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GXCM Review: GXCM.finance a Dirty Broker

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GXCM Review: GXCM.finance a Dirty Broker

GXCM claims it is the most innovative investment scheme for traders. The entity deals with forex, CFDs, Indices, and commodities. They feature statistics that indicate there are over 98K active accounts. However, the entity can’t have attained such a high audience within such a short period. 

GXCM Review, GXCM Company

Further, the entity also boasts it is one of the best crypto trading firms in the world. Their team helps individuals optimize their accounts. The venture promises nothing but the best outcome once you become their member. Some of the features that the broker brags about include; having a mobile-friendly trading interface and leasing in the industry.

GXCM also has an educational center where its clients can get valuable resources. The firm allegedly sends market news, and there is an economic calendar. The trading activities are executed fast, and the customer support operates 24/6. Investment is not headers, but if you trust the wrong venture, you could end up losing all your money in an instance. 

It is important that you only deal with reputable forex trading schemes. These are companies that have been in the market for years. They generate real time profits for their customers. They also do have past trading results.

GXCM.finance Review

Trading with online assets is profitable and rewarding. Unfortunately, GXCM does not provide evidence that shows the scheme is a genuine broker. Their past performance is nowhere to be seen. The company is only presenting huge guarantees, yet there are several loopholes. 

They are attributing their success to technology. They want clients to focus on other matters as the trading activity is made more accessible. Their winning strategies are also utilized, yet the firm’s mechanism is still a mystery. Digital currencies are profitable. However, there are risks due to their volatility. You cannot only expect profits as losses are also part of the package. The legit scheme tries to minimize the risks.

We find it weird that GXCM does not showcase the team that is handling their daily activities. There is no sense of transparency in this venture. If their business is legit, we should see the qualification of the individuals dealing with customers’ funds. 

Additionally, this is a broker that does not follow the jurisdiction set by financial bodies. The scheme lacks a license, and your money is a great danger. You will not have peace of mind when you choose this broker as your trading partner.

Withdrawal and Deposits

The deposit can be made via Visa, MasterCard, and Maestro. The minimum amount that one can deposit is $250. We do not recommend that you deposit a single penny in this venture. For starters, this is an exposed scam. Investors that have cashed in via debit and credit card can issue a chargeback. 

GXCM allows traders to cash out any amount that they please. However, there is a fee of $20 for wire transfers and 3.5% for the debit and credit card options. If you withdraw funds less than $100, the scheme requires a fee of $20. This is a hell of an expensive entity that is unworthy of your time.

The inactive fees are also outrageous. If you do not engage with your account for over 3 months, the entity charges a fee of 0.5% every month or a $50 flat charge. This is more than what the legit schemes ask from their customers. 

You better stay away from the bonuses of GXCM. The platform is asking investors to trade 180 times the bonus amount they accepted. If they do not, the withdrawal process will not be possible. 

Trading Conditions of GXCM

The trading conditions of this platform are not appealing. The venture has a spread of 3 pips on EURUSD currency pairs. This is not profitable to the investors. Moreover, the available trading platform is a web-based trader. It does not have several advantages, and investors that have used the MetaTrader interface will find the firm useless. 

 

GXCM does not disclose the leverage available for its clients. This is another red flag as clients need to know what they are getting themselves into by trading with a particular entity. It is also most likely that the scheme will push investors to more risks. 

The FCA only allows leverage of 1:30 to protect consumers against losing funds. In most cases, the venture that lures traders with high limits only wants them to lose funds.

Contact Details and Customer Support

The company purports it is operating from the United Kingdom. The venture has a phone number and email that clients can use to reach the support. However, there is no physical address available. This means that traders cannot get hold of this scheme once it exits the industry. The firm also boasts it has offices in Italy, Poland, Nigeria, Switzerland, and Australia. Sadly, this is another falsehood statement.

GXCM.finance Review, GXCM.finance Contact

Additionally, GXCM is not running its business from the UK. Scammers tend to fake their country of origin to appear reputable. You are going to regret joining the firm. The best thing to do is only deal with transparent platforms that have no problem availing their location and having a responsive team. 

As soon as the entity gets hold of investors’ funds, they will cut all communication. It will be a difficult task going after them. The authorities have also warned traders against dealing with such outrageous platforms.

Regulation Status of GXCM

Investing with a company that has a license has several advantages. One of them being there is maximum safety of funds. The business works with prominent tier 1 banks. The funds cannot be misused for greedy purposes. Furthermore, this is a venture that states it has offices in the UK. 

Therefore, it ought to have a license from the Financial Conduct Authority. After checking for their name in this watchdog, we found the company on the warning list. This is a big red flag. If you deal with them, you are putting your fund’s safety and data in danger. 

GXCM requires that you submit your data while registering. The entity being fraudulent can sell the info to a third party without your consent. The FCA obligates all the investment ventures operating in its country to deposit 730,000 EUR. This amount is used to compensate clients in case a firm faces bankruptcy.

This is a dangerous Ponzi scheme that does not report its daily trading activities. There is nobody that oversees their trading process. The con artists can do whatever they love with the funds of customers. If you report them to the authorities, there is nothing much the government can do as this is an anonymous scheme.

The Domain Insight

Ironically, this is a firm that has been in the industry since September 2020. The domain name of the scheme is expected to expire in the same month as the year 2021. It is hard to tell whether they are going to renew their domain. If the venture does, it will eventually exit the market. The traffic is also low.

Final Verdict

GXCM is a waste of resources and time. Joining the venture is a bad idea. The trading conditions of this venture are also not logical. The entity is already blacklisted. 

Invest with the best forex trading ventures in the market. These are schemes with ideal reputation. You are going to get the best outcome from them. If you trade wisely then you are going to get reasonable profits.

Is GXCM legit?

No, the FCA has the company on its blacklist.

Are the trading conditions of GXCM ideal?

They are not great.

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