FXGiants Review 2021

FXGiants

$20

Min Deposit

0.0

Min Spread

2021

Foundation

+2

Broker Trusted Points

When traders step in the financial world, they expect fair services, safe and secure trade with a trustworthy broker. But there are many brokers which play naive traders and investors by pretending to be a beautiful Christmas tree while being just a gambit of a pine tree. One such broker with pompous outshow and lousy services is FXGiants. The broker makes numerous unrealistic claims, and there are no facts or data to back up such plastic claims. This review of FXGiants will give you genuine insights and why the broker is not worth your money. 

FXGiants safe or not? 

FXGiants seems to create confusion and suspicion regarding the regulations it ought to maintain. On its website, the broker claims that it is registered in Bermuda. But that is it. Nothing is mentioned about the regulatory authority. Such a claim without any mention of regulatory authority or licensing number seems corrupt. Therefore, we would advise traders and investors to think twice before investing with FXGiants. Your capital might be at high risk. 

If we talk about data and transactions’ security, nothing is mentioned regarding the softwares that the broker uses for the purpose. Thus, no one knows if your personal data and transactions are safeguarded or not. 

Oblivious website

When you visit the website of a broker, what do you expect? A precise and clear outlook regarding the features and services of the broker. But when you check out the website of FXGiants, you will not find necessary information but some boastful claims without any data to back those claims. There is no concrete information regarding its regulations, safety features, and more. The broker claims that it offers the most transparent trading services. But how? Where is the system and process for that? Where is the data that can help traders trust such claims? If the broker would have paid more attention to making the website more informative, it would have been a different story. 

Account Types 

The whole account type categorisation and segregation are incredibly complex. We inferred that the broker offers two account types; live account and ECN account. And under each account type, there are three categories of accounts. 

All the six accounts are differentiated on the basis of commissions ad spreads. Some have more commission, and others have a bit less. Same goes with commissions. We do not understand the need to make things so bitter and confusing. Moreover, we cannot find any p[urpose in such segregation because no features and services of various account types are mentioned. 

Many other well-reputed brokers like HFTrading, T1 Markets offer better features and multiple services with direct and fairly distributed account types. 

Trading platform 

The broker offers MetaTrader 4 for trading with PMAM (Personal Multi-Account Manager). FXGiants is still stuck to the MT4 trading platform when most of the brokers and financial service providers have moved on to the more advanced MetaTrader 5.

Also, the interface and functioning of the mobile application are rather cumbersome to navigate through. There are multiple pages with no structure or system. The mapping of the application can take a long time. Therefore, many new traders and beginners might not be able to smoothly navigate through the mobile application. 

Products and instruments for trading 

FXGiants maintains to offer multiple trading instruments like forex, indices, commodities, stocks, metals, and more. But when looked in detail, we found out that each category has just four to five assets or securities available to trade with the broker. These numbers are quite dissatisfactory and unacceptable. With such sheer limitations in assets, one cannot diversify the portfolio and can also miss out on many profitable trading opportunities. 

Commissions and spreads 

Trading costs of FXGiants are pretty high than the average cost circulation in the market. The price depends on the type of account opened by the broker and the securities that are traded. For many assets, the spread can be as high as 5 to 10 pips. The commission is as high as 5 dollars per lot on account types that entail fixed or low spreads. This commission can become extravagant as it is charged per lot and can eat up a significant chunk of trader’s profit. 

Moreover, the broker charges an inactivity fee of 5 dollars and fixed administrative costs of 3 per cent (of deposited funds). 

The minimum deposit of the broker is 100 dollars. Other brokers are offering better services at lesser minimum deposits and charges. 

When looked at the trading costs in entirety, it can come out to be too massive. We can say that FXGiants is an expensive broker to trade with. 

Research and education 

The broker does not provide any educational, research tools or material for its clients. No research tools like calculators, news, calendars are available with FXGiants. 

Educational material like webinars, courses, ebooks, VODs, etc. is also absent. This just shows how little the broker cares about the growth and success of its clients. Research and educational tools are imperative in making moral and precise trading decisions, finding air entry and exit points in trades. 

Deposit and withdrawal 

Passed out and conventional deposit and withdrawal methods are available with the broker. Moreover, the withdrawal can take up several days. Many other brokers like HFTrading can facilitate thousands of withdrawals within a day. We cannot decipher what is stopping FXGiants. 

Customer Support and Service 

The customer service and support offered by FXGiants is malaise and disappointing. The response time for calls is pretty elongated, and emails are not answered in weeks. The live chat feature seldom works. So if you have any emergency or issue that has to be solved immediately, you cannot rely on FXGiants. 

Cons of trading with FXGiants

  • Not regulated by any financial regulator or authority 
  • No research or educational tools
  • High trading charges 
  • Convoluted account types 
  • Poor user interface
  • Uninformative website 
  • Inadequate customer support and service
  • Elongated withdrawal process 
  • Securities are not publicly traded 
  • Does not provide trade-in major countries like the USA, Iran, Cuba, Syria, North Korea, and Sudan 

Conclusion 

We don’t have many reasons to recommend traders and investors to put their hard-earned money with FXGiants. First of all, the broker is unregulated. This itself is a major red flag and infers how risky trading with FXGiants can be. Moreover, other brokers like HFTrading, T1 Markets, and TradeATF are highly regulated and reputed. They offer better trading services at low costs. 

FAQs 

Does FXGiants offer an MT5 trading platform? 

No, the broker doesn’t offer MetaTrader 5 for trading. An MT4 trading platform is available with FXGiants. 

What kind of educational and research material is available with FXGiants?

FXGiants does not provide any research or educational material for its clients. No webinars, VODs, calculators, news, or calendars are valuable with the broker. 

What are the disadvantages of trading with FXGiants? 

Here are some major disadvantages of trading with FXGiants: 

  • Not regulated by any financial regulator or authority 
  • No research or educational tools
  • High trading charges 
  • Convoluted account types 
  • Poor user interface
  • Uninformative website 
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