Beware! Gfxcrypto is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Gfxcrypto is an exceptionally mysterious broker. It is immensely difficult to realise what kind of a broker this is. What we know so far is that Gfxcrypto is the trading name of GFX FINANCE, which belongs to CAPITAL LETTER GMBH.
Gfxroyal is another trading name of the German Company CAPITAL LETTER GMBH , a forex broker which received official warnings from numerous financial regulators in the EU. The list include the Austrian FMA, the Italian CONSOB, the Belgian FSMA and the Spanish CNMV, just to name a few.
Gfxcrypto is wrapped in darkness and there is too much conflicting information linked with this broker. Stay away!
Gfxcrypto REGULATION AND SAFETY OF FUNDS
Gfxcrypto does not show proofs to be authorized by any financial regulator. In fact, it’s exactly the opposite. Gfxcrypto is a shady broker who is not held responsible for its own actions by any regulator. The problem with such entities is that they might disappear any moment, without notice. Also there aren’t any guarantees that you can actually withdraw your money, even if you are a successful trader.
Your funds are not safe if you deposit money with Gfxcrypto. If you want to trade make sure to find a reputable, legitimate broker which has demonstrated its business integrity. All of the leaders in the industry are strictly regulated and comply with local and international laws. The two most sought after jurisdiction for the honorable brokers are Cyprus and UK, which are regulated respectively by CySEC and FCA. Both regulators impose rigorous requirements including minimum capital requirements, segregation of the trading accounts and negative balance protection of its customer accounts, to name a few. Always trust authorized forex brokers!
Gfxcrypto TRADING SOFTWARE
Gfxcrypto offers only its own web based trading platform. As a matter of fact, there are plenty of instruments offered for trading, including Forex, Cryptos and CFDs. But they do not offer demo accounts, the only way to trade is by using real money and this means a red flag! Many of the confirmed scammers do not allow demo trading.
The spread with Gfxcrypto is enormous, more than 60 pips for the EUR/USD pair! Normally for the industry, it is below 1 pip, reaching as low as 0.1 pips.
No information about leverage or marginal requirements was found even in the T&C of Gfcrypto.
Gfxcrypto DEPOSIT/WITHDRAW METHODS AND FEES
Gfxcrypto did not care to provide enough details about their account types, ways of funding, or minimum deposit requirements. The only way you can find out anything about these vital pieces of information is if you register or go through their T&C, word by word. Another red flag! Scammers usually disguise important information from their clients and force them to make certain steps in order to understand what they need. In this case a registration is necessary in order to obtain some more information.
The actual minimum deposit with Gfxcrypto is 250 USD. They claim to be the European largest cryptocurrency investment group but accept only US dollars for deposit. There isn’t EUR, GBP or any other currency account available.
There aren’t any funding options listed and that is done for a reason. The only ways to put money in your account are via two very dodgy e-wallets called Praxis Cashier and AnyMoney. The first one is suspected to be a scam, while the second is totally anonymous, suspicious and looks like a scam. A wire transfer is also listed as possible.
You can make a deposit without proof of identification! Beware!
There aren’t any withdrawal requirements listed, supposedly you can withdraw any sum that you want. The whole withdrawal policy itself is ambiguous and contains very few pieces of information. They claim not to charge any fees for withdrawal.
Dormant account policy is missing, there are no fees or charges that incur in the event of inactivity.
Gfxcrypto do not offer any bonuses.
Also a commission policy is missing. They claim to grant the lowest trading commissions, but there is no further clarification in their Terms and Conditions.
Stay away from this broker, it is allegedly a scam!
HOW DOES THE SCAM WORK
Scammers introduce financial or investment opportunities which are often too good to be true. Lucrative returns (we’ve seen 800% per day) with low or no risk at all, unbeatable trading conditions, trading robots and bots that always execute the winning trades, scammers might even give you assurances that they possess inside information and the profits are guaranteed.
The scammer will promise you the moon and the stars only to gain your confidence, will persuade you to invest money with them and sooner or later will take advantage of you. Once you submit your personal details including ID, credit or debit cards, bank accounts or national insurance number the risk becomes long-term. The scammers might not only refuse to make a withdrawal, but might as well use your personal details to conduct criminal activities. They might dry up your bank account, might make deals on your behalf or you might end-up being an owner of a company that is hugely indebted.
Remember, always trust forex brokers that are legitimate and regulated by a financial authority such as CySEC or FCA.
WHAT TO DO WHEN SCAMMED
Anyone can get involved in scam, scammers are constantly changing their strategies and no one must feel safe. If being scammed the first thing you should do is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what have happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
You should be careful when you choose your forex broker, do not buy everything they say or promise. Do your research thoroughly, have a look at our daily reviews regarding the most recent scam we can identify, forex scam is still widespread, despite the efforts being made to create a safer environment. Being informed is an effective way to protect yourself from scam.
Stay away from Gfxcrypto, we found too many signs of scam related to this broker.
Rich Snippet Data