GFS Trader Forex Review
In our review of GFS Trader on the Forex Trading Bonus platform, traders will discover the key information about the broker. We will discuss regulations, fees, assets, spreads, support, and many more. After reading our in-depth review you will have all the answers to the main question: is GFS Trader legit?
GFS Trader Forex Broker History
BS Global Financial Services is a full-service investment brokerage company that offers access to financial markets for both retail and institutional clients. The broker offers mainly CFD instruments for speculating on financial markets. GFS Trader is only registered by the registrar of Limited Liability Companies in SVG and does not have a license from any financial regulator. This makes the broker an unregulated broker, which is usually riskier than regulated ones.
GFS Trader broker was launched in 2018 giving it some experience in the industry, but it never managed to get a license which can be considered a serious red flag. We strongly recommend staying away from unregulated brokers as risks are too high to risk with real money. In our GFS Trader opinion, the broker still has a long road to becoming a legitimate company that can be trusted.
GFS Trader Broker Review of Accounts
Three accounts from GFS Trader are sorted into tiers based on the deposit amount. Classic account starts from the 100 USD minimum deposit and offers leverage up to 1:500, spreads from 1.5 pips, and no trading commissions. This is not a competitive offer, as many well-regulated brokers offer lower spreads with much less minimum trading capital.
Platinum accounts start from a 500 USD minimum deposit, the leverage is also 1:500, spreads are lower than the classic account, and no commissions are charged for Forex trading.
Professional accounts will require at least 10,000 USD deposits and come also varying spreads, no commissions, and 1:500 leverage. The only benefit from pro accounts is 24/7 exclusive support provided by the broker.
GFS Trader Reviews of Trading Platforms and Assets
GFS Trader provides access to the advanced trading platform MT5 and offers it for all devices, be it mobile or desktop. There is also a web trader variant of MT5. The platform supports automated trading robots called Expert Advisors or EAs and allows traders to trade without human interaction. Function-wise, MT5 has a multitude of inbuilt indicators and tools to analyze markets.
GFS Trader Forex Review of Extra Features
Currently, the GFS Trader does not provide any additional features; instead, it offers various bonuses and promotional events. The broker gives away cars, bikes, laptops