Established in 2015 in both the UK and Australia, FXGiants is a registered brand of Cyprus based IronFX Global that previously had a regulatory issue with CySEC regarding trader withdrawals. In the United Kingdom, FXGiants is based in London and is a trade name of 8Safe UK Ltd, while FXGiants is a trade name of GVS Pty Limited in Australia. The two forex brokers were registered with financial regulatory bodies in their respective countries after becoming FXGiants in 2015 and 2016.
In the UK, FXGiants is committed to the highest standard of service to their clients, being fully regulated by the UK Financial Conduct Authority or FCA under the license number 585561, with its official website located at www.fxgiants.co.uk. The Australian FXGiants is overseen and regulated by the Australian Securities and Investment Commission or ASIC under the AFSL number 417482 and its official website is located at www.fxgiants.com.au.
In addition to being completely segregated from company’s accounts, customer accounts at FXGiants are also protected by the UK’s Financial Services Compensation Scheme, in which investors would receive compensation in the event of the broker failing to meet its financial obligations.
Due to the FXGiants name being used by two different entities under the same ownership and offering virtually identical services and websites, this review will consider both of these online forex brokers as one.
FXGiants does not currently accept clients from the United States.
Unique Features Trading with FXGiants
FXGiants is run by a group of professionals with many years of experience in the world of international finance. The team at FXGiants includes market analysts, client business solution specialists, risk management experts and developers.
Furthermore, FXGiants services retail and institutional investors in over 150 countries around the world, offering more than 200 different financial instruments. The broker offers flexible leverage of up to 500 to 1 on some of its trading instruments.
Another interesting feature of this broker is the company’s impressive bonus package, with an initial $35 free, no deposit bonus available to all new registered clients. Other incentives include a 100 percent “bonus maximizer” and a 20 percent bonus advantage on all deposits up to $2,000.
The trading software used by FXGiants is the standard for forex trading and one of the best forex trading systems currently available: the MetaTrader4 trading platform. The MT4 trading platform is available for PC or Mac desktop computers, and its developer also offers a mobile version for Android and iOS smartphones.
In addition to the MetaTrader platform, FXGiants offers their clients a Personal Multi-Account Manager or PMAM. This software package is a complete risk management platform allowing the user to access and manage multiple trading accounts and create multiple funds. Orders can be entered using a one click entry procedure, and the platform can be used to closely monitor both market and account activity.
Deposits and Withdrawals
To facilitate the funding and withdrawal process, FXGiants has a proprietary interface to make the process easy, fast and secure. FXGiants does not accept cash deposits, but several options exist for automatic deposits such as bank wire transfers, Visa or MasterCard credit cards, Fasapay, Neteller, EcommPay, Safecharge, Skrill, DotPay and China Union.
For withdrawals, the company’s payment service providers include Neteller, Skrill and EcommPay, which are all overseen by the UK Financial Conduct Authority. In addition, FXGiants supports DotPay, Safecharge, and China Union.
With the exception of bank wire transfers that depend on corresponding and intermediary banks, deposits made to FXGiants accounts are generally free of charge, while withdrawal fees vary with each payment service provider.
For Visa and MasterCard credit/debit cards, up to EUR 2 per withdrawal transaction is charged with a maximum amount transaction of $50,000. For Skrill withdrawals, a one percent fee is charged on withdrawals that is capped at $10,000 and the service can accept up to a $50,000 maximum transaction amount. China Union has a CNY 20 fee per withdrawal, with a CNY 360,000 maximum amount per transaction.
To withdraw funds using Neteller, a withdrawal fee of $0.29 per transaction is charged with a two percent surcharge capped at $30, with a minimum $1 per transaction and a $50,000 maximum amount per transaction. FasaPay has a withdrawal fee of 0.5 percent per transaction, with a $5 maximum and up to $50,000 per transaction.
FXGiants offers customer support services by email, live chat and telephone support. Having phone support access means you can usually contact them for assistance even when the market is busy and you need help with a transaction issue.
Furthermore, the FXGiants website lists a direct line to their trading desk, as well as several toll-free numbers for the following countries: China, Hungary, Poland, Malaysia, Indonesia, Spain, Portugal, Italy, Russia, Thailand and Korea.
The company’s website seems especially light on educational material, apparently only offering a forex glossary. In addition, they just provide a very basic economic news headline feed to assist fundamental traders with their analysis.
To address the issue of safety, FXGiants maintains accounts with top tier banks, using the banking and treasury services of Westpac and other world class banking institutions. Customer funds are completely segregated, thereby assuring clients that their funds are held with clarity, integrity and security. Each client account comes with a unique code ensuring it is only to be used for that customer’s funding purposes.
As mentioned previously, in addition to the broker being fully regulated, FXGiants customers are protected by the Financial Services Compensation Scheme. This program ensures that customers receive compensation in the event that the broker fails to meet their financial obligations. Another safety feature that benefits FXGiants customers consists of an automated risk management system that makes sure all client account balances never go negative.
For a minimum $1,000 deposit, FXGiants allows clients to connect remotely using a Virtual Private Server or VPS. The FXGiants VPS features optical fiber connectivity for increased security, enhanced performance and ease of use.
Access to a VPS helps traders avoid problems such as power cuts, computer failure and slow internet connection speeds, which can all adversely affect a trader’s bottom line. Also, with the VPS service, customers can install and run an Expert Advisor or EA program in MetaTrader 4 continuously without even having to have their computer powered on.
FXGiants is starting to regain a following due to its tight dealing spreads, transparent trading environment, and its oversight by reputable regulatory agencies despite the problems IronFX formerly suffered. The broker also offers decent bonuses and trading incentives, and provides customer service via email, phone and live chat.
Nevertheless, FXGiants’ educational materials and market analysis seem somewhat lacking in depth, so newer traders and those requiring more fundamental analysis tools may wish to look elsewhere.