Estonian foreign exchange broker GFC Investments offers five trading accounts. It has many trading assets that are a major pro of this broker. However, many cons are also associated with it. Those are fully discussed in this GFC Investments review. Read full GFC Investments review here.
About GFC Investments:
The five offered trading accounts are Basic, Silver, Gold, Platinum and VIP that needs minimum initial funding of $250, $5000, $10000, $25000, and $100k respectively. Maximum leverages of 1:400 and average spreads of 4 pips are given on these accounts. At first, we will look at the broker’s pros. As much as 50 foreign exchange pairs are provided by this broker. Also, other trading instruments like commodities, stocks, indices, and crypto coins are offered. The leverage level of 400:1 are quite attractive and lure many traders to make maximum profits. However, max high leverages are loss oriented as well and must be traded wisely. Due to this reason, they are banned in trading markets like Japan, Europe, and the USA. All the popular payment methods including all kinds of electronic wallets are supported by GFC Investments. Anyone can start trading with merely $250 that is industry constant minimum investment. Sadly, premium accounts need high initial investments as discussed above.
Now the time to showcase all the cons of GFC Investments. The broker is unlicensed and not regulated. The GFCInvestment Group KINTEKA LTD is the owner of brand GFC Investment based in Estonia. Another partner named Dartalon LTD based in SVG also manages broker’s transactions. Neither of these companies is regulated or licensed to offer legal brokerage services. It is the major concern of this broker. The spreads of 4 pips on EURUSD fx pair us not competitive. We generally say that the spreads below 1.5 pips are competitive. Lower spreads higher profit margins. The broker fails to provide a well-known trading platform MetaTrader. MetaTrader is the one platform that is dominating the trading market for 15 years without any problem. It also includes several advanced features like Expert Advice, Multi Accounts, Charts and others.
Is GFC Investments scam or legit?
The broker GFC Investments claims to be based in Estonia but operates from SVG. It is none regulated entity that requires high initial investments. The spreads and leverages provided are non-competitive. MT is not supported and has many flaws in presentation. Therefore it is a potential scam broker 2020.