Overview of GFX
GFX is a company based in Saint Vincent and the Grenadines, established in 2019. GFX provides customer support through email at support@goldfx.co and by phone at (+855) (0) 23 213 686. However, GFX official website: https://gfx-i.net/vn/index.html, is inaccessible now. GFX is not subject to any regulation, so investing with this broker can be very risky.
Is GFX Legit or a Scam？
GFX is unregulated, indicating that it does not have any formal oversight from financial regulatory authorities.
This lack of regulation can pose risks to clients as it means GFX is not bound by the strict standards and protective measures that regulated entities must adhere to, potentially affecting the security and transparency of its operations.
Pros and Cons
Cons:
Lack of Oversight: Being unregulated means GFX lacks oversight from any financial regulatory authority, which could lead to issues related to transparency, reliability, and security of investments.
Increased Risk: Without regulatory compliance, there's an elevated risk for clients regarding the safety of their funds, the fairness of trading practices, and the overall integrity of the company's operations.
Limited Recourse: In case of disputes or financial issues, clients of GFX may have limited legal recourse or protection, as there's no regulatory body to ensure that their grievances are addressed or resolved.
Minimum Deposit
GFX offers three trading accounts: Silver (with a minimum deposit of $1000), Titanium (with a minimum deposit of $5000), and Platinum (with a minimum deposit of $25,000). The minimum deposit requirement for starting a basic account is absurdly high, as most legit broker requirements is as low as $100 or even less.
Leverage
With respect to trading leverage, the maximum trading leverage offered by GFX for forex trading is up to 1:500, which is generous. However, since leverage can amplify returns as well as potential losses, inexperienced traders need to take care when using it.
Spreads & Commissions
Spreads and commissions vary depending on three different trading accounts. Spreads in the silver account start from 2.5 pips, and 1.5 pips in the Titanium account, with no commissions charged. While the Platinum account requires certain commissions with its spread from 0.0 pips.
Trading Platform Available
GFX offers the MetaTrader 4 trading platform and a web trader. You may know that MetaTrader 4 is one of the well reputed and popular among brokers trading platform. Its advantages consist mainly in the fact that it offers a variety of trading tools and instruments to facilitate your transactions. For example, a financial calendar, VPS, trading signals (for a subscription fee), code base with customs scripts, demo account, etc.
Deposit & Withdrawal
The minimum deposit is $1000. Withdrawals are subjected to processing and handling fees which are deducted from the transferred amount. Once a month withdrawal request are not charged fees but any subsequent withdrawal is charged a processing fee and the processing time for withdrawal requests is 2-5 business days.
Customer Support
GFX offers customer support through both email and telephone to assist its clients and address their inquiries. Clients can reach out via email at support@goldfx.co for any questions or support needs they will have.
Additionally, for those preferring or requiring more immediate assistance, GFX provides phone support at (+855) (0) 23 213 686, where clients can speak directly with a customer service representative to resolve their issues or obtain information.
Conclusion
In conclusion, GFX, based in Saint Vincent and the Grenadines and established in 2019, operates without regulatory oversight, which presents certain risks to potential clients.
FAQs
Q: How can I contact GFX for customer support？
A: You can reach GFX's customer support by emailing support@goldfx.co or by calling (+855) (0) 23 213 686 for direct assistance with any questions or issues you may have.
Q: What are the risks of trading with an unregulated company like GFX？
A: Trading with an unregulated company like GFX increases risks related to the security of funds, transparency of transactions, and overall reliability.
2023-11-17 16:31
