GFTrade Review 2019

Regulated By:FSA

Foundation Year:2016

Headquarters:N/A

Min Deposit:$10

Open Account

Your capital is at risk.

Your capital is at risk.

Commissions & Spreads

“With spreads for the EUR/USD starting from 0.9 pips, traders on GFTrade are assured of competitive trading spreads, which makes the cost of trading easier to bear than with many other brokers”.

The minimum spread obtainable from GFTrade is tabled below. The average spreads listed below is for the Premium account type.

INSTRUMENT AVERAGE SPREAD (PIPS)
CURRENCIES METALS
EUR/USD 0.9-1.1 XAG/EUR 10.3-11.3
USD/JPY 0.7-0.9 XAG/USD 1.3-2.3
GBP/USD 1.2-1.4 XAU/EUR 3.9-4.9
USD/CHF 1.3-1.5 XAU/USD 3.2-3.6
USD/CAD 1.9-2.1 COPPER 3.2-3.5
AUD/USD 1.2-1.4 ENERGIES
NZD/USD 2.3-2.5 NATGAS 28.3-28.8
EUR/GBP 2.5-2.7 UKOIL 6.3-7.3
EUR/CHF 2.5-2.7 INDICES
EUR/AUD 2.5-2.7 AUS200 22.3-34.3
EUR/CAD 2.8-3.1 ESP.35 76.3-76.9
EUR/NZD 3.2-3.8 FRA.40 24.3-28.3
GBP/JPY 2.7-2.9 GER.30 16.3-21.3
EUR/JPY 1.5-1.7 HKG.33 100.3-120.3
AUD/JPY 2.4-2.6 JPN225 119.3
CAD/JPY 2.7-2.9 NAS100 17.3-20.3
CHF/JPY 2.8-3.0 SPX500 5.3-6.3
NZD/JPY 2.7-2.9 UK.100 19.3-22.3
AUD/CAD 2.8-3.0 USA.30 20.3-25.3
AUD/CHF 2.7-2.9 STOCKS
AUD/NZD 2.9-3.1 AAPL 1.4
CAD/CHF 2.7-2.9 AMZN 5
GBP/AUD 3.5-3.7 BABA 1.4
GBP/CAD 3.1-3.5 BAC 0.6
GBP/CHF 2.6-2.9 BIDU 3.4
NZD/CAD 2.9-3.1 FB 0.7
NZD/CHF 2.5-2.7 GOOGL 8
SGD/JPY 2.7-2.9 NFLX 2.6
USD/HKD 3.2-3.4 TSLA 4
USD/SGD 2.8-3.0 TWTR 0.9
CRYPTOCURRENCIES
BTC/USD 650.0-840.0
BTC/USD 690.0-720.0
LTC/USD 128.0-131.0
ETH/USD 127.3.0-232.6
XRP/USD 123.5-235.6

*All these figures are according to the broker website at time of writing this review.

Bonus & Promotions

“GFTrade provides a deposit bonus of 50% of the value of every deposit made to an account, bonus maxing out at $10,000. Terms and conditions apply”.

Every time a client deposits money into his GFTrade Standard or Premium Account, he is offered a 50% bonus. The maximum bonus offered is $10,000. So, a deposit of $20,000 will attract a $10,000 bonus and the account balance will total $30,000. The bonus cannot be withdrawn. GFTrade states that the purpose is for the client to increase his capital so that he can open larger trade volumes and make more profits.

In addition, traders get a cashback of $4 for each Standard Lot traded. This in effect, ends up lowering the spreads on each Standard Lot trade by 0.4 pips.

Customer Support

“GFTrade has won a major award for the quality of its customer service. Get support 24/5 via available via live chat, email or social media. Quality of customer support is high”.

For unstated reasons, GFTrade do not provide support via telephone. The support is available 24hrs a day from Monday to Friday. The following channels are available:

  • Instant Web Chat: This is available on every page of the website. The support assistants are courteous, fast and very helpful.
  • Email: For email support, send an email to helpdesk@gftrades.com
  • “Contact Us” Form: This form is available on the website and is used for support purposes.
  • Social Media Support: Facebook.com/GFTrade; YouTube.com/GFTrade; Instagram.com/gf.trade; LinkedIn.com/GFTrade and plus.google.com/GFTrade

It took about 40 seconds for the instant web chat support assistant to respond to the chat when it was initiated. The support assistants are very knowledgeable and willing to assist. The emails are replied in less than 24 hours.

It must be said that every new trader is assigned a personal account manager who will provide a 1-on-1 service to the trader. Any inquiries, questions, and problems can be channeled to the account manager for a very quick and decisive response.

The social media channels are active but there are not much comments, questions or followership.

Research

“GFTrade provides a few articles on its blog, but research materials and market analysis tools are missing, which is not one of GFTrade’s good points”.

GFTrade runs a blog on their website. The blog features articles that are helpful to the trader. However, this blog is seldom updated and has only a few articles.  There are no daily market news, expert analysis, indicators or signal services provided by GFTrade.

