“GFTrade is a global Forex and CFD broker that is primarily based in Singapore as well as St.Vincent and Grenadines. It is regulated by the FSA and offers low entry for minimum capital requirements, as well as low spreads on the trading of 60 assets across currencies, metals, cryptos, indices, energies and stocks.” GFTrade Video Review
GFTrade is a global Forex and CFD broker that is primarily based in Singapore as well as St.Vincent and Grenadines. It is regulated by the FSA in the region (a low level regulator) and offers low entry for minimum capital requirements of just $10 for a starter account, as well as low spreads on the trading of 60 assets across currencies, metals, cryptos, indices, energies and stocks.
GFTrade Inc. was founded in 2016 in Singapore, where the headquarters is located. However, it maintains an international branch in St. Vincent and Grenadines. According to the website the brand boasts of over 25,000 live accounts from more than 80 countries.
Other main features of the offering include:
Trader Education to help the new trader.
Deposit bonus to increase trader capital in order to open more positions.
Low spread and low start-up capital.
We will cover this in the course of this review.
Investor Protection & Regulations
“Traders are protected by modern cyber-security protocols and regulation. Account segregation is also another means of insulating traders’ funds from any untoward occurrences.”
The official website and trading platforms of GFTrade are protected by a 128 bit Secured Socket Layer (SSL) encryption provided by COMODO. This ensures that user data entered by the clients are encrypted during transmission to and from their servers. GFTrade states that the user-sensitive data collected on account opening and payment actions (credit card details, International passports) are secured and not shared with any third party.
GFTrade is authorized and regulated by the Financial Services Authority (FSA) of St. Vincent & the Grenadines. The registration number is 24738 IBC 2018. This isn’t a particularly stringent regulator and their purview covers the following:
Receive and transmit orders related to diverse financial products and instruments.
Dealing with accounts and perform orders on behalf of clients.
Storage and management of financial instruments for customer accounts.
Grant credit or loan to investors, so that the grant providing company can conduct the transaction made from different financial instruments.
Would you have recourse if a dispute arises? Probably not, although the regulator is set up well, it’s unclear how they would approach a rogue broker other than removing it from their website and releasing an article about them.
“On GFTrade, you have access to trade over 60 assets, spread out across various asset groups such as 54 currency pairs, 8 stocks, energies, 10 indices, 7 commodities and 5 cryptocurrencies”.
The list below shows the instruments available for trading with GFTrade.
“GFTrade provides various accounts according to the needs of each of the company’s clients. Choose between a Mini, Standard or Premium Account. You can trade with a maximum leverage of 1:500 on all account types”.
The following are the types of trading accounts available to GFTrade clients.
The minimum deposit for a Mini Account is $10 and there is no deposit bonus. The spread starts from 1.9 pips.
The minimum account opening deposit for this account is $100. The account holder gets a deposit bonus of 50%. The spread starts from 1.5pips.
$500 is the minimum amount required to open the Premium Account. There is a 50% deposit bonus. The spread starts from 0.9 pips.
A Percentage Allocated Management Module (PAMM) account is also available for those who want to trade forex passively. A trader with a track record of success can open a PAMM account manager, pooling their own funds along with that of traders to create an account with lots of capital. Success is synergistic, permitting the account manager and the investor with compounded returns.
The demo account is provided. This is a practice account that can be used to test the platforms, leverage and execute trades on the live market. Virtual money is provided for trading in a demo account. The account is unlimited, free and very easy to create.
To open a demo account, just click the “Open Demo Account” which is conspicuously placed on the right hand side of the menu bar. Fill the form and login details will be sent to you via email.
Then, it is time to download the MT4, which is the only available trading platform provided by GFTrade. Choose the best version for your operating system, download and install.
Then, launch the app from the shortcut icon, choose the right server from the list and then login with the id and password that you received via email. The same process and similar form is filled with both demo and real account. On all accounts, a leverage of 1:500 is provided, and hedging and expert advisors are allowed. The minimum volume is 0.01 lots and the maximum is 100 lots.
GFTrade do not provide their services to residents of the United States of America.
Deposit & Withdrawals Options
“Several options are available for deposits and withdrawals. Use e-wallets, bank wires or credit/debit cards to deposit and withdraw funds from your GFTrade accounts. Do not pay fees to GFTrade. Transactions are processed same day”.
GFTrade does not charge deposit or withdrawal commissions. However, in some cases where payment processors charge for their services, the fee is passed on to the clients without any additions. The following payment options are available to GFTrade clients:
Bank Wire Transfer: This method is available for every client that owns a bank account. The transactions take about 3-5 bank business days for complete processing. The minimum transaction amount is $100.
Visa/UnionPay/Mastercard: These credit/debit cards are available for deposits or withdrawals. The transactions are instant but sometimes takes up to 30 minutes to complete.
