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GiroFX (Girofx.com) is a broker who has been blacklisted by two regulatory authorities. Giro FX is claiming to offer CFDs on Forex to anyone interested in opening an account with them. The broker claims to provide a great solution for trading platforms. They go ahead and claim to have gained fame for their professionalism and honest work. These are the lengths scam brokers will go to try and sell their illicit trading platforms. Read this genuine GIROFX Review for more.
The broker claims to have over 150,000 traders working with the platform. Other claims include having over 7 million successful trades and $148 million weekly trading volumes. The company GiroFX is claiming to have their main offices in Estonia. Scam brokers will choose to have a European based location to entice investors from the region. Other locations listed on their office page include Cyprus which is a lie. It is best to have a transparent broker who has been tested and is trusted by the trading community.
GiroFX is not a broker who is near legitimate; we have evidence proving that this is a lousy platform. These scam brokers have broken the internet with complaints from members who signed up earlier. According to reports, the broker has been offering trading services with no withdrawal grants. Members who deposit funds have to give control of their accounts to personal account managers. Sadly, these are offshore brokers who have nothing else to do than to steal from unsuspecting investors.
The broker claims to offer over 300 trading instruments on their online trading platform. Leverage quoted is 1:30 and the spread is 0.1 pips. The Initial deposit has been listed as $200 which is below the acceptable minimum deposit of $250. These scam brokers are targeting newbie traders who don’t know the trading regulations. By using a low minimum deposit, they plan to steal from beginner traders. And this is why the platform must be stopped. The trading instruments listed include Currency, Goods, Indices, and Stocks.
As far as details are concerned, GiroFX is an anonymous online trading platform. The platform has no details revealing the actual owners of the platform. A real trading platform will have details of founding and staff members. The detail about their mother company is missing from the platform. And this is proof we are dealing with a lousy trading platform. An anonymous online investment platform should be ignored. Recovering funds from such platforms is next to impossible.
According to the trusted domain register whois.net, the platform was recently created. Records show girofx.com was created on 7th January 2020. When publishing this post, it means the website is barely five months old. The claim of having over seven years of trading experience is a lie. These are the extent to which scam brokers will go to try and buy investor trust. Thanks to domain registers, you too can know when a website was created. Giro FX is a new player in the scam game and must be exposed by all means.
When it comes to posting their license and registration, a lot is missing. The platform does not have any license or registration documents which is a huge problem. GiroFX IS NOT LICENSED OR REGISTERED to offer any trading services. And this is a warning to anyone who signs up; deposits are not insured by an unlicensed broker.
Notable regulatory bodies have issued a warning towards this broker. The Financial Commission (FINACOM) was the first regulator to issue a warning towards this broker. Another regulator in Europe has popped up with a warning to investors from the region. The Swedish Financial Watchdog Financial Inspector (FI) is the latest to issue a warning. Two warnings from reputable regulators are enough to warrant the closure of the platform. It is best to stay away as other regulators in Europe will follow suit.
GiroFX is furnishing traders with three account types to choose from. What sparked our fury was the high minimum deposit required for the minimum account type. According to information on their homepage, the minimum deposit is $200. And the broker is lying about is as the broker demands $25,000 minimum deposit for the first account. The three account types are labeled Bronze, Silver, and Gold. These accounts don’t come with any unique trading features. Acceptable minimum deposit for the Silver and Premium account is $75,000 and $150,000 respectively.
The broker is offering commission and spread discounts of up to 50 percent. Bonuses have been a bone of contention for most brokers. The industry regulators are thinking of banning any broker who offers bonuses. These scam brokers will use bonuses to try and block any withdrawals by members. They insist that a member must pay back the entire bonus before making any withdrawals. If your account balance is more than the bonus, this does not count.
Another problem with GiroFX is lack of proper communication channels. They have used email communication and posted a number of phone numbers. The problem with emails is they take longer to get any response. Numbers listed on their contact page are VOLP which means they may not go through
The platform offers account managers as another feature. What we know is that the broker has a horrible reputation. These account managers are far from being professional and are mere call agents. The scam broker has hired call agents to act as account managers and thus, have no trading experience.
It is the same with Giro FX as they have listed a number of depository channels. They include iDeal, MasterCard, SafetyPay, Skrill, Sofort, Visa, among others. The main problem with GiroFX is that none of the members has been able to withdraw. Withdrawing funds with the broker has turned out to be a huge problem. Without withdrawing funds, this automatically becomes another online scam.
The platform lacks basic security features which put members in jeopardy. Hackers can easily take over the platform thanks to lame security protocol. It is clear the trading terminal has no DDoS protection or SSL encryption. To add salt to injury, their platform is not compatible with most devices especially mobile phones. Traders who prefer to trade on the go are not able to use the platform effectively.
The platform is not capable of safeguarding member funds. Their accounts don’t follow set rules such as segregation of accounts. Members have been depositing funds straight to owner’s personal bank account. These are scam brokers who will do anything to get anyone to sign up and deposit funds with them.
Evidence is clear that GiroFX is a scam. With two warnings from regulatory bodies, it is best to stay away from the platform. Warn your family and friends from joining any of their affiliate programs. These are scam brokers who have nothing else to do than steal from investors.
We have to add this broker to our scam blacklist and ensure no one else falls for this trap. Stay safe and use affordable and genuine brokers.
Wishing all traders the very best in their investing and trading.
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