July 11, 2020

GMFX24 Review 2020 – Is GMFX24 Scam or Legit?

Regulators: –

Cryptocurrencies: YES

Minimum Deposit: $250

Maximum Leverage: 1:500

Spreads: Medium

My Score: 2.0

Today, I will present you into GMFX24. GMFX24 is a forex currency and CFD broker who’s enrolled in St. Vincent and the Grenadines.

GMFX24 is owned and operated by Goldman 24 Limited. The organization situated in First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St Vincent and the Grenadines.

I shall provide you all of the important points in regards to the broker inside this GMFX24 review. As an instance: Is GMFX24 regulated? What are the account types made available by GMFX24? What are the spreads, minimum deposit, and also optimum leverage? Can be GMFX24 scam or dependable forex broker?

Regulation of GMFX24

GMFX24 asserts it is governed but there isn’t any advice about the ruler. Additionally, GMFX24 asserts to regions the security and safety of one’s own funds because of its own priority.

I noticed when exploring the brokerage provider, it had been associated with some other scam overseas brokerage firms like UP4x along with Tradeu2.

I consistently suggest that one in order to avoid perhaps not certified brokers and choose on the list of ones that are regulated. Even the Most Dependable authorities would be the UK’s FCA, both the Australian Securities and Investments Commission (ASIC) and also both the Cyprus Securities and Exchange Commission (CySEC).

These regulators necessitate a specific quantity of capital from the brokers to ensure that the reimbursement of capital and a specific degree of protection of customers ‘ money.

For example, brokers must maintain 730,000 in their bank accounts as minimum net capital as a criterion of the FCA. Also, there is also a compensation scheme for FCA-regulated broker’s clients: the Financial Services Compensation Scheme (FSCS). The FSCS covers the client’s funds up to a maximum of 50,000.

On the other hand, ASIC-regulated brokers must maintain a minimum net capital of slightly $ 1,000,000. In addition, these capitals should be kept in separate accounts from companies’ usable capital.

Before you get started trading with a broker, make certain to check on for legal law. This is the ideal method to shelter you from hackers.

Account Types and Spreads

GMFX24 offers its customers four various trading accounts types. All these are Micro, Standard, Premium, and VIP accounts.

The Micro accounts could be your newcomer accounts also it needs a $250 deposit. Spreads are out of 1 pip on EUR/USD without a commission. Minimum trade size is 0.01 lot, maximum leverage is 1:500.

The Standard accounts take a $500 minimum deposit. Spreads are from 1 pip without any commission. The most leverage is 1:300. Fund direction is acquired.

The Premium accounts’ minimum deposit requirement is / 25,000 that will be high. Spreads are in 0.6 pips commission 6/5 a round-turn standard bunch. Minimum trade size is 0.1 lots (10,000 units of base money ). Maximum leverage is 1:100.

The previous consideration is VIP also it takes $/ 100,000. Spreads are in 0.2 pips $6/5 a round-turn standard bunch. The most leverage is 1:100 with this particular account type.

Except to its minimal deposits of VIP and Premium accounts type s, the trading requirements supplied by the broker will be okay.

GMFX24 provides different leverage ratios, dependent on the magnitude of your deposit, using all the numbers heading down to larger customers.

Trading Platforms

GMFX24 provides its customers MetaTrader 4 trading platform. MetaTrader4 (MT4) is currently among the very widely used forex currency and CFDs trading platforms on the planet, with over 300 brokerage banks and firms deploying it and providing the platform with their clientele.

MetaTrader4 from MetaQuotes Software Corporation is arguably among the very widely used forex and CFDs online trading platforms on earth, incorporating store data, technical analysis and trading processes into one single.

The buyer can place an arrangement, close a posture, apply a limit order, stop loss, stop benefit, and also assess the invoices and analytic statistics. They might also prepare the stop-loss cost and benefit-cost without the need to monitor store requirements all of the time.

The MT4 is found on desktop computer, Android or iOS mobile apparatus. There’s additionally a web-terminal option to make use of this stage. Now there ‘s no requirement to download applications for this specific user-friendly online trading solution – only sign in and trade in the favourite browser onto your own Live or Demo accounts.

Trading Products

The broker offers trading with forex, gold and silver coins, crude petroleum, and indices. Additionally, you may obtain immediate access to one of the very well-known cryptocurrencies available entirely on our small business stage Bitcoin, Bitcoin Cache, Litecoin, Dash, Ethereum and Ripple.

Customer Support

The Site of the broker supports English and Italian just. There’s a live chat option nonetheless it was offline when I had been hoping to make use of. You are able to send an email to attain the broker. Regrettably, there’s not any contact number to get into.

GMFX24 brand doesn’t provide services to individuals of the USA, Japan, British Columbia, Quebec and Saskatchewan plus various additional regions.

Payment Methods

The broker supplies its customers with limited withdrawal and deposit options. There are just two debit and credit cards, bank wire transport options. Popular E-Wallets options like Neteller and Skrill are overlooking.

According to the web site of the broker, fresh options are arriving soon!

Conclusion

GMFX24 is an international forex and CFD broker. It gives good trading requirements however my main concern is the absence of regulation this broker under.

As I said lots of times, it’s too insecure to trade by having an unregulated forex broker. Here are the pros and cons of GMFX24:

GMFX24

2.4

Trust

1.0/10

Commissions and charges

3.0/10

Customer Service

2.0/10

Platform & Tools

4.0/10

Product Portfolio

2.0/10

Pros

  • MT4 endorsed

Cons

  • Offshore Regulation
  • Limited Payment Methods
  • Connected to additional international brokers