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GFA

Australia|2-5 years|
Suspicious Regulatory License|Self-developed|Suspicious Scope of Business|High potential risk|

http://www.gfacm.com/?l=en-us

Website

Rating Index

Contact

+61 285998111
gfa.customer@gfacm.com.au
http://www.gfacm.com/?l=en-us
Suite 201 Level 2, 46 Market Street, Sydney NSW 2000

Licenses

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

Single Core

1G

40G

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Contact number

English

+61 285998111

Broker Information

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Company Name

GFA Capital Markets LTD

Company Abbreviation

GFA

Platform registered country and region

Australia

Company website

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Warning: Low score, please stay away! 3
Previous Detection : 2024-03-04
  • It has been verified that this broker currently has no valid regulation. Please be aware of 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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GFA · Company Summary

Aspect Information
Registered Country/Area Australia
Founded Year 2-5 years
Company Name GFA Capital Markets LTD
Regulation Suspicious Regulatory License
Minimum Deposit $100 (Mini), $2000 (Standars)
Maximum Leverage Subject to ASIC's intervention order restrictions
Spreads Not specified
Trading Platforms i-Wise
Tradable Assets Forex CFD, Metals CFD
Account Types Mini Account, Standard Account, High-Level Account, VIP Account
Demo Account Available
Islamic Account Not specified
Customer Support QQ Advisory, Telephone Support
Payment Methods EFT, Card payments
Educational Tools Financial Data, Financial News

Overview of GFA

GFA Capital Markets Ltd is an Australian-based financial institution that offers trading services in Forex CFD (Contract for Difference) products and Metals CFD products. However, it is important to exercise caution when considering this broker. The information suggests that GFA Capital Markets Ltd has a suspicious regulatory license and a scope of business that raises concerns about its legitimacy. There are negative field survey reviews associated with the broker, and it is suspected to be a clone or fraudulent. Due to these factors, it is advisable to stay away from GFA Capital Markets Ltd and seek more reliable and trustworthy alternatives.

GFA Capital Markets Ltd provides different types of trading accounts, including Mini, Standard, High-Level, and VIP accounts. Each account has its own minimum account open requirement, denominated in USD currency. However, it is worth noting that specific information about priority online customer support or telephone instant position closing is not provided for any of the account types. Moreover, the legitimacy and reliability of GFA Capital Markets Ltd as a broker are questionable, which adds further risk to engaging with this institution.

The trading platform offered by GFA Capital Markets Ltd is called i-Wise. It is designed for online Forex and precious metals trading, providing access to multiple currency pairs and supporting quick execution through its “One click deal” mode. The platform offers a distinct and user-friendly layout, enabling traders to initiate pending orders and customize limit and pending orders according to their preferences. However, considering the overall questionable nature of GFA Capital Markets Ltd, it is advisable to approach their trading platform with caution and explore more established and reputable platforms for trading activities.

 basic-info

Pros and Cons

GFA Capital Markets Ltd has several pros and cons to consider. On the positive side, it provides Forex CFD and Metals CFD products, allowing traders to participate in these markets. It also offers multiple account types to cater to different trading needs and preferences. A demo account is available for practice, allowing users to familiarize themselves with the platform and trading strategies. Leverage options are subject to ASIC limits, providing risk management measures. GFA Capital Markets Ltd also provides real-time financial data and offers financial news updates to keep traders informed. Customer support is available through QQ and telephone. However, there are concerns about the regulatory license, as it is suspected to be fraudulent or a clone. The market instruments offered by GFA Capital Markets Ltd may be limited. There is a lack of information on spreads and commissions, which can impact trading costs. Negative field survey reviews add to the overall cons of engaging with GFA Capital Markets Ltd.

Pros Cons
Provides Forex CFD and Metals CFD products Suspected regulatory license
Offers multiple account types Limited market instruments
Demo account available for practice Lack of information on spreads and commissions
Leverage options subject to ASIC limits Negative field survey reviews
Provides real-time financial data
Offers financial news updates
Customer support through QQ and telephone

Is GFA Legit?

