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GCM Prime

United Kingdom|5-10 years|
Suspicious Scope of Business|Clone Firm United Kingdom|High potential risk|

http://www.gcmprime.com

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info@gcmprime.com
http://www.gcmprime.com

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Warning: Low score, please stay away! 3
Previous Detection : 2024-05-23
  • The claimed United KingdomFCA regulation (license number: 571881) is verified as a clone firm. Please pay attention to the risk!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!

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GCM Prime · Company Summary

Aspect Information
Registered Country/Area Estonia
Founded year 2-5 years
Company Name Aspida Solutions OÜ Limited
Regulation Unregulated
Minimum Deposit VIP: $150,000, Platinum: $50,000, Gold: $25,000 , Silver: $10,000 , Basic: $5,000
Maximum Leverage Up to 1:10
Spreads Average spread for EUR/USD: 1.2 pips , Average spread for GBP/JPY: 2.5 pips
Trading Platforms MetaTrader 5 (MT5)
Tradable assets Spot FX, Forwards, Swaps, CFDs, Options
Account Types VIP, Platinum, Gold, Silver, Basic
Demo Account Not specified
Islamic Account Not specified
Customer Support Email: support@fx-live.com , Phone: +442038076554 (German)
Payment Methods Credit/Debit cards, Bank Transfers, E-wallets
Educational Tools Not specified

Overview of FX LIVE

FX LIVE is an Estonian-based trading platform operated by Aspida Solutions OÜ Limited. As of now, the company does not have valid regulation, which may raise concerns for potential customers due to the associated risks of dealing with an unregulated broker. Traders should exercise caution and thoroughly research alternatives that adhere to proper regulatory standards to protect their investments.

FX LIVE offers a variety of market instruments, including Spot FX, Forwards, Swaps, CFDs, and Options. These instruments allow traders to speculate on currency price movements, future exchange rates, and exchange interest payments on different currencies.

The platform provides several account types, such as VIP, Platinum, Gold, Silver, and Basic, each offering different leverage levels and requiring varying minimum deposits. The maximum leverage provided is 1:10, allowing traders to amplify their positions.

FX LIVE operates with MetaTrader 5 (MT5) as its sole trading platform, offering advanced trading capabilities and mobile access for both Android and iOS devices. However, potential customers should be aware of reviews and allegations suggesting exposure to pyramid scheme complaints and withdrawal issues, particularly in relation to collaboration with foreign entities to deceive investors.

basic-info

Pros and Cons

FX LIVE offers a wide range of trading instruments, including Spot FX, Forwards, Swaps, CFDs, and Options. However, it operates without valid regulation, which poses potential risks for traders. The platform provides various account types with leverage options, but there have been reviews suggesting involvement in pyramid schemes and withdrawal issues. While it offers the advanced MetaTrader 5 platform, customer support options are limited. FX LIVE allows for multiple deposit and withdrawal methods, but the minimum deposits for account types may be high. Additionally, mobile trading is available on Android and iOS, but withdrawal fees may apply. It's important to note that the main website is currently inaccessible, which may raise concerns for potential users.

Pros Cons
Offers Spot FX, Forwards, Swaps, CFDs, and Options Operates without valid regulation, posing potential risks
Provides multiple account types with leverage Reviews suggest involvement in pyramid scheme and withdrawal issues
MetaTrader 5 platform with advanced features Limited customer support options
Multiple deposit and withdrawal methods Minimum deposits for account types may be high
Mobile trading available on Android and iOS Withdrawal fees may apply
Main website inaccessible

Is FX LIVE Legit?

FX LIVE operates without any valid regulation at the moment. It is crucial to exercise caution and be mindful of the associated risks when dealing with an unregulated broker. Potential customers should conduct thorough research and consider alternatives that adhere to proper regulatory standards to ensure the safety of their investments.

regulation

Market Instruments

Spot FX: FX LIVE provides the fundamental Spot FX trading service, enabling simultaneous buying and selling of various currencies, including major, minor, and exotic ones.

Forwards: FX LIVE offers Forwards, a type of FX derivative that enables traders to lock in future exchange rates for different currencies, with maturities ranging from one day to one year.

Swaps: FX LIVE provides Swaps, an FX derivative enabling traders to exchange interest payments on two currencies, with maturities ranging from one day to one year.

CFDs: FX LIVE offers Contracts for Difference (CFDs), which permit traders to speculate on currency price movements without owning the underlying currencies.

Options: Traders can access Options through FX LIVE, a type of derivative granting the right, but not the obligation, to buy or sell a currency at a predetermined price on or before a specific date. Customizable strike prices and maturities are available to cater to individual trading preferences.

Pros and Cons

Pros Cons
Allows traders to access various currency types Limited information on specific features and benefits of each account type
Limited information on margin requirements and contract specifications
Limited information on trading volume and market depth

Account Types

VIP: The VIP account type at FX LIVE offers a maximum leverage of 1:10, requiring a minimum deposit of $150,000. It supports the use of Expert Advisors (EA).

Platinum: FX LIVE's Platinum account type provides a maximum leverage of 1:5 and requires a minimum deposit of $50,000. It also supports the use of Expert Advisors (EA).

Gold: The Gold account type offers a maximum leverage of 1:4 and requires a minimum deposit of $25,000. Traders can use Expert Advisors (EA) with this account.

