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Gelios Trade Review - is it scam or safe?

Gelios Trade Review - is gelios.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Gelios Trade
Gelios Trade is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage  Spread
Standard  $100  1:100 4 pips, fixed

 

Gelios Trade is a forex broker that uses the MT4 trading platform. It does not seem to offer its clients different trading accounts and has not presented clearly the trading conditions. What is worse, its legal situation is somewhat unclear, and that rises some serious issues, which we will discuss in the following review.

 

 

Gelios Trade Advantages

 

MetaTrader4 offered

Gelios Trade may not score highly in our review due to a number of reasons we have listed below, but the platform they offer isn’t one of them. The MetaTrader4 (MT4), along with the MT5 is among the finest and most popular trading solutions on the market. 

 

The MT4 is highly praised for its ease of use, reliability, and useful features and functionality. Tha platform has excellent charting tools, and numerous market indicators and trading bots, designed to help you run automated trading sessions.

 


>> Cgeck out the top-rated MT4brokers <<

 

 

Gelios Trade Disadvantages

 

Not licensed, despite the claims

Gelios Trade is a trademark of Gelios Trade Ltd, a company based in Dublin, Ireland, which, however is not regulated in this country. Instead, the broker claims to be registered as an International Business Company (IBC) in Belize and authorized by the International Financial Services Commission of Belize (IFSC). Gelios Trade has even uploaded its certificate of incorporation on the website. However, our check in the IBC register of IFSC revealed that the above-mentioned company is not present there.

 

The lack of legit license is our main concern with Gelios Trade, as most unregulated brokers, especially those making false regulation claims, are usually engaged in some sort of fraudulent practices.

 

Zero clarity on trading conditions

Another worrisome sign regarding Gelios Trade is the broker doesn’t provide much details about the trading environment they provide. It has not disclosed what leverage levels it provides, nor any reference spreads on its website, which is the good practice of all decent forex brokerages. This is an obvious disadvantage that is actually very common among shady brokerages.

 

Very high spreads on demo

When we tested Gelios Trade’s MT4 in demo mode, we found out that actually the cost of trading with this broker is very high.

 

 

Gelios Trade’ MT4 demo. Click for a larger view.

 

As you can see from the above image, the benchmark EUR/USD spread is fixed at 4 pips, which is twice the industry’s average. For further information and comparison on spreads, check out the below link:



>> Compare the spreads of the best brokers in real time <<

 

 

Four-digit quotes

Another thing we noticed while trying out Gelios Trade’s MT4 is the four-digit quoting. Nowadays, almost all forex brokers provide a fifth symbol after the decimal point. In case you are not that familiar with currency trading, this is actually very important, especially for those using short-term trading strategies.

 

No CFDs on indices and cryptocurrencies (on demo)

Last but not least, judging from the demo account offering, the broker’s product portfolio is not very diversified. It includes around 25 currency pairs, as well as CFDs on gold and several stocks. Probably many traders will miss popular trading instruments such as Bitcoin and other digital cryptocurrency CFDs, as well as CFDs on indices like UK100, US30, and more.

 

 

Conclusion

 

Gelios Trade is an MT4 forex broker whose offering isn’t very attractive for a number of reasons, which we covered above. The costs of trading with this broker are very high, and what is worse, Gelios Trade is not present in the register of Belize’s regulator, as claimed.

 

Even if the broker is indeed licensed in Belize, this is still an offshore destination, where the regulation and licensing requirements are not as strict as in other jurisdictions. Many forex brokers choose to register in Belize, since they are obliged to meet fewer and softer requirements and to comply with less strict rules than if they were regulated in the UK or US for example. In fact, IFSC rather relies on self-regulation of forex brokers.

 

 

>> Check out a list of forex brokers licensed in the UK <<

 

 

To sum up the above:

 

Pros Cons

MT4 available

Not licensed, despite the claims
  No clarity on trading conditions
  High demo spreads
  Four-digit quotes

 

Latest news about Gelios Trade
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Traders` reviews for Gelios Trade

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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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

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