Introducing FXGT account type.
FXGT is a very popular forex broker for high leverage trading of cryptocurrencies, and trading conditions for other products are not bad as well.
FXGT offers only one account type. You don’t have to hesitate to choose.
In this article, I will explain the specifications and trading conditions of FXGT accounts in detail.
Please read it once before opening an account with FXGT.
- I want to know the detailed specifications and trading conditions of FXGT accounts
- I want to know the precautions for FXGT accounts
FXGT Account Specs
First, let’s see the account specs offered by FXGT.
The color of the part that seems to be a point has been changed.
Let’s take a quick look at what kind of specifications and conditions are different.
|Base currency||USD, EUR, JPY,BTC, ETH, XRP, USDT||USD, EUR||USD, EUR, JPY,BTC, ETH, XRP, USDT||USD, EUR, JPY,BTC, ETH, XRP, USDT|
|Contract size||1 lot = 100,000||1 lot = 1,000||1 lot = 10,000||1 lot = 100,000|
|Min trade volume||0.01 lot||0.01 lot||0.01 lot||0.01 lot|
|Lot restriction per ticket||100 lots||500 lots||200 lots||200 lots|
|Max orders||100 positions||150 positions||150 positions||100 positions|
Also, the stocks that can be traded are different for each account type.
Only Standard and ECN accounts can trade all stocks.
Characteristics of each account type
I will briefly explain the characteristics of FXGT account type.
This is the most standard account type and is the recommended account type.
When FXGT used to offer only one type of account, only account type was this standard account.
There are no restrictions on the stocks you can trade, leverage, etc., and you also get bonuses.
Of course, you can also trade cryptocurrencies such as Bitcoin and Ethereum with a high leverage of 1000x.
The spread is also narrower than the cent and mini accounts, so if you want to trade with FXGT, I think you should choose this standard account.
This account is designed for very small traders.
1 lot = 1,000 currencies, which is very small contract size.
The minimum deposit is $5, and you can trade with a high leverage of 1,000x, so you can trade with very little amount of money.
However, it is important to note that you can only trade currency pairs.
Cryptocurrencies and other CFDs cannot be traded.
If you are new to trading with FXGT, or if you want to try out a real account instead of a demo account, you may want to open a cent account.
Like the Cent account, Mini account is also designed for small traders.
However, this account is limited to 1 lot = 10,000 currencies.
You can trade more stocks than in a cent account, and you can also trade cryptocurrencies popular in FXGT.
However, while the specifications are almost the same as Standard account, the spread is actually a little wider than Standard account.
So, unless you are very particular about the lot size difference, this account type is not worth it.
If you would rather open a mini account, trade with a lower lot size in a standard account.
The ECN account is the first ECN account type adopted by FXGT.
Since it is an ECN account, transaction fees are collected.
The fee is $5 one way ($10 round trip) for currency pairs.
It varies slightly depending on the product, so please check the official website or MT5.
Spreads are quite narrow, start with a minimum of 0 pips.
One thing to note about FXGT’s ECN account is that you do not get any bonuses.
FXGT offers a generous bonus every month, but please note that the ECN account is not eligible for the bonus.
A lot of base currency options
FXGT has a wide range of account base currency options.
For ECN accounts, only USD and EUR can be selected.
But in other account types, you can hold your account currency not only in USD (US dollar), EUR (Euro), JPY (Japanese yen) but also in cryptocurrency.
The cryptocurrencies that can be held are BTC (Bitcoin), ETH (Ethereum), XRP (Ripple), and USDT (Tether).
Bitcoin has been increasing in price recently, but if you keep the balance of your account with Bitcoin, the value will increase without permission even if you are not trading.
However, there is also a risk, and when the price of cryptocurrency goes down, the value goes down as well.
Cryptocurrencies are a convenient way to deposit and withdraw, but be aware that prices can fluctuate significantly.
As of January 2021, Ripple (XRP) trading and deposit have been suspended. This is because Ripple Corp. has been sued by the US SEC and the price of Ripple has dropped significantly.
FXGT Max leverage is 1:1000
The maximum leverage of an FXGT account is 1:1000.
It’s quite high leverage.
It is worth mentioning that most of products can be traded with 1000 times higher leverage.
You can trade cryptocurrencies with FXGT, but only FXGT can trade cryptocurrencies such as Bitcoin with a high leverage of 1000 times.
FXGT Minimum deposit is $5
FXGT minimum deposit is $5.
And deposit fee is free.
You can start trading with small capital with using high leverage.
FXGT Trading plaform
FXGT allows only MT5.
You cannot use MT4.
FXGT Stop out level
FXGT stop out level is 20%.Margin call is 50%.
*Only in ECN account, stop out level is 40%.
FXGT Negative balance protection system
Of course, NBP applies to FXGT accounts.
Does FXGT allow to use EA (Expert Advisor) tool?
Yes, you can use any EA on FXGT.
Does FXGT allow scalping trading?
FXGT does not prohibit scalping trading.
However, the stop level is rather wide.
For example, EURUSD is 2.8 pips.
FXGT is not suitable for scalping.
The FXGT stop level is summarized in detail in the separate article “FXGT Stop Level | Conditions for Scalping, Stop/Limit Orders“, so please refer to that as well.
FXGT has only one account type.
You never hesitate to make a choice, but get more details in this article and take advantage of FXGT.
If you haven’t opened an XM account yet, please open an account by referring to the separate article “How to open FXGT account“.
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