WebMoney/Fasapay/Skrill/Neteller/Alipay: Payment from these payment gateways are accepted in USD. The processing time for deposits and withdrawals usually take less than one hour.
The minimum withdrawal amount is $1 and the limit is $2,000 per day. Money deposited in other currencies will be automatically converted to the base account currency. GFTrade processes withdrawal requests within 24 hours from Monday to Friday. The same method and account used for deposits must be used for withdrawal. Third party deposits or withdrawals are not accepted.
Funds deposited with GFTrade are safe as they have put in place sufficient security measures to protect clients’ funds. There have not been any reports of missing funds with this broker.
Web & Desktop Trading Platforms
“Only the popular MT4 trading platform is provided by GFTrade. You can trade with the desktop and mobile versions of the GFTrade MT4 platform and use various tools and add-ons that are provided”.
GFTrade provides the well accepted MT4 trading platform for all its trading instruments. The MT4 comes as desktop and mobile versions. The desktop version is downloadable for Windows PC and MAC Operating systems. After downloading and installing, the client chooses to trade with a live or a demo account by selecting the appropriate server. GFTrade apparently does not offer a web-based version.
Next, the client is presented with the “Open an Account” screen where the provided login id and password is inputted into the system. A new account can also be created from this screen.
Use Expert Advisors to automate your trading. You can build your own if you know the programming language, or upload existing EA’s. There are a huge selection of indicators you can overlay and insert and the platform is robust and fast.
The mobile versions of the GFTrade MT4 trading platform are available on the Android and iOS platforms.
Privacy & Security
“Security of traders’ funds is ensured through fund segregation, various risk management techniques and a comprehensive Know-Your-Customer (KYC) Protocol. Privacy protection is also in place and in compliance with existing international laws”.
GFTrade adequately protects clients’ funds in a number of ways. Some of them are:
To prevent identity theft, money laundering other financial crimes, GFTrade implements the KYC security procedure. This is also a regulatory stipulation. KYC verification is required before a withdrawal request can be processed. But, it can be done during account opening or anytime later. KYC does not affect trading in any way. Clients’ can continue trading without KYC verification until they need to withdraw their profits. KYC entails uploading a utility bill and a government issued photo identity card.
GFTrade has partnered with major banks around the world to ensure the security of clients’ fund. They keep traders’ deposits in segregated bank account from their own accounts. This is done so as to protect investors’ fund against any unforeseen uncertainty. If the broker becomes insolvent, clients’ fund segregation will ensure that investors’ funds are untouched and will be returned to them.
GFTrade asserts that they offer state-of-the-art trading technology as well as added services which automate many forex trading features. They have implemented negative balance prevention which automatically terminates a trade and prevents a trader account from going negative during an active trade. This is very important for protecting investors’ funds and avoiding unnecessary charges as a result of a negative account balance.
Mobile Trading Platforms
“GFTrade offers the MT4 trading platform on mobile devices. This gives their clients the liberty to trade anywhere and at anytime. The MT4 mobile apps are user friendly, free and available in multiple languages. Trade executions are fast and secure. “
The MT4 for android and iOS are available for download on the GFTrade Website. They are also available on their respective stores.
Here are some of the features available on the GFTrade mobile MT4 app:
Real-time forex and CFD quotes and complete order management.
Complete access to user accounts, trading history etc
Real-time interactive charts which can be zoomed and scrolled. Trades can be placed from the charts.
Multiple timeframes for analysis
Adjustable settings and full customizations.
“The MT4 offers sophisticated tools for trading and analysis. Trade with expert advisors, custom indicators, create and load templates, and test your strategies with the Strategy Tester. There is also an economic calendar for you to stay on top of key events and indicators.”.
The following are some of the features of the MT4 trading platform:
Time Frames: MT4 has up to 9 time frames which ranges from a minute to a month.
Customization: MT4 is fully customizable. Traders can create their own Expert Advisors which can automate forex trading. This is because of the MQL5 development environment where robots, indicators and other trading apps can be developed.
Indicators: There are 30 technical indicators that can assist the trader to place trades at the right time in order to maximize profits.
Charting: GFTrade MT4 features multiple charts. This is very important for technical analysis.
The help menu features various options for getting help. It includes articles, video guides and the MQL5 market where GFTrade clients can get robots and other tools from other traders across the world.
The following are a few other tools made available by GFTrade:
VPS: This is provided free of charge to traders. The Virtual Private Server (VPS) ensures smooth trading conditions, better connections, security, etc. Expert Advisor users often prefer to use a VPS.
This shows upcoming and past events in different countries. It gives a trader an idea of what will happen to a currency or currency pairs.
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.
AVERAGE SPREAD (PIPS)
*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.
“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 email@example.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.
“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.
“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:
Psychology of Forex Trading
Forex Money Management
MT4 User Guide
Also, there are other user guides and a comprehensive FAQ section on the website.
“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.
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.
“ 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.