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GMFX Review – is it scam or safe?

GMFX Review – Is gmfx.com scam or safe forex broker?

RATING: 3 / 1 REVIEWS GMFX
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 Trading accounts

 

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Mini $500 0.05 lots 1:400 3 pips
Normal $1000 0.1 lots 1:400 3 pips
Gold $5000 0.5 lots 1:400 3 pips
Platinum (ECN) $10 000 1 lot 1:100 variable

 

GMFX offers four types of live trading accounts, including an ECN account. There is also the swap-free Islamic account and a free demo account with virtual $100 000 for those who want to try trading without risk.

 

The broker's clients can trade in forex, CFDs on commodities, indices and shares and commodities and indices.

 

 

The Company. Security of Funds

 

Company Country Regulation
Fortrade UK FCA

 

 

GMFX is owned and operated by the UK forex broker Fortrade, which is regulated by UK's Financial Conduct Authority (FCA). It appears that the situation is similar to that with the GCMAsia forex broker, which is listed as a “marketing affiliate” of Fortrade and is co-owned and operated by it.

 

From what we saw on its site, and according to Fortrade, GMFX is a broker targeting the Arab-speaking countries, but the terms and conditions document is the same as that of Fortrade and is on its letterhead.

 

As per the FCA requirements, GMFX is keeping the client funds in segregated accounts and is a member of the Financial Services Compensation Scheme (FSCS) that covers up to  £50,000  per client in case of the broker's insolvency.

 

 

Trading conditions

 

Minimum initial deposit

 

Unlike its “parent” Fortrade that has only one type of trading account, GMFX offers several types that would suit the needs of most types of traders. The minimum deposit requirements of GMFX, however, are much higher than those of the UK broker, which only requires $100.

 

For that matter, GMFX's $500 minimum deposit requirement is much higher than those of many other UK-regulated forex brokers like IG, FXCM and XM.

 

Spreads and commissions

 

For most of its trading accounts GMFX offers its clients fixed spreads and does not additional fees and commissions. The spread for some of the more popular forex pairs like EURUSD, EURGBP and USDJPY the spread is 3 pips. This is a little above the average for the industry, but is the same as that of Fortrade.

 

Leverage

 

GMFX offers maximum leverage of up to 1:400, which is rather lucrative and is higher than that of Fortrade.

 

It is not among the highest in the industry like that of Grand Capital, which goes all the way up to 1:2000, but is relatively reasonable and less risky.

 

Trading platforms

 

GMFX offers two trading platforms – MetaTrader 4 (MT4)  and Leverate's Sirix platform, dubbed GMFX WebTrader. The offering is similar to that of the other affiliate of Fortrade we have already reviewed – GCMAsia.

 

GMFX provides two MT4 versions – desktop and the mobile applications, whereas web trading is done through Sirix, which has similar functionalities, including copy trading and analysis and charting tools, though not as many as MT4. Clients can also trade through Sirix's mobile application for Android and iPhones.

 

Promotions

 

GMFX has several promotions for its customers, all of them tied to deposits. One is a deposit bonus for trading in crude oil, the other is a trading refund for trading in gold, while the third one is a credit bonus for Islamic accounts.

 

Methods of Payment

 

GMFX accepts client deposits through bank transfers and Visa, MasterCard and Maestro cards. Other options include the electronic payment systems Neteller, Skrill, CashU and eWallet.

 

Conclusion

 

GMFX is one of the many forex brokers that offer Islamic accounts, like FXTM, FxPro, FXCM, AvaTrade, etc. Unlike most of them, however, it is solely focused on the Arab-speaking world, judging by the fact that the information about trading conditions on its Arab-language version is much more detailed and full. There is nothing wrong with that, of course, considering that the Middle East is a rather lucrative market for forex brokers.

 

Overall, GMFX has average trading conditions and a good selection of live trading accounts for clients to choose from. Another big plus is that it is a well-regulated broker and trading with it is less risky than with unregulated brokers.

 

 

Pros Cons
FCA regulation High minimum deposits
Several types of trading accounts High spreads 
MT4  

 

 

Latest news about GMFX
No news about GMFX. Check back later.
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Traders` reviews for GMFX

Spread

Pros

Cons

 

 

Slippage

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Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

not satisfactory

Minimum deposit $500 is high because without knowing your service and client care how can a person trust your company? Average spread you are giving 3 pips is also not satisfactory. i mean the spread and minimum deposit you are giving is very high compare to other companies. Leverage you are giving 1:400 but there are companies giving leverage 1:500.

sekhar reddy 12/13/2018
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