Minimum Deposit: $250
Maximum Leverage: 1:500
My Score: 2.0
Today, I will introduce you to GMFX24. GMFX24 is a forex and CFD broker who is registered in St. Vincent and the Grenadines.
GMFX24 is owned and operated by Goldman 24 Limited. The company located in First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St Vincent and the Grenadines.
I will give you all the details about the broker in this GMFX24 review. For example: Is GMFX24 regulated? What are the account types offered by GMFX24? What are the spreads, minimum deposit, and maximum leverage? Is GMFX24 scam or reliable forex broker?
Regulation of GMFX24
GMFX24 claims that it is regulated but there is no information about the regulator. Also, GMFX24 claims to places the safety and security of your funds as its priority.
I also noticed that when investigating the brokerage company, it was linked to other scam offshore brokerage firms such as UP4x and Tradeu2.
I always recommend you to avoid not licensed brokers and choose among the regulated ones. The most reliable regulators are the UK’s FCA, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
These regulators require a certain amount of capital from the brokers to guarantee the compensation of funds and a certain level of safety of clients’ 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 at least $ 1,000,000. In addition, these capitals should be kept in separate accounts from companies’ operational funds.
Before you start trading with a broker, be sure to check for legal regulation. This is the best way to protect you from scammers.
Account Types and Spreads
GMFX24 offers its clients four different trading account types. These are Micro, Standard, Premium, and VIP accounts.
The Micro account is the beginner account and it requires $250 minimum deposit. Spreads are from 1 pip on EUR/USD and no commission. Minimum trade size is 0.01 lot, maximum leverage is 1:500.
The Standard account requires $500 minimum deposit. Spreads are from 1 pips no commission. The maximum leverage is 1:300. Fund management is available.
The Premium account’s minimum deposit requirement is $/€ 25,000 which is quite high. Spreads are from 0.6 pips + commission $6/€5 per round-turn standard lot. Minimum trade size is 0.1 lots (10,000 units of base currency). Maximum leverage is 1:100.
The last account is VIP and it requires $/€ 100,000. Spreads are from 0.2 pips + $6/€5 per round-turn standard lot. The maximum leverage is 1:100 for this account type.
Except for the minimum deposits of VIP and Premium account types, the trading conditions offered by the broker are acceptable.
GMFX24 offers different leverage ratios, based on the size of your deposit, with the levels going down for bigger clients.
GMFX24 offers its clients MetaTrader 4 trading platform. MetaTrader4 (MT4) is one of the most popular forex and CFDs trading platforms in the world, with more than 300 brokerage firms and banks using it and providing the platform to their clients.
MetaTrader4 by MetaQuotes Software Corporation is one of the most popular forex and CFDs online trading platform in the world, integrating market data, technical analysis and trading operations into one.
The investor may place an order, close a position, exert a limit order, stop loss, stop profit, and check the statements and analytical data. They may also set up the stop-loss price and profit price without needing to monitor market conditions all the time.
The MT4 is available on desktop, Android or iOS mobile devices. There is also a web-terminal option to use the platform. There’s no need to download software with this user-friendly web-based trading solution – just log in and trade from your favorite browser on your Live or Demo account.
The broker provides trading with forex, precious metals, crude oil, and indices. Also, you can get instant access to the most popular cryptocurrencies available directly on our business platform Bitcoin, Bitcoin Cache, Litecoin, Dash, Ethereum and Ripple.
The website of the broker supports English and Italian only. There is a live chat option but it was offline when I was trying to use. You can send an e-mail to reach the broker. Unfortunately, there is no phone number to contact.
GMFX24 brand does not provide services to residents of the USA, Japan, British Columbia, Quebec and Saskatchewan and some other regions.
The broker offers its clients very limited deposit and withdrawal options. There are only credit and debit cards, bank wire transfer options. Popular e-wallets options such as Neteller and Skrill are missing.
According to the website of the broker, new options are coming soon!
GMFX24 is an offshore forex and CFD broker. It offers good trading conditions but my biggest concern is the lack of regulation that this broker under.
As I said many times, it is too risky to trade with an unregulated forex broker. Here is the pros and cons of GMFX24: