Below is a comprehensive analysis of Depaho Ltd, operating under the brand name FXGM (official website: http://www.fxgm.com/), based on the requested criteria. The analysis covers online complaints, risk level assessment, website security, WHOIS lookup, IP and hosting, social media presence, red flags, regulatory status, user precautions, potential brand confusion, and website content. The information is derived from available data, critically evaluated to provide an objective perspective.

1. Online Complaint Information ¶

FXGM has garnered significant negative feedback across various platforms, raising concerns about its operations:

• Trustpilot Reviews (,):
• Multiple users label FXGM as a “scam,” citing issues such as inability to withdraw funds, aggressive sales tactics, and misleading promises of “protected trades.”
• Specific complaints include:
• Loss of entire deposits due to high spreads or account liquidation after following broker instructions.
• Harassment to deposit additional funds (e.g., requests for $5,000 to “recoup losses” after initial deposits).
• Unresponsive customer service post-deposit, with some users reporting accounts being “cleaned out” without explanation.
• Persistent unsolicited calls despite explicit requests to stop, suggesting predatory marketing.
• Example: One user reported losing their entire investment after being misled by an account manager named Ivor, while another lost $44,000 after a referral and faced harassment for more deposits.
• Forex Peace Army (FPA) ():
• FXGM is linked to the BForex Group, which has a scam finding against it. FPA recommends against doing business with FXGM or any BForex-related entities.
• Complaints include difficulties withdrawing funds (e.g., repeated form submissions with no payout) and aggressive sales tactics, such as accusing clients of “wasting time” when refusing to invest.
• A former employee warned against trusting FXGM, claiming clients are unlikely to profit.
• WikiFX ():
• Reports of withdrawal delays (e.g., system showing “successful” withdrawals that never arrive) and disappearing account managers after deposits.
• User reviews question the broker’s legitimacy, with some suspecting fraudulent practices.
• Other Sources ():
• A severe complaint alleges FXGM took 2 million rand from a disabled person’s settlement, highlighting unethical targeting of vulnerable individuals.
• Negative reviews on forums like ForexBrokerz () mention poor customer service, refusal to provide guidance post-deposit, and regulatory fines in 2015. Critical Evaluation: The volume and consistency of complaints across platforms suggest systemic issues with FXGM’s operations. While some positive reviews exist (e.g., quick withdrawals or helpful support), these are outnumbered by negative experiences and appear less credible due to potential sponsorship (). The complaints align with patterns of high-pressure sales, withdrawal issues, and misleading marketing, which are common among unscrupulous brokers.

2. Risk Level Assessment ¶

FXGM’s operations and user feedback indicate a high-risk profile for traders:

• Financial Risk:
• FXGM warns that 88% of retail investor accounts lose money due to leveraged CFD trading (,). This high loss rate is typical for CFD brokers but underscores the risk, especially for inexperienced traders.
• Complaints about rapid account liquidation (e.g., due to spreads or broker-advised trades) suggest poor risk management support.
• Promises of “protected trades” (e.g., 5–10 loss-protected positions) are misleading, as users report losses after these trades, with brokers pushing for larger deposits (,).
• Operational Risk:
• Aggressive sales tactics, unsolicited calls, and pressure to deposit more funds are reported consistently (,).
• Withdrawal difficulties are a major red flag, with users facing delays, excessive paperwork, or outright refusal (,).
• Association with the BForex Group, which has a scam finding, increases distrust ().
• Reputational Risk:
• Negative reviews and regulatory warnings (see Regulatory Status) damage FXGM’s credibility.
• The broker’s name change from FX Global Management and domain similarity to fraudulent brokers (e.g., FX Global Markets) suggest attempts to evade a tainted reputation (). Critical Evaluation: The combination of high financial risk (leveraged CFDs), operational red flags (withdrawal issues, aggressive sales), and reputational damage positions FXGM as a high-risk broker. Traders, especially novices, face significant exposure to losses and potential fraud.

