GFT
Pros and Cons
Pros
- Diverse trading instruments: Forex, commodities, indices, stocks, and cryptocurrencies
- Accessible minimum deposit requirement for beginners
- Trading platform: MetaTrader 4 with advanced features
- Multiple account types catering to different trader profiles
- Customer support available via email, phone, and live chat
Cons
- Not regulated by any recognized financial authority
- Cloned FCA license raises serious regulatory concerns
- Limited educational resources for traders
- Potential deposit and withdrawal fees depending on payment method
- High minimum deposit requirement for some account types
Basic Information
User Reviews
GFT Overview
GFT, officially known as GoldFxTrading, is a forex broker registered in the United Kingdom, operating for a period of 5 to 10 years. While it purports to offer various trading services, it is important to note that GFT has been associated with a cloned Financial Conduct Authority (FCA) license, raising concerns about its regulatory status. As such, traders should exercise caution and be aware of the potential risks involved with this broker.
Is GFT Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| None | United Kingdom | No protection measures available |
Is GFT Regulated and How Are Client Funds Protected?
The broker GFT is not regulated by any recognized financial authority. This lack of regulation raises significant concerns regarding the safety of client funds and the overall legitimacy of the broker. Trading with an unregulated broker like GFT presents inherent risks, including the absence of investor protection mechanisms and a higher likelihood of encountering fraudulent activities. Potential investors should be cautious and consider these risks when deciding whether to engage with GFT.
Trading Products and Services
What trading instruments does GFT offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / Examples | Varies |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | US, UK | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
GFT provides a range of trading instruments designed to cater to various trader needs. The diversity in asset categories, including Forex, commodities, indices, and cryptocurrencies, allows traders to develop flexible strategies and diversify their portfolios. This flexibility is particularly valuable for different types of traders, including beginners seeking exposure to multiple markets and professionals looking for specific trading opportunities. By offering a selection of tradable products, GFT aims to support traders in adapting their strategies to changing market conditions, which is essential for effective risk management and investment growth.
Account Types and Trading Conditions
What Account Types and Fees Does GFT Offer?
| Account Type | Target User Group | Key Characteristics | Applicability Notes |
|---|---|---|---|
| Basic Account | Beginner traders | Accessible minimum deposit | Suitable for small-capital practice |
| Professional Account | Experienced traders | Higher leverage options | Requires trading volume qualifications |
| Extended Account | Corporate clients | Customized services | Requires corporate documentation |
Account Opening Process
To open an account with GFT, traders must submit personal information, including identity verification documents such as an ID and proof of address. Additionally, employment and financial information will need to be provided. GFT allows for account flexibility, enabling traders to upgrade to a professional account later if desired.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | 0.2 – 1.8 | $0 | Varies based on market conditions |
| CFDs (Stocks, Indices, Commodities) | Varies | $0 | Dependent on asset class |
| Cryptocurrencies | Varies | $0 | Market volatility affects spreads |
Other Fees
Other potential fees with GFT include deposit and withdrawal fees, which may vary by payment method. Inactivity fees may apply if an account remains dormant for an extended period. There are no specific platform usage fees mentioned, and overnight interest (swap rates) could be applicable based on account type and position holding. Currency conversion fees may also apply when trading different currency pairs.
Trading Platforms and Apps
What Trading Platforms and Apps Does GFT Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | 2FA, market search, multiple order types, price alerts, technical indicators | Demo accounts, API interface |
| Web Version | Any device with internet access | Secure login, symbol lookup, price alerts | None specified |
| Mobile App | iOS, Android | Biometrics, one-click trading, push notifications, economic calendar | None specified |
The MT4 platform is well-suited for traders who appreciate advanced charting tools and automated trading capabilities. The web version offers flexibility for users who prefer to trade without downloading software, while the mobile app enhances trading convenience on-the-go. GFT supports secure logins across platforms, ensuring user safety, and provides fast order execution and real-time alerts, which are beneficial for effective trading strategies.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min 50, Max 10k/day | GBP, USD |
| Credit/Debit Card | Instant | No platform fee | Min 50, Max 5k/day | GBP, USD |
| Cryptocurrency Transfers | Instant | No platform fee | Min 50, Max 20k/day | BTC, ETH |
| E-wallets (e.g., Skrill, Neteller) | Instant | 1.5% fee | Min 50, Max 10k/day | GBP, USD |
Minimum Deposit
The minimum deposit requirement for GFT is accessible, typically set at 50 units of the base currency. This requirement does not vary by payment method but may differ based on the chosen account type.
How to Withdraw
- Log into your GFT account.
- Navigate to the withdrawal section of the platform.
- Select your preferred payment method.
- Input the withdrawal amount within the limits.
- Submit your request for processing.
- Await confirmation and processing of your withdrawal.
Customer Support
GFT Customer Support Overview
Support Channels
GFT offers several contact methods for customer support, ensuring that traders can easily reach out for assistance. The main channels include:
- Email: Traders can contact GFT’s support team via email at info@goldfxtrading.com.
- Telephone: Customer support is also available by phone at +44 208 144 4520.
- Live Chat: GFT provides a live chat option on their website for immediate assistance.
- Social Media: Traders can follow GFT on various social media platforms for updates and support.
Service Availability
GFT’s customer support is available during specified hours, catering to the needs of traders. Support is typically accessible 24 hours a day, 5 days a week, allowing clients to receive help when they need it most. Multilingual support may also be available, although specifics on supported languages have not been detailed.
Additional Resources
To enhance the trading experience, GFT may provide additional resources such as video tutorials, webinars, market analysis, and trading signals. These resources help traders make informed decisions and improve their trading strategies.
Frequently Asked Questions
No, GFT is not regulated by any recognized financial authority. The broker has been associated with a cloned Financial Conduct Authority (FCA) license, which raises significant concerns regarding its legitimacy and the safety of client funds.
GFT offers a variety of trading instruments across different asset categories, including Forex (major pairs), commodities (such as gold and oil), indices (like S&P 500 and NASDAQ), stocks (US and UK), and cryptocurrencies (BTC and ETH).
GFT has various trading fees, including spreads that range from 0.2 to 1.8 pips for Forex major pairs, and no commissions for CFDs on stocks, indices, and cryptocurrencies. Additional fees may apply for deposits and withdrawals depending on the payment method, as well as inactivity fees for dormant accounts.
GFT provides multiple contact methods for customer support, including email at info@goldfxtrading.com, telephone support at +44 208 144 4520, and a live chat option on their website. Customer support is typically available 24 hours a day, 5 days a week.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.