FXGate

FX Gate strikes us with its pleasing aesthetics, and professional demeanor, but is this all the broker has to offer? Read on to find out.

FXGate is a trading name of FXGate Ltd and is located in the Federal Territory of Labuan, Malaysia. As such it is regulated by the Labuan Financial Services Authority which acts as the central supervisory and enforcement authority in Labuan. The official registry of the license issuer checks out.

The main duties of this regulatory agency is to promote Labuan as a center for financial services and to regulate according to the local and international standards. Furthermore, all client money is held in segregated bank accounts.

We even found the license in question:

When we were opening a demo account, we were given the opportunity to extend our leverage as far as 1:500. This is a risky endeavor and is certainly one that can either be lucrative or devastating to the trader’s investment. However, on the Accounts page, the three live account types all had the same common leverage of 1:100. So, we are to believe that demo account holder can trade risk free with a high leverage in order to see for themselves the risks involved, but live account holders are only limited to 1:100.

The average spread for the EUR/USD currency pair is said to be 1.2 pips, as stated on the website.

This spread is the one traders will get if they use the Platinum Account (check the above snap). For the Standard Account, the broker suggests a spread of 1.8 pips, which is above average and will certainly bother some traders. Note that we did not register a demo account because we did not get approved by the broker, so any specific values cannot be provided as of writing this, yet we trust the integrity of the broker.

The instruments that the broker offers are Forex Pairs, Energies and Precious Metals. These are very few in number, with the most obvious missing ones being Cryptocurrencies, Assets, Commodities and Shares. But seeing that the broker just got its license (January 21st, 2019) we are prone to believe that in the forthcoming years FX Gate will include more assets.

The languages are English and Arabic.

FX GATE LOGIN

The MT4 has graced this broker with its presence.

METATRADER 4

MT4 is always a good reminder of just how far the industry has gotten. This platform holds the popularity title for many a reason: advanced charting tools, custom indicators, easy order management, expert advisors and more. MT4’s VPS allow for seamless automated trading at all times, uninterrupted by computer failures, sudden power cuts or connectivity issues.

As we mentioned, the activation of a demo account required a preliminary check up, and so we did not open any account with the platform whatsoever.

The EUR/USD spread depends on the account type. As seen in the attached images above the cost of trade is said to be 1.2 pips for the Platinum Account, and 1,8 pips for the Standard one.

The leverage we were offered when trying to open a demo account reached 1:500, even though the broker clearly says in the Accounts sub page that it offers 1:100 leverages. Throughout the website, there is only mention of said 1:100 leverage.

In the FAQ the broker makes it clear that the leverage can be changed in the client portal.

The MT4 is made available to iOS and Android devices, as well as a desktop trader. There is no trace of a browser terminal.

FX GATE MINIMUM DEPOSIT

The minimum deposit is $100 for the Standard Account. The sum then goes to $5000 for the Premier Account, and the to $25 000 for the Platinum Account.

Base currencies are USD, AED and EUR.

Just above the footer there are logos of certain payment methods: Neteller, FasaPay, MasterCard, PerfectMoney, Skrill, Visa, UnionPay, Alipay. There is also the ability to deposit via Wire Transfer. All these were confirmed by the support team.

Since the waiting times for deposits are not mentioned we have to act on our general expectations. Usually Credit/Debit card and e-payment transactions are instant. Wire Transfers times can stretch over 1-3 days.

The brokers offers close to no information on deposits. Without a proper registration much of the information is withheld from the client. So a lot of the info is derived from a support representative.

There are no fees for making a deposit on the brokers side, but payment systems can charge on deposits as they see fit.

FX GATE WITHDRAWAL TIME AND FEES

The minimum withdrawal amount is $30.

Withdrawal methods have not been mentioned, for the same reason as above; mainly because we had not registered a verified account. However, again the very helpful support agent was able to clarify things; she said that they are Skrill, Visa, Master, Perfect Money, Union pay, Ali Pay, Neteller, FasaPay and Wire Transfer.

The processing times for withdrawals are the same as the ones for depositing. This was confirmed by a support agent: Wire Transfer take up to 3 days, while all other methods take up to 24 hours.

There are no fees charged for withdrawals. The only charge is applied by the relevant payment providers.

There is an inactive fee that is left undisclosed. We know only that it is activated after 180 days of an account being dormant.

BOTTOM LINE

FX Gate is a solid broker. We find it easy to navigate, and the structure is very user friendly. Also the trading conditions are safe and the support team is very friendly. We recommend it!