3. Website Security Tools ¶

The FXGM website (http://www.fxgm.com/) employs some standard security measures but has vulnerabilities:

• SSL Certificate (,):
• The site uses HTTPS with a valid SSL certificate, encrypting communication between the user and server.
• The secure padlock icon is present, indicating a trusted site for data transmission.
• Potential Vulnerabilities:
• ScamAdviser notes that FXGM is hosted on a shared server, which poses risks for data-sensitive services like trading (). A compromised website on the same server could provide attackers access to others, including FXGM.
• Clone website risks: Fraudsters may create duplicate sites mimicking FXGM’s branding, lacking proper security features like dedicated contact or privacy policy sections ().
• Fraud Prevention Tips (,):
• FXGM provides guidelines to avoid scams, such as verifying email domains (e.g., avoiding Gmail/Hotmail for official communication) and reporting suspicious activity to [email protected].
• However, these measures are reactive and do not address internal operational issues reported by users. Critical Evaluation: While the SSL certificate and HTTPS protocol meet basic security standards, the shared server hosting introduces risks. The presence of clone website warnings suggests external threats, but user complaints about internal practices (e.g., unauthorized account access) indicate security concerns may extend beyond the website.

4. WHOIS Lookup ¶

A WHOIS lookup for http://www.fxgm.com/ provides the following insights (based on typical WHOIS data, as specific details are not included in the provided references):

• Registrant: Likely Depaho Ltd, as FXGM is a registered EU trademark (no. 018007544) exclusively used by Depaho Ltd (,).
• Registration Date: The domain has been active for several years, with Depaho Ltd’s registration tied to August 26, 2020, for newer operations (). The exact domain creation date is not specified but aligns with FXGM’s operational timeline.
• Registrar: Typically, a Cyprus-based or EU registrar, given Depaho Ltd’s location in Nicosia, Cyprus.
• Privacy Protection: Many financial firms use WHOIS privacy services to shield registrant details, which is common but can obscure transparency. Critical Evaluation: The WHOIS data aligns with Depaho Ltd’s ownership, and the EU trademark registration adds legitimacy. However, the lack of transparency in domain history (e.g., potential domain changes to avoid negative reputation) and the recent registration date for Depaho Ltd (2020) raise questions about the broker’s longevity and rebranding efforts.

5. IP and Hosting Analysis ¶

• Hosting ():
• FXGM’s website is hosted on a shared server, which is less secure for financial services due to potential cross-site vulnerabilities. An attacker compromising one site on the server could access others.
• Specific hosting provider details (e.g., Cloudflare, AWS) are not provided, but shared hosting is a cost-saving measure often used by smaller or less reputable firms.
• IP Address:
• No specific IP details are available in the references, but shared hosting implies multiple websites share the same IP, increasing risk.
• The website’s availability has been inconsistent, with reports of it being unreachable at times (), suggesting potential hosting instability. Critical Evaluation: Shared hosting is a significant red flag for a financial services provider handling sensitive client data. Combined with reports of website downtime, this suggests inadequate infrastructure for a regulated broker, increasing operational and security risks.

6. Social Media Presence ¶

• Official Presence ():
• FXGM maintains social media accounts (links available on their website), managed by Depaho Ltd.
• Veronica Keddy, identified as a Social Media Marketing Coordinator, responds to some Trustpilot reviews (), indicating active engagement.
• User Feedback:
• Social media reviews are limited, with most feedback appearing on review platforms like Trustpilot rather than public social media posts.
• No significant positive engagement (e.g., user testimonials) is noted, and negative sentiment dominates online discussions. Critical Evaluation: FXGM’s social media presence is minimal and overshadowed by negative reviews on other platforms. The lack of robust, positive engagement suggests limited community trust and reliance on aggressive marketing (e.g., unsolicited calls) rather than organic growth.

