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GulfFX Review - Is it scam or safe?

GulfFX Review - is gulffx.co scam or good forex broker?

RATING: 1.8 / 4 REVIEWS GulfFX
GulfFX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Average Spreads
Micro $500 0.01 1:100 1.5 pips
Standard $1 000 0.1 1:100 1.0 pips
Gold $10,000 0.1 1:100 N/A

 

As most brokers, GulfFX offers its clients several account types. All of them are commission-free, provide variable spreads, and leverage up to 1:100 on GulfFX’s customized version of MetaTrader 4 platforms.

 

Islamic (swap-free) services are also available with this broker to clients of certain countries, which is not surprising considering its name – it obviously targets traders from the so called “Gulf countries”.

 

Indeed, the spreads of GulfFX seem good, averaged 1.5 pip on EUR/USD, which is on the upper and of average for the forex industry. Yet, a minimum initial deposit of $500 is too high for a non-regulated brokerage. By comparison, you can open an account with FCA-regulated IG group by investing just $1 and use typical spreads of 0.8 pips on EUR/USD.

 

The Company. Security of Funds

 

Company

Country

Regulation

GULF FX LIMITED

UK

N/A

 

GulfFX is a forex and binary options broker that offers online trading in a variety of markets and assets, including Stocks, Commodities, Stock indices, ETFs and Forex. According to the information on its website, the broker is headquartered in London, and has offices in Bahrain, Tokyo, Cyprus, Geneva, and Sydney.

 

The company behind the brand, GULF FX LIMITED, is not regulated by UK’s FCA. Instead, it’s a registered International Business Company (IBC) with No 23176 somewhere offshore. The broker’s webpage provides no further details, that is why we googled the company name, but found no results, except for those from GulfFX’s website.

 

Considering the above said, this broker seems highly suspicious. There are many scams out there most of them registered offshore and operating without a proper broker license. Investing in such companies is extremely risky and we advise traders to select among brokerages duly regulated by UK’s FCA, Australia’s ASIC or CySEC.

 

Trading Platform

 

GulfFX offers its clients a customized version of the popular MetaTrader 4 (MT4). It is available as desktop, web, and mobile versions and you can also use it to trade in binary options.

 

MT4 is easy to use and yet provides full set of professional trading tools: a number of technical indicators and charting tools that allow the traders to analyze market dynamics, autotrading strategies via wide range of Expert Advisors and back-testing environment.

 

 

GulfFX’s customized version of MT4. Click to enlarge.

 

Methods of Payment

 

GulfFX offers its clients several payment methods: bank wire transfer, credit/debit card, and e-wallets Skrill, Neteller, FasaPay, CashU, China UnionPay.

 

Conclusion

 

GulfFX offers trading in forex, various CFDs, and binary options on a customized version of MT4 platform. Our main concern with this broker is that it not regulated.

 

Pros

Cons

MT4 available

Not regulated

Commission-free trading

High minimum initial deposit set

 

 

 

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Traders` reviews for GulfFX

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

 

 

I do not recommend any one to deal with Gulffx

when I ask my assistant that I want to withdrew money he said that we should close the open trade after that you can, from that time 2 months nobody answer my call and SMS , I do not recommend any one to deal with Gulffx

ameera 07/17/2018

gulffx robbed me

gulffx.com robbed me in 13.000$ and when i ask them to transfer they delete my account

dont trust them

nora 02/14/2018

GulfFX - Poor Support and Scam

After several calls from sales lady and promises they will educate me to trade, I deposited $500 in trade account via gocash card in UAE.
I requested several times to help me start trading but the sales lady disappeared and never replay my requisites. I tried to withdraw my money back to the card with no success. Recently their site is not responding to my login username and password. Several trials I made to retrieve back password but always failed. I do not recommend using this broker.

Hoda diab 10/06/2017

gulffx is scam company

First I don't recommend any one to deal with it. The company will do all trading on behalf of you, and will gain a very high profit, then after two month of trading on behalf of you then ask you to take your profit + your capital. Then after few minutes someone from finance dept. will call you and request you to pay their commission first which is around 10% to 25% depending on your investment the low invest with with high commission.
When you ask them to get it from the profits they will say no you have to pay from your own without touching trading money, and they will refuse all suggestions from your side to take your money other than payment from your pocket, and will threat you that stop all trading deals till you pay their commission.
I thing this is enough to know that the company is Scam company

ali 07/24/2017
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