FXGIM Review (2023)

Is FXGIM a scam or a legit broker?

FXGIM is 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade FXGIM. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no any guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

FXGIM is a Forex and CFD broker, owned and operated by the FXGIM Ltd., located in Seychelles -a very popular country for the forex brokers registration, but it is also well-known for the brokers who are frauds. As to the broker’s regulation, there is no mention of it on the website, and judging from their address (Nicosia, Cyprus), they want the potential client’s to think the company is licensed by the CySec in Cyprus, although it is not true. The company is not regulated by any of the financial authorities.

Another confusing thing is the contact phone numbers (British and Spanish) despite the Cypriot location. We believe some brokers provide this kind of details to convince the residents of particular countries that they have customer support offices there. But most of the times it is just the sign of what countries the broker has been targeting and cold-calling. As a proof, there is a warning against FXGIM issued by Spain’s regulator CNMV:

“FXGIM Global Investment Markets https://www.fxgim.com/es/ is not authorized to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions.”  

Conclusion

Investing with a properly regulated broker is crucial for the safety of any investment. There are few well-respected institutions that enforce strict regulatory standards upon all brokers in their jurisdiction, such as FCA in the UK, ASIC in Australia or CySEC in Cyprus. Check out a list of brokers authorized by CySec.