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GWFX Global Review - Is it scam or safe?

GWFX Global Review - is gwfxglobal.com a good forex broker or a scam?

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Trading Accounts

 

Account type Min. deposit Minimum trade size Maximum leverage Average Spreads
Standard $200 ($50 for NZ residents) 0,1 1:500 1.8 on EUR/USD
VIP $50 000 1 - 1.6 on EUR/USD 

 

GWFX Global provides two account types: Standard and VIP. The VIP account is in fact intended for institutional clients, as the minimum initial deposit required is $50 000 and the minimum trade size is 1.

 

The Standard account type offers mini tradable lots, however micro lots (0.01) are not available. Otherwise, the brokerage provides leverage up to 1:500 and variable spreads on the industry’s standard MetaTrader 4 (MT4).

 

Account currency is USD. If you deposit other currencies, the will be converted into USD with a market exchange rate.

 

The Company. Security of Funds

 

GWFX Global offers trading in 18 currency pairs, as well as precious metals gold and through the MT4 platform. It was a sponsor of Swansea City Football Club of the English Premier League.

 

The GWFX brand name is owned and operated by the Goldenway Group of companies. The group was established and registered in Hong Kong in 2009 and now comprises several companies, including Goldenway Global Investments (UK) Limited and Goldenway Global Investments (New Zealand) Limited.

 

FCA forex regulation is one of the most reliable ones. To acquire a license from the UK financial watchdog, UK-based brokerages must prove their good financial standing - to hold a minimum of €730 000 net tangible assets and to maintain it. Also, they must keep clients` funds in segregated bank accounts, separated from the company operating funds, and report regularly to the Commission.

 

Probably the most important thing in relation to FCA regulation is the fact that it involves a compensation scheme in the event that a licensed broker becomes insolvent. The Financial Services Compensation Scheme (FSCS) provides a maximum compensation cover of £50,000 per person.


In addition, clients of Goldenway Global Investments (UK) Limited, have a right to complain directly to the Financial Ombudsman Service. 

 

As regards the NZ unit of the company, it is registered by New Zealand authorities as a Financial Service Provider (FSP) and is supervised by the Financial Market Authority (FMA). It is also is a member of Financial Dispute Resolution (FDR) which could provide compensation up to NZD 200,000.

 

Trading Conditions

 

Minimum Initial Deposit

The minimum deposit for opening a trading account with GWFX Global, is $200, which is average. NZ residents may open an account with just $50. 

 

Average spreads & Commissions

GWFX Global quotes as typical a variable spread of 1.8 pips on EUR/USD, which is comparatively high for the forex market. For purposes of comparison, Land FX, also holding licenses from both FCA and FMA, offers average spread of 1.4 pips on the EUR/USD for its commission-free MT4 accounts. If you need further information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage rates at GWFX Global are up to 1:500. Such leverage is considered comparatively high, although many other brokers offer similar or even higher leverage rates. For instance, Land FX also provides leverage up to 1:500. You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.

 

Please, be advised that higher leverage ratios may multiply your earnings on a small deposit, but they may also lead to heavy losses, exceeding initial investments. 

 

Trading Platforms

 

When trading with GWFX Global, you will be offered the most widely used Metatrader 4 (MT4) platform. It comes in desktop, and mobile versions.

 

MT4 is preferred by most experienced traders, because it is user-friendly and it offers all a trader needs, plus automatization of trades via a number of Expert Advisors (EAs).

 

TH GWMT4 offers 31 types of chart-drawing tools, 9 timeframes, and 30 types of technical indicators. Here is a list of more forex brokers offering MT4 platform.

 

Methods of Payment

 

Clients of GWFX Global can make deposits to and withdrawals from their accounts via the following payment methods: via credit/debit cards, bank wire, and e-wallets Skrill & FasaPay.

 

Withdrawals usually take up to 2 business days.

 

Conclusion

 

GWFX Global is a well-regulated broker, offering MT4 trading in some currency pairs, silver and gold. Popular CFDs are unavailable for trade with this broker, and what is worse, its spreads are high. In a nutshell, here are the advantages and disadvantages with regards to this broker:

 

Pros Cons
Strong regulation High spreads
No commission fees No indices and stocks CFDs 
MT4 available No Choice of trading platforms
High leverage levels No micro tradable lots

 

Latest news about GWFX Global
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Traders` reviews for GWFX Global

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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