Generous bonuses, including no-deposit bonuses for account verification
Proprietary mobile app and copy trading service alongside MT4
Fast online application, which includes account setup
Choice of account base currencies and cryptocurrency deposits
Rising scam reports and questionable conduct
Lack of transparency concerning deposits
Unregulated broker for non-UK traders
Headquarters United Kingdom Regulators FCA Year Established 2015 Execution Type(s) ECN/STP, Market Maker Minimum Deposit Undisclosed Trading Platforms(s) MetaTrader 4 Retail Loss Rate 69.00% Minimum Raw Spreads 0.0 pips Minimum Standard Spreads 1.0 pips Minimum Commission for Forex $7.50 Funding Methods 7 Islamic Account Signals US Persons Accepted? Managed Accounts
I like that FXGiants offers a proprietary copy trading service, picking a niche to grow their business. However, the unqualified customer support is unfortunate. Traders get six account types, but only one has competitive fees, and FXGiants needs to list minimum deposits. Customer support responded to my request by asking me to open a live account, after which a personal account manager would assist with questions. From the beginning, my experience with FXGiants was unacceptable.
FXGiants Regulation & Security
Country of the Regulator
Name of the Regulator
Regulatory License Number
Financial Conduct Authority
Is FXGiants Legit and Safe?
FXGiants was founded in 2015 with subsidiaries in the UK and Australia, but the Australian unit no longer operates. While UK-based traders get an FCA-licensed broker, international traders will deal with an unregulated but duly registered subsidiary in Bermuda. FXGiants offers negative balance protection, but while the UK subsidiary operates by the book to maintain its license, the Bermuda unit engages in questionable behaviour.
|Minimum Raw Spreads||0.0 pips|
|Minimum Standard Spreads||1.0 pips|
|Minimum Commission for Forex||$7.50|
Here is a snapshot of FXGiants trading fees:
The average trading costs for the EUR/USD at FXGiants are:
Commission per Round Lot
Cost per 1.0 Standard Lot
1.74 pips (Live Floating Spread)
1.90 pips (Live Fixed Spread)
0.00pips (Live Zero Fixed Spread)
1.74 pips (STP/ECN No Commission
0.04 pips (STP/ECN Zero Spread)
0.24 pips (STP/ECN Absolute Zero)
The most ignored trading costs are swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade. I always recommend that traders check them before evaluating the total trading costs.
MT4 traders can access swap rates from their platform by following these steps:
1. Right-click the desired symbol in the Market Watch window and select Specification.
2. Scroll down until you see Swap Long and Swap Short.
Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights in the commission-free STP/ECN Absolute Zero account.
Taking a 1.0 standard lot buy/sell position, in the EUR/USD, at the average spread and holding it for one night will cost the following:
Commission per Round Lot
Taking a 1.0 standard lot buy/sell position, in the EUR/USD, at the average spread and holding it for seven nights will cost the following:
Commission per Round Lot
- FXGiants offers positive swap rates in qualifying assets, meaning traders can get paid for holding leveraged overnight positions, like in the example above on EUR/USD short positions.
Range of Assets
Asset List Overview
The maximum Forex leverage at FXGiants is 1:1000 in the Live Floating and Live Fixed Spread accounts, 1:500 in the Live Zero Fixed Spread option, and 1:200 in the ECN/STP alternatives. FXGiants does not disclose leverage details by sector and only lists its maximum, which applies to Forex.
Traders should always use appropriate risk management with leveraged trading to avoid magnified trading losses. Negative balance protection exists, meaning traders can never lose more than their deposits.
FXGiants Trading Hours (GMT +2)
- Equity markets open and close each trading session, unlike Forex, and commodities, which essentially trade 24/5.
FXGiants Demo Account
The FXGiants demo account features a complete account registration. FXGiants collects contact details for cold calls to press traders to open and fund live trading accounts. No details exist concerning the demo account balance or expiry, but FXGiants states that traders can open multiple demo accounts. Only the Live Floating Spread and the STP/ECN Absolute Zero are eligible, which is fine, as the latter is the only account type traders should consider. Demo account base currencies are USD, EUR, GBP, and JPY.
