de | cn | ru

GigaFX Review - is it scam or safe?

GigaFX review - Is gigafx.com scam or good forex broker?

RATING: 1.2 / 2 REVIEWS ForexBrokerz GigaFX
GigaFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


GigaFX is an offshore forex and CFD broker, offering several account types with a leverage as high as 1:200 and the MetaTradr4 platform. Unfortunately the broker is not regulated so if you are thinking about trading with them be sure to read this review first.

 

Trading account  Min. deposit Max. leverage Spread
Starters Account 250 EUR 1:100 3 pips, fixed
Silver Account n/a 1:100 n/a
Gold Account n/a 1:200 n/a
Premium Account n/a 1:200 n/a

 

GigaFX Advantages:

 

Over 50 forex pairs and a selection of crypto CFDs

 

The choice of currency pairs and CFDs with GigaFX looks really fine – over  50 forex pairs many of which crosses, exotic or minor like USDDKK, USDHKD, USDHUF, USDMXN, USDNOK, USDPLN, USDRUB, USDSEK, USDSGD, USDTRY, USDZAR and USDINR. 

 

And there are also CFDs on silver, gold, platinum, palladium, oil and natural gas, 23 indices, stocks and even crypto coins including Bitcoin, Litecoin, Dash, Ethereum, Ripple, Ethereum Classic, Bitcoin Gold, Monero, Verge, Cardano, Stellar, Swisscoin, NEM, Qtum, Lisk, Bitcoin SV and Bitcoin Cash ABC.

 

Besides GigaFX even says to be offering CFDs on cannabis stocks of companies like GW Pharmaceuticals, Cronos Group Inc, Tilray Inc, Aurora Cannabic Inc and other rising stars in the growing new industry.

 

Leverage as high as 1:200

 

While on their front page the broker says to be offering leverage as high as 1:150, going through the specifications of the various account types it turned out the maximum leverage with the starting accounts to be 1:100, while with the premium accounts – 1:200. 

 

In any case even leverage of up to 1:100 is perfectly enough to accommodate even the most aggressive trading strategies. And while in the past few years higher margin trading was caped in Europe, USA and some other markets, virtually unrestricted leverage is still allowed in Australia, so here you may check our list of brokers regulated there:

 

>>Brokers regulated in Australia<<

 

Acceptable minimum deposit requirement

 

At GigaFX you can start trading with 250 EUR and that is more or less what most other brokers would ask you for. We should note, however, that with some big well known names like FBS and IG you can start trading with virtually 5 USD or so.

 

MetaTrader4 supported

 

And that is another positive point. The presence of MetaTrader4 has always been good news. The platform is light and intuitive, featuring numerous market indicators and customizable trading robots with the help of which one can easily run automated trading sessions. And besides, MT4 sports an excellent charting package, so here you may check our list of MT4 supporting brokers as well:

 

 >>MT4 Brokers<<

 

You can pay with Neteller and Skrill

 

Neteller and Skrill are probably the most popular e-wallets on the market and their presence is welcome. GigaFX also accepts various credit and debit cards -  VISA, MasterCard, Diners, Visa Electron, Maestro, Maestro UK (Switch) and Solo, as well as Bpay and Bitcoins. 

 

Of course you can also pay with a bank wire transfer, but you should bear in mind that the minimum withdrawal  amount with a wire transfer is 3 000 EUR. Besides, here you may also check our list of brokers accepting payments with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

GigaFX Disadvantages:

 

Offshore broker, no proper license

 

GigaFX is owned and operated by Four Square International Ventures LTD, which is registered offshore in the Commonwealth of Dominica. 

 

Being an offshore broker is not something bad per se. The real issue however is the fact that GigaFX is not regulated by any official financial regulator and in practice is not accountable for the way they handle clients' money. 

 

Properly regulated brokers on the other hand do guarantee the security of your funds. Brokers with licenses from respectable institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) have to file regular reports, to allow external audits, to offer their clients a negative balance protection, to keep all deposits in a segregated, protected form creditors, trust account, to maintain at all times a certain minimum operational capital, and in some cases even to insure traders money.

 

With a FCA regulated broker for example you will not have to worry for the first 85 000 GBP in your account as they will be covered by an insurance policy, provided by a special client compensation fund. Here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Missing information about fees and withdraw conditions 

 

Hard as we tried, but we were not able to find any specific information about the withdrawals processing and handling fees, which the broker says to be charging its clients. 

 

And the other piece of missing information are the Bonus Terms and Conditions – GigaFX says to be offering trading bonuses and promotions, subject to additional withdraw conditions like some minimum trade volume requirement.

 

As we noted we were not able to find the file with GigaFX  Bonus Terms and Conditions so we can not tell what exactly is their minimum trade volume requirement.

 

In any case the practice of offering trading bonuses is highly controversial and that is the reason it is banned in Europe and some other regulated markets like the US and Australia.

 

High spreads

 

Although GigaFX advertises spreads as low as 0,7 pips, when we tested their trading platforms with a demo account the benchmark EURUSD spreads was fixed at 3 pips - at least two times higher then the levels traders would usually consider attractive. Here you may check our list of brokers offering tighter spreads as well:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

GigaFX is an offshore broker, which is not licensed to provide financial services on regulated markets like USA, Canada, EU, Australia or Japan. On top of that there is some crucial legal information missing in their presentation and that makes depositing money with GigaFX even more riskier. As always in such cases our best advice is to trade only with brokers, holding legit licenses by respectable institutions such as FCA in the UK, ASIC in Australia or CySEC in Cyprus.

Latest news about GigaFX
No news about GigaFX. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for GigaFX

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

 

 

100% fraudulent

This company is 100% fraudulent
You can state this by accessing their website http://www.gigafx.com
The numbers do not work, neither the menus to start trading, they take money from customers. Physical Evidence of this frauds is held
DO NOT TRUST THIS COMPANY OR ANY PEOPLE ASSOCIATED WITH THEM

Let’s together fight Cybercrime
Steve Jones

Freeinfofraud 12/26/2019
de | cn | ru