Overview of GFX Review
SVGian forex and CFDs broker GFX deals in many trading assets. In total three trading accounts are facilitated to serve all sorts of traders maybe starter, expert and pro. Higher leverages are offered on the old famous MT. It also accepts high minimum initial deposits. Woefully, the broker GFX is unlicensed and unregulated. And this reduces brokers credibility by the multitude. Those who wish to start trading with this broker we urge that you first follow this one of kind and impartial GFX review. Read full GFX review here.
Three provided trading accounts are labelled as Silver, Titanium and Platinum. The money needs to deposit before starting trade on it is USD 1000, USD 5000, and USD 25000 respectively. Leverage level of 500:1 and spreads above 2 pips are offered. The brand GFX is served under the domain name gfx-i.net and owned and managed by GFX International Limited an organisation situated in Saint Vincent and the Grenadines. The Financial Services Authority only regulates the banking sector, not Forex and CFDs brokers. Additionally, FSA has issued an official warning against such brokers because of rising in frauds from their jurisdiction. Furthermore, GFX could be associated with two other scam brokers GoldFX situated in Cambodia and GDMFX based in New Zealand. Both of them are unregulated companies and provides illegal trading services. Scam brokers are not meant to make profits they profit themselves looting investments of traders. A USD 1000 is charged to open a basic account at GFX. As you all know this amount is unacceptable. The maximum leverages levels of 500:1 are provided on all three trading accounts. These are also banned in many regulated fx markets. EURUSD spreads of 2 pips is provided and this is higher than what is considered attractive. A good old trading platform Meta Trader is facilitated for trading. However, considering brokers unusual nature it’s not worth anymore. The payment options are restricted by GFX it only allows bank transfer, cards, and two indigenous electronic wallets named NganLuong.vn and Fasa Pay.
Is GFX scam or legit?
The broker GFX is a potential scam broker 2020 and the reasons are an unregulated and unlicensed broker, situated in SVG, connection with other scammers, high initial cost and poor trading environment. It will be a good idea to keep a safe distance from such scam brokers to protect your hard earn investments.