Important update: Due to the overwhelming success of GFCMarkets, the company has rebranded itself as Markets.com, here is the full Markets.com review.
GFCMarkets is a new Forex force to be reckoned with. Their site is pleasant on the eyes, available in 9 languages, and gives you almost all the crucial information you are looking for at first glance, no need to search. Their main advantage is their downloadable GFX trader as well as their GFX java-based platform, both very user friendly trading platforms. These platforms are based on the ACT Forex technology, and in that, GFCMarkets is similar to AvaFX, ForexYard, and others.
The ACT technology implements all the market standard features such as Stop Losses, Take Profits, as well as built in analysis tools. Another advantage of this platform is that it is highly customizable for the traders both in terms of the way it looks and functions.
GFCMarkets offers various types of accounts with tight spreads, including a mini account with the ability to trade with as little as $50 and at a leverage of 200:1. In addition, GFCMarkets offers a free demo account with $100,000 to sharpen your trading skills before risking actual money. They offer fixed spreads and a no commissions policy, both very positive initiatives. Additionally, GFCMarkets supports the major financial instruments such as CFDs and Stock Equities, besides their top notch Forex support. In these, the system is also similar to another new broker, UFX Markets.
In addition to the state of the art platforms, the user friendly website, and the competitive trading options, GFCMarkets also offers various Forex resources for the Forex trader. The beginner can enjoy their Forex education, which I found to be very useful and informative. The more experienced trader can benefit from GFCMarkets's market analysis, news, and calendar, all very important tools when trading in the Forex market.
On the flip side, GFCMarkets still has room for improvement. When searching their site for any information regarding the deposit and withdrawal processes, it was nowhere to be found. They most definitely should have payment method information in a place that is extremely visible to customers, yet it was unavailable. When I decided to inquire regarding this missing information using their 24/7 support via their chat, I was met with many “Our representative are currently busy and will be with you shorty” messages. Needless to say, they were not with me shortly. I have yet to reach a representative using their chat, which leads me to believe that it might not actually be active. Interestingly enough, the next time I went to their site, the chat feature was not even an option, so I left them a message, and have not heard back from them. On the other hand, they recently launched a multi lingual support center for any question you might have, so it seems they are improving on the customer support side.
GFCMarkets is based in Cyprus and is regulated by CySEC (Cyprus Securities and Exchange Commission). They offer some impressive bonuses for traders, including up to $2,000 money back on a Standard Account deposit.
Like I said in my introduction, since GFCMarkets is relatively new to the Forex market, you can be sure you will be seeing and hearing more of them. They still have some work ahead of them, but they definitely are a force to be reckoned with.
Review info: GFCMarkets
Review Date: 2012-10-10
Rating : 4
Reviewed By : Sara Patterson (Google+)
Imran, Why are you waisting your time with them when there are quite a number of other good companies out there willing to give you good service? If this is how you are treated trying to give them money by opening an account, Imagin how you will be treated once they have your money and if you have any issues?? See the wrting on the wall my friend??. Try FXCM who so far for me have been very good.
I have gone through their site and using their demo account for some time. Now I want to open a real account with them. But when I asked them few questions, they are not answering me. I wrote them six letters but still got no answer. Today i got a reply from my so called account manager that she cannot answer my questions till 7th of april as she is on log leave. I log into live chat, their operator told me she is not on leave and on her seat. I dont know who is lying.
Anyway i asked them are they registered with FSA's and can I write to them for a confirmation. GFC didn't reply me. When I wrote to FSA's, they replied me that they are not regulating SafeCap. SafeCap is regulated by CYSEC. They just permit GFC to operate in their country. In case of any dispute, I have to contact CYSEC and not FSA's.
I asked GFC about Investor Compensation Fund, ICF, they are telling me what is ICF. But on Central Bank of Cyprus site, you can not find the name of SafeCap on the list. So where SafeCap is registered with ICF, GFC is not telling me.
So what should I do? I have told that they got an excellent platform, fixed spreads and number of CFD and currency options. But their customer service....... I dont know why they are not satisfying me.
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