June 5, 2020

GoldFX Review – Is GFX Cambodia Scam or Reliable Broker?

Regulators: Kingdom of Cambodia

Cryptocurrencies: NO

Minimum Deposit: $100

Maximum Leverage: 1:200

Spreads: High

My Score: 0.8

GoldFX is a Cambodian-based forex broker, also referred to as GFX. Even though the business is established in Cambodia, they accept clients from throughout the universe. Unacceptable states are recorded at the footer of their website. You’re able to see nations such as Afghanistan, Ghana, Iraq.

The standard internet site is also extremely amateurishly designed. A number of the graphics on the web site are of low resolution. It’s unacceptable that the state site of an organization that you invest your cash will be indeed amateur in 2018.

In this GoldFX review you can discover in-depth info regarding account types provided by the broker, minimum deposit, leverage ratios and financing & withdrawal procedures. Additionally, you will have advice regarding GoldFX scam or perhaps a dependable broker.

Let’s look at the important points together.

Regulation

GoldFX asserts to be governed with a Cambodian-based forex broker and also the Kingdom of Cambodia. However, there’s not any such regulation in Cambodia.

The GFX’s excuse in this aspect isn’t clear. Normally, brokers certainly talk about the listing and also advice of these regulators in their own sites. You could even observe a permit number upon the broker’s site at which you are able to inquire from the ruler ‘s internet site. Some brokers also share their permit certification as PDF. But, it’s not yet determined if GoldFX is licensed or maybe not. As stated by the broker’s assert, it’s governed by the realm of Cambodia. But, it’s not said that the broker has been ruled by himself or by way of a passionate government association.

So I could mention that Gold FX is an unregulated and unlicensed broker.

GFX includes a partnership association using GDMFX, a New Zealand-based broker. This venture association is just a common phenomenon in the forex market. A brand new broker would like to input the forex business but doesn’t have sufficient expertise, experience and manner also find out a seasoned partner.

GoldFX’s partner GDMFX is a broker enrolled in New Zealand however, maybe not fully regulated. As the broker doesn’t execute the rules introduced with the New Zealand regulator, the problem is somewhat complicated.

I would recommend that you reconsider before launching a merchant account together with GoldFX and financing it.

Account Types Offered by GoldFX

GoldFX provides two separate account types: Pro and VIP. Guru accounts type spreads are of 4 pips on EURUSD. These spreads are somewhat high and less competitive when compared with their competitors.

Account Type Minimum Deposit Maximum Leverage Spreads
Standard $100 1:200 Fixed from 4 pips
VIP $100.000 1:100 Fixed from 4 pips

In addition, detailed information concerning account types isn’t on the state site. It’s perhaps not feasible to obtain a comparison table on account types.

The minimum deposit for Pro accounts is $100 and optimum leverage is 1:200. The minimum deposit provided by GFX are at an average of this business however, the leverage ratio is currently at under the typical.

Payment Methods

GoldFX offers just two options for both withdrawal and deposit: cable transfer or cheque To produce a deposit that you will need to ship out cash or Cheque into the accounts of this broker at Vattanac Bank, a regional bank in Cambodia. This really is a really crude method whilst now ‘s favorite e-wallet systems are increasingly being given by brokers as a payment process.

GoldFX

0.8

Trust

0.0/10

Commissions and charges

0.0/10

Customer Service

0.0/10

Platform & Tools

1.0/10

Product Portfolio

3.0/10

Pros

  • No

Cons

  • Payment techniques are really so limited and crude
  • Not governed broker and the partner isn't fully regulated.
  • Spreads aren't competetive.
  • The design of the official site is therefore amateurish.