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GXFX Broker Review

  1. GXFX is an unregulated forex and CFD broker that offers South African investors the chance to trade CFDs in all major financial markets such as forex, cryptocurrencies, stocks, commodities and indices.

    The big question is whether you can trust this company or not. On the outside, all brokers look legitimate enough to invest in but in reality, a lot of these companies are massive scams that take advantage of newbies who never see their money again.

    So, is GXFX a scam or can South African traders trust this broker?

    Read our full review and verdict to find out.

    The 3 Account Types

    GXFX provides three different account types South African traders can choose from. The obvious problem when looking at these accounts is the minimum deposit required. To open the first account, which is usually the cheapest, “beginner’s account”, GXFX requires a ridiculous deposit of $25,000. Needless to say, this account is not for beginners. No beginner would ever invest so much money to get a first taste of trading.

    Tip: Trade with IQ Option instead, the best regulated broker for South African traders, with a minimum deposit of only $10!

    There seems to be some inconsistency in information here though, because on their website, in a different section, GXFX claims South African traders can begin trading with a $300 deposit. So, which one is it? We can only imagine $300, as no one would begin trading with such massive sums like $25,000 unless you are a complete professional. But, once again, this leaves us confused as to what type of account a $300 deposit (which is still above the average amount usually required) would provide you with.

    As you can imagine, the GXFX lack of transparency and information consistency is a bad sign.

    Either way, take a look at the account types provided below. All features you will see listed are especially vague, but give a rough indication of what to expect.

    Bronze Account –> $25,000 Min. Deposit

    • Platform introduction
    • Account manager
    • Webinars
    • Daily review
    • Multiple assets

    Silver Account –> $75,000 Min. Deposit

    • Platform introduction
    • Account manager
    • Webinars
    • Daily review
    • Multiple assets
    • Daily signals (+)
    • Personal education session (+)
    • Up to 30% spread and commission discounts (+)

    Gold Account –> $150,000 Min. Deposit

    • Platform introduction
    • Account manager
    • Webinars
    • Daily review
    • Multiple assets
    • Daily signals
    • Personal education session
    • Exclusive events (+)
    • Up to 50% spread and commission discounts (+)

    Trading Platform & Assets

    If choosing to trade with GXFX, South African investors will gain access to the web-based Panda trading platform. Due to its incredibly simple interface and straightforward tools, this platform is built especially for beginners. Being entirely web-based means that you won’t need to download or install anything onto your PC or laptop, but will be able to access the GXFX platform directly through their official website. Therefore, the only thing you will need is a good internet connection.

    Unfortunately, GXFX does not provide South African traders with the popular MetaTrader4 (MT4) platform, or even mobile trading at all. This is extremely regrettable, as MT4 is the most recognisable forex and CFD trading platform worldwide, while mobile trading is a feature almost all brokers offer due to its increasing popularity and the ability to trade on-the-go.

    Usually, most brokers offer both web-based and MT4 trading platforms, to cater to both the beginner and the professional trader. GXFX is lacking immensely in this category.

    Now, regarding the assets, South African investors will be able to trade CFDs in over 300 underlying instruments, which include forex, cryptocurrencies, commodities, stocks and indices. On their website, GXFX mentions these trades can be made with spreads as low as 0.1 pips and leverage up to 1:30. Once again though, there is not mention of where these trading conditions will be available and with which account.

    Warning: GXFX lacks substantial information on their website and provides no information consistency. This is a huge red flag that a company could be a scam.

    Customer Support

    South African traders can reach the GXFX customer support team via email, phone or the contact form on their website. The number provided is a UK number, not a South African one.

    If you prefer to not contact the broker directly, you can always check out the FAQ section on their website. Although quite limited, it provides some basic answers to certain questions.

    Company Info & Payment Methods

    GXFX is operated and owned by the company SoftGeeks OU, which is located at Roosikrantsi 2-K033, Tallinn 10119 Estonia.

    The company accepts various payment methods, including credit card (Visa, Mastercard), bank wire transfer, Skrill, Safety Pay, GiroPay and Trust Pay.

    Verdict: Is GXFX a Scam?

    As you have probably realized by now by all the red flags found throughout this review, GXFX is a scam and South African traders would do well to stay away from the company and not invest any of their money with them.

    Instead of wasting your time with another scam company, trade directly with the best, regulated broker for South African traders, IQ Option.

GXFX articles