Based on the information provided, GFA Capital Markets Ltd, the licensed institution mentioned, is claimed to have the Australia Securities & Investment Commission (ASIC) regulation with license number 398104. However, the information suggests that this regulation is suspected to be a clone or fraudulent. It is stated that the broker currently has no valid regulation, and there are negative field survey reviews associated with them. The warning advises staying away from this broker due to the potential risk and scam. Therefore, it is important to exercise caution and avoid engaging with GFA Capital Markets Ltd.

regulation

Market Instruments

Forex CFD Product: GFA Capital Markets Ltd offers Forex CFD (Contract for Difference) products for trading. The trading hours are 24 hours a day, except on market holidays, with specific timings depending on the season. The system may have a temporary suspension for trading after day-end at 4:00 AM to ensure system integrity, although price feed and phone trading remain available. The broker provides various major and minor currency pairs, such as EUR/USD, USD/JPY, GBP/USD, and others, allowing traders to participate in the foreign exchange market. Each contract size is 100,000 units of the base currency, and traders have the option to define their default trade size.

market-instruments

Metals CFD Product: GFA Capital Markets Ltd also offers Metals CFD products for trading. The trading hours for metals follow a similar schedule as the Forex CFD products, depending on the season. Temporary suspensions may occur after day-end at 4:00 AM, while price feed and phone trading remain accessible. The broker provides various metals, including LLG/USD (100 Troy Oz), LLS/USD (2500 Troy Oz), and HKG/HKD (100 Troy Tael). Traders can trade in fractional contract sizes, such as 1/10th (0.1), and have the option to define their default trade size.

market-instruments
Pros Cons
24-hour trading availability for Forex CFD and Metals CFD products Temporary suspensions after day-end at 4:00 AM for system integrity
Wide range of major and minor currency pairs for Forex CFD trading Limited information on spreads and commissions
Option to define default trade size for both Forex CFD and Metals CFD products Limited market instruments

Account Types

MINI ACCOUNT: The Mini account offered by GFA has a minimum account open requirement of 100 USD. It is denominated in USD and allows for trading in metal and FX markets with minimum lots per trade set at 0.01 lots for both. The maximum lots per trade are 1 lot for metal and FX. The maximum position allowed is 3 lots for both metal and FX. The initial margin required is 0.5% for metal and FX, and the maintenance margin is also set at 0.5% for both. The cut-off margin is 0.0% for metal and FX. There is no specific information mentioned about priority online customer support or telephone instant position closing for this account type.

STANDARD ACCOUNT: The Standard account offered by GFA requires a minimum account open requirement of 2000 USD. Similar to the Mini account, it is denominated in USD and allows trading in metal and FX markets. The minimum lots per trade are set at 0.1 lots for both metal and FX. The maximum lots per trade are 5 lots for metal and 10 lots for FX. The maximum position allowed is 10 lots for both metal and FX. The initial margin required is 1% for metal and FX, and the maintenance margin is set at 1% for both. The cut-off margin is 0.1% for metal and FX. No specific information is provided regarding priority online customer support or telephone instant position closing.

HIGH-LEVEL ACCOUNT: GFA's High-Level account requires a minimum account open requirement of 30,000 USD. It is denominated in USD and allows trading in metal and FX markets. The minimum lots per trade are set at 0.5 lots for metal and FX. The maximum lots per trade are 10 lots for metal and 30 lots for FX. The maximum position allowed is 50 lots for metal and 100 lots for FX. The initial margin required is 2% for metal and 1% for FX, while the maintenance margin is set at 1% for both. The cut-off margin is 0.2% for metal and 0.1% for FX. No specific information is provided regarding priority online customer support or telephone instant position closing.

VIP ACCOUNT: GFA's VIP account is the highest account level and requires a minimum account open requirement of 300,000 USD. It is denominated in USD and allows trading in metal and FX markets. The minimum lots per trade are set at 1 lot for metal and FX. The maximum lots per trade are 10 lots for metal and 30 lots for FX. The maximum position allowed is 100 lots for both metal and FX. The initial margin required is 2% for metal and 1% for FX, while the maintenance margin is set at 1% for both. The cut-off margin is 0.2% for metal and 0.1% for FX. No specific information is provided regarding priority online customer support or telephone instant position closing.

