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Info
Advantages
- Mt4 trading platform
- Fractional lot size for flexibility
- Base currency can be USD, EUR, CHF
- STP trading (straight through processing)
Disadvantages
- Awaiting Swiss banking license, no US based clients
- Minimum $2000USD deposit
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rate: 4.00
By: Hillel Fuld
GFX Group is a forex broker based in Switzerland and operating since 2005. This broker is a non-dealing desk broker offering straight through processing for client orders and variable but tight spreads on major currency pairs. They do offer 33 different currency pairs to trade along with gold and silver. GFX comes recommended to beginners and seasoned forex traders alike for its MT4 trading platform, good customer service and client offerings, with few disadvantages to its services.
As mentioned GFX does offer its MT4 trading platform download and feed for trading directly from the charts, letting traders take advantage of all the great features that MT4 trading has to offer. Clients can trade standard or minilots and 200:1 leverage. GFX offers 2-3 pip spreads on major currency pairs and even better spreads for those clients trading more than 500 lots per month. Minimum deposit to open a live account is $2000. Accounts can be based in USD, EUR, or CHF, a nice option for traders. A free demo account is also offered. Live accounts can only be funded by bank wire transfer or by a personal or bank check. GFX does also allow trade hedging and scalping. There are no added fees or trade commissions of any kind for withdrawals or any other GFX services, they make all their money via the spread. Withdrawals can be expected within 48 hours of the request.
GFX also offers some added features to its trading clients. They have a very basic “forex training” section on their website that at the very least can give new traders to forex an overview of the trading basics. They also offer daily market strategy commentary, and access to free trading signals from a third party signals provider, forexsignals.net, which is a $189/month value. In addition, their customer service is quite good and responsive via live online chat through their website, email, or by telephone.
Disadvantages about trading with GFX are few, but may be important ones. When asked, they would not advise what bank they use for their trading accounts or liquidity. This is a red flag. However they have applied for a Swiss banking license in April 2009 to become a bank themselves. They cannot allow US based clients because they do not comply with US regulations. Since GFX began in 2005 the Swiss Banking Commission has investigated them at least once, but I was unable to find the outcome of this investigation. It appears that recently this broker has switched their trading platform to MT4 and is making real changes to improve their client experience.
Overall, this forex broker receives 4 stars for its services provided and STP (straight through processing) trading.
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