FXGiants Review (2022): Stay Away From This Sketchy Broker
Is FXGiants a scam? Who regulates this broker? Whether you are a first-time or seasoned investor, you need to know how FXGiants operates before investing in them. Losing your cash to an unscrupulous trader can be a frustrating experience. Is FXGiants one of the sketchy ones? Read this in-depth FXGiants review to find out more.
If you have invested with FXGiants before and lost your money, we can help you recover it. Book a free consultation with us today. We have a team of experienced experts who can help you get the cash back.
Here’s the whole truth about FXGiants.
FXGiants: An Honest Look At FXGiants
Established in 2015, FXGiants is part of Notesco Limited. The company deals in forex, metals, commodities, indices, futures, spreads, and shares.
FXGiants claims to offer fast and secure funding and customer support 24/5 from a multilingual team. While all these appear legitimate, is there anything the company is hiding? Let’s find that out.
Is FXGiants Legit?
Online brokers, even the sketchy ones, usually have well-organized operations to attract unsuspecting investors.
To determine whether FXGiants is legitimate, we’ll look at the company’s products and activities. We’ll also tell you whether the brokerage firm is regulated and whether your funds will be protected. Using this information, we will come up with a final verdict on the legitimacy of the company.
FXGiants: A Brief Background
According to the company’s website, customers can CFD trading on more than 300 assets, including forex, stocks, metals, and futures, in a secure trading environment.
As an international online trading broker, the firm provides access across six asset classes to both institutional and retail investors. FXGiants attracts clients from more than 150 countries worldwide.
FXGiants lists its headquarters in Bermuda.
Is FXGiants Regulated?
FXGiants operates under the parent company, Notesco Limited, which is registered in Bermuda with registration number 51491.
Notesco UK Limited is also regulated by the Financial Conduct Authority (FCA) under reference number 585561. However, the website under this registration is listed as IronFX. This raises questions on whether FXGiants and IronFX are the same company or different.
Is FXGiants A Scam?
The company offers financial products and services like other legitimate brokerage firms. What are some of the product offerings that make FXGiants appear legit?
FXGiants offers different types of trading accounts for investors to choose from. They have three types of accounts, Live Floating Spread, Live Fixed Spread, and Live Zero Fixed Spread.
The Live Floating Spread account has variable spreads from 1.0 pips and leverage of up to 1:1000 and no commission. The Live Spread account has fixed spreads from 1.2 pips and a leverage of 1:1000 and no commission. The Live Zero Fixed Spread account has fixed spreads from 0.0 pips and leverage of up to 1:500.
Investors who use this brokerage firm can trade using renowned platforms such as MetaTrader4, VPS Hosting, and PMAM.
The Red Flags That FXGiants Is A Scam?
While the brokerage firm looks like a legitimate company, there are major red flags that you should not ignore as an investor. Here are some of them.
Although the FCA registers the parent company Notesco, FXGiants, has its address listed in Bermuda. The address and registration in a country that allows financial loopholes make it quite easy to lose your cash.
The firm does not operate like a regulated broker based on customer reviews. Therefore, you should be very careful before investing your mony with this broker.
Controversial Name Change
Before becoming FXGiants, this brokerage firm was also known as IronFX. IronFX has been in trouble previously with regulatory authority, the Cyprus Securities and Exchange Commission (CySEC), in 2015. IronFX was ordered to pay €335,000 as compensation for refusing to withdraw customer funds. In addition, IronFX operates under the same parent company, Notesco Limited.
The confusion about the brokerage firm’s name raises more questions about its legitimacy. This is why you need to do due diligence as an investor before committing your money.
Multiple Negative Customer Reviews
A look at the customer reviews on Trustpilot shows that FXGiants is a real scammer. With a rating of 3.6/5, there are tons of complaints about how customers are unable to withdraw cash. On other occasions, the company withdrew money from customer accounts. From these comments, it’s clear that this is not an ideal brokerage partner.
In addition, reviews from Forex Peace Army also indicate that a lot of traders have lost cash to this broker. If you are going to invest your money, it’s safer to avoid brokerage firms that have negative reviews such as this one.
Poor Customer Support
When customers have issues, they need a reliable customer service team to address the problems. However, with FXGiants, clients are unable to reach the support team for assistance, especially after they lose money.
The company claims to offer 24/5 customer support with a multilingual team. However, this does not seem to be the case judging by the customer reviews on their response rate.
When investing, you need a company that’s easily reachable to avoid losing funds. For a company that claims to be an international broker, this is a loophole for taking customer funds.
FXGiants Review Conclusion: The Final Verdict
From the analysis of FXGiants’ company operations and activities, it’s clear that the brokerage firm is sketchy. There have multiple negative reviews about their customer service and cash withdrawal issues.
In addition, the company has no clear ownership, having changed its name in 2015. The offshore regulation and registration is also suspicious because it makes it easy to lose customer funds.
Based on all these issues, it’s clear from our in-depth review that FXGiants is a scam.
If you have lost money trading indices, commodities, forex, trades, or shares with FXGiants, we can help you get your cash back. Trader Protection has years of experience assisting traders to get their money back. Schedule a free consultation session with our team today.