Beware! FXGT is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
FXGT is a rather shady broker – at first glance it is completely legitimate, but we have some issued with its license, who issued it and a certain set of clauses in the broker’s Terms and Conditions. Given these complications, we cannot recommend you trade with FXGT – and if you still wish to, please read the full review of the broker first:
FXGT regulation and safety of funds
Here is what FXGT has to say about its regulation:
So, does this 360 Degrees Markets have license with the Seychelles FSA? Well, we looked the company up on the FSA register:
And while there is such a firm, we would like you to note the fact that the approved domain is not fxgt.com, but rather fkgt.com. There is a possibility that whoever maintains the register made a typo – but the letters k and x are on the opposite side of the keyboard.
This could mean that FXGT is simply posing as a licensed broker – there are a lot of scammers who do that kind of thing. In fact we have covered two brokers who have a very similar name – FXGTrade and 7FXGT in the past – and both of them were scams. Therefore, we simply cannot trust that FXGT is not another one of them.
And even if it is, a license from an offshore regulator like the FSA is not really a big deal – the requirements to get one are not all that strict – in the case of the Seychelles a company needs to simply have over $50 000 to its name in liquid funds. There are much stricter regulators out there – for example, ones in the EU member-states.
FXGT trading software
FXGT provides access to two distinct platforms – one is a distribution of Metatrader 5, and the other is a web-based platform based on MT5.
Of course, MT5 is the world’s most used trading platform – a distinction it has earned with its powerful automated trading features and clean interface. Here is the platform in action:
And here is the web-based platform – it is simpler, with no automated trading, but it does maintain the core MT5 features:
The spreads on the platforms are a bit high, with FX majors having spreads on over 1 pip. What’s more, FXGT offers too much leverage – up to 1:1000. In general, unlicensed brokers often offer such amounts to attract clients, so watch out when you see a leverage that seems too good to be true – you are most likely dealing with an unlicensed broker!
FXGT deposit and withdrawal methods and fees:
FXGT’s deposit methods include credit card paymets, Bitcoin and wire transfers. Out of them, only cards allow for any form of chargeback – so please, be careful when depositing with the other two.
As for withdrawal fees, FXGT does not seem to have any – but the broker wants to disincentivize withdrawals – it does so by offering bonuses that are lost if the client executes a withdrawal before the bonus term reaches its end – here is the clause from FXGT’s Bonus policy which confirms that:
And in case you are thinking this only applies to the First time bonus, FXGT has the same clause on every one of its bonus types. What’s more, the broker does not allow bonuses to actually be withdrawn:
So it seems that the conclusion that we can reach is that FXGT only has the bonuses available as a way to keep as much of its clients’ money for as long as possible!
How does the scam work?
Unfortunately, there are a lot of scam brokers out there – here is the model they rely on to defraud their victims:
First off, the scammers buy some ads on social media platforms, promoting quick and easy profits. These ads lead to websites where victims are prompted to register, leaving a phone number in the process – the scammers then use that number to start harassing them to deposit.
Should they get any amount of money, they will start asking for more and more. Scammers will just keep bleeding their victim dry with no second thought – and they will only stop should the victim realize what’s going on and stop depositing. At that point, the scammers will simply cut them off!
What to do when scammed?
Have you fallen pray to the model described above? If the answer is yes, do not worry – here is what you need to do to limit further losses:
First off, recall what forms of ID, credit cards and so on you gave the scammers access to – and immediately get new ones issued. Also, remove any desktop sharing software they had you install on your PC.
Once your privacy has been restored, you might want to think about getting your money back – the best way to do so is by contacting your bank and explaining your predicament to them. They will walk you though your available chargeback options.
However, if you get contacted by a recovery agency, which demands an upfront payment for its services, know that this is simply another scam!
Finally, consider leaving a comment below with your experience of being scammed – by doing so you will be helping us raise awareness of the scam model, which will help people avoid getting burned in the future