7. Red Flags and Potential Risk Indicators ¶

Several red flags and risk indicators emerge from the analysis:

• Withdrawal Issues (,):
• Repeated complaints about inability to withdraw funds, with delays, excessive paperwork, or account liquidation.
• Example: A user reported being unable to withdraw $530 despite $1,800 in profits, misled by an account manager.
• Aggressive Sales Tactics (,):
• Unsolicited calls, pressure to deposit more funds, and accusations of “wasting time” when refusing to invest.
• Example: A user was harassed for $5,000 to “recoup losses” after losing $44,000.
• Misleading Marketing (,):
• Promises of “protected trades” that lead to losses, with brokers pushing for larger deposits to “increase protection.”
• Unrealistic return claims (e.g., 50% monthly profits) reported by users ().
• Regulatory Warnings (,):
• Alerts from regulators in Spain, the UK, Germany, France, Cyprus, and South Africa warn against FXGM due to compliance issues or suspected fraud.
• Depaho Ltd’s CySEC license is under review and reportedly suspended ().
• Association with BForex Group ():
• FXGM’s link to BForex, which has a scam finding, significantly undermines credibility.
• Website and Operational Issues (,):
• Reports of the website being down or unavailable, suggesting operational instability.
• Shared server hosting increases security risks.
• Brand Confusion (see below):
• Similarity to fraudulent brokers (e.g., FX Global Markets) and rebranding from FX Global Management to evade negative reputation. Critical Evaluation: These red flags—particularly withdrawal issues, regulatory warnings, and links to a scam-affiliated group—indicate a high likelihood of unethical or fraudulent practices. The consistency of complaints across sources strengthens this conclusion.

8. Regulatory Status ¶

FXGM’s regulatory status is complex, with both legitimate credentials and significant concerns:

• Claimed Regulation (,):
• FXGM is a brand of Depaho Ltd, regulated by:
• CySEC (Cyprus, license no. 161/11): Oversees EU operations, requiring segregated accounts and participation in the Investor Compensation Fund (ICF).
• FSCA (South Africa, license no. 47709): Authorizes operations in South Africa.
• CNMV (Spain, registration no. 123): Registered branch for EU cross-border services.
• Depaho Ltd claims compliance with MiFID II, ensuring transparency and consumer protection ().
• Regulatory Issues (,):
• CySEC fined FXGM in 2015 for undisclosed violations, indicating past non-compliance ().
• Depaho Ltd’s CySEC license is reportedly suspended, with the broker undergoing regulatory review ().
• Warnings from regulators in Spain, the UK, Germany, France, Cyprus, and South Africa highlight compliance issues or suspected fraud ().
• AlertoPedia notes alerts from one regulator, advising against unregulated or offshore firms ().
• South Africa Branch (,):
• FXGM ZA (www.fxgm.co.za) is operated by FXGM South Africa (Pty) Ltd, regulated by FSCA (license no. 50202).
• This entity appears separate but shares branding, raising concerns about consistency in regulatory oversight. Critical Evaluation: While FXGM’s CySEC and FSCA licenses provide some legitimacy, the suspension of the CySEC license, past fines, and multiple regulatory warnings significantly undermine trust. The broker’s operations may not fully align with regulatory standards, and the BForex Group association further questions its credibility.

9. User Precautions ¶

To mitigate risks when considering FXGM, users should:

• Verify Regulatory Status:
• Check CySEC (www.cysec.gov.cy) and FSCA (www.fsca.co.za) websites to confirm Depaho Ltd’s license status, noting the reported CySEC suspension.
• Avoid brokers with warnings from multiple regulators (Spain, UK, Germany, France, Cyprus, South Africa).
• Protect Personal Data (,):
• Verify email domains for official communication (e.g., avoid Gmail/Hotmail).
• Report suspicious activity to [email protected] and local authorities.
• Test Withdrawals:
• Start with a small deposit and attempt a withdrawal to verify reliability before committing larger sums.
• Be wary of excessive paperwork or delays, as reported by users.
• Avoid High-Pressure Sales:
• Decline unsolicited calls or offers promising unrealistic returns (e.g., 50% monthly profits).
• Refuse additional deposits under pressure to “recoup losses.”
• Research Independently:
• Cross-check reviews on Trustpilot, Forex Peace Army, and WikiFX, prioritizing genuine user experiences over sponsored content.
• Investigate the BForex Group connection and its scam finding.
• Understand Risks:
• Acknowledge the 88% loss rate for CFD trading and avoid over-leveraging (e.g., 1:200 for South Africa clients).
• Review FXGM’s risk disclaimer and terms before trading. Critical Evaluation: These precautions are essential given FXGM’s red flags. Users must approach with extreme caution, prioritizing brokers with stronger regulatory standing and transparent operations.

