FXGiants Review 2024

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FXGiants is an international forex and CFD broker that operates an FCA-regulated arm specifically for UK clients. This 2024 broker review will uncover all the essential aspects of the firm’s services, such as the various account types, deposit and withdrawal methods, bonus programs and minimum deposit requirements. Read on to find out whether you should register to open an account with FXGiants.

About FXGiants

Owned by parent company Notesco UK Limited, FXGiants established a UK-exclusive trading brokerage in 2015. This subsidiary is based in a London office, is regulated by the FCA and offers several MetaTrader 4 account types.

Markets

Over 300 CFD instruments are available from markets such as forex, indices, shares and commodities. Additionally, the broker offers some futures contracts.

Forex

A significant selection of over 70 currency pairs is provided by FXGiants, spanning major, minor and exotic forex instruments. Spreads start from 0.0 pips on certain trading accounts.

Indices

Trading CFDs on indices is a great way to speculate on the overall performance of a specific country or market sector. Fifteen total indices are available for investing, encompassing central US, EU, UK and global exchanges, including the FTSE 100, Nikkei 225 and VIX.

Commodities

The 21 FXGiants commodities instruments span three sub-markets: metals, energies and soft commodities. Clients can pick their preferred instrument from a selection that includes wheat, coffee, Brent crude oil, gold and platinum. Spreads start from 1.0 pips on an ECN account.

Shares

The 150 equities provided by FXGiants include truly global offerings, with stocks from countries as diverse as the Czech Republic, Spain and France, alongside staple US and UK products.

Futures

In addition to its CFD markets, the broker offers futures speculation. These contracts have set expiries, after which the products are cash-settled.

FXGiants clients can trade futures contracts on currencies, indices, energies and commodities. Futures trading with the broker includes instruments such as the e-mini NASDAQ 100 and US Dollar index.

Leverage

As an FCA-regulated broker, FXGiants can offer maximum leverage rates of up to 1:30 to retail clients. However, this rate is dependent on the specific market. The broker facilitates leverage of:

• Up to 1:30 on major forex instruments
• Up to 1:20 on other currency pairs, major indices and gold
• Up to 1:10 on non-major indices and all other commodities
• Up to 1:5 on global stock CFDs

Account Types

A total of six account types are provided by FXGiants, with clients able to choose between several live, STP and ECN variants.

The broker gives little detail about its real accounts, with important information such as minimum deposit requirements, swap-free Islamic account availability and base currencies conspicuously missing. However, this review was able to uncover some additional details on each account type:

Live Accounts

FXGiants offers three live account types – the Live Floating Spread, Live Fixed Spread and Live Zero Fixed Spread variants. These accounts allow traders to open positions as small as 0.01 lots and offer a maximum leverage of 1:30 for retail clients.

The Live Floating Spread account offers variable spreads from 1.0 pips and zero-commission trading. Clients with this account type can speculate on all of the broker’s supported instruments. To open this account, the firm requires an initial minimum deposit of £80 or more.

To open a Live Fixed Spread account, traders must deposit a minimum of £80. Clients receive zero-commission trading conditions and fixed spreads from 1.2 pips. Holders of this account type can also trade the full range of products the firm offers.

The final live account variant is the Live Zero Fixed Spread account, which offers fixed spreads from 0.0 pips. However, account holders must pay a trading commission ranging from £11 to an eye-watering £35 per round traded lot on forex pairs. In addition, traders must part with an initial deposit of £410 or higher and do not have access to soft commodities, shares and futures products.

STP & ECN Accounts

FXGiants provides three direct market access (DMA) account types, the STP/ECN No Commissions, STP/ECN Zero Spread and STP/ECN Absolute Zero accounts. As with the live accounts, the minimum trade amount is 0.01 lots and the maximum commission stands at 1:30.

The STP/ECN No Commissions account offers variable spreads from 1.7 pips and zero commission speculation, using the STP execution type for direct access to liquidity providers. An initial minimum deposit of £80 is required though users do not have access to soft commodities, shares or futures markets.

FXGiants provides its STP/ECN Zero Spread account for those who favour tight spreads. An initial deposit of £80 means traders can take advantage of variable spreads from 0.0 pips on selected products. However, energies, shares, soft commodities and futures markets are excluded. The broker reports conflicting information on trading commissions for this account, claiming a highly competitive rate of £6.50 per round traded lot while elsewhere specifying a fee of £11 per round traded lot.

The final trading account offered by FXGiants is the STP/ECN Absolute Zero variant. This account requires a considerable initial deposit of £2,000 in exchange for variable spreads from 0.2 pips and no commission for direct clients.

Demo Account

A demo account is a great way to sharpen your skills or preview a particular broker’s trading conditions in a risk-free environment. Prospective FXGiants clients can open a demo variant of the Live Floating Spread, STP/ECN Absolute Zero or Live Fixed Spread accounts to trade on the MetaTrader 4 platform.

Trading Platforms

FXGiants only supports a singular trading platform: the widely popular MetaTrader 4.

MetaTrader 4 (MT4) has stood the test of time, remaining the primary choice of many traders and brokers since its release in 2005. The platform boasts almost universal compatibility with desktop and mobile operating systems, as well as an integrated MQL4 marketplace for endless indicator and expert advisor (EA) customisation.

