GxFX Review (2023)

Is GxFX a scam or a 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, never monitored in terms of its safety and simply may operate the business in any way it wishes.

GxFX is the online trading provides, the 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-round customer service through an attractive trading cost and enjoyable trading platform suitable to the traders of different size.  

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 regulatory status. In other words, it means the broker’s operation is not overseen or checked by anyone, while the only confirmation towards service delivery is 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 unfortunately full of a scammer 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 regulator check on the firm adequacy.

Conclusion

Therefore, it is better to avoid GxFX offering, do not risk the funds and choose from the list of regulated companies that can to find the best suitable company, and apply for a trading account with the companies that are reputable and trusted. The lack of information about the broker’s regulation, 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.com.

You can also share your trading experience with GxFX by commenting on this review.

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