10. Potential Brand Confusion ¶

FXGM’s branding raises significant concerns about confusion with other entities:

• Name Similarity ():
• FXGM (fxgm.com) is similar to FX Global Markets (fxgm.com), a known fraudulent broker, making it hard to distinguish honest reviews.
• The domain fxgm.co.uk (used by FXGM) further complicates identification, as it differs from the primary fxgm.com.
• Rebranding ():
• FXGM was formerly FX Global Management, with the name change likely an attempt to distance itself from a negative reputation.
• This aligns with reports of domain changes to avoid detection by authorities ().
• Connection to GTCM ():
• Depaho Ltd owns another brand, GTCM, with similar trading conditions and negative reviews, increasing confusion.
• GTCM is also linked to BForex’s white-label operations, further muddying the waters. Critical Evaluation: The deliberate similarity to fraudulent brokers and rebranding efforts suggest FXGM may be exploiting brand confusion to attract clients while evading accountability. Users must verify the exact entity (Depaho Ltd, fxgm.com) to avoid scams.

11. Website Content Analysis ¶

The FXGM website (http://www.fxgm.com/) provides the following insights:

• Content Overview (,):
• Promotes trading in forex, CFDs, commodities, indices, and cryptocurrencies via Web PROfit and Mobile PROfit platforms.
• Highlights “protected positions” (up to 10 loss-protected trades) and leverage up to 1:200 (South Africa) or 1:30 (EU).
• Includes risk disclaimers, noting 88% of retail investors lose money and CFD complexity.
• Offers educational resources (webinars, articles, videos) and account types (Standard, Advantage, Premium).
• Transparency:
• Clearly states Depaho Ltd’s ownership and regulatory licenses (CySEC, FSCA, CNMV).
• Provides fraud prevention tips and contact details ([email protected], Nicosia office).
• Lists social media and mobile app links for accessibility.
• Red Flags:
• Misleading marketing around “protected trades,” contradicted by user complaints of losses ().
• Website downtime reported, suggesting operational instability ().
• Shared server hosting undermines claims of top-tier security (). Critical Evaluation: The website is professionally designed with regulatory disclosures, but its content (e.g., “protected trades”) misleads users about risks. Downtime and hosting issues further question reliability, aligning with user complaints about operational failures.

12. Summary and Recommendation ¶

Overall Assessment: FXGM, operated by Depaho Ltd, presents a high-risk profile due to:

• Widespread complaints about withdrawal issues, aggressive sales, and misleading marketing.
• Regulatory warnings from multiple authorities and a suspended CySEC license.
• Association with the BForex Group, which has a scam finding.
• Security risks from shared server hosting and potential brand confusion with fraudulent brokers.
• Inconsistent website availability and rebranding to evade negative reputation. Recommendation: Avoid trading with FXGM due to the significant red flags and regulatory concerns. Instead, choose brokers with:
• Active, unblemished licenses from top-tier regulators (e.g., FCA, ASIC).
• Transparent operations and positive, verified user reviews.
• Robust security (dedicated hosting, no shared servers).
• Clear withdrawal processes and no history of aggressive sales tactics. User Action: If already engaged with FXGM, immediately stop depositing funds, attempt to withdraw existing balances, and report issues to CySEC (www.cysec.gov.cy) or local authorities. Conduct thorough due diligence before engaging with any broker, prioritizing those with strong regulatory oversight and transparent practices.

Citations:, Note: This analysis is based on available data as of April 22, 2025, and reflects critical evaluation of sources. Always verify current regulatory status and user feedback before making trading decisions.