Broker Review
FXGM Review 2026 — Is FXGM Legit?
Score Summary
out of 10
FXGM is a CySEC-regulated CFD broker that has received multiple regulatory warnings and enforcement actions across European jurisdictions. Despite holding a CySEC license, the broker has been flagged by CONSOB, AMF, and other regulators for aggressive marketing practices and complaints about client fund handling. We advise avoiding this broker.
Overview
FXGM is operated by Depaho Ltd, a CySEC-regulated investment firm based in Cyprus. The broker offers forex, stock CFDs, index CFDs, and commodity CFDs through a web-based platform and MetaTrader 4. While FXGM holds a CySEC license, it has accumulated a concerning number of regulatory warnings from national regulators across the European Union, which have flagged the broker for aggressive sales practices, misleading marketing, and numerous client complaints.
FXGM has been particularly active in Southern European markets (Italy, Spain, France), where it has attracted significant regulatory scrutiny. The accumulation of warnings from multiple regulators paints a picture of a broker whose practices, while technically operating within a licensed framework, consistently fail to meet the standards expected of regulated financial firms.
Warning
FXGM has received regulatory warnings and/or sanctions from CONSOB (Italy), AMF (France), CNMV (Spain), FCA (UK), and other European authorities. These warnings relate to aggressive marketing practices, misleading communications, and extensive client complaints. While the broker technically holds a CySEC license, the breadth of regulatory action across Europe is deeply concerning.
Regulatory Status
- CySEC (Cyprus) — Depaho Ltd (License 161/11) — active but subject to past sanctions
- CONSOB (Italy) — Multiple warnings issued about the firm's marketing practices
- AMF (France) — Added to the list of unauthorized service providers or subjected to warnings
- CNMV (Spain) — Flagged for operating concerns
- FCA (United Kingdom) — Not authorized; has been subject to consumer warnings
- CySEC sanctions — The firm has been subject to CySEC administrative fines
Fee Structure
| Fee Type | Amount |
|---|---|
| EUR/USD Spread | From 2.2 pips (very wide) |
| Stock CFD Commission | Variable |
| Minimum Deposit | $200 |
| Withdrawal Fee | $25 (reported) |
| Inactivity Fee | $50/month after 3 months |
Warning
FXGM's spreads are significantly wider than industry averages, and the inactivity fee of $50/month is one of the highest we have encountered. These costs, combined with a $25 withdrawal fee, create a fee structure that is designed to extract maximum revenue from clients. The spread on EUR/USD alone (2.2 pips) is more than double what most regulated competitors charge.
Platform & Tools
- FXGM WebTrader — Basic web-based trading platform
- MetaTrader 4 — Industry-standard platform (available at some point, though not always prominent)
- Mobile App — Basic mobile trading application
- Limited research and analysis tools compared to competitive brokers
Customer Support
- Phone and email support
- Reports of aggressive sales calls (cold calling and repeated contact from account managers pressuring deposits)
- Some user reports indicate that support becomes less responsive after initial deposit
- Account managers have reportedly pressured clients to make additional deposits
Safety Concerns
FXGM raises numerous red flags:
- Multi-jurisdiction warnings — Flagged by CONSOB, AMF, CNMV, and FCA across Europe
- Aggressive sales practices — Extensive reports of cold calling, pressure to deposit, and misleading promises
- Excessive fees — Spreads, inactivity fees, and withdrawal fees far exceed industry norms
- CySEC sanctions — Administrative fines from the firm's own regulator
- Withdrawal complaints — Multiple user reports of difficulties and delays in withdrawing funds
- Marketing practices — CONSOB and AMF warnings specifically cited marketing and communication issues
Warning
A CySEC license does not automatically guarantee a positive trading experience. CySEC regulates hundreds of firms, and some licensed entities have accumulated significant enforcement actions and regulatory warnings. FXGM's case demonstrates that even a licensed broker can operate in ways that are detrimental to clients. The combination of punitive fee structures, aggressive sales practices, and regulatory warnings from multiple European countries makes FXGM a broker to avoid.
Conclusion
FXGM receives an Avoid verdict with a score of 2.4. Despite holding a CySEC license, the broker has accumulated regulatory warnings from authorities across Europe, charged excessive fees, and generated numerous client complaints about aggressive sales practices and withdrawal difficulties. The existence of a regulatory license does not excuse the pattern of behavior documented by multiple national regulators. Traders should choose from the many well-regulated brokers that offer competitive fees, transparent operations, and positive client experiences.
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