GXMarkets Review by professional Fo rex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this GXMarkets Review.
GXMarkets provides very limited information about its trading conditions. As different account types are not mentioned on the broker’s website, we assumeа that it offers a single trading account type. It is commission-free and provides variable spreads, the option to trade in micro lots and leverage up to 1:200. We could not find what is the minimum initial deposit required by GXMarkets and also had to open a demo account to see its spreads.
The average spread on the EUR/USD is around 2.8 pips, which is way too high. By comparison, most brokers offer typical variable spreads below 2 pips for this currency pair, and some, like major brokerage IG, even lower (from 0.6 pips on EUR/USD, no commission fees).
In addition, GXMarkets also offers account management services.
The Company. Security of Funds
GXM Capital Marketing Ltd.
Established in 2013, GXMarkets offers trading in forex, CFDs on indices, shares, commodities and precious metals on the Sirix platform. Its website lacks any information regarding the brokers’ headquarters and financial regulation.
When we googled GXM Capital Marketing Ltd., the company operating the brokerage brand and the website, we found out that it is possibly registered on the Anguilla, a British overseas territory in the Caribbean.
Brokers registered there are not under any regulation, very much like in any other offshore destination. This means that when doing business with such brokerages, traders will be receiving very limited regulatory protection and oversight, if any. Besides, a large percentage of offshore brokers indulge in fraudulent practices. This might also be the case with GXMarkets, as providing limited information about trading conditions, accounts and headquarters automatically lowers the credibility of any broker.
Considering the above said, you’d better stay away from this broker and invest your money in brokers regulated by reliable authorities such as Cyprus’ CySEC, or Australia’s ASIC.
Unlike most brokers, this one does not support the MetaTrader 4 (MT4) platform. Instead, it offers Sirix, available as desktop, web and mobile versions.
Sirix’s format is easy to use and provides advanced charting features, a number of technical analysis indicatoers and sophisticated social trading service, allowing traders to observe and mirror other users’ trading performances.
Methods of Payment
GXMarkets offers its clients the following payment modes: credit/debit card, bank wire transfer, and popular e-wallets Skrill, Neteller, Sofort and iDEAL.
GXMarkets is an offshore forex broker that provides very limited information about its trading services and about the company behind the brand. This immediately raises a red flag that it might be yet another scam. Besides, GXMarkets’ spreads are very high, so there is no reason to risk you money investing with this broker.
GXMarkets Review Conclusion
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