GIFX Capital Review
GIFX Capital Review
Like most brokers, GIFX Capital offers its clients several account types. Oddly, all account types are said to offer the same trading conditions: dangerously high leverage (up to 1:1000), variable spreads from 0.8 pips and commission of $2. This seems strange and ungrounded, as usually the accounts requiring higher initial investment provide better trading conditions.
Worse still, when we tried out GIFX Capital‘s demo MT4 account, we found that the spread on EUR/USD is fixed at 4 pips. Such spread is extremely high, as most fixed-spread brokers offer 2 pips spread on majors. Besides, the inconsistency between the spreads announced on GIFX Capital’s webpage and the ones on the broker’s demo platform immediacy raises a red flag.
The Company. Security of Funds
Another red flag upon visiting the GIFX Capital website is that the phone number provided is with the US country code (+1), while the broker claims to be headquartered in Dubai. Furthermore, the company behind the brand, SM GLOBAL INVESTMENT LTD., is not regulated by any authority.
Investing your money in an unregulated broker is a risky business and we generally advise traders to stay away from such brokerages and to select among companies licensed by reliable financial agencies such as UK’s FCA or Cyprus’ CySEC, for example.
Besides, GIFX Capital’s website seems quite crappy, as some of the links do not work, especially the ones at the bottom of the page.
Indeed, the MT4 offers some distinct advantages compared to other platforms, such as custom made technical indicators, extensive back-testing environment, top notch charting tools and trading automatization options with the most widely used trading robots (aka EAs).
Methods of Payment
We could not find any information about the payment methods offered by GIFX Capital. We suppose it must use at least bank wire transfer and credit/debit.
GIFX Capital is a forex and CFD broker without a license or a clear base of operations. Besides, the trading conditions announced on its website differ significantly from the ones on its demo MT4 platform.
GIFX Capital Review Conclusion
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