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GFTrade Review - is it scam or safe?

GFTrade Review - Is gftrades.com scam or good forex broker?

RATING: 1 / 2 REVIEWS GFTrade
GFTrade is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Micro $300 1:400 From 2.0 pips*
Standard $2,000 1:400 From 1.8 pips*
VIP $5,000 1:400 From 1.6 pips*

*these are the conditions according to one of the sections on their website, while others claim 1.2 pips is the level for all account types. 

 

GFTrade is a forex broker, which we have a lot of issues with. While their presentation generally isn’t that bad, a few key points aren’t that clear. Read on for all the details.

 

GFTrade Advantages

 

MetaTrader4 (maybe) offered 

The trading platform you use is an important factor for your success, as it is the tool you use to view the price dynamics and act on them. With that in mind, both the charting and the execution speed provided by MetaTrader4 are very good. The platform also features automated trading, custom technical indicators, signal providers and much more. A mobile app, as well as a web-based version are also available, keeping its offer up to date. 

 

All of that may be great, but we weren’t able to access the platform provided by this broker.

 

>>A list of MT4 brokers<<

 

A lot of payment methods

The ways one can transfer funds to and from GFTrade are Bank Transfer, Credit Card, Neteller, Skrill, China UnoinPay. Few brokerages provide old and new systems, which are popular both in the East and West.

 

Barely competitive spreads

As we stated above, we weren’t able to test the platform at GFTrade, so you have to take this point with a grain of salt. The spreads provided on the broker’s website ate in-line with the current industry standards, while not being too impressive. 

 

High leverage options

With a maximum ratio of 1:400 no trader will feel this broker doesn’t provide sufficient leverage. Keep in mind this can be a double-edged sword – your losses will increase just as much as your potential wins, whenever you increase the position size. Be sure to do some research on proper risk management strategies, which will guarantee your survival in the fierce trading jungle.

 

GFTrade Disadvantages

 

Offshore company

GFTrade is based in Saint Vincent and the Grenadines. The company claims to be registered with the local Financial Services Authority (FSA), but the agency doesn’t provide specific regulation for financial market intermediaries. While the focus is on funds, insurance companies and bankings, there are no forex trading rules in this jurisdiction, as reiterated by a recent statement from watchdog. This is big red flag for us, which is enough to grant the company this low score, but wait there’s more.

 

HTTPS not present

A lot of the sections on GFTrade’s website don’t follow the current internet security standards. When browsing their website, you will get a warning about the unsafe nature of a lot of pages. This simply because they aren’t updated to the newer (yet relatively old, for internet standards) Hyper Text Transfer Protocol Secure (HTTPS). In other words, the people running this website either aren’t that proficient with technology or a bit careless. Needless to say, both of these don’t inspire trust, especially when it comes to a company dealing with your investment. Here is a screenshot (click to zoom-in):

 

Notice the top left corner, where the page is listed as not secure

 

Platform not freely available

We wanted to test the trading conditions offered by GFTrade, but weren’t able to download the platform. This is a bit of a shame, further reiterated by the fact different target spreads are mentioned on different sections of the website.

 

>>Verified, real-time spreads<<

 

Relatively high deposit requirements

With a $300 minimum deposit, even the micro traders at GFTrade will be relatively big. The current industry average is around $100, as offered by the FCA-regulated industry old timers at HYCM

 

Conclusion

 

GFTrade is an offshore broker, which doesn’t inspire much credibility in a lot of ways. The regulatory claims are questionable, given the recent statement by the SVG authorities. On top of that half the website isn’t registered as secured by modern internet browsers.

 

Of course, there are trading intermediaries, which are much more reliable. Some of the best ones are based in the United Kingdom and are overseen by the UK’s Financial Conduct Authority or FCA. They offer a fair trading environment and follow a lot of rules. We would like to bring only two to your attention, the ones which ensure your funds with the company will be safe.

 

>>A list of UK FCA brokers<<

 

1) segregated bank accounts. These special banking terms mean the company isn’t allowed to mix trader’s balances with their own. In effect, this prevents the most obvious con available – a company creating a website with nothing behind it, except for a way to accept deposits. 

 

2) participation in the Financial Services Compensation Scheme (FSCS) is mandatory. This system provides you with protection, if your FCA broker were to go bankrupt. The Scheme will eventually pay you back the funds you had wit them, up to £50,000.

 

To key points about GFTrade one more time:

 

Pros Cons
MetaTrader4 (may be) offered  Offshore company
A lot of payment methods HTTPS not present
Barely competitive spreads Platform not freely available
High leverage options Relatively high deposit requirements

 

Latest news about GFTrade
No news about GFTrade. Check back later.
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Traders` reviews for GFTrade

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

 

 

Changes

maybe GF trades now have changed. I see that they have HTTPS now, and have quite competitive spread, and see that the platform is available from MT4 android version too

paul 12/04/2018

account not accessible

me siento estafado ,no tengo forma de revisar mi cuenta ninguun chat me responde

Translated by Google:

I feel cheated, I have no way to check my account, no chat answers me

Ramon Restrepo 07/02/2018
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