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GLFX

United Kingdom|2-5 years|
MT5 Full License|Regional Brokers|High potential risk|

http://www.glfxlimited.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

1
Server Name
GLFXLimited-Server MT5
Server Location United States

Contact

+971 52 568 9366
support@glfxlimited.com
http://www.glfxlimited.com/
71-75,SheltonStreet, London, Greater London, WC2H9JQ, UNITED KINGDOM

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Contact number

English

+971 52 568 9366

English

+44 7476 499915

Broker Information

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Company Name

GLFX Limited

Company Abbreviation

GLFX

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-06-15
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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GLFX · WikiFX Survey

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GLFX · Company Summary

Aspect Information
Company Name GLFX
Registered Country/Area United States
Founded Year 2018
Regulation Unregulated
Market Instruments Forex, Commodities, Indices, Cryptocurrencies
Account Types MICRO, MINI, STANDARD
Minimum Deposit $150
Maximum Leverage Up to 1:500
Spreads From 0.1 pips
Trading Platforms MetaTrader 5 (MT5), GLFX mobile app
Customer Support Phone: +971 52 568 9366, Email: support@glfxlimited.com
Deposit & Withdrawal Bank transfers, credit/debit cards, and e-wallets

Overview of GLFX

GLFX, established in 2018 in the United States, offers a wide range of trading assets, including forex, commodities, indices, and cryptocurrencies. With competitive spreads and leverage of up to 1:500, it is suitable for traders of varying experience levels through its MICRO, MINI, and STANDARD account types.

Despite providing access to MetaTrader 5 and a mobile trading app for convenience, GLFX operates without regulatory oversight. While this may offer certain freedoms, traders should consider the lack of regulation as a potential risk factor.

Overview of GLFX

Regulatory Status

GLFX operates without regulatory oversight. This lack of supervision means there's no official body ensuring compliance or safeguarding investors. Without regulation, GLFX's activities lack transparency and accountability. Investors face increased risk of fraud or malpractice.

Market manipulation and unfair trading practices may go unchecked. Additionally, there's no recourse for investors in case of disputes or losses.

Pros and Cons

Pros Cons
Competitive spreads as low as 0.1 pips Lack of educational resources
Variety of trading assets including currency pairs, commodities, indices Limited customer support options
Multiple account types Limited research tools
Access to MetaTrader 5 Unregulated
Mobile trading app

Pros:

  • Competitive spreads as low as 0.1 pips: GLFX offers competitive spreads, starting from as low as 0.1 pips for certain trading assets. Low spreads can benefit traders by reducing trading costs, potentially increasing profitability, and allowing for more efficient trade execution.

  • Variety of trading assets: GLFX provides traders with access to a wide range of trading assets, including currency pairs, commodities, indices, and more. This variety allows traders to diversify their portfolios and explore different markets according to their trading strategies and preferences.

  • Multiple account types: GLFX offers multiple account types tailored to different trader needs and experience levels. Whether beginners or experienced traders, clients can choose an account type that suits their trading style, risk tolerance, and financial capabilities.

  • Access to MetaTrader 5: GLFX grants access to the MetaTrader 5 (MT5) platform, a popular and widely used trading platform in the industry. MT5 offers advanced charting tools, technical analysis capabilities, and support for automated trading strategies through Expert Advisors (EAs).

  • Mobile trading app: GLFX provides a mobile trading app, allowing traders to access the markets and manage their accounts on-the-go. The mobile app offers convenience and flexibility, enabling traders to monitor positions, execute trades, and stay updated with market news from anywhere with an internet connection.

Cons:

  • Lack of educational resources: GLFX may lack comprehensive educational resources and materials to support traders in their learning journey. While access to educational resources can be beneficial for traders, the absence of such materials may pose challenges for beginners or those seeking to enhance their trading knowledge and skills.

  • Limited customer support options: GLFX may offer limited customer support options, potentially hindering traders' ability to receive timely assistance or resolve issues efficiently.

  • Limited research tools: GLFX may offer limited research tools or analysis resources to assist traders in making informed trading decisions.

