GemForex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this GemForex Review.
GemForex Review
Clients of GemForex are offered a choice of two account types. The All-in-One account is commission-free, while the No spread provides Zero spreads and probably involves a commission (although it is not explicitly stated). Otherwise, leverage on both account types is up to 1:1000, and micro lots are available solely on the commission-free account.
Overall, GemForex’s trading conditions seem competitive: a minimum initial deposit of $1 sounds like an attractive offer, and the variable spreads offered on All-in-One accounts are on the upper end of average, as typical ones on the EUR/USD pair amount to 1.5 pips.
As regards the leverage provided by this broker, do not feel obliged to use the maximum of 1:1000. More leverage does not guarantee better trading performance. Actually, more often than not, it happens quite the opposite and this over-leveraging can lead to massive losses.
Even though GemForex’s trading conditions appear good, don’t forget that the most important factor when choosing a forex or binary options broker is reliability, i.e. financial regulation.
The Company. Security of Funds
Company
Country
Regulation
GEM-TRADE Co Ltd.
Seychelles
N/A
GemForex offers trading in more than 30 currency pairs, precious metals and binary options. Headquartered in Hong Kong, this broker is not licensed by the Hong Kong Securities and Futures Commission (SFC). Instead, the company behind the GemForex brand is registered in the Seychelles.
Doing business with offshore brokers is extremely risky as clients have no protection, if something goes wrong. Basically, such brokers can manipulate trading platforms and do whatever they like with your money, as no authority is overseeing their activity. Large part of offshore brokerages are pure scams, and it looks like GemForex may be one of them. Not only Japan’s Financial Services Agency (FSA) has warned against it for it is not authorized to provide financial services in Japan, but the Forex Peace Army (FPA) forum claims that GemForex is a high-yield investment program (HYIP), or a type of Ponzi scheme. The FPA strongly recommends against placing money with any HYIP. And so do we.
You’d better select among brokers licensed by the respective authorities in the UK, or Australia for example.
Trading Platform
Like most forex brokers, GemForex offers MetaTrader4 (MT4). Launched more than 10 years ago, MT4 continues to be the standard choice for most brokers, both big and small, and enjoys a massive popularity in the forex trading industry. It is user friendly and has many useful functionalities, offers the options for algorithmic trading and hedging, supports money management accounts and numerous third-party applications.
Methods of Payment
GemForex offers its clients the following payments methods: bank wire transfer, credit/debit cards, e-Wallet Skrill, Neteller, PayPal, Perfect Money, MegaTransfer, Alipay, PAYEER and Bitcoin.
GemForex is a forex and binary options broker supporting the MT4 platform and offering competitive trading conditions. Nonetheless, in our view the main concern with this broker is the fact that it is not registered offshore and that it might be a scam, as the FPA warns that GemForex. Is a type of a Ponzi scheme (HYIP).
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
GemForex Review Conclusion
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