FXGiants is an online trading broker that was founded back in 2016 and has its headquarters in London, the United Kingdom. This broker is also part of the IronFX brand. In this FXGiants review, we will be detailing some of the reasons why we do not recommend this broker to anyone who wants to actually get the money they make back.
The British and Australian divisions of this brand were renamed after IronFX had to pay a 335,000 euro fine by CySEC back in 2015. The reason for this was the repeated denial of withdrawals for over 150 customers at the time. The fact that this brand has undergone numerous renamings is incredibly sketchy and should keep all traders away from it. Here are even more reasons why we think that FXGiants is still a SCAM that shouldn’t be trusted with your funds.
More details on FXGiants
On FXGiants, people can trade either on CFDs or Forex. Even after these many rebrandings, the main offer has remained the same as the one before. So, not much variety to pick from here. The broker also offers a relatively large number of accounts to its clients and the complete absence of spreads when trading EUR/USD. They also have both floating and fixed spreads with maximum leverage varying from 1:30 to 1:500, depending on what account you pick.
The minimum required deposit for any account type is $100, which represents a reduction from the amount needed before the rebranding. Again, this is a smart move to attract more and more customers.
FXGiants has bizarre conditions and is unregulated
Upon registering on the official FXGiants website, which is homonymous, clients are met with a warning that, depending on the selected country of origin, they will be redirected to another website called FXGiants BM. This broker is located in an unregulated offshore location and has NO REGULATION from any authority body. Notes Limited owns this Giants brand which is registered on the Bermuda Islands.
Everyone should know by now that this location is heaven for SCAM brokers and sketchy financial businesses. Clearly, you should not put your trust in this broker because you might get tricked into depositing money and never getting them back.
Being an unregulated broker means putting your customers at great risk by exposing not only their personal information and bank details but also their money. Dangerous third parties can easily access these details and cause big problems for people.
Unregulated brokers have a basic way of tricking people into getting their money and personal info. Traders will first be persuaded via phone calls or e-mails to make an initial deposit, as indicated by their website. Also, certain deals and offers that seem extraordinary will be offered as a way into making people become their victims. Once the first deposit is made, you will end up in a cycle of scammers that will try to get money out of you by offering even more deals and bizarre advantages.
The MetaTrader 4 trick and the demo account
Like all SCAM brokers, FXGiants also works with the renowned MetaTrader 4 platform which is both web-based and for mobile devices. This platform is a fair and successful one but putting it so upfront makes clients trust this broker more. What most people don’t know is that using the MT4 doesn’t make a broker legit or trustworthy. The online broker can still steal your money regardless of what type of trading platform it uses. Unfortunately, this is a trick that all SCAM brokers use to draw in more and more unknowing customers and catch them in their web of lies.
FXGiants also offers traders the possibility to open a demo account to learn about trading while doing it and not losing money. This would be useful if it wasn’t a trick to gain more users to steal money from. Their demo account doesn’t actually teach you anything but it only gives you the impression of doing so. Once you have a real account, that’s when the problems begin.
The last and most important thing that we will talk about in this FXGiants review is related to the many withdrawal issues that former customers are talking about online. This broker offers clients the possibility to withdraw funds using their credit/debit cards, bank transfer, and lots of electronic payment systems, even crypto.
The problem is that even after the rebranding, the withdrawal issues have remained the same. This means that the broker will delay sending your money as much as possible. Also, according to testimonies from clients, the broker usually closes people’s accounts without warning or reason and ignores all requests. This is how many people end up not receiving their money. Plus, this broker has a customer support system that is useless and doesn’t offer any actual support to the clients, for obvious reasons. This team doesn’t want people to succeed but to lose money which they steal because they are a SCAM.