GXFX is an unlicensed CFD broker that allows investors to trade CFDs in forex, cryptocurrencies, stocks, commodities and indices.
On the outside, this broker appears like any other. The question is whether GXFX is a trustworthy company to invest in or just another scam in the industry you should stay away from at all costs.
Find out all you need to know about GXFX in our review below, and read our final verdict on whether or not GXFX is a scam.
GXFX claims to have three trading accounts available with unusually massive deposits required. The cheapest, supposedly “beginner’s account” requires a deposit of $25,000 – which is a ridiculous amount for a starting account.
The strange thing is that in a different section on their website, they mention that the minimum deposit to begin trading is $300, which is still more expensive than the usual amount required, but much better than that $20,000 heart attack.
We can then assume that $300 is the minimum deposit to begin trading with GXFX. What type of account this will get you remains unclear.
Either way, we have listed the three accounts GXFX has available, along with their deposits and features.
When looking through the details of each account, you will notice the trading conditions listed are especially vague, which is an obvious problem, because it shows an immediate lack of transparency.
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The trading platform offered at GXFX is the web-based Panda platform, which can be accessed directly through your browser and requires no downloads or installations. The Panda platform is especially useful for complete beginners, due to its incredibly simple interface that anyone could figure out.
Unfortunately, GXFX does not provide any mobile trading or even the infamous MetaTrader4 (MT4) platform. Both are extreme disadvantages, as on-the-go trading through mobile devices is increasingly shown to be a preferred trading method and MT4 is arguably the most recognizable, popular forex and CFD trading platform worldwide. Even though it is commonly associated with more professional trading, MT4 can usually be found through most brokers, that offer both a simple, web-based platform like Panda, and a more professional’s platform like MT4.
GXFX shows to be especially limited in this area.
As for the assets provided through the GXFX platform, investors will be able to trade CFDs in over 300 instruments, including forex, cryptocurrencies, stocks, commodities and indices. The trading conditions mentioned on the website are spreads as low as 0.1 pips and 1:30 leverage. Once again, it is not made clear anywhere with which account these conditions will be met.
Warning: GXFX provides no solid information about their services or the company itself throughout their entire website, which is a huge red flag. Lack of transparency and services are automatic signs of a fraudulent company.
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GXFX provides three ways you can reach their customer support team, if you have any questions (which, in light of their incredible vagueness, we’re sure you will). They provide an email address, a UK phone number, and an online contact form you can fill out and send along with your question.
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GXFX is owned and operated by the company SoftGeeks OU, which is located at Roosikrantsi 2-K033, Tallinn 10119 Estonia.
The broker accepts a variety of payment methods, which include credit card (Visa, Mastercard), Skrill, Sofort, Safety Pay, Giro Pay, Trust Pay and bank wire transfer.
Through our careful review of this broker, we have come to the conclusion that GXFX is probably a scam and should not be trusted. This broker is not regulated under any agency, lacks transparency and provides inconsistent information throughout their entire website. These are all massive red flags that prove GXFX is not a trustworthy company.
Instead of wasting your time with just another scam, check out our list of the top regulated online brokers.
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