, for withdrawal of funds from a trading account, trading terms and conditions, the relationship between the company and the customer, restrictions of all kinds, etc. FXGiant company posted this document on the website fxgiants.com in the «Legal Information» section. The agreement is set out in English, since this is the main project language. Sections 3 – 6 are devoted to the field of services provided by the broker. The Company shall not be liable for any client losses that arise as a result of using any information provided by the company.

The Broker may suspend or terminate the customer’s account, if it uses additional functional features or plugins that affect the system smooth operation.

Referring to trading conditions, the broker says that he/she reserves the right to perform only part of the order taking into account the scope of customer orders and current market conditions. The Company at its discretion may also adjust the spreads of financial instruments.

Margin calls or leveraging levels may be established from time to time and subject to change without client’s prior notice at sole and absolute discretion of the Company to cover any costs.

The Company reserves the right to change the type of the client’s account from a premium to the standard one and vice versa based on the total amount of margin deposits paid into the client’s account, as well as based on the current balance of the client’s trading account.

Funds from the client’s account must be withdrawn in the same way, which is used to replenish it. The Company reserves the right to refuse withdrawal of funds by the claimed method and suggest another one.

The Company possesses mechanisms to settle the conflicts of interests between it and its clients. It shall take all reasonable steps to avoid it. The Company always provides courteous and fair treatment with clients, striving for the highest level of honesty and security of their interests.

Is FXGiants a scam?

Which company can be called a swindler? The one that hides important information or uses clients’ accounts to cover their own expenses. Both of these signs are 100% signals that the company is engaged in illegal activities. However, FXGiants can hardly be called such, as the company discloses full information about its affiliates on the pages of fxgiants.com and in the registration process in full.

And the user agreement without exaggeration has all the necessary information for the trader to make a decision to start cooperation with FXGiants. Of course, for the sake of fairness, it is worth noting that this important information is published in English. But such an approach on the part of the broker can hardly be called fraud, as FXGiants remains a major global brand, which has licenses of several regulators in different countries, and English, according to common opinion, has long been strengthened in the status of international.

Despite the fact that the service provided by the company is not unique, and the working conditions can be called normal, the global brand and the vast international experience that the organization has adopted from IronFX, allow us to confidently say that FXGaints is not a swindle. However, there are enough facts that do not allow you to fully trust the company, so traders should be more careful with it, it is worth starting with a minimum investment.

Summary

The rebranding, which gave rise to FXGiants, allowed it to retain the great potential of the global brand IronFX. Being an affiliated company of Bermuda’s offshore jurisdiction, FX Giants clearly informs the client about it at every stage of registration. Of course, Bermuda is not the best jurisdiction due to the lack of any regulation of Forex brokers.

However, FXGiants provides every new client with a choice of whether to work with the platform or not. In this case, some of the conflicts that may arise here can rather be attributed to the inattention of the client, who has not read all the information. Today, we are not ready to state unequivocally that FXGiants is a swindle, a fraud and a scam. Still, you should be more careful with the broker which has many negative reviews.

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