General information and regulations of GalaxyFX
GalaxyFX is a diversified financial services and investment management innovator in the digital asset, Forex, cryptocurrency, and blockchain technology sector. However, the information on its website is quite scarce and it has no effective regulation.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on.
At the end of the article, we will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.
Market instruments
Cryptos, Fx Options, commodities .....GalaxyFX allows clients to access a wide range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on GalaxyFX. However, we noted that shares and indices are not currently available.
Spreads and commissions for trading with GalaxyFX
GalaxyFX does not detail on its website additional trading costs such as spreads, commissions, SWAPs, etc. These costs are very important when calculating profits and losses, and should be considered in aggregate and not chosen in isolation. If you want to trade with GalaxyFX, we recommend that you take the time to calculate these transaction costs.
Account Types for GalaxyFX
GalaxyFX does not provide account information. Generally, Forex brokers offer several different levels of real accounts with different trading conditions (leverage, spreads, commissions, etc.) depending on the minimum deposit amount. In addition, many brokers offer demo accounts, where interested parties can trade without incurring real money losses. Due to the law prohibiting interest in the Islamic region, some brokers also offer Islamic accounts without overnight interest charges.
Trading platforms offered by GalaxyFX
GalaxyFX does not give information about its trading platform, but from the peers and the website as a whole, it should be a trading platform developed by itself.
Leverage offered by GalaxyFX
You can't find information about trading leverage on GalaxyFX's website. Some forex brokers offer leverage of up to 1:500, but newbies are advised to be cautious about such high leverage.
Deposit and withdrawal methods and fees
As for deposits and withdrawals, the company lists only a few payment options, but does not cover the most important parts, such as additional fees, minimum amounts, time required for procedures, etc.
Educational resources
There is no education section on the GalaxyFX website. Many brokers are able to provide a variety of educational resources such as video courses, seminars, e-books, related articles, glossaries that provide some basic knowledge about trading. This is not the case with GalaxyFX.
Customer support of GalaxyFX
Below are the details about the customer service.
Language(s): English
Email: support@galaxyfxtrades.com
Address: 107 Grand Street, New York, NY 10013 United States
Users exposures on WikiFX
We have not received any reports of fraudulent activity at this time.
Advantages and disadvantages of GalaxyFX
Advantages:
We havent noted very evident advantages
Disadvantages:
No effective regulation
Few information available
Frequent asked questions about GalaxyFX
Is this broker well regulated？
No, it is currently not effectively regulated and you are advised to be aware of its potential risks.
What deposit and withdrawal channels does this broker offer？
GalaxyFX offers Bank transfer, perfect money, webmoney, bitcoin, skrill, neteller for you to choose from.
2023-05-03 16:26
