GifXprime Review – Are they any good ?
GifXprime Forex Broker is a newly established firm that has an incredibly non-user-friendly website that can’t properly function. The site is not transparent and never specifies its implications.
right of the beat, we can say that the site’s design is not user-friendly and is extremely outdated. The site doesn’t have many security measures other than the standard SSL encryption. GifXprime is not regulated or authorized by any major organization. however, they do claim that they have an FSA license. We made sure to check the validity of it and have come to the conclusion that they are lying about their qualifications.
The minimum deposit amount on the GifXprime FX Brokerage site is $100. They only offer MetaTrader4 as trading software. The lack of variety is defiantly an issue with this broker. the available maximum leverage according to the website is 1:500. No regulated broker could be able to provide such a ratio for leverage. as for the spreads they are in a floating position for all of the accounts. the smallest spread amount on the site starts from 0.5 and it’s for the most exclusive pro accounts only. This is definitely a huge disadvantage.
There are five account types available for the users of the site. The low-end clientele accounts include the standard and classic ECN accounts and for the high-end consumers, there is the expert, the master, and the pro account types.
The GifXprime Forex Broker site offers a large selection of trading instruments from six different asset types. Forex, commodities, indices, and stocks are among the trading instruments available.
The customer service on the site is very bad, they don’t even have a live chat widget, just a message box that is standard to all WordPress websites. The broker barely can afford to have a site, so it’s not a surprise that they don’t have any bonuses or other promotional offers. The lack of thought put into any kind of encouragement on the behalf of the company is very much evident.
License and regulations – Is GifXprime legit?
There is no evidence of the fact that GifXprime is regulated by a trustworthy regulatory body. There is no mentioning of any evidence of qualification on their website. however, they do still claim to have an FSA license. we have researched it and can surely say that this is a huge lie on their behalf.
other regulatory bodies they mention on the site include Malta Financial Services Authority, Vanuatu Financial Services Commission, and British Virgin Islands Financial Services Commission. However, they never provide any additional data, like the regulatory number or identification, Despite this fact we have conducted thorough research on it and have concluded that the GifXprime FX Brokerage is yet again lying about being regulated by other organizations as well.
Additionally, any reputable review or article on the internet is corresponding with the same notion. The fact that this fact is not discreetly written on the site is not good. Brokers need to be very transparent about this type of information for their own benefit as well, not just for common decency. In the digital age, it’s getting really hard to differentiate between scams and real brokers. Having a license is crucial to determine the legitimacy however it is not the only signifier of it.
However, the GidXPrime forex broker is not in a perfect position in that regard as well. The site lacks any type of security measures. it doesn’t have a FAQ section and there’s no live chat. Overall no transparency on any type of important information.
GifXprime Review – Trading Features
A forex broker is only as good as its products and services. In this section of our review, we will be focusing on the trading features of the site. we will give you extensive intel on the available trading tools, promotions, and other important aspects of the broker.
There are standards and Classic ECN accounts available on the website. For the high-end consumers, There are the expert, master, and pro account types which are practically identical in many ways. The categorization of these accounts doesn’t make any sense. However, they are clearly targeting every type of trader from a beginner to an expert. This would explain the hierarchical structure of the account types.
The heading is allowed on all of the five account types. scalping on the other hand is not allowed on any of the GifXprime Forex Broker accounts. expert analysis is a feature that only high-end consumers can benefit from, it’s not available for the Standard and classic account owners. Swap-free accounts are available for every type of user on the site.
For all of the accounts, the margin call is 80% and the stop-out level for them is 60%. GifXprime has no commissions. This means that the only revenue the broker gets is from the spreads. which are alarmingly high. the site also has a demo mode for its account types.
The available spreads on the site are drastically high as it’s the trading tool that the broker benefits with the most. The spreads are constantly floating and the based numbers for each account type vary drastically. Even the high-end consumers get a very unfair deal, considering the amounts of money they have to deposit, as required by the GifXprime FX Brokerage.
- The standard accounts spread start from 4.5 pips
- The classic account spreads start from 3.5 pips
- Expert account owners get a spread that starts from 2.5
- Master account users get a spread that starts from 1.5
- The pro account spreads start from 0.5
As one can see even the most exclusive account type available on the site doesn’t get a great deal on spreads.
Leverage is another important trading tool that the consumers of the website pay attention to, in a lot of ways it’s the founding block of the trading experience itself. One needs good leverage in order to utilize one’s possibilities.
The maximum amount of leverage available on the site is accessible for all types of account owners. the leverage ratio itself is 1:400. This is a piece of perfect evidence that the GifXprime Forex Broker site is yet again lying about its qualifications as non of their mentioned regulatory bodies would allow them to have such a high leverage ratio.
The minimum deposit amount is a feature that the broker uses to differentiate the accounts in a drastic way. each of the available account types has specific requirements that one needs to financially meet.
the lowest of the minimum depositing amount on the site is $100 and it’s for the standard ECN account type. The classic account requires a minimum of $1000 as a deposit. These are the requirements for the low-end account types. the amount arises drastically with the other three accounts.
- The Expert account owners need to make at least a $5,000 deposit
- The Master account has a minimum deposit amount of $10,000
- The pro account users have the minimum depositing amount of $25,000
according to our GifXprime review such high depositing requirements for relatively the same service and features. This seems very manipulative on the behalf of the broker. the list of fraudulent behaviors of the site is getting bigger and bigger in every section of our review.
As one can already grasp the aspects of the broker they seem to be lacking in resources. It’s no surprise to us that the site doesn’t offer any type of promotional initiatives, they can barely afford to make the site itself. Even the educational section of the site is very surface level, it’s just a few little articles that don’t really have any interesting information on it, which one can easily find it anywhere else.
GifXprime Review – Final Thoughts
all in all, we don’t recommend trading with the GifXprime forex broker, The reason are pretty self-explanatory. They are unregulated and they lie about their qualifications. The site itself is made by WordPress and functions very badly, it constantly buffers and on occasions, the site has even crashed. How can the broker provide an optimal trading experience if they can’t even have a properly functioning website? it would be another situation if the broker was honest and transparent about all of its faults, however, the relentless lying is a definite disadvantage.
the available spreads are outrageous as it’s the only valid income the forex broker has as they do not have any commission fees. They also lack promotional offers, one can’t find a single initiative on the GifXprime FX Brokerage site.
The absence of a FAQ section and any kind of support system is disturbing and a major red flag alongside having no legitimate licenses. The broker doesn’t take any commissions, the payment system is not extensive it only includes major credit cards like Visa and MasterCard, two electronic wallets like Neteller and Skrill, and a relatively unheard method of payment called “Perfect Money” which looks very faulty much like the broker’s website itself.
the overall inconsistency in regards to the underwritten content on the website is another huge problem. This quickly turns into misinformation and traders can get confused about what is the actual truth about the broker, We concluded that this is an intentional move on the behalf of the broker.
Considering all the faults of the broker we could never recommend such a diligently manipulative company to our loyal and novice readers.