FXGT Broker Review For Nigeria In 2024

FXGT Broker Review Basics

🏛️ Based in	Seychelles, South Africa
⚖️ Regulation	CySEC, FSA, FSCA
💰 Minimum Deposit	$5 (4800 Naira)
💳 Deposit Options	VISA, MasterCard, Bank Wire, Neteller, Skrill, Crypto
💳 Withdrawal Options	VISA, MasterCard, Bank Wire, Neteller, Skrill, Crypto
📌Open an account	Start Trading with FXGT

Our Opinion About FXGT

Our FXGT Broker Review asserts that this next-generation broker aims to equip traders with digital tools tailored to today’s transformed financial markets.Emerging in 2019, FXGT brings a fresh approach to currency and CFD trading for Nigerian clients

FXGT is operated by 360 Degrees Markets Ltd, a Seychelles-based company enabling clients across 100+ countries to trade forex, cryptocurrency, indices, commodities, and stocks. Their goal is to invest in client success by delivering optimal trading conditions and leveraging technology.

As a new force in online trading, FXGT provides the assets, platforms, and competitive pricing to thrive in the digital era. FXGT is responsive to the expanding role of cryptocurrencies and constant Fintech innovations.

We find FXGT to be a strong option for Nigerian forex and CFD traders. FXGT is regulated in several major jurisdictions and uses segregated client funds, offering peace of mind regarding security. Spreads are competitive, leverages up to 1:1000 is available, and the broker supports the popular MetaTrader trading platforms. FXGT delivers solid value for money overall, and is especially ideal for active traders seeking tight spreads.

Key Benefits

Regulation in Nigeria

FXGT operates in Nigeria under a Cross Border License regulated by the Financial Sector Conduct Authority (FSCA) in South Africa. All brokers legally offering trading services to Nigerian citizens must be regulated by a respected authority. FXGT meets this criterion through FSCA regulation, an advantage over unregulated brokers.

Fund Safety

FXGT takes appropriate measures to secure client funds and provide reassurance. Client monies are kept in segregated accounts at top-tier banks, ensuring funds could be returned in the unlikely event FXGT went bankrupt. FXGT is also a member of the Financial Services Compensation Scheme (FSCS) in the UK, providing an extra layer of protection up to £85,000 per person.

FXGT Broker Review: Legit or Scam?

With FSCA regulation, segregated accounts, membership in compensation schemes, and over 5 years in business, FXGT is certainly a legitimate and trustworthy broker. FXGT is not a scam broker engaging in unethical practices. Nigeria traders can feel confident trusting FXGT with their capital and data.

FXGT Trading Assets

FXGT offers trading on a varied selection of financial markets:

• Forex: Over 90 currency pairs, including majors, minors and exotics
• Indices: Major global indexes like S&P 500, FTSE 100, DAX 40
• Commodities: Crude oil, natural gas, gold, silver, copper
• Cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash
• Stocks: Over 2,000 US, UK, German stocks as CFDs

This range of assets accommodates most trading strategies. We would still like to see expanded cryptocurrency options, but our FXGT Broker review finds the overall asset coverage strong.

FXGT Trading Instruments

FXGT focuses on two major trading instruments: Forex and CFDs. Exchange-traded assets like ETFs or futures are also available.

Forex trading is conducted as currency pairs (e.g. EUR/USD) with direct market access through FXGT’s platforms. Margin requirements start around 1%.

CFDs allow speculating on asset prices without ownership. Margin rates for indices/commodities CFDs start from 0.5%, or 2% for stocks. No CFD restrictions apply.

FXGT Account Types

FXGT provides traders a choice of four account types to match trading styles and preferences:

• Basic Account: Minimum deposit $250.
• Standard Account: Minimum deposit $2,500.
• ECN Account: Minimum deposit $5,000. Raw spreads from 0.1 pips with commission charge per lot.
• Pro Account: Minimum deposit $50,000. Institutional-grade spreads from 0 pips, and deep liquidity access.

The ECN account offers advanced traders the tightest possible spreads by connecting directly to FXGT’s liquidity providers. Traders pay a small commission fee per lot in exchange for spreads as low as 0 pips on major forex pairs. This account provides the best value for high volume traders pursuing scalping and other short-term strategies.

The Basic, Standard and Pro accounts use a spread-only pricing model with no commissions. Spreads on these accounts start from 1 pip and decrease based on account tier. These accounts allow straightforward trading with competitive spreads, ideal for casual to active traders.

FXGT Leverage, Spread and Commissions

Leverage up to 1:1000 is available, giving experienced traders sufficient margin for risk management. Spreads are tight and float between 1-2 pips on major currency pairs. This is quite competitive for the forex brokerage industry.

FXGT uses a hybrid commissions model. Traders pay no commissions on forex, but variable commissions on other CFDs. Index CFD commissions are $5 per standard lot round turn, while stock CFDs are 0.1% of trade value. Overall costs are average.

FXGT Deposits and Withdrawals

FXGT accepts a range of deposit/withdrawal methods:

• Credit/debit cards: Visa, Mastercard
• Bank transfer
• E-wallets: Skrill, Neteller
• Bitcoin and major cryptocurrencies

No fees are charged on deposits and first two withdrawals per calendar month. Processing is fast – within 24 hours for e-wallets, and 1-3 days for bank transfers. It imposes no inconvenient withdrawal review limits.

FXGT Trading Platforms

FXGT offers MetaTrader 4 and MetaTrader 5, two of the most popular forex trading platforms worldwide. The platforms come web-based, desktop, or mobile app versions.

MetaTrader platforms offer extensive charting capabilities, trading automation through EAs, and easy backtesting of strategies. Usability is reasonable, though some traders may prefer more modern platforms like cTrader.

Trading Tools

FXGT provides traders with quality market analysis and risk management tools:

• Trading Central: Third-party signals and research
• Autochartist: Advanced pattern recognition
• VPS Hosting: For uninterrupted EA robots
• Risk management tools: Guaranteed stop losses, negative balance protection

The Trading Central integration is a particular standout, providing FXGT clients with professional-grade trading ideas and analysis.

FXGT Customer Support

FXGT caters to international clients with multilingual 24/5 customer support via live chat, email, and telephone. Response times are generally quick and staff professional.

Extensive support resources are also available, including FAQs, webinars, ebooks, and trading tutorials. However, phone support is only available in English.

Our Verdict

FXGT presents a compelling all-around offering for active forex and CFD traders in Nigeria. Order execution is reliable, spreads are competitive, and FXGT provides a stable, well-regulated trading environment.

Overall, FXGT holds up very well versus the competition. Its blend of tight spreads, robust trading platforms, strong execution, and attentive customer service makes it one of the best forex and CFD brokers accepting Nigerian clients today.

FXGT Broker Review – Similar Brokers

If you’re considering FXGT for forex trading, several comparable brokers also deserve a look. While FXGT itself brings unique advantages, the following alternatives offer a similar blend of features: