The presence of a license and regulation in several jurisdictions does not always provide a sufficient level of reliability and competence of a broker, which was the case with FXGiants. As a subsidiary of the IronFX brand, which left the Forex market in 2015 after a big scandal based on non-payment of traders, this service has never completely got rid of its past. Nevertheless, the brand continues its work and offers a wide range of services.
FXGiants Trading Platform and Account Types
FXGiants’ official website is simple, understandable and accessible, so it’s easy to understand its functionality. Mainly trading is carried out through the MT4 terminal, but trading is also available in the web version. Clients can use a VPS server, install advisors and connect to an automated trading service. As such, MAM and PAMM -accounts in the usual understanding of traders are absent however FXGiants broker offers a combined PMAM (Personal Multi-Account Manager) account.
There is a demo account for novice traders and six types of accounts for real trading on the market. They fall into two categories:
- Live – market execution, spreads (fixed and floating) range from 0 to 1.2 pips, commission is charged on an account with a fixed zero spread of $ 9 per lot. Leverage is 1: 1000 and 1: 500;
- STP / ECN – FXGiants clients with such accounts get direct access to interbank liquidity, and the broker himself cannot influence the deal in any way. Spreads are 0, 0.2 and 1.7 pips and leverage is 1: 200.
The site does not report on the minimum deposit, but external resources say that the entry threshold is $ 100. The scammer also pays great attention to FXGiants on bonuses, promotions and affiliate programs, but he completely forgets about training novice investors and the supply of analytical materials, which causes resentment of clients. It is extremely difficult to “beat off” no deposit and deposit bonuses, as the broker sets its own conditions.
The advantages published about FXGiants also include the storage of client funds in segregated accounts, a wide range of trading instruments – about 300, and cooperation with liquidity providers such as Barclays, JPMorgan, Credit Suisse.
What are FXGiants customers complaining about?
FXGiants is overseen by the FCA and CySEC and is managed by Notesco Financial Services, renamed IronFX . Despite the high-profile scandal that arose due to the lack of solvency of the company ( IronFX refused to pay funds to its clients ), the Cyprus Commission did not revoke the license, and the broker continued its activities – but under a different name.
At the same time, as negative reviews say about FXGiants, old problems appeared in the new service as well. The platform delays the withdrawal of funds, deliberately withholds profitable deals, closing them in the red, does nothing with freezes and slippages, and, as a result, refuses to withdraw money. Not everyone has such a problem with the implementation of withdrawals from FXGiants – a large number of traders continue their cooperation with the company.
Of course, due to the scandalous past and the connection with outright “kitchen” activities, investors have every reason to believe that FXGiants is a hoax. However, the regulators have not made any statements regarding this brand, and the total number of complaints no longer exceeds the positive aspects of the service.
