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GDA Fincorp Review - Is it scam or safe?

GDA Fincorp  Review - is gdafincorp.com scam or good forex broker?

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

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Trading Accounts & Conditions

 

Account type  Minimum deposit Minimum trade size Maximum leverage Spreads (& Commission)
Mini $50 0.01 1:500 From 2.5 pips
Standard $250 0.01 1:500 From 1.7 pips
ECN $1 000 0.01 1:200 From 0.8 pips + commission
PAMM $1 000 0.01 1:200 From 0.7 pips + commission
VIP $15 000 0.01 1:200 From 0.6 pips + commission

 

GDA Fincorp offers its clients 5 account types, depending on their initial investment amount. All account types provide variable spreads, micro tradeable lots, and NDD environment. The Mini and Standard account types are commission-free, while the ECN, PAMM & VIP accounts involve a commission, but provide tighter spreads. Unfortunately, the broker does not provide information about the exact amount of the commission fees.

 

While the minimum initial deposit of $50 required by GDA Fincorp looks attractively low, the one required for ECN accounts is high ($1 000). What is more, the spreads on commission-free accounts are pretty wide. By comparison, Trading212 (holding FCA license) offers spreads averaged 0.9 pips on EUR/USD. For further information and comparison you may check out the real-time spreads of 15 leading brokers here.

 

The Company. Security of Funds

 

Company

Country

Regulation

 GDA Fincorp Limited

UK

N/A

 

Established in 2015, GDA Fincorp is a London-based forex and CFD broker that offers STP/ECN trading on the industry’s standard MetaTrader 4 platform.

 

The company behind the brand, GDA Fincorp Limited, is registered in the UK, but is not licensed by the FCA (nor by any other regulator).

 

We generally advise traders to avoid non-regulated (and offshore) companies, as doing business with such is extremely risky. Clients of such companies have no protection in case something goes wrong and their chances to get their money back are close to zero. So, you’d better select among brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC, where regulation and supervision is strict and your funds will be safe.

 

Trading Platform

 

Like most brokers, this one also supports the MetaTrader 4 (MT4) platform, desktop and mobile versions available.

 

MT4 is easy to use and offers a number of technical analysis indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to automate their trades.

 

Besides, VPS is also available with GDA Fincorp, which allows traders to run their EAs 24/6, without relying on their own computers or Internet connection.

 

Methods of Payment

 

GDA Fincorp offers its clients the following payment methods: bank wire transfer and via credit/debit cards, as well as e-wallets such as Skrill, Neteller, Perfect Money, OKPay, Trasuz and FasaPay.

 

Conclusion

 

GDA Fincorp is a UK-based forex and CFD broker that supports the popular MT4 platform and claims to offer pure NDD environment.  Our main concern with GDA Fincorp is that it is not licensed by FCA, nor by any other authority. Besides, we find the spreads on commission-free accounts wide. To sum up the above:

 

Pros Cons
MT4 available Not regulated
Low min. initial deposit High spreads on commission-free accounts
STP/ECN broker High initial deposit for ECN account
  No info about the amount of commission fees

 

Latest news about GDA Fincorp
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Traders` reviews for GDA Fincorp

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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