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GFBroker Review - is it scam or safe?

Global Financial Broker (GFBroker) Review - is gfbroker.com scam or good forec broker?

RATING: 1.1 / 2 REVIEWS ForexBrokerz GFBroker
GFBroker 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 Spreads
Standard $100 0.01 1:500 0.7 pips + $4.70

 

There is no information about trading accounts in GFBroker’s website, so we will assume that the broker offers a single account and we will call it “Standard” for convenience. It provides variable spreads, leverage up to 1:500 and the option to trade in micro lots on its proprietary platform.  

 

When we tried out GFBroker’s demo web platform, the spread on EUR/USD was floating around 0.7 pips on EUR/USD and a commission of $4.70 applies. Such trading costs appear average for the forex industry, however, you’d better choose a broker with similar or better trading conditions that is licensed by a reputable financial agency. Because, no matter how tight the spread, when you are denied withdrawal, you can do little about it when your broker’s company is registered offshore, which is the case with GFBroker.

 

The Company. Security of Funds

 

Company

Country

Regulation

WEB Brokers Limited

Vanuatu

VSFC

 

Global Financial Broker (GFBroker) offers trading in a number of currency pairs, precious metals and some CFDs on its in-house platform, GFB Trader.

 

The company behind the brand, WEB Brokers Limited, operates under a license issued by the Vanuatu Financial Services Commission (VSFC). Even though VSFC is said to regulate and supervise international financial services providers, the local regulatory regime for forex and binary brokers is one of the most liberal and low-cost ones. 

 

Please, familiarize yourselves with all the risks associated with doing business with offshore brokers, and consider carefully whether to waste your time with money with GFBroker or another offshore company.  

 

To be more specific, GFBroker’s website is available in English and Russian and it seems that this broker targets mostly traders from the former Soviet Union countries. There are numerous negative user reviews about this broker in various forex forums and site. If this wasn’t enough to convince you not to invest with GFBroker, you should also know that several regulators have warned against GFBroker - The Bank of Lithuania, the Estonian Financial Supervision Authority, and the Financial and Capital Market Commission of Latvia.

 

So, we would advise you to select among reputable brokers regulated by FCA in the UK, CySEC in Cyprus or ASIC in Australia.

 

Trading Platform

 

Unlike most brokers, GFBroker does not support the good old MetaTrader 4 (MT4). Instead, it offers its in-house platform called GFB Trader, which is available as desktop, web and mobile versions. The platform is basic, nothing special really, and lacks many of the advanced features available on the MT4, most importantly, automated strategies.

 

 

GFBroker’s in-house platform. Click for a larger image.

 

Methods of Payment

 

GFBroker offers its clients solely credit/debit card, and wire transfer as payment options. Deposits in gold are also accepted, which is not common in the forex industry. As far as we know, only FiboGroup accepts gold deposits.

 

Conclusion

 

GFBroker is a forex forex and CFD broker registered offshore that uses its own trading platform. While its trading conditions may seem good, it is not recommended, because it operates without a decent forex broker license and has rather bad reputation. To sum up the above:

                                                                                                 

Pros Cons
Competitive spreads Offshore broker
Rich product portfolio Limited information on website
  MT4 NOT available
  Bad reputation

 

Latest news about GFBroker
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Traders` reviews for GFBroker

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

GFBroker scam: It is impossible to withdraw

Sorry for my english, but I will try to explain how that platform works with "traders" and it denies it.

How GFBROKER.COM work with the help of “Traders“.

Example:

You Deposit 10000 EUR.

GFBROKER.COM representative connects you to that platform.

„Trader“ Via skype calls you, teaches you ,shows and helps you to invest to TESLA, APPLE , usd/mxn and everything seems all right. Leverage 1:200.

GFBroker.com allows you even to withdraw some small amount to your account.
You test it and after that you respect them.

Your account manager gives bonuses without request for example 4000 eur and you become happy.

In the balance of trading platform you have already 10000eur+4000eur+earning 1000eur=15000eur

One day you get a call from the account manager, and he tells you about good trading signs, good analytics, news and you deposit 5000eur.

In the balance you have 20000eur. You are awesome.

Your account manager helps again to invest. You have 20000eur+earning 000eur=22000eur. Perfect.

You decide to withdraw sum -bonus.

The account manager says -before withdrawal procedure you need to make conversion, that’s why you need to deposit 6500 eur.

In Balance you have 6500+22000eur=28000eur.

The account manager calls you and helps you to “make” UZD/ZAR sell manipulation and you “close positions”.

In the trading platform you enter yours credit card information and expect to make money withdraw. But the “trader” says that the whole amount goes to a Prime brokerage and will be automatically transferred to your bank account.

You wait.

After 2 days you got a call From the unknown specialist of Prime brokerage, and that specialist or Prime brokerage manager says that all your money are suspended and you need to pay additional 6000eur for conversion, conversion is formed due the leverage 1:200. You hear requisition - you pay additional money or your money goes out, and you will lose it.

And in the balance you have 0 eur. Simply put, one day you have 0.
And they can freely „work“?

VR 10/11/2017
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