Gallant Forex Review
GCMFX (out of business) Gallant Forex Review
GCMFX – Gallant Forex Review, News and Promotions
The company has filed for bankruptcy on April 14, 2017.
Trading Accounts & Conditions
Account type Minimum deposit Minimum trade size Maximum leverage Spreads (& Commission)
Micro $250 0.01 1:400 From 2.0 pips
Standard $2 500 0.01 1:400 From 1.5 pips
Pro $10 000 0.01 1:400 From 0.1 pips + 0.7 pip commission*
*Commission is calculated per standard lot round-turn.
GCMFX offers several forex trading account types, based on the minimum initial deposit. They all provide STP/DMA execution, variable spreads, leverage up to 1:400, and micro tradeable lots. There are no restrictions regarding trading strategies – scalping, hedging and algo-trading are allowed.
Besides, account management services with this broker are provided by their special new cAXIS account management system that allows traders complete control over their accounts with a simple, fast, and intuitive interface.
In fact, the variable spreads offered by this broker on the Micro & Standard account are wide, as typical ones fall outside the range of 1.0 – 1.5 pips on EUR/USD. Pro account holders, on the other hand, are able to use raw ECN spreads starting from 0.1 pips. Even if we add the commission of 0.7 pips, the average trading cost per lot is around 1 pip or below 1 pip, which is a really good offer. For further information, look up the real-time spreads of 15 leading brokers here.
As regards leverage, GCMFX offers levels up to 1:400, which is regarded as high, a number of brokers offering leverage of 1:500 of higher. Nonetheless, we generally advise traders to exercise caution when using higher leverage ratios, as they involve greater risk.
The Company. Security of Funds
Gallant Capital Markets Ltd.
British Virgin Islands
Founded back on 2008, GCMFX is an offshore broker, offering trading in more than 40 Currency pairs and precious metals on the MetaTrader 4 (MT4) platform. Popular indices & stock CFDs are not available with this broker.
Behind the brand is Gallant Capital Markets, Ltd., a company registered and located in the British Virgin Islands, which holds a Category 1 license by the FSC.
Despite offering regulated status, FSC allows companies to be entirely based overseas. Besides, BVI-registered financial services providers do not face many of the requirements that brokers based in the US or UK do. For example, BVI-registered brokers are not required to contribute to a compensation scheme and are not subject to any minimum capital requirements.
Generally, we advise traders to avoid offshore brokers and to choose among UK, Swiss or other well-regulated companies, where your funds will be protected. If you prefer offshore ones for some reason, Gallant Capital Markets is a reliable choice – it is generally recognized by the professional community and has nearly 10 years of experience.
Like most brokers, GCMFX supports the robust MetaTrader 4 (MT4), available as desktop, web and mobile versions. It is also preferred choice by most traders, as the platform is easy to use and offers a number of technical analysis indicators, advanced charting tools, extensive back-testing options, and wide range of Expert Advisors (EAs).
GCMFX’s web-based MT4. Click to enlarge.
EAs allowing clients to fully automate their trades and GCMFX also offers Free MetaTrader VPS Hosting with Gallant Cloud, which allows traders to run their EAs 24/6, without relying on their own computers or Internet connection.
The Gallant MetaTrader 4 trade servers are located in the Equinix NY4 Data Center in New York, providing our customers with the fastest possible execution speeds. As a result, Gallant customers benefit from superior low-latency trading with an average matching speed of 3 milliseconds.
In addition, GCMFX offers transparent and easy to use copy trading platform, called Gallant Trade Copier. Simply put, it allows investors to copy signals while pros make trades. The signal providers can advertise themselves to thousands of Investors in the Leader Lounge and even provide a history of their trading style, and preferred currency pairs:
Besides, this broker offers bonuses according to the following scheme:
Methods of Payment
GCMFX offers its clients the following payment modes: credit/debit card (Visa, MasterCard, Maestro), bank wire transfer, and e-wallets Skrill, Neteller and WebMoney.
GCMFX is an offshore broker that provides online trading services in forex and precious metals on the popular MT4 under reasonable conditions.
Gallant Forex Review Conclusion
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