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GemForex Review - is it scam or safe?

GemForex Review - is gforex.asia scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz GemForex
GemForex 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 Average Spread (& commission)
All-in-One $1 0.01 1:1000 1.5 pips
No spread 3000 1 1:1000 0.0 pips (+ commission)

 

Clients of GemForex are offered a choice of two account types. The All-in-One account is commission-free, while the No spread provides Zero spreads and probably involves a commission (although it is not explicitly stated). Otherwise, leverage on both account types is up to 1:1000, and micro lots are available solely on the commission-free account.

 

Overall, GemForex’s trading conditions seem competitive: a minimum initial deposit of $1 sounds like an attractive offer, and the variable spreads offered on All-in-One accounts are on the upper end of average, as typical ones on the EUR/USD pair amount to 1.5 pips.

 

As regards the leverage provided by this broker, do not feel obliged to use the maximum of 1:1000. More leverage does not guarantee better trading performance. Actually, more often than not, it happens quite the opposite and this over-leveraging can lead to massive losses.

 

Even though GemForex’s trading conditions appear good, don’t forget that the most important factor when choosing a forex or binary options broker is reliability, i.e. financial regulation.

 

The Company. Security of Funds

 

Company

Country

Regulation

GEM-TRADE Co Ltd.

Seychelles

N/A

 

GemForex offers trading in more than 30 currency pairs, precious metals and binary options. Headquartered in Hong Kong, this broker is not licensed by the Hong Kong Securities and Futures Commission (SFC). Instead, the company behind the GemForex brand is registered in the Seychelles.

Doing business with offshore brokers is extremely risky as clients have no protection, if something goes wrong. Basically, such brokers can manipulate trading platforms and do whatever they like with your money, as no authority is overseeing their activity. Large part of offshore brokerages are pure scams, and it looks like GemForex may be one of them. Not only Japan’s Financial Services Agency (FSA) has warned against it for it is not authorized to provide financial services in Japan, but the Forex Peace Army (FPA) forum claims that GemForex is a high-yield investment program (HYIP), or a type of Ponzi scheme. The FPA strongly recommends against placing money with any HYIP. And so do we.

 

You’d better select among brokers licensed by the respective authorities in the UK, or Australia for example.

 

Trading Platform

 

Like most forex brokers, GemForex offers MetaTrader4 (MT4). Launched more than 10 years ago, MT4 continues to be the standard choice for most brokers, both big and small, and enjoys a massive popularity in the forex trading industry. It is user friendly and has many useful functionalities, offers the options for algorithmic trading and hedging, supports money management accounts and numerous third-party applications. 

 

 

GemForex’s demo desktop MT4. Click for a larger image.

 

Methods of Payment

 

GemForex offers its clients the following payments methods: bank wire transfer, credit/debit cards, e-Wallet Skrill, Neteller, PayPal, Perfect Money, MegaTransfer, Alipay, PAYEER and Bitcoin.

 

Conclusion

 

GemForex is a forex and binary options broker supporting the MT4 platform and offering competitive trading conditions. Nonetheless, in our view the main concern with this broker is the fact that it is not registered offshore and that it might be a scam, as the FPA warns that GemForex. Is a type of a Ponzi scheme (HYIP). Here are, in a nutshell, the pros and cons with regards to this broker:

 

Pros Cons
MT4 offered   Registered offshore and likely a HYIP
Competitive spreads No CFDs on stocks and indices
Low minimum investment required  

 

Latest news about GemForex
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Traders` reviews for GemForex

Spread

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Slippage

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Requotes

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Price feed

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Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

gforex.asia big scam dont want get my whidraw

https://gforex.asia big scam dont want get my whidraw i shard conversation whit him

salmon deborah 04/12/2018

Stole my money!

I did several smaller loans with this guys and they always paid spot on. As soon as I did a bigger loan they wouldn't let me withdraw my money! SCAM lure you in with the small loans and then BOOM!

shane birch 01/19/2018
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