GulfFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this GulfFX Review.
GulfFX Review
As most brokers, GulfFX offers its clients several account types. All of them are commission-free, provide variable spreads, and leverage up to 1:100 on GulfFX’s customized version of MetaTrader 4 platforms.
Islamic (swap-free) services are also available with this broker to clients of certain countries, which is not surprising considering its name – it obviously targets traders from the so called “Gulf countries”.
Indeed, the spreads of GulfFX seem good, averaged 1.5 pip on EUR/USD, which is on the upper and of average for the forex industry. Yet, a minimum initial deposit of $500 is too high for a non-regulated brokerage. By comparison, you can open an account with FCA-regulated IG group by investing just $1 and use typical spreads of 0.8 pips on EUR/USD.
The Company. Security of Funds
Company
Country
Regulation
GULF FX LIMITED
UK
N/A
GulfFX is a forex and binary options broker that offers online trading in a variety of markets and assets, including Stocks, Commodities, Stock indices, ETFs and Forex. According to the information on its website, the broker is headquartered in London, and has offices in Bahrain, Tokyo, Cyprus, Geneva, and Sydney.
The company behind the brand, GULF FX LIMITED, is not regulated by UK’s FCA. Instead, it’s a registered International Business Company (IBC) with No 23176 somewhere offshore. The broker’s webpage provides no further details, that is why we googled the company name, but found no results, except for those from GulfFX’s website.
Considering the above said, this broker seems highly suspicious. There are many scams out there most of them registered offshore and operating without a proper broker license. Investing in such companies is extremely risky and we advise traders to select among brokerages duly regulated by UK’s FCA, Australia’s ASIC or CySEC.
Trading Platform
GulfFX offers its clients a customized version of the popular MetaTrader 4 (MT4). It is available as desktop, web, and mobile versions and you can also use it to trade in binary options.
MT4 is easy to use and yet provides full set of professional trading tools: a number of technical indicators and charting tools that allow the traders to analyze market dynamics, autotrading strategies via wide range of Expert Advisors and back-testing environment.
Methods of Payment
GulfFX offers its clients several payment methods: bank wire transfer, credit/debit card, and e-wallets Skrill, Neteller, FasaPay, CashU, China UnionPay.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
GulfFX Review Conclusion
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