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GQFX Review – is it scam or safe?

GQFX Review  – Is www.gqfx.com scam or safe forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz GQFX
GQFX is an offshore broker. Your money is not safe.

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 Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Standard $100 0.1 lots 1:100 0.1 pips

 

 

GQFX is a broker providing trading in forex, CFDs on indices, silver, gold and energies. There is just one type of account: Standard. Its trading conditions are average, though the leverage appears to be somewhat low. The broker also offers PAMM money management accounts.

 

There is also a free demo account with virtual $100 000 for those who want to test trade without risk.

 

The Company. Security of Funds

 

Company Country Regulation
GQ Capital Incorporated Belize IFSC

 

 

GQFX is owned and operated by GQ Capital Incorporated – a company based in the offshore zone Belize. It obtained a license and is regulated by the country's International Financial Services Commission (IFSC) since 2016.

 

The broker notes it is not accepting clients from New Zealand. Judging by the language versions of its site, it most likely targeting Chinese-speaking customers.

 

Belize's IFSC is the regulator of numerous forex and CFD brokers and certainly has some capital, accounting and client funds requirements, but it is not as strict as UK's FCA, for example, so clients should not count on protection from the regulator.

 

 

Trading platforms

 

GQFX offers the most obvious choice for trading platform – MetaTrader 4 (MT4), in all its versions – for desktop, web and mobile devices.

 

MT4 has been around for over a decade and is undoubtedly the most popular trading platform among brokers and traders alike. It is user friendly and has many functionalities, offers the options for algorithmic trading and hedging, supports money management accounts and numerous third-party applications. Recently the developer of MT4 MetaQuotes Software announced it is stopping the support and development for this platform in favor of its successor MetaTrader 5.

 

Methods of payment

 

GQFX has a relatively large selection of payment options. The broker accepts client deposits through Visa and MasterCard, China UnionPay, bank transfer and the electronic payment systems PayPal, Neteller and Skrill. The base currencies are USD, JPY, EUR and GBP.

 

Conclusion

 

GQFX is first and foremost an offshore broker. Like we already said, its Belize regulation does not provide much assurance, although it is definitely more better than that of Vanuatu, for example. But ISFC does not provide the robust oversight of UK's FCA or the Australian Securities and Investment Commission. As usual, we recommend to invest with brokers regulated by one of those watchdogs.

 

Like we already noted, the leverage offered by GQFX is rather low. On the other hand, however, the spreads look lucrative, even though they suggest the broker may be charging commissions. We could not find any definitive information about this.

 

Pros Cons
MT4 Offshore
Tight spreads Low leverage

 

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Traders` reviews for GQFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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