Thinking of getting into business with Gtradefx? Here is what you must know about this broker. Carefully read this review to find out if gtradefx.com is the trading platform you will want to trade with.
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About Gtradefx Broker
Gtradefx is an offshore brokerage company with a lot of promises for traders. The broker address shows it is from Beachmont, Kingstown.
There are different account types Gtradefx offers. See below.
Added, the broker claims “global regulation from FCA,UK; FSC (Mauritius); CySEC and more”.
To clarify, in spite the trading instruments and regulation Gtradefx claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
gtradefx.com: Reasons to Avoid This Broker
Firstly, gtradefx.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Financial Conduct Authority, FCA UK does not recognize this broker.
Secondly, we noticed gtradefx.com has no demo account for traders. Since traders can’t test Gtradefx on a free account, we can’t know its viability in the forex market.
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Gtradefx leaves us with no information on what fees forex traders will be charged for any withdrawal nor processing days on each withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
Gtradefx minimum deposit is pegged at $500.
As for the payment methods, the Gtradefx specifies Debit/Credit card and Wire Transfer. But, you should not consider making any payment with this broker because it is a risk. So beware!
Gtradefx Platform
Gtradefx offers WebTrader and MT4 (Industry standard trading platform). The presence of MT4 doesn’t make this broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:50. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Gtradefx Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is gtradefx.com a Reliable Broker?
No, gtradefx.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.