In addition to these account types, GFA also offers a demo account where users can practice trading with virtual funds in a simulated market environment, without risking real money.

account-types
Pros Cons
Multiple account types available Suspected regulatory license
Demo account available for practice Minimum Deposit of 2000USD for Standard Account
Provides real-time financial data and news updates Lack of information on spreads and commissions

How to Open an Account?

To open an account with GFA, follow these steps:

  1. Visit the GFA website and navigate to the “Open an Account” or “Try a Demo” section.

open-account

2.Select the desired account type from the options provided, such as Mini account.

3. Click on the “Apply now” button or similar option to proceed with the account opening process.

open-account

4. Fill in the required information in the provided fields. This typically includes your last name, first name, client center login name, gender (male or female), country code, telephone number, email address, and confirmation of the email address.

5. Double-check the accuracy of the provided email address.

6. Once you have entered all the required information, click on the “Submit” button or a similar option to finalize the account opening process.

open-account

Leverage

GFA's leverage offerings are subject to limitations and restrictions imposed by ASIC's intervention order. As of 29 March 2021, the maximum leverage ratios for different types of CFDs are as follows: 30:1 for CFDs referencing major currency pairs, 20:1 for CFDs referencing minor currency pairs, gold, or major stock market indices, 10:1 for CFDs referencing commodities (excluding gold) or minor stock market indices, 2:1 for CFDs referencing crypto-assets, and 5:1 for CFDs referencing shares or other assets. These leverage ratios indicate the extent to which clients can amplify their exposure to the underlying assets but are subject to the specified limits set by ASIC.

Deposit & Withdrawal

Currently, only deposits in USD currency are accepted by GFA Capital Markets LTD. Clients have access to various funding methods, including EFT and different card payments. To access payment guidelines and view the corresponding bank account for your account type, the Client Center login is required. Additionally, clients can apply for card payment services through the Client Center. Once funds are deposited, it is necessary to upload an important bank receipt and complete the online funding information form to facilitate the prompt tracking and release of funds by the dedicated banking team to the GFA Capital Markets LTD account. For withdrawal requests, clients can apply through the client center using the online withdrawal form.

Third-party payments are not accepted by GFA Capital Markets LTD, and all funds must originate from a bank account bearing the same name as the GFA Capital Markets LTD account. This requirement applies to all types of card funding as well.

Under normal circumstances, GFA Capital Markets LTD does not impose any extra fees. However, there are specific situations where fees may apply. For withdrawals below 100 USD or total trades less than 0.1 standard hand, a 10 USD procedure fee will be charged by GFA Capital Markets LTD. It is worth noting that other transfer fees may be incurred through third-party financial entities, such as banks or credit card charges.

Pros Cons
Accepts deposits in USD currency Third-party payments not accepted
Offers various funding methods Withdrawal fees for certain situations
No extra fees under normal circumstances Transfer fees incurred through third-party entities

Trading Platforms

I-Wise is a trading platform offered by GFA Capital Markets Ltd, designed for online forex and precious metals trading.

One of the advantages of using i-Wise is the ability to trade diversified currencies simultaneously. It supports multiple favorable currency pairs, such as EUR/USD, USD/JPY, and AUD/USD, allowing users to engage in various trading opportunities. The platform also offers a “One click deal” mode, enabling quick execution and helping users capture the best market opportunities.

The layout of i-Wise is designed to be distinct, easy to navigate, and simple to use. It provides multi-platform quotes and incorporates humanized functional design to accommodate different dealing habits of investors. Additionally, i-Wise allows users to initiate pending orders, set multiple price dealing orders, and customize limit and pending orders according to their preferences.

Another feature highlighted by i-Wise is the guarantee of no minus balance. This means that the loss incurred during trading will never exceed the initial investment, ensuring efficient loss control and enhancing risk management abilities. The platform also emphasizes timely communication and customer service, as it is connected to the Customer Centre where users can access various services, such as deposit and withdrawal requests.

For those interested in exploring and familiarizing themselves with the platform, a demo version of i-Wise is also available, providing a risk-free environment to practice and learn.

trading-platform
Pros Cons
Ability to trade diversified currencies simultaneously No alternative option
“One click deal” mode for quick execution Suspected regulatory license
User-friendly layout

Trading Tools

Trading Tools offered by GFA Capital Markets Ltd can be categorized into two types: Financial Data and Financial News.

