There is no information about trading accounts in GFBroker’s website, so we will assume that the broker offers a single account and we will call it “Standard” for convenience. It provides variable spreads, leverage up to 1:500 and the option to trade in micro lots on its proprietary platform.
When we tried out GFBroker’s demo web platform, the spread on EUR/USD was floating around 0.7 pips on EUR/USD and a commission of $4.70 applies. Such trading costs appear average for the forex industry, however, you’d better choose a broker with similar or better trading conditions that is licensed by a reputable financial agency. Because, no matter how tight the spread, when you are denied withdrawal, you can do little about it when your broker’s company is registered offshore, which is the case with GFBroker.
The Company. Security of Funds
WEB Brokers Limited
Global Financial Broker (GFBroker) offers trading in a number of currency pairs, precious metals and some CFDs on its in-house platform, GFB Trader.
The company behind the brand, WEB Brokers Limited, operates under a license issued by the Vanuatu Financial Services Commission (VSFC). Even though VSFC is said to regulate and supervise international financial services providers, the local regulatory regime for forex and binary brokers is one of the most liberal and low-cost ones.
Please, familiarize yourselves with all the risks associated with doing business with offshore brokers, and consider carefully whether to waste your time with money with GFBroker or another offshore company.
To be more specific, GFBroker’s website is available in English and Russian and it seems that this broker targets mostly traders from the former Soviet Union countries. There are numerous negative user reviews about this broker in various forex forums and site. If this wasn’t enough to convince you not to invest with GFBroker, you should also know that several regulators have warned against GFBroker – The Bank of Lithuania, the Estonian Financial Supervision Authority, and the Financial and Capital Market Commission of Latvia.
So, we would advise you to select among reputable brokers regulated by FCA in the UK, CySEC in Cyprus or ASIC in Australia.
Unlike most brokers, GFBroker does not support the good old MetaTrader 4 (MT4). Instead, it offers its in-house platform called GFB Trader, which is available as desktop, web and mobile versions. The platform is basic, nothing special really, and lacks many of the advanced features available on the MT4, most importantly, automated strategies.
Methods of Payment
GFBroker offers its clients solely credit/debit card, and wire transfer as payment options. Deposits in gold are also accepted, which is not common in the forex industry. As far as we know, only FiboGroup accepts gold deposits.
GFBroker is a forex forex and CFD broker registered offshore that uses its own trading platform. While its trading conditions may seem good, it is not recommended, because it operates without a decent forex broker license and has rather bad reputation.
GFBroker Review Conclusion
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