Controversial

GXCM Review – A Dirty Broker In the Market

There is very little evidence for the quality of services and reliability from GXCM, which makes it an easy-to-pick fraudulent scheme.
3.1/10 (Expert Score)
Product is rated as #7 in category Crypto

GXCM boasts an innovative investment scheme luring traders through different deals in CFDs, forex, indices and commodities. The company features stats indicating there are 98000 active accounts, but it’s all questionable.

Other than the mentioned services, GXCM also claims to provide crypto trading services, self-praising themselves to be one of the best at it. It has a team that helps individual investors to optimize their accounts for crypto trading. While claiming to be the best at the art, GXCM promises the best outcome for the client through a mobile-friendly trading platform and industry leasing.

Other than trading services, GXCM also features an educational center to help the clients with valuable learning resources. So, clients receive market news, with an economic calendar, suggesting the activities throughout the year.

Moreover, it executes trading at a fast speed with complete customer support all day long. However, are these promised services worth a cent? Find out in this review.

GXCM Review

GXCM Review

There is no evidence for GXCM suggesting that it’s a legitimate broker. This simply means investing with this company is always a risky option. On top of that, there is no record of the past performance, so there are just guarantees for the customers but no signs of proven services.

At GXCM, there is a lot of emphasis on using technology by putting more focus on trading activities. Even when it promises big gains, the company doesn’t open up about its practices and working mechanisms. Even though digital currencies seem like an irresistible idea, there are huge risks and one cannot expect instant profits. So, the more reputable companies try to minimize the risks of loss but that’s not the case with GXCM.

There are no whereabouts for the company’s team and how they go about handling different activities. So, there are questions on the transparency of practices too. It’s hard to find out the qualification of the team members because there is virtually no information about them.

There is no license for the company which means that it doesn’t follow any regulations from financial bodies. So, investing with such a firm is obviously a big risk.

Deposits and Withdrawals

Deposits and Withdrawals

Clients can deposit their amounts through MasterCard, Visa, and Maestro, with a minimum deposit of $250. However, GXCM being an exposed scam, should be avoided at all costs.

Investors can chargeback if they invested through debit and credit card. Also, traders can withdraw any amount, but there is a $20 fee on wire transfers. Besides their cut, debit and credit card withdrawals cost 3.5% of the withdrawn amount.

For amounts less than $100, a $20 fee is quite expensive. Moreover, if you are inactive for three months, there will be a flat $50 charge or 0.5% monthly charges per inactive month.

Compared to legit trading companies, these charges are very high, so it’s in the best interest of the customers to save their investments and stay away from GXCM. Moreover, GXCM requires investors to trade up to 180 times the amount of accepted bonus. Otherwise, the withdrawal process won’t work.

GXCM Trading Conditions

GXCM Trading Conditions

There isn’t much to discuss about the trading conditions at GXCM. It features spreads of three pips on currency pairs of EURUSD, which isn’t much of a profitable idea for the investors. Since it’s a web-based trader, it lacks the advantages of a standard interface like MetaTrader.

As far as the available leverages are concerned, GXCM doesn’t talk much about them. It’s an indication of a possible scam because the clients are always in the dark about certain trading dimensions and parameters. As a result, one cannot help but think that the scheme will put the investors at high risk.

As a trading broker, GXCM doesn’t help its reputation by showing a false location of origin. It doesn’t run from the UK where it claims to have set up its office. Therefore, it’s best to avoid this platform and look for a more reputable investment firm in the market.

Generally, legit companies have a responsive team that can guide the clients through the process more comprehensively. GXCM is the opposite of it. Once GXCM gets their hands on your funds, it will cut off all contact with you, leaving you stranded with nothing but disappointment and despair.

Is GXCM Regulated?

Is GXCM Regulated?

When you look at GXCM on the list of watchdog financial services, the name is listed among those with a warning. Therefore, there is every chance this firm will misuse your funds for greedy purposes and compromise funds’ safety for its own benefit.

Given that it claims to operate in the UK, GXCM must have a license from the Financial Conduct Authority. However, there is no such evidence about the company. So, it’s easy to figure out how much risk you are taking if you opt to invest your funds with GXCM.

Moreover, since it’s an unregulated body, it can also sell your data to third party firms without even asking you. Because GXCM is not regulated by the FCA, there is no guarantee for the funds and no chance of compensation in case the firm goes bankrupt.

Also, GXCM does not report any financial and trading activities to a financial watchdog. It means that these con artists are on their own and can rob customers of their savings and hard-earned money. Moreover, there is no chance of compensation because the company is an anonymous scheme that the government cannot hold accountable.

GXCM Domain Details

GXCM Domain Details

The firm has a domain name that expires in September 2021. So, given the iffy nature of the firm, it’s hard to say that it will continue its practices with the same domain name in the coming days.

However, considering how the company plays with the clients’ funds, it may start the services with a new name and better slogans. Moreover, the traffic for GXCM is considerably low too. So, it may just eventually leave the trading market soon.

2.5Expert Score
Conclusion

There is very little evidence for the quality of services and reliability from GXCM, which makes it an easy-to-pick fraudulent scheme. So, it’s best to avoid the firm and save your precious earnings from this blacklisted anonymous firm.

Customer Service Score
3.5
Trust Score
2.5
Honesty Score
3
Reputation Score
3.5
POSITIVES
  • User interface
NEGATIVES
  • Questionable Marketing Tactics
  • Unreliable
  • Horrible Market Reputation

We will be happy to hear your thoughts

Leave a reply

Forex Scam
Logo
Enable registration in settings - general