|Name||Gallant Capital Markets|
- Competitive spreads
- Free MYFX access for standard account holders
- Free VPS for qualified traders
- MT4 only
- Does not accept PayPal
- Emergency trading support only during off-peak hours
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Gallant Capital Markets Review
Gallant Capital Markets is ranked #41 of 267 Forex Brokers.
Check out the top 3 rated brokers below:
Gallant Capital Markets FX (also known as GCMFX) is an STP Forex broker (straight-through-processor) which offers variable spreads starting at 1 pip and is among the first Forex brokers in the British Virgin Islands to be regulated by the region’s Financial Services Commission under the Securities and Investment Business Act (SIBA). Gallant Capital Markets is also audited by Deloitte and Touche. With 42 available currency pairs, a website redesigned in June 2011 and a wide range of Forex trading services and resources, there’s no question that this broker has a lot to offer. Read our full Gallant Capital Markets review to see if this brokerage is the one you’ve been looking for.
Founded in: 2008
Headquarters: British Virgin Islands
Maximum leverage: 400:1
Minimum deposit: $100
Minimum deal size: 1,000 lots
Languages available: English, Spanish, Chinese, Arabic
Regulation: FSC under SIBA
Like many other Forex brokers, Gallant Capital Markets offers the MetaTrader4 platform for all of its account types, including the free demo account. Although the platform functioned as we expected it to, some things did enhance the experience to set it apart from the standard MT4 trading experience. Specifically, users who take the time to connect the MYFX console will be able to be able to enjoy one-click trade executions, and partial take-profits among other things. The broker’s custom indicators were also helpful in easing the technical complications of the Forex trading process.
Although we don’t usually favor Forex brokers that offer MetaTrader platforms exclusively, we found that Gallant Capital Markets offers a unique balance between this standard platform and a more customized trading platform.
In addition to MT4 trading, Gallant Capital Markets also offers MT5 and Tradency/Mirror Trader for traders who need a bit of assistance or want to copy other traders.
Although this broker’s website looks rather simple, we actually found it to be chock full of helpful Forex resources. Among the most useful features we found during our Gallant Capital Markets review were advanced charting tools, expert advisors and instant scripts that enhance the trading capabilities and speed up the trading process. Of special note is a free VPS which can offer support for traders who wish to maximize the efficiency of their expert advisors.
Traders who deposit the $2,500 required for a standard account will also get free access to the MYFX console, a system we’ve tested and enjoyed immensely.
In addition to its $50,000 demo account, Gallant Capital Markets offers 3 different account types, all of which offer variable spreads. All accounts can be funded in a choice of 6 currencies (USD, EUR, GBP, CAD, AUD, CHF, JPY, HKD). Standard account spreads start at 1 pip, while the spreads on mini accounts begin at 1.5 pip. Traders who deposit $50,000 can enjoy spreads starting at 0.2 pip.
GCMFX offers trading of 47 currency pairs, which makes it suitable for traders looking to branch out from the majors. Available currency pairs include:
Overall, we found the Forex trading conditions and features to be both competitive and comfortable during our Gallant Capital Markets review.
The customer support center offered by Gallant Capital Markets offers 13 different ways to contact the company, which ensures that help is never far away. Phone support is available in 8 different country codes, and traders can send emails to directed departments for the quickest and most relevant responses. Live chat is also available 24/5, though general inquiries are only answered from 9-5 EST. At all other times, chat support deals with emergency trading questions only. During the course of our Gallant Capital Markets review we had the pleasure to contact the company’s chat center 5 times, and each time we were satisfied with the level of service provided. Of special importance is the ability to email yourself the chat transcript so that you can refer to it later if necessary.
We also emailed the company and received a relevant, courteous response in 6 hours.
Ease of Use
From a technical standpoint, the MT4 platform offered by Gallant Capital Markets worked just as every other MT4 platform works. However, we had a bit of difficulty opening a practice account because the page for this was somewhat hidden on the site. Fortunately, opening a live account was markedly easier. The application was presented in the site’s clean design, which made it easy to follow the steps and to reach the finish line quickly. As all regulated Forex brokers do, Gallant Capital Markets requires the upload of one form of ID, which can be either a valid driver’s license/state ID, passport or voter registration card.
GCMFX also offers a fantastic library of Expert Advisor (EA) scripts. These tools are downloadable directly from the broker’s website and are relatively easy to configure and install. Unlike some other Forex brokers that update their market news sporadically, Gallant Capital Markets does update their news regularly, though all of the news and technical analysis are joined into a singular list, leaving traders to wade through all articles until they find the relevant ones. Still, this can also be advantageous because it forces traders to take a wider look at the markets which can be beneficial.
Traders who are new to trading can also take advantage of the company’s Trading Handbook which offers a thorough explanation of the process.
A crisp web interface and straightforward registration process will make traders that visit Gallant Capital Markets comfortable from the outset. Reasonable trading conditions and EA tools make this broker a solid option for traders looking for STP trading combined with the MetaTrader4 platform.
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