The software features nine order types, including the trailing stop for precise trading, on top of 30 standard indicators, 31 graphical objects and nine time frames for expert technical analysis. Comprehensive backtesting through MT4 allows users to hone effective strategies using historical data, while customisable alerts and one-click trading ensures that traders never miss an opportunity.

FXGiants customers can access MT4 for free, with the platform available to download on Windows, Mac and Linux desktops. In addition to a browser-based WebTrader, MetaTrader 4 features an app for iOS and Android devices.

Mobile Apps

Many online brokers develop mobile apps to enable clients to manage their positions and accounts while on the go.

FXGiants has a dedicated mobile app for Android and iOS devices with access to the broker’s trading dashboard. While clients cannot trade through this app, tasks such as account creation, adding and withdrawing funds and viewing an account summary are all possible.

Instead, investors must use the MetaTrader 4 app to open and close positions from a mobile device. MT4 is available for Android and iOS devices from the Google Play and App Store, with no need for an APK download.

Payment Methods

Four payment methods are available for funding an FXGiant account in GBP. These are credit or debit cards, bank wire transfers and e-wallet solutions Skrill and Neteller. Payments using card, Skrill and Neteller have no minimum deposit limit and are processed instantly. Bank wire transfers take 2-5 working days to clear.

Users can only withdraw from the broker via bank wire transfer. In addition to the longer withdrawal time of 2-5 working days, further inconvenience could be caused by the minimum withdrawal amount of £80.

Deposit & Withdrawal Fees

To keep as much of their profits as possible, many traders will avoid brokers that levy hefty fees on deposits and withdrawals. FXGiants charges no deposit fees on any supported method. However, bank wire transfers in and out of a trading account will often be subject to bank fees of around £20.

Trading Fees

The wide range of account types means that clients can face trading commissions from £0 up to £35, depending on the specific account and instrument.

Sporadic investors will be dismayed to learn that a sizable inactivity fee of £40 is levied on funded accounts with no trading activity in over 12 months.

Overnight fees vary from product to product, with precise figures available on the MetaTrader 4 page for each supported asset.

Security & Regulation

The London-based arm of FXGiants is regulated by the primary financial body in the UK, the FCA. With scams so prevalent in the forex and CFD industry, regulation from a respected organisation like the FCA provides investors with the confidence to open an account with a licensed broker.

As a result of this regulation, client funds are held in tier-1 segregated bank accounts and protected for up to £85,000 by the FSCS. The broker is also obliged to provide negative balance protection to all clients.

Unfortunately, FXGiants does not offer two-factor authentication security for its client portal or mobile app. However, the MT4 platform itself does support 2FA.

Customer Support

For traders encountering login or withdrawal issues, fast and effective support can provide much-needed reassurance. FXGiants employs a multi-lingual, global help team that investors can contact via a 24/5 live chat feature, a UK-based support hotline, a contact form built into the broker’s website or by email:

• Phone Number: 0207 416 6656
• Email Address: support@fxgiants.co.uk

Additionally, the firm has created an FAQ section with answers to common queries, including registration, trading hours (covered later in this review), the MetaTrader 4 platform and account funding.

Advantages Of FXGiants

• MT4 access
• FCA-regulated
• DMA accounts
• No deposit fees
• Futures trading
• GBP account funding
• Extensive range of account types
• Good range of stock & commodities products

Disadvantages Of FXGiants

• Wire withdrawals only
• No educational content
• No 2FA for client portal
• Limited website information
• High commissions on some accounts

Promotions

As an FCA-regulated broker, FXGiants is prohibited from offering any promotions, bonus offers or promo codes through its UK arm. While the international company operates a welcome bonus with favourable terms to new customers who sign up to the company through a $35 no deposit bonus, UK clients are unable to claim this bonus.

Additional Features

To give investors the best chance at profitable trading, many firms offer additional features such as economic calendars, copy trading services and VPS access.

FXGiants provides a free VPS service to clients who maintain an account balance of £4,100 or more, providing 24/5 EA hosting for continual automated trading. Unfortunately, this is the sole additional feature available.

Trading Hours

The broker follows the 24/5 forex trading hours, with clients able to open positions all day during the working week. However, some assets, such as indices and shares, will only trade during their local exchange hours.

It is also worth mentioning that futures products supported by the broker have set expiry times, often at the end of the month, where positions are automatically cash-settled.

FXGiants customers can access the client portal via the broker’s website or the proprietary app at any time to make deposits and withdrawals or view their account summary.

FXGiants Verdict

FXGiants is an experienced international forex, CFD and futures broker with an FCA-regulated, UK-based division. In addition to solid regulation and robust fund security measures, the firm boasts a great selection of instruments that span several markets. However, this review would have liked to see some additional information provided by the broker regarding its account types. Additionally, high trading commissions of up to £35 per round per lot may put some traders off.

FAQ

Top 3 FXGiants Alternatives

These brokers are the most similar to FXGiants:

1. Swissquote - Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
2. IG Index - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
3. IronFX - IronFX is a multi-regulated forex and CFD broker founded in 2010. This award-winning firm offers 500+ markets to over 1.5 million clients across 180 countries. Traders can access various account types with competitive pricing on the MT4 platform, as well as 24/5 customer support in 30 languages.

FXGiants Feature Comparison

Trading Instruments Comparison

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