Silver: FX LIVE's Silver account type provides a maximum leverage of 1:3 and requires a minimum deposit of $10,000. It also supports the use of Expert Advisors (EA).

Basic: The Basic account type at FX LIVE offers a maximum leverage of 1:3 and requires a minimum deposit of $5,000. It supports the use of Expert Advisors (EA).

Pros and Cons

Pros Cons
Multiple account types with different leverage Minimum deposits for some accounts may be high
Expert Advisors (EA) supported on all accounts Leverage up to 1:10, too conservative

Leverage

FX LIVE provides leverage up to 1:10.

leverage

Spreads & Commissions

The average spread for major currency pairs, such as EUR/USD, is around 1.2 pips, while for GBP/JPY, it is approximately 2.5 pips. The commission charged is $7 per standard lot traded.

Minimum Deposit

The minimum deposits for FX LIVE accounts are as follows: VIP requires $150,000, Platinum requires $50,000, Gold requires $25,000, Silver requires $10,000, and Basic requires $5,000.

Deposit & Withdrawal

FX LIVE offers a variety of deposit and withdrawal methods, including credit/debit cards, bank transfers, and e-wallets. There are no fees for deposits. Withdrawal fees vary depending on the method used. Processing times are typically 1-3 business days for bank transfers and instant for e-wallets.

Trading Platforms

FX LIVE provides a single trading platform, MetaTrader 5 (MT5), which offers advanced trading capabilities and features. MT5 allows traders to access various financial markets, including forex, stocks, commodities, and cryptocurrencies. It offers a wide range of technical indicators, charting tools, and order types. The platform supports automated trading with Expert Advisors (EAs) and allows for mobile trading on both Android and iOS devices.

trading-platform
Pros Cons
Offers Meta Trader 5, a widely recognized and popular trading platform Limited variety of trading platforms
Access to multiple financial markets (forex, stocks, commodities, cryptocurrencies) Potential risks associated with automated trading (EAs)
Wide range of technical indicators, charting tools, and order types

Customer Support

FX LIVE offers customer support through email at support@fx-live.com. Additionally, they provide a German phone line at +442038076554 for customers who prefer to communicate via phone.

Reviews

FX LIVE's WikiFX review (ID: FX2165038301) on May 22, 2021, at 09:03 reveals exposure to a pyramid scheme complaint and recurring issues with withdrawal. Allegations suggest collaboration with foreigners to deceive Thai investors.

reviews

Conclusion

In conclusion, FX LIVE, operated by Aspida Solutions OÜ Limited in Estonia, has several pros and cons. On the positive side, the platform offers a variety of market instruments, including Spot FX, Forwards, Swaps, CFDs, and Options, catering to diverse trading preferences. They also provide different account types with varying leverage options. Additionally, FX LIVE offers the MetaTrader 5 (MT5) trading platform, which supports advanced trading capabilities and automated trading with Expert Advisors (EAs). On the negative side, FX LIVE lacks valid regulation, posing risks for potential customers. Additionally, the company has received complaints regarding a pyramid scheme and withdrawal issues, which raises concerns about its trustworthiness. Traders should exercise caution, conduct thorough research, and consider regulated alternatives to ensure the safety of their investments.

FAQs

Q: Is FX LIVE a legitimate company?

A: FX LIVE currently operates without valid regulation, so it's essential to exercise caution and consider the associated risks when dealing with an unregulated broker. Conduct thorough research and consider regulated alternatives for safety.

Q: What market instruments does FX LIVE offer?

A: FX LIVE provides Spot FX trading for various currencies, Forwards, Swaps, CFDs, and Options with customizable strike prices and maturities.

Q: What are the different account types at FX LIVE?

A: FX LIVE offers VIP, Platinum, Gold, Silver, and Basic accounts, each with different leverage ratios and minimum deposit requirements.

Q: What is the maximum leverage provided by FX LIVE?

A: FX LIVE offers leverage up to 1:10.

Q: What are the average spreads and commissions?

A: The average spread for major currency pairs is around 1.2 pips, and the commission is $7 per standard lot traded.

Q: What are the minimum deposit requirements for FX LIVE accounts?

A: The minimum deposit requirements are: VIP - $150,000, Platinum - $50,000, Gold - $25,000, Silver - $10,000, and Basic - $5,000.

Q: What deposit and withdrawal methods are available?

A: FX LIVE offers various methods, including credit/debit cards, bank transfers, and e-wallets, with no fees for deposits. Withdrawal fees vary, and processing times differ based on the method used.

Q: What trading platform does FX LIVE provide?

A: FX LIVE offers MetaTrader 5 (MT5), which supports advanced trading, multiple financial markets, technical indicators, and automated trading with Expert Advisors (EAs) on Android and iOS devices.

Q: How can I contact FX LIVE customer support?

A: You can reach FX LIVE customer support via email at support@fx-live.com or through the German phone line at +442038076554.

Q: Are there any reviews of FX LIVE available?

A: A WikiFX review (ID: FX2165038301) on May 22, 2021, reveals concerns about a pyramid scheme complaint and issues with withdrawal, along with allegations of collaboration with foreigners to deceive Thai investors.

Broker Information

Company Name

GCM Prime Ltd

Company Abbreviation

GCM Prime

Regulatory Status

Clone Firm

Platform registered country and region

United Kingdom

Company website
Phone of the company

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  • info@gcmprime.com

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