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Greatfxpro Review - is it scam or safe?

Greatfxpro Review - is greatfxpro.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Greatfxpro
Greatfxpro is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Mini  $500 1:200 3 pips
Classic  $5 000 1:200 3 pips
Premium  $20 000 1:200 3 pips

 

Greatfxpro is a forex broker registered on the Marshall Islands. It offers three account types, however it is not clear whether and how the trading conditions on these accounts differ. Apart from their account types and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.

 

               

Greatfxpro Advantages

 

Trading on the MetaTrader4

Clients of Greatfxpro have access to the MetaTrader4 (MT4) which is by far the foremost platform in use. It can be accessed through almost any web browser, as well as mobile devices and has great charting and useful functionalities. One such option is the MQL5 programming language through which traders can alter or design their own auto-trading bots or run ready-made ones. Another very popular functionality of this platform is the support for Expert Advisors for automated trading.

 

 

>> Check out the best MT4 brokers <<

 

 

Wide range of assets

Another good thing about this broker is that offers trading in currency pairs from all over the world and a wide variety of CFDs, allowing for portfolio diversification, which helps manage risk. More specifically, the broker’s CFD product range includes, indices, stocks, commodities, precious metals and cryptocurrencies.

 

>> Top-tier forex brokers offering trading in crypto CFDs <<

 

 

Up to 1:200 in leverage

The maximum leverage at Greatfxpro is up to 1:200, which is a reasonable level. Such maximum leverage ratio is average for the forex sector and will satisfy the needs of most traders.

 

Note that using high leverage also has a significant disadvantage -  you may lose your investments in a matter of seconds, because it actually multiples the risk of loss.

 

 

Greatfxpro Disdvantages

 

No license, registered offshore

Greatfxpro is allegedly owned and operated by Clixads Ltd., a company registered offshore, on the Marshall Islands. This is an offshore zone where forex brokers do not fall under any regulatory oversight. This constitutes a major security concern for potential clients of Greatfxpro, who have no guarantee for their investment and may be open to substantial risk. The offshore registration also means that this broker is not entitled to operate on any regulated financial market, such as the EU, US, Canada, Japan, etc.

 

High cost of trading

First of all, Greatfxpro demands an initial deposit of $500 for the most basic account type, which is at least double the size of what most brokers require as a start. Second, the spreads announced on its website are 3 pips on EUR/USD.

 

Even for fixed spread standards, this is a high level. As a comparison,  easyMarkets offers a 1 pip fixed spread on the most popular pair, to those clients who deposit more than $250.

 

No demo accounts

Another worrisome sign regarding Greatfxpro is that it does not offer free demo accounts, so potential clients of this broker are unaware of the trading costs, as well as other key aspects of its service.

 

The MT4 provided by a shady company

Although Greatfxpro does not offer free testing service, its MT4 is freely downloadable from the website. So, we discovered that it is in fact provided by a third party, Trading Technologies Ltd. The company has been blacklisted by Belgium’s financial regulator FSMA, as well as by the French supervisory authority, the AMF. This is another major red flag regarding this broker.

 

Misleading name

Last but not least, we have to mention that the name of Greatfxpro seems misleading to us, as it is very similar to those of the legit and globally regulated broker FxPro. This is a popular scam tactic also known as a “clone firm”.

 

 

Conclusion

 

Greatfxpro is one of the many shady offshore brokers operating on financial markets. Considering that most offshore brokers turn out to be scams, we urge traders to exclude such risk by only dealing with companies licensed by reputable financial agencies, such as the FCA in the UK or CySEC in Cyprus. These authorities require compliance with a number of strict rules that provide significant assurance for the security of the clients` funds.

 


>> A list of forex brokers regulated in the UK <<

 

 

To sun up our recap on Greatfxpro:

 

Pros Cons
MT4 available Not licensed
Wide range of financial products High cost of trading
Solid leverage MT4 provided by a shady company
  Misleading name

 

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Traders` reviews for Greatfxpro

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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Summary

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