The Cyprus regulator settled a 270 thousand euro case with Depaho, the company behind the forex broker FXGM, over failings in how the firm was organised and how it handled clients' orders, and later moved to suspend the firm's licence. The Depaho FXGM CySEC case is another example of a broker whose troubles ran from a large fine toward the loss of its authorisation.
The Cyprus Securities and Exchange Commission reached the 270 thousand euro settlement with Depaho Ltd over possible compliance lapses that included the proper organisation of the company, the management of conflicts of interest, and the execution of client orders. It was not the firm's first encounter with the regulator, which had penalised Depaho in an earlier matter as well. CySEC subsequently suspended, and extended the suspension of, the firm's Cyprus investment firm licence.
Order Execution Is Where Clients Get Hurt
Among the failings in this case, order execution deserves particular attention, because it is where a broker's conduct meets a client's money most directly. How and at what price a firm executes orders determines what a trader actually gets. When execution and conflict of interest management are both in question at the same firm, the worry is obvious. It raises the possibility that the broker's own interests were not cleanly separated from the prices and fills its clients received.
Organisation sits underneath all of it. A firm that is not properly organised does not have the systems to ensure fair execution or to police its own conflicts. That is why a case combining organisation, conflicts and execution is more concerning than the sum of its parts. It points to a broker whose internal structure may not have been protecting the client at the exact points where protection matters most.
From Fine to Suspension
As with other firms in this pattern, the 270 thousand euro settlement was not the end. CySEC went on to suspend Depaho's licence and then to extend that suspension, which is the regulator signalling that its concerns were serious and unresolved. A suspension stops a firm operating while the supervisor decides whether it can be trusted to continue. For the clients of FXGM, that meant the broker they were using was under a cloud that went well beyond a single penalty.
This is an older case, but the anatomy is timeless and worth learning. A broker is fined a substantial sum over organisation, conflicts and execution, and its licence is then suspended. The consumer brand, FXGM, is what clients saw, while the enforcement history attached to the licensed company, Depaho. A trader who checked only the brand would have missed the fine and the suspension both. The record only makes sense when the brand and the licensed entity behind it are read together.
BestForex.io View
Execution and Conflicts at the Same Firm Is the Worst Combination.
Depaho brings together the two failings a trader should fear most, conflicts of interest and order execution, in a single 270 thousand euro settlement, and then the regulator suspended its licence on top. Execution is where a broker's conduct touches your money directly, and when it sits beside unmanaged conflicts and weak organisation, the concern is that the firm's own interests were not cleanly separated from the fills its clients got.
The case is old and FXGM is the brand most people knew, not Depaho, which is exactly why it is easy to miss.
A big fine over execution and conflicts, followed by a licence suspension, is about as clear a warning as the record produces, whenever it was written.
About the Company
About Depaho Ltd (FXGM)
Regulator
CySEC (Cyprus)
Jurisdiction
Cyprus (EU)
Action Type
Settlement Then Licence Suspension
Penalty
EUR 270,000 plus suspension
Depaho Ltd is a Cyprus investment firm that operated the retail forex broker FXGM, supervised by the Cyprus Securities and Exchange Commission. In September 2020 CySEC reached a 270 thousand euro settlement with the firm over possible compliance lapses including the organisation of the company, conflict of interest management and order execution, following an earlier penalty in a separate matter.
The regulator subsequently suspended, and extended the suspension of, the firm's licence.
Frequently Asked Questions
Is Depaho or FXGM still regulated?
Depaho, the operator of FXGM, was fined by CySEC and then had its Cyprus licence suspended and the suspension extended. Traders should confirm the current status before dealing with it and treat it with caution.
Why was Depaho fined?
CySEC settled a 270 thousand euro case over possible lapses in the firm's organisation, its management of conflicts of interest and its execution of client orders.
How much was the Depaho settlement?
It was 270 thousand euro, announced in September 2020, on top of an earlier penalty in a separate matter.
Is FXGM safe for traders?
Its operator was fined and then had its licence suspended, so caution is warranted. Compare active, regulated brokers in our Best Forex Brokers in 2026 ranking.
Editor's note & source: Factual points are drawn from the CySEC public decisions register. Primary source: CySEC Public Decisions. This article is not legal advice. Last updated: 16 August 2026.