Trader Education

“GFTrade compensates for its lack of quality forex research materials by providing a good variety of forex eBooks. These ebooks are available at no cost and great for beginners”.

GFTrade states that they want their clients to succeed; hence they provide free eBooks to teach them. These eBooks are designed for beginner and intermediate forex traders. They are:

  • Forex Basics
  • Psychology of Forex Trading
  • Forex Money Management
  • Forex Oscillator
  • MT4 User Guide

Also, there are other user guides and a comprehensive FAQ section on the website.

Trading Experience

“The experience is geared towards both beginner and more experienced traders alike. You can start trading with just $10  which is great for newbies to practice with and a high maximum leverage of 1:500 is available. Plus there is a good selection of assets of more experienced traders”

The broker is geared for both beginner and experienced traders alike for the following reasons: The assets offered by GFTrade are numerous which is appealing for more expert traders, as is the high leverage on offer of 1:500.

The fact that there is a bonus on each deposit of 50% should probably appeal to beginners, as it will supposedly push their capital further. Nowadays more pro traders cannot be bought with these kinds of deposits as they are wise to the fact that you have to reach a very high trading volume before you may withdraw it. Additionally the low deposit requirement of just $10 is an excellent way for newbies to practice trading without committing too much funds, yet whole still experiencing the feel of real money trading.

There are some drawbacks with GFTrade. Market research tools and technical analyses reports are really limited. These are really important to more professional traders. In addition, the company has a narrow selection of trading platforms. This forces traders into using the MT4. MT4 is commonly used by beginner and expert traders alike though.

Reviews about GFTrades have generally been positive. GFTrade has not had any major issues with the regulatory authority or with its clients.

FAQ

Where is GFTrade based?

The GFTrade main office is located in Singapore, but the operational branch runs from St.Vincent and Grenadines. This allows the company to offer its product to an international market.

How does GFTrade make its money?

GFTrade makes its money from the spreads on trades affected by traders. No commissions on trades are charged. GFTrade also gets a small mark-up on pricing obtained from prime brokers and offered to its clients.

How do I deposit funds in my GFTrade account?

You can deposit funds using Credit/debit cards (VISA, Unionpay and MasterCard). E-wallet options like: Webmoney, Skrill, Fasapay, Neteller and Alipay are also accepted. Bank Wire Transfers can also be used for both deposits and withdrawals.

What is the minimum deposit for GFTrade?

Minimum deposit is $10, and this goes for the Mini Account type. The Standard and Premium accounts come with minimum deposit requirements of $100 and $500 respectively.

What is the max leverage in GFTrade?

The maximum leverage is 1:500 and it is applicable to all account types including the demo account.

 How do I open an account with GFTrade?

Fill the online form that will open when you click the “Open Live Account” found on the right side of the menu bar of the GFTrade website.

Does GFTrade use MetaTrader?

Yes, GFTrade offers the MT4 trading platform for both desktop and mobile devices.

Conclusion

“GFTrade is a global forex and CFD broker that has its HQ in Singapore, but also operates a branch from St. Vincent and the Grenadines.”

At GFT Traders’ funds are segregated and KYC is conducted on clients. They also use modern security technologies to protect their servers and platforms from cyber crimes and crackers. “

Traders are encouraged with a 50% bonus on every deposit. Trading can commence with just $10 and a maximum leverage of 1:500 is available.

GFTrade is a global forex and CFD broker that has its HQ in Singapore, but also operates a branch from St. Vincent and the Grenadines. This offshore branch promotes the international brand.

Traders’ funds are segregated and KYC is conducted on clients. They also use modern security technologies to protect their servers and platforms from cyber crimes and crackers.

Traders are encouraged with a 50% bonus on every deposit. Trading can commence with just $10 and a maximum leverage of 1:500 is available.

There are some drawbacks with GFTrade. Market research tools and technical analyses reports are sorely lacking. In addition, the company has a restricted range of trading platforms. This forces traders into using the MT4.

But where there have been shortfalls in market research, GFTrade has made up for those with its educational suite. There are several reading materials on forex trading, and beginners as well as intermediate-level traders will find these very helpful.

Top User Reviews

4.5(2)
GFTrade Overall Rating
FX Empire adheres to strict standards of user reviews editorial guidelines to help you make decisions with confidence.
Rate GFTrade
Latest 2 user reviews sorted by highest rating
Jaeuk Song
5/5
Reliability:
5/5
Platforms:
5.0
Assets:
5.0
Support:
5.0
Reliable broker

Reliable broker, They offer 50% Extra deposit Bonus. and Spread is real. 0.9 EUR/USD. Seriously, there is no commission per side. it is good.

P
Paul James
4/5
Reliability:
4/5
amazing

I have been using this broker for about 3 months now. GFtrade is not bad

Specs

Rate GFTrade
GFTrade

Your capital is at risk.

Your capital is at risk.