Is GxFX Scam or Legit Broker?

GxFX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

About GxFX
🗺️ Registered inEstonia
🗺️ Type of LicenseNo License
🛡️ Is GxFX safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is GxFX?

GxFX is an online trading company that claims its gained fame for professionalism and honest work. The broker provides a wide range of trading instruments, including Forex instruments, Cryptocurrency CFDs, and other assets for over 300+ instruments. The broker mentions its low initial deposits, unparalleled proficiency, and all-around customer service through an attractive trading cost and enjoyable trading platform suitable for traders of different sizes.  

  • In terms of the company location and registration, the broker mentions its owning company SoftGeeks OU with an address in Estonia, while there is no information about the regulatory status. In other words, it means the broker's operation is not overseen or checked by anyone, while the only confirmation of service delivery is a company promise. Of course, in financial investment and trading itself, it is the highest risk to trust in the power of word only, as the safety measures require strict follow of the operation in order to ensure trustful service delivery.  
  • As the Forex industry is unfortunately full of scammers and unscrupulous companies (Check the forex scammer complete list), traders should protect themselves and choose only among regulated companies with an applied international set of tools. This includes segregation of funds, regular reporting, and audit, along with the participation into compensation in case of insolvency, and that is all above a simple step that regulators check on the firm adequacy.

GxFX Review

GxFX Review Conclusion

Therefore, it is better to avoid GxFX offering, so as not to risk the funds and choose from the list of regulated companies. The lack of information about the broker’s regulations, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and XM.


GxFX Update

Recently GxFX website remains inactive and unavailable to reach, meaning the broker mutes its trading offering and does not propose account openings. However, we still advise the traders to be alert and careful, in case they receive trading proposals. 

No news available.

Leave a Reply

Your email address will not be published. Required fields are marked *