  • Unregulated: GLFX operates without regulatory oversight from a recognized financial authority. While this may offer certain freedoms and flexibility for the platform, it also means that traders may not have the same level of protection and recourse in case of disputes or malpractices compared to regulated brokers.

Market Instruments

GLFX offers a wide selection of trading assets, comprising over 55 currency pairs and CFDs on various financial instruments, including precious metals, energies, and equity indices.

Currency pairs offer exposure to the forex market, including major, minor, and exotic pairs.

Additionally, CFDs on precious metals such as gold and silver provide opportunities for investors seeking to hedge against inflation or diversify their portfolios with tangible assets.

Energies, including crude oil and natural gas, offer exposure to the commodities market, allowing traders to speculate on price movements in these essential energy resources.

Equity indices CFDs enable traders to trade on the performance of global stock markets, providing access to a wide range of sectors and regions.

Account Types

GLFX offers a variety of account types tailored to meet the needs of traders at different experience levels. Among these options are the MICRO, MINI, and STANDARD accounts, each provides beginner traders with opportunities for commission-free trading.

MICRO Account:

The MICRO account type is suitable specifically for beginners who are interested in trading without incurring commission fees. With a minimum deposit requirement of $150, this account offers a relatively low entry barrier for those who are new to trading. Spread ranges from 1.4 to 2.2 pips, providing traders with competitive pricing. Market execution ensures timely order execution without the intervention of a dealing desk, promoting transparency in trading activities.

Additionally, the absence of a dealing desk reduces the likelihood of conflicts of interest. Leverage/margin requirements are set at 1:500, allowing traders to amplify their positions with a relatively small initial investment.

MINI Account:

The MINI account type also accommodates beginners seeking commission-free trading opportunities. With a slightly higher minimum deposit requirement of $500, this account offers tighter spreads ranging from 1.4 to 1.8 pips compared to the MICRO account. Market execution ensures fair and efficient order execution, while the absence of a dealing desk minimizes potential conflicts of interest. Leverage/margin requirements are set at 1:400, providing traders with leverage to amplify their trading positions.

STANDARD Account:

The STANDARD account type is tailored for beginners who prefer commission-free trading but are willing to make a higher initial investment. With a minimum deposit requirement of $5,000, this account offers the tightest spreads starting from 0.1 pips among the three account types. Market execution ensures efficient order execution without the involvement of a dealing desk, promoting transparency and fairness in trading. Leverage/margin requirements are set at 1:100, offering traders the opportunity to amplify their trading positions with a moderate level of risk. Unlike the MICRO and MINI accounts, the STANDARD account incurs a commission of $8 per round, which may be a consideration for traders weighing the overall cost-effectiveness of their trading activities.

Account Type MICRO MINI STANDARD
Description For beginners who want to trade commission-free For beginners who want to trade commission-free For beginners who want to trade commission-free
Spread From 1.4 - 2.2 pips From 1.4 - 1.8 pips From 0.1 pips
Execution Market Execution Market Execution Market Execution
Dealing Desk No Dealing Desk No Dealing Desk No Dealing Desk
Minimum deposit $150 $500 $5,000
Rollover YES YES YES
Leverage / Margin requirements 1:500 1:400 1:100
Commission $0 FX $0 FX $8 per round
Account Types

How to Open an Account?

Here's a concrete guide on how to open an account with GLFX:

  1. Registration: Sign up on the GLFX website with accurate personal information and create a secure password.

  2. Verification: Upload identification and address documents for verification by GLFX's team.

  3. Deposit Funds: Log in to your account, choose a payment method, and deposit funds meeting the minimum requirement.

  4. Start Trading: Explore the platform, analyze markets, and execute trades based on your strategy. Keep an eye on your trades and manage risk effectively.

How to Open an Account?

Leverage

GLFX offers varying maximum leverage levels across its account types to accommodate different trader preferences and risk tolerances.

The MICRO account provides a maximum leverage of 1:500, allowing traders to control larger positions relative to their initial investment, ideal for beginners seeking amplified market exposure.

The MINI account offers a maximum leverage of 1:400, providing slightly lower leverage compared to the MICRO account.