Financial Data: GFA provides real-time quotes and access to financial data. This allows traders to stay updated with the latest market information, such as economic indicators, unemployment rates, industrial production, retail sales, corporate profits, business confidence, and wage growth. For example, traders can track the unemployment rate in Russia, industrial production year-on-year, retail sales year-on-year, corporate profits, business confidence, and real wage growth. These data points provide insights into the economic health and potential growth of countries, helping traders make informed decisions.

trading-tools

Financial News: GFA offers financial news updates, which can be valuable for traders in the forex market. These news updates cover various themes related to different currencies. Traders can access news articles that discuss significant economic events, such as GDP figures, importers and exporters, trading reversals, and central bank statements. For instance, traders can learn how GDP data is used as an indicator to assess a country's overall health and growth potential. They can also explore information on global importers and exporters, reversal candle patterns, and insights from central bank officials like the Bank of England's Bailey and the Federal Reserve's Powell.

trading-tools
Pros Cons
Provides real-time quotes and access to financial data No mention of advanced trading tools or charting features
Offers financial news updates for valuable insights Lack of detailed analysis or research reports
Helps traders make informed decisions based on economic indicators

Customer Support

GFA offers customer support through two main channels: QQ Advisory and Telephone Support. QQ Advisory provides 24-hour account advice, allowing customers to seek assistance regarding their accounts, track the progress of their account opening applications, and receive technical support for platform usage. Telephone support is available for transaction-related inquiries and technical assistance. Customers can reach Transaction Support at +61285998112, Technical Support at +61285998113, and the general Contact Us helpline at +61285998111.

Conclusion

In conclusion, GFA Capital Markets Ltd claims to have regulation from the Australia Securities & Investment Commission (ASIC) with license number 398104, but there are suspicions that this regulation may be a clone or fraudulent. The broker currently has no valid regulation, and negative field survey reviews raise concerns about potential risks and scams. Therefore, caution is advised when considering engaging with GFA Capital Markets Ltd. The broker offers trading in Forex CFD and Metals CFD products, but the limitations and restrictions imposed by ASIC's intervention order affect the leverage ratios. Account types are available with varying requirements, but there is no specific information provided about priority customer support or telephone instant position closing. The i-Wise trading platform is offered, allowing simultaneous trading of diversified currencies, but it is important to note that the broker's legitimacy and reliability are questionable. GFA provides financial data and news updates as trading tools, but the overall customer support channels include QQ Advisory and Telephone Support.

FAQs

Q: Is GFA Capital Markets Ltd a legitimate broker?

A: Based on the available information, GFA Capital Markets Ltd is suspected to have a fraudulent or cloned regulation. It is advised to exercise caution and avoid engaging with this broker due to potential risks and scams.

Q: What trading instruments does GFA offer?

A: GFA Capital Markets Ltd offers Forex CFD products and Metals CFD products for trading.

Q: What are the pros and cons of GFA?

A: The pros and cons of GFA Capital Markets Ltd have not been specified.

Q: How can I open an account with GFA?

A: To open an account with GFA, visit their website, select the desired account type, fill in the required information, and submit the application.

Q: What are the leverage options provided by GFA?

A: GFA's leverage options are subject to limitations set by ASIC, with maximum ratios ranging from 30:1 to 5:1 depending on the type of CFD.

Q: How can I deposit and withdraw funds with GFA?

A: GFA accepts deposits in USD currency and offers various funding methods. Withdrawal requests can be made through the client center using the online withdrawal form.

Q: What trading platform does GFA offer?

A: GFA offers the i-Wise trading platform for online forex and precious metals trading.

Q: What trading tools are available with GFA?

A: GFA provides financial data and financial news updates to help traders stay informed about market trends and economic indicators.

Q: How can I contact GFA customer support?

A: GFA offers customer support through QQ Advisory and telephone support. Contact numbers can be found on their website.

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大鹏1413
more than one year
As a user, I am disappointed and apprehensive about GFA's services. The website claims that it is regulated by ASIC, but upon further investigation, it was discovered that the regulatory license may have been forged and the registered address could not be verified. This casts doubt on its integrity, and I cannot ignore these uncertainties. Therefore, I do not recommend others to use this broker.
2023-03-27 18:18
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