A risk-free demo account lasting 30 days, can be set up at GWFX Global in seconds, by downloading the GW MT4 trading platform and selecting the Demo account server. Users of the Demo account experience a simulated trading environment on a dedicated demo platform with 100,000 USD of virtual funds. A free operating manual is provided along with real time quotes, just as those enjoyed by users of the real-time trading platform. The object of a Demo account is to become confident and familiar with trading in financial instruments before investing real funds at GWFX Global.
Whilst GWFX Global offers a Standard account and a VIP account, we saw that the Standard account is suitable for retail traders and the VIP account for institutional traders. Both types of account operate in USD and funds deposited in other currencies are converted to the USD. Notably traders can trade in only 18 Forex currency pairs, the precious metals Gold and Silver and in offshore RMB. All these financial instruments can be traded from the Standard or VIP account on the GWFX Global desktop and mobile trading platform. Both accounts provide access to 31 analysis tools and 30 financial indicators on the trading platform.
The Standard Account
To set up a ‘Standard’ live trading account, traders are required to make a minimum deposit of $200. The deposit is treated as the margin amount for executing financial transactions at GWFX Global. The minimum size of a financial transaction in Forex is $50 and 0.1 lot which in trading terms is the relatively high Mini-lot. Most online brokers allow trading in Micro-lots which is 0.01 lot. The Standard account offers floating spreads for major Forex currency pairs from 0.2 pips and leverage up to 1:500. Traders in Gold and Silver enjoy narrow spreads with 1:100 leverage. Notably, the minimum trade in precious metals is 0.1 lot and the minimum margin is 1,000 USD. To trade in offshore RMB, the minimum trading lot is 0.1 with the margin starting at 60 USD. Commission is not charged on trading any of the financial instruments as the revenues to the company come from widening the pip spreads. Only traders who make transactions over the phone with GWFX Global brokers, pay 7.50 USD commission on each transaction.
A minimum deposit of 50,000 USD is needed to open a VIP account. The exclusive advantages of a VIP account are access to the services of a VIP account manager and priority service. Significantly, the minimum trade size is set at 1 lot and the minimum value of a single transaction is $50,000. These parameters make the VIP account appropriate for institutional traders. Notably, Forex floating spreads start at 0 pips for major currency pairs. Comparable tight spreads for precious metals, start from 0.03 USD on Silver and 0.45 USD for Gold.