Minimum Deposit: N/A
Maximum Leverage: N/A
My Score: 0.6
Hey guys! I will introduce to you GWIT (Giant Wave Information Technology) Markets today. GWIT Markets is a Forex and CFD broker who based in Hong Kong.
The broker is newly established and the website, gwitmarkets.com, has a simple design. There is only one main page and all the information about the broker is on this page.
The broker owned and operated by Giant Wave Information Technology Limited and it claims to have representative offices in the major financial hubs of London and Shanghai.
In this GWIT Markets review, you will find answers to the following questions. Is GWIT Markets scam or legit? What are the account types, spreads, leverage and minimum deposit offered by the broker? Is GWIT Markets regulated?
Let’s start the review with the regulation section, which is the most important one.
Regulation of GWIT Markets
According to the broker’s website, GWIT is regulated by the US National Futures Association (NFA) under the supervision number 0513937. You can also see this claim in the NFA Supervision title on the website.
More interestingly, the NFA is one of the most trusted and reputable regulators worldwide. It has strict requirements for Forex brokers and there are a few brokers who supply them. I don’t 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 between 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 relationship 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 about the minimum deposit and maximum leverage. The only thing I found about account types was that the broker claimed to offer multiple account types and ultra-tight floating spreads! Are you serious GWIT?
Unfortunately, there is nothing positive about the broker until this section of the review. Let’s continue.
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 stocks 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.
GWIT Markets offers its clients almost 40 currency pairs, CFDs on indices, commodities, precious metals such as spot gold and spot silver, and Bitcoin.
The website of the broker is very inadequate. It supports only English and Chinese. There is only one page, it doesn’t provide enough information. There aren’t live chat and phone number 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 information about the payment methods.
Unfortunately, this broker does not allow us to know something about it. I want to ask the broker how the clients will fund their accounts without knowing anything about methods.
The last thing I want to mention before finishing the review is that GWIT claims to won awards. As you can see in the picture below, there is an award list but most of them are not even real. This is another fake claim of this broker and that makes it more unreliable.
GWIT Markets is an unregulated and unreliable Forex broker. Moreover, the broker makes a lot of false claims. These are that it is regulated in the US and that it has won forex broker awards.
I always recommend trading with a duly regulated forex broker. There are various watchdogs around the world such as the UK’s FCA, Aussie ASIC or Cyprus’s CySEC. You should choose a forex broker who is regulated by them.
Commissions and fees0.0/10
Platform & Tools2.0/10
- MT5 supported
- Unregulated broker probably scam
- The information on the official web site are not transparent.
- Spreads on demo quite high
- SFC warning against it
- Fake claims to have won awards