July 11, 2020

GWIT Markets Review – Is GWIT Scam or Legit?

Gwit stores review

Regulators: –

Cryptocurrencies: YES

Minimum Deposit: N/A

Maximum Leverage: N/A

Spreads: High

My Score: 0.6

Hey guys! I can introduce you to GWIT (Giant Wave Information Technology) Markets today. GWIT Markets is a Forex and CFD broker founded in Hong Kong.

The broker is newly created and also the site, gwitmarkets.com, includes a very simple design. There’s but 1 major page and all of the information on the topic of the broker is about this particular page.

The broker owned and run by Giant Wave Information Technology Limited also it asserts to own representative offices at the significant financial hubs of London and Shanghai.

In this GWIT Markets review, you’ll discover answers for the next questions. Can Be GWIT Markets scam or untrue? what are the accounts type s, spreads, leverage and minimal deposit given by this broker? Why is GWIT Markets controlled?

Let’s begin the review with all the law department, that’s very essential.

Regulation of GWIT Markets

According to this broker’s site, GWIT is regulated by the US National Futures Association (NFA) under the oversight amount 0513937. It is also possible to observe this particular claim from the NFA Supervision name on the site.

Gwit stores regulation

More Efficiently, the NFA is perhaps one of the very trusted and respectable labs global. It’s strict conditions for Forex brokers and also there are certainly a couple of brokers that furnish them. I would like to think GWIT is one of them.

Also, I checked on the NFA’s website this company and found out a company with the name of Giant Wave Information Technology Ltd. This company is registered with the NFA as an EXEMPT Commodity Pool Operator (CPO).

There is a huge difference medially to be registered Exempt CPOs and to be duly regulated US Forex brokers officially known as Futures Commissions Merchants (FCMs). Probably, GWIT Markets uses the company name without having any interrelation to the firm.

Moreover, the Hong Kong Securities and Futures Commissions (SFC) has warned against Giant Wave Information Technology (GWIT). The SFC specifies that the company’s Hong Kong address belongs to a secretarial company.

GWIT uses the address of another company illegally. The broker does this to show yourself as a legal broker. Unregulated brokers often use this scam method. This method is also known as a clone firm.

Account Types and Spreads

There is nothing about account types and spreads on the website of the broker. This is another disadvantage for the broker. They should provide this information to their customers in terms of transparency.

Even so, when I opened a demo account on MT5, the spreads on EUR/USD was floating around 2.3 pips. This is quite high and above the average for the Forex industry. Average spreads are 1.0 – 15 pips for this pair.

I couldn’t find information concerning the deposit and optimum leverage. The one thing I found about account types has been the broker promised to provide multiple account types along with ultra-tight floating spreads! Have you been really serious GWIT?

Unfortunately, there’s not anything positive in regards to the broker before this element of this review. Let’s go on.

Trading Platform

GWIT doesn’t show us a positive thing but it is getting the show on the road. The broker offers its clients MetaTrader 5 (MT5). This platform is the new version of the MetaTrader 4 (MT4).

You can trade in Forex and assets from a single account with MT5. The platform supports MetaTrader 4’s best features. It has a user-friendly interface, advanced tools, multiple-screen support, complete technical analysis and more.

Trading Instruments

GWIT Markets offers its clients almost 40 currency pairs, CFDs on indices, commodities, precious metals such as spot gold and spot silver, and Bitcoin.

Customer Services

The website of the broker is very inadequate. It supports only English and Chinese. There is only one page, it doesn’t provide enough info. There aren’t live chat and phone numbers to contact the broker.

Another thing, a broker should give information about itself to potential clients. I can say that GWIT has serious website issues.

Deposit and Withdrawal Methods

Other lacks of information are deposit and withdrawal methods. There isn’t even information on the subject of the payment procedures.

Unfortunately, this broker doesn’t let us understand something about any of it. I would like to consult the broker the way the customers will finance their accounts without even knowing everything regarding techniques.

The very last thing I wish to say before completing this review is that GWIT asserts to awards that are won. Because you can easily see from the graphic underneath, there’s definitely an award list but the majority of these aren’t real. That really is just another bogus promise with the broker and making it increasingly unreliable.

Gwit stores imitation awards

Conclusion

GWIT Markets is an injectable and undependable Forex broker. Moreover, the broker creates plenty of fictitious claims. All these are it is governed in the US and it has won forex broker awards.

I consistently urge trading using a thinly regulated forex broker. There are Many watchdogs across the planet like the UK’s FCA, Aussie ASIC or even Cyprus’s CySEC. You ought to pick a forex broker who’s governed by these.

GWIT Markets

0.6

Trust

0.0/10

Commissions and charges

0.0/10

Customer Service

0.0/10

Platform & Tools

2.0/10

Product Portfolio

1.0/10

Pros

  • MT5 endorsed

Cons

  • Unregulated broker probably scam
  • The info on the state site isn't transparent.
  • Spreads on demonstration rather high
  • SFC caution against it
  • Fake asserts to have won awards