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Gulf Brokers Review - is it scam or safe?

Gulf Brokers review - Is gulfbrokers.com scam or good forex broker?

RATING: 1.9 / 1 REVIEWS Gulf Brokers
Gulf Brokers is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Gulf Brokers is an offshore broker, based and authorized in the Seychelles. Its offer comes with a single account type, leverage of up to 1:500 and the MetaTrader5 platform. You may find more information about their trading conditions and regulatory status in the following review.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $500 1:500 3 pips

 

Gulf Brokers Advantages:

 

Leverage of up to 1:500

 

The generous leverage is surely one. Moreover, after regulators throughout Europe, the USA, Australia, Japan, South Korea and Canada restricted the maximum leverage brokers may offer with forex transactions, basically Australia remains the only major regulatory hub, where traders can still enjoy high margin trading without risking their funds with offshore brokers. So here you may check our list of brokers regulated in Australia:

 

>>Brokers regulated in Australia<<

 

Over 60 currency pairs available

 

This is another positive point for Gulf Brokers. They say to be offering 62 currency pairs, many of which exotic or minor like USD/TRY, USD/MXN, USD/ZAR, USD/HUF, USD/NOK, USD/SEK, USD/CZK, USD/PLN, USD/DKK, USD/RUB, USD/CNH, USD/HKD, USD/SGD. And they also offer CFDs on gold, silver, oil, 14 major indices, some agricultural commodities like cocoa, coffee, cotton and sugar, and stocks. However, as we do not see any crypto coins in their offer here you may check our list of brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

MetaTrader5 supported

 

No doubt MetaTrader5, along with its predecessor the MetaTrade4 are the most popular trading platforms on the market for over a decade. MT5 features an advanced charting package, numerous market indicators and even customizable trading bots, with which you can run automated trading sessions. And here you may also check our list of brokers, offering the MetaTrader5 as well:

 

>>MT5 brokers<

 

Gulf Brokers Disadvantages:

 

Inadequate regulation

 

Gulf Brokers is owned and operated by the Gulf Brokers Ltd., which is an offshore company based on the Seychelles and authorized by the local Financial Services Authority.

 

The Financial Services Authority Seychelles (FSA) was created in March 2014 with the idea to regulate the non-banking financial services providers on the islands, including corporate service companies, trust companies and the foundation services providers. Forex and CFD brokers were also offered licenses, but the local requirements are not comparable to the strict regulatory regimes in Europe, the USA, Australia, Japan or Canada. 

 

For example a broker licensed by the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC) should keep at all times a minimum operational capital of at least 730 000 EUR, while the only capital requirement for a Seychelles regulated broker is to register a company on the islands with a paid-up capital of 50 000 USD. 

 

Further more FCA or CySEc regulated brokers should file regular reports and allow external audits, while FSA on the Seychelles simply lacks the capacity to oversee internationally operating brokers. That is why our best advise is to check our list of brokers, regulated by the FCA:

 

>>FCA Regulated Forex Brokers<<

 

High spreads 

 

Unfortunately we were not able to open a demo account with Gulf Brokers immediately so we were not able to check their trading conditions first hand. Still, from their presentation we understand that starting spreads are as high as 3 pips - about two times higher than the spreads traders would usually find attractive with a standard account. Still, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Unspecified fees

 

From Gulf Brokers Terms and Conditions we understand that although they currently do not have such fees, in the future they reserve the option to charge you statement charges, order cancellation  changes, account transfer charges, telephone charges and regulatory charges.

 

Excessive minimum deposit requirement

 

The 500 USD Gulf Brokers requires as a minimum investment are twice the amount most brokers would ask for with a standard account. And besides some big well established brokers like FBS and IG do not have a minimum deposit requirement at all.

 

Few payment methods

 

Finally, Gulf Brokers are accepting payments only with credit cards like VISA and MasterCard and bank wire. There is no option to pay with popular e-wallets like Neteller and Skrill, or bitcoins, so here you may also check our list of brokers accepting payments with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

Unfortunately we can not credit Gulf Brokers for their Seychelles license, because it does little to guarantee the safety of their clients' funds and as we already noted, it can not be compared with a license issued by well respected financial watchdogs like FCA in the UK, CySEC in Cyprus or ASIC in Australia. On top of that starting spreads as high as 3 pips are far form attractive.

Latest news about Gulf Brokers
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Traders` reviews for Gulf Brokers

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rude agent

Your agent in Philippines name Valerie is a rude woman... She talk a shit woman

unknown 05/28/2019
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