Minimum Deposit: $100
Maximum Leverage: 1:200
My Score: 1.0
Gallant Finance is a broker founded in 2018. As stated on the official website “About Us” page, the broker was established by a team of seasoned financial professionals and their purpose is to provide boutique service for professional traders.
These statements are a little surprising. Is it possible to imagine that the broker is only aimed at professional traders and does not want to serve novice traders?
According to what they mentioned on “About Us” page again, user experience comes at the beginning of the most important topics. They say that the client-first approach is important to them. But contact with the broker requires a little difficult process.
The live chat on the official website does not work. The messages you send here are not answered instantly. A ticket is being created for you. Then this ticket will be answered or communicated with you. However, as I mentioned above, this process is very slow. In some cases you can easily connect to live chat.
Is Gallant Finance scam or a reliable broker? What account types Gallant offers and their spreads, minimum deposit amounts and leverage ratio? Is there a withdrawal problem? What are the deposit and withdrawal methods? In this Gallant Finance review, you can find a detailed answer to all these questions. You can also write to me if you have any other topic or comment on your mind about Gallant.
Especially for new brokers, regulation is one of the most important issues. Because obtaining a license from reputable regulators is a very challenging process. Like FCA and CySEC, reputable watchdogs have very strict rules. Brokers have to fulfill some tough conditions. Some of these conditions are demanded as evidence of a strong fiscal structure, while others are protective systemic requirements.
Gallant Finance is a brand of Gallant Private Financial Group. The parent company is registered in the St. Vincent and the Grenadines. There is also no information on regulatory and licensing on the official website. Gallant Finance is unregulated broker and probably is a scam.
Most of new brokers have a license problem. Many of these brokers are either licensed from offshore regulators or unlicensed.
I can understand for some reason that a new broker is offshore licensed. However, it is not understandable to offer forex services as unlicensed. Because if you face any problems during forex trading, there is no institution to complain about.
Account Types in Gallant Finance
As you can see from the table below, GallantFinance offers 4 different account types: Bronze, Silver, Gold, Gallant.
|Account Type||Minimum Deposit||Maximum Leverage||Spreads|
|Bronze Account||€250||1:200||3 pips, fixed|
|Silver Account||€1000||1:200||2 pips|
|Gold Account||€10.000||1:200||1 pip|
|Gallant Account||€100.000||1:200||0,3 pips|
The main difference between these types of accounts is the minimum deposit amount. The Bronze account type is similar to the standard account on other brokers. Minimum deposit on Bronze account type is € 250. This amount is higher than the average forex brokerage industry.
In bronze account type, spreads are fixed and 3 pips on EURUSD. This is higher than average spread on other brokers and uncompetetive. Default leverage is 1: 200 but this ratio may show flexibility on your request. For Silver and Gold account types, I can say that spreads are not competitive.
The information on deposit and withdrawal methods is very limited on the official website. For example, the withdrawal fee may apply. However, there is no information about how much the fee is and in which case the fee is applied. It’s easy to get this information in transparent brokers.
Gallant Finance accepts deposit with credit card and wire transfer. Of course, the fastest method is funding with credit card. In general, your money will be transferred to your account within 1 day. It is also quite fast as a method of withdrawing money. In general, if you use a credit card withdrawal method on other brokers, your money will be sent within 1 day. However, according to the information on the official website of Gallant Finance, withdrawal takes 5-10 days.
Popular e-wallet systems are not available on this broker.