scambrokersreview.comWhat Is FXGiants?
FXGiants is an online forex and CFD broker that has operated under various names and corporate structures. The broker targets retail traders with promises of advanced trading platforms, tight spreads, and a wide range of tradable assets. However, FXGiants has accumulated a significant number of complaints from traders who report serious difficulties withdrawing their funds and concerns about the broker’s regulatory standing.
FXGiants Regulation
FXGiants has claimed various regulatory credentials over the years, including registration in the UK through a company called Notesco Limited. However, the FCA revoked Notesco Limited’s authorization in 2020 following regulatory concerns. Following this revocation, FXGiants has continued operating through other corporate entities, raising serious questions about its current regulatory standing for traders in regulated markets.
Traders should verify the current regulatory status of any FXGiants entity directly with the relevant regulatory authority before depositing. The FCA register (register.fca.org.uk) is the authoritative source for UK authorization status. A broker whose parent entity lost FCA authorization should be treated with extreme caution.
FXGiants Red Flags
| Red Flag | Detail |
|---|---|
| FCA authorization revoked | Parent entity Notesco Limited had FCA authorization revoked in 2020 |
| Multiple corporate restructurings | Operating through various entities to avoid regulatory consequences |
| Withdrawal complaints | Persistent reports of delayed and refused withdrawals |
| High minimum deposits for “better” accounts | Pressure to upgrade to more expensive account tiers |
| Aggressive account managers | Persistent contact urging larger deposits |
| Offshore continuation | Continues offering services through unregulated offshore entities |
How FXGiants Operates
Phase 1: The Pitch
FXGiants markets itself as a professional institutional-grade broker offering access to global markets. New clients are attracted by competitive marketing: tight spreads, fast execution, and professional account management. The broker’s history and multiple brand names lend a superficial appearance of establishment and longevity.
Phase 2: Account Opening
Clients are walked through the account opening process by a dedicated account manager who provides frequent support and trading ideas. Small initial deposits are accommodated, but clients are quickly encouraged to upgrade to “premium” or “VIP” accounts with higher minimum deposits and alleged benefits such as tighter spreads and personal analysts.
Phase 3: The Withdrawal Problem
When clients attempt to withdraw significant amounts, delays begin. Documentation requests are repeated despite previous KYC submissions being accepted. Account managers become less available or attempt to persuade clients to reinvest rather than withdraw. Some clients report their accounts being placed under “review” that extends indefinitely.
Phase 4: Escalation
When clients escalate complaints or threaten legal action, the broker may stall with partial payments or promises of imminent resolution. Complete payment rarely follows without sustained pressure through official channels including financial ombudsmen or legal representation.
FXGiants Withdrawal Issues: What Traders Say
FXGiants has received numerous negative reviews on platforms such as ForexPeaceArmy, Trustpilot, and trading forums. Common complaints include: withdrawal requests ignored for weeks or months; demands for additional fees or taxes before fund release; customer support becoming unresponsive after withdrawal requests; and clients being told their accounts are under mandatory compliance review. The pattern of these complaints across many independent sources is a significant red flag that warrants serious caution.
What to Do If FXGiants Refuses Your Withdrawal
Document all interactions
Keep records of every request, every response (or lack thereof), and every transaction. This documentation is critical for any chargeback claim or regulatory complaint.
Chargeback via credit card
If you deposited via credit or debit card, initiate a chargeback with your bank citing fraud or services not rendered. Act within 120 days of each transaction for the best chance of success.
Report to the FCA
Given that FXGiants’ parent entity had FCA authorization revoked, any UK clients should report their experience to the FCA. Even if the specific entity you dealt with is offshore, the FCA report contributes to regulatory monitoring of the brand.
Financial Ombudsman Service
If the entity you dealt with was previously FCA authorized at the time of your deposit, you may have grounds to bring a case to the Financial Ombudsman Service (FOS). Check the FOS website (financial-ombudsman.org.uk) for eligibility criteria.
FXGiants Verdict
FXGiants carries significant risk for retail traders. The revocation of its parent entity’s FCA authorization, combined with ongoing withdrawal complaints and a pattern of operating through multiple corporate structures to avoid oversight, makes this a broker that should be approached with extreme caution. We recommend choosing only brokers with current, verifiable tier-1 regulatory authorization and a clean complaint record.
Frequently Asked Questions
Is FXGiants regulated?
FXGiants’ parent entity (Notesco Limited) had its FCA authorization revoked in 2020. The broker continues operating through other corporate entities. Always verify the current regulatory status of any entity you plan to deposit with through the official FCA register.
Is FXGiants a scam?
FXGiants has a history of regulatory problems and widespread withdrawal complaints. While not every client has had a negative experience, the risk profile is significantly higher than with properly regulated alternatives. Exercise extreme caution.
Can I get my money back from FXGiants?
Initiate a chargeback via your card provider if you deposited by card, and contact the Financial Ombudsman Service if the entity you dealt with was previously FCA authorized. File a police report and report to the FCA regardless of payment method.
