With the rise of online trading platforms, it is crucial to conduct thorough research before choosing a broker. In this article, we will delve into the renowned broker and explore whether they are trustworthy or potential scams.
Company Overview
As for where the company is registered and where it is located, the broker says that its holding company, SoftGeeks OU, has an address in Estonia, but there is no information about how regulated it is. Also, it means that no one checks or oversees the broker’s work, and the only proof that the service will be provided is a company claim. Of course, when it comes to dealing with and investing money, it’s riskiest to only believe what someone says. This is because strict rules have to be followed to make sure that the service is reliable.
Does GXFX Have Any License?
GXFX does not have any license for them or not for their mother organization. We did not find any information about their authenticity.
Is GXFX Regulated By Any Authority?
Regulation ensures that brokers adhere to strict industry standards to protect client investments. GXFX has a number to call in the UK, but their “mother” company is not registered by the Estonian Financial Supervision Authority (EFSA), the Financial Conduct Authority of the UK, or any other organization.
Pros and Cons:
Pros:
– None found through extensive research.
Cons:
– Lack of licensing and regulation.
– Suspicious marketing tactics.
– Poor customer feedback and complaints.
How Does GXFX Reach Their Prey?
GXFX employs aggressive marketing techniques to lure unsuspecting traders. They often target inexperienced individuals who are looking to enter the world of online trading. These tactics involve promises of high returns, bonuses, and enticing promotional offers.
Technical Details
To fully understand the risks associated with GXFX, we delve into the technical details that potential investors need to be aware of.
Minimum Deposit:
The broker’s website says that the most basic account type that GXFX offers needs an initial payment of $25,000. That much money is about 100 times more than what most brokerages need as a start, so we hope this is a mistake.
Trading Platform:
This company doesn’t give any of the “normal” forex trading tools, like MetaTrader 4 or MetaTrader 5. It instead has its own web-based trade tool that has a simpler design and not as many features and choices.
This platform isn’t as bad as some others we’ve seen, but many users will miss being able to use Expert Advisors to trade automatically and the software’s ability to be customized.
Spread:
Spreads on GXFX’s market are a lot higher than the 1.4 pips that the company says they offer on majors. The gap on the most popular pair, EUR/USD, stayed at 3 pips, which is a lot more than the average for the industry.
Leverage:
GXFX clients can use leverage of 1:100 or less, which is good enough and not too high to be dangerous. Keep in mind that leverage rates of 1:400 or higher are very risky, especially for traders who aren’t used to them.
Packages and Products They Offer
GXFX offers various trading packages and products, promising exceptional returns. However, these offerings are often misleading and may lead to financial loss due to the lack of regulation and transparency.
Withdrawal and Deposit Methods
Many traders have reported difficulties in withdrawing their funds from GXFX. The company’s withdrawal process is often lengthy and requires extensive documentation, leading to frustration and delays.
What Do Their Previous Traders Say?
Multiple reports and testimonials suggest that GXFX is involved in unethical practices. Traders have raised concerns about their inability to withdraw funds, manipulative trading practices, and poor customer support. These negative experiences should serve as a warning sign to potential investors.
Summing Up – Why Should You Not Trust GXFX:
Despite its claims, GXFX lacks proper regulation, transparency, and reliable customer support. The negative reviews and reports from previous traders indicate a high level of risk associated with trading on this platform.
If Bad Things Happen, Where Can You Get the Quick Solution?
In the unfortunate event of falling victim to GXFX or any other scam broker, it is crucial to seek professional assistance. Our free consultation service provides expert advice and recovery service recommendations to help individuals recover lost funds, ensuring that justice is served.
File A Complaint Against Scam Broker's
Final Thoughts:
When faced with the decision to choose a broker, thorough research is essential. GXFX raises several red flags, such as lack of regulation, negative customer feedback, and unethical practices. It is advisable to steer clear of GXFX and explore alternative, trusted brokers to safeguard your investments and trading experience.
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