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GFS Partner Review - is it scam or safe?

GFS Partner Review - is gfspartner.com scam or good forex broker?

RATING: 1 / 0 REVIEWS GFS Partner
GFS Partner 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  N/A N/A N/A

 

GFS Partner claims to offer access to over 250 assets on the ever-popular MetaTrader4 platform. However, the broker has not made clear any of its trading conditions, and its service is completely anonymous. Basically, this forex and CFD broker shows every possible sign of investment scam and is not recommended.

 

Despite the bad signs, we will start off with what can be viewed as beneficial in this broker’s offer, as we always strive to be impartial.

 

 

GFS Partner Advantages

 

The MT4 offered

In our view, the only possible advantage of GFS Partner is the fact that it uses the fast, stable and reliable MT4 platform. This piece of software offers all a trader needs: interactive charts, a wide range of Expert Advisors (EAs) for automated trading, extensive back-testing environment, numerous built-in technical indicators, and more. 

 

Unfortunately, we could not try out GFS Partner’s MT4, as the broker obviously does not offer free demo accounts.

 

 

>> Looking for a better MT4 broker? <<

 

 

GFS Partner Disadvantages

 

No corporate information, nor financial regulation

Apart from the name of the entity that supposedly owns and operates GFS Partner, the broker has not provided any corporate information on its website – no number, no address, no mention of license or regulation.

 

This means not only that the broker is not regulated, but that its services are somewhat anonymous. Our research on the matter revealed that GFS Partners Limited is registered on the Cayman Islands - an offshore zone, where forex brokers are not regulated.

 

The lack of financial regulation is quite troubling in the dangerous world of trading, where scamming is unfortunately not uncommon.

 

No clarity on trading conditions

GFS Partner is surrounded by uncertainty both regarding its corporate background and the trading conditions it offers. As we mentioned in the beginning, this broker has not disclosed any essential trading specifics: trading costs, leverage provided, minimum deposit required, etc. Such lack of transparency is very troubling, especially combined with the unregulated status of GFS Partner.

 

Free demo accounts unavailable

Free testing service is always appreciated in the world of forex not only by newbies, but also by people who want to try out a broker’s trading conditions. This is important especially in those cases where the spreads are not (clearly) specified on the company’s website.

 

Not freely open for registration

We also discovered that it is not easy to open a live trading account with GFS Partner either. Traders who wish to register with this broker, need an invitation code.

 

 

Come to think of it, that actually might be good, as the fewer people have access, the fewer the possible victims of this fraudster.

 

 

Conclusion

 

We believe we have highlighted enough worrisome signs regarding GFS Partner to convince you that investing with this broker is not a good idea. There are far better options in the forex market and those who choose to invest with a brokerage regulated and authorized by a prestigious regulatory agency, can trade with the ease of mind that their funds are safe and sound and that there is an authority they can turn to in case something goes wrong.

 

 

>> Wanna trade with a broker licensed in the UK? <<

 

 

For example, brokers licensed in the UK have to comply with a number of strict rules. One of the most important among them is participation in the Financial Services Compensation Scheme (FSCS). This is a mechanism, which periodically collects payments from participants and puts them in a fund. This is later used to guarantee traders’ accounts, in case one of the participating brokers goes bankrupt. Coverage is limited to £50,000 per client.

 

To sum up our impression of GFS Partner in a few words:

 

Pros Cons
MT4 offered Missing corporate information, not regulated
  No clarity on trading conditions, no demo accounts
  Not freely open for registration

 

Latest news about GFS Partner
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Traders` reviews for GFS Partner

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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