I want to caution beginner traders when using demo trading as an educational tool, and they should consider the limitations. Demo trading does not grant exposure to the full range of trading psychology and can create unrealistic trading expectations.
Overview of Trading Platforms
|Guaranteed Stop Loss|
|Interest on Margin|
Research & Education
FXGiants does not feature a dedicated educational section, but it publishes content on its blog with educational value for beginners. I prefer a more structured and thought-through approach. Still, I commend FXGiants for including topics covering trading psychology and leverage in a well-written format.
I advise beginner traders to learn how to trade elsewhere via online educational resources available for free and start with trading psychology and the relationship between leverage and risk management while avoiding paid-for courses and mentors.
|Customer Support Methods|
FXGiants offers 24/5 customer support, best reached via live chat in English, Spanish, Japanese, Chinese, and Italian. The FAQ section did not answer my questions, and live support was unwilling to assist. They excused themselves by stating the company grants them limited access to information and pushed me to open a live trading account to get answers from a personal account manager. This added to the red flags I encountered during my review, as it follows the pattern of fraudulent brokers, which made sense following the scam/fraud claims over the past three months. The live chat function is also very intrusive, with constant reminders of its availability.
I appreciate the availability of phone support, which lists a UK number for the Bermuda subsidiary. I need a direct phone line to the finance department, where most issues can arise.
Bonuses and Promotions
Besides three deposit bonuses, FXGiants offers traders two no deposit bonuses, $10 for e-mail verification and $15 for phone verification. Terms and conditions apply, but I advise against the phone verification offer, which FXGiants uses for cold calls, reported by many former clients, with an uptick over the past three months.
The FXGiants Booster bonus claims to cover some losses, making it a unique but questionable offer. The maximum bonus is $4,000. It extends to the FXGiants Maximiser, a 100% deposit bonus without listed maximums, where FXGiants claims to cover 50% of trading losses.
While the offers sound excellent on paper, with 69% of traders losing money at FXGiants, as reported by its UK subsidiary, and the number likely higher for the Bermuda unit, covering trading losses for retail traders is an impossible business model that would bankrupt any broker. Therefore, it is another red flag, as it suggests trading in FX Giants accounts remains simulated, and no actual trading occurs.
Opening an Account
FXGiants complies with AML/KYC requirements, meaning account verification is mandatory. Most traders will satisfy this by sending a copy of their government-issued ID and one proof of residency document.
FXGiants does not disclose its minimum deposit requirement.
FXGiants supports bank wires, credit/debit cards, Bitcoin, bitwallet, China UnionPay, Skrill, and Neteller. Geographic restrictions may apply.
FXGiants accepts traders resident in many countries but lists the US, Iran, Cuba, Sudan, Syria, and North Korea, as restricted countries.
Deposits and Withdrawals
FXGiants does not refer to minimum deposit or withdrawal amounts. Processing times are instant for all payment processors, except for bank wires, which can take two to five business days. FXGiants allows eight deposit currencies and a good choice of payment processors. Traders should consider potential currency conversion fees and third-party payment processor costs. Geographic restrictions may apply, but the FXGiants Hub will only list the ones available to traders.
Is FXGiants a good broker?
FXGiants looks good on paper, but I have encountered too many red flags. I like the trading fees in the STP/ECN Absolute Zero account. Still, the lack of transparency concerning the minimum deposit requirement was only one of many issues. FX Giants pushes traders to open accounts for answers to basic questions. It also follows a well-known road map of fraudulent brokers who operate one well-regulated company and one unregulated one where misconduct reigns.
The bonuses are unsustainable from a business perspective, as FXGiants claims to cover trading losses partially. It suggests a simulated trading environment and potential pyramid scheme, explaining the push for account openings and deposits. It also mirrors the growing scam allegations against FXGiants over the past few months. I recommend traders stay away, and those who proceed must do so cautiously.
Is FXGiants a good broker?
What is the minimum deposit for FXGiants?
How do I withdraw money from FXGiants?
Is FXGiants regulated?