For traders preferring lower leverage, the STANDARD account offers a maximum leverage of 1:100, enabling more conservative trading strategies with reduced risk.

Spreads & Commissions

GLFX offers competitive spreads and commission structures across its account types.

The MICRO account features spreads ranging from 1.4 to 2.2 pips, with no commission charged on FX trades. This account is suitable for beginners looking to start trading with relatively low initial costs.

In comparison, the MINI account offers tighter spreads, ranging from 1.4 to 1.8 pips, while maintaining commission-free trading. With a slightly higher minimum deposit requirement, the MINI account appeals to beginner traders seeking enhanced pricing competitiveness.

Conversely, the STANDARD account provides the tightest spreads, starting from 0.1 pips, albeit with a commission of $8 per round. This account type is suitable for traders willing to commit a higher initial deposit in exchange for superior pricing and trading conditions.

Trading Platform

GLFX offers traders access to two primary trading platforms: MetaTrader 5 (MT5) and the GLFX mobile app.

MetaTrader 5 is a widely recognized and trusted platform in the industry, known for its advanced charting tools, technical analysis capabilities, and customizable interface. It provides traders with access to a wide range of financial instruments, including forex, commodities, and indices. Additionally, MT5 supports algorithmic trading through Expert Advisors (EAs), allowing traders to automate their strategies.

The GLFX mobile app offers convenience and flexibility, enabling traders to access the markets and manage their accounts from anywhere with an internet connection. It provides essential trading functionalities such as real-time quotes, interactive charts, and order execution.

Trading Platform

Deposit & Withdrawal

GLFX offers a variety of payment methods to facilitate deposits, ensuring accessibility and convenience for traders. Accepted payment methods typically include bank transfers, credit/debit cards, and popular e-wallet services.

The minimum deposit requirement varies depending on the chosen account type, providing flexibility for traders with different investment capacities. For instance, the MICRO account may require a minimum deposit of $150, while the MINI account could have a slightly higher threshold, typically around $500. The STANDARD account, suitable for traders with larger capital, may stipulate a minimum deposit of $5,000 or more.

Customer Support

GLFX provides comprehensive customer support to assist traders with inquiries and issues. Traders can reach out to GLFX's customer support team via phone at +971 52 568 9366 or by emailing support@glfxlimited.com.

GLFX's customer support representatives are trained to address a wide range of issues promptly and professionally, ensuring traders receive timely assistance whenever needed.

Customer Support

Conclusion

In summary, GLFX offers traders a platform with competitive spreads, various trading assets, and convenient access through MetaTrader 5 and a mobile app.

However, the absence of regulatory oversight poses a significant disadvantage, potentially exposing traders to higher risks without the protections provided by regulation.

FAQs

  1. Question: What trading assets are available on GLFX?

  1. Answer: GLFX offers forex, commodities, indices, and cryptocurrencies for trading.

  1. Question: What account types does GLFX offer?

  1. Answer: GLFX provides three account types: MICRO, MINI, and STANDARD.

  1. Question: What is the minimum deposit required to open an account with GLFX?

  1. Answer: The minimum deposit ranges from $150 for the MICRO account to $5,000 for the STANDARD account.

  1. Question: What trading platforms can I use with GLFX?

  1. Answer: GLFX offers access to MetaTrader 5 (MT5) and a mobile trading app for trading convenience.

  1. Question: Is GLFX regulated by any financial authority?

  1. Answer: No, GLFX operates without regulatory oversight.

  2. Question: How can I contact GLFX's customer support?

    Answer: You can reach GLFX's customer support team by phone at +971 52 568 9366 or by emailing support@glfxlimited.com.

User Reviews

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Kantu
more than one year
It's been two weeks and I am still waiting for my funds I withdrew. When I contact them they will tell me that I have to wait for 24hrs only to give me the very same information they had given me before even though I did explain to them that the information they keep giving me is not useful.
2024-04-17 12:12
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Rajan6fx
0-3months
Easy Deposits & Withdrawals. Maximum of 2 working days based on my volume. Overall good experience.
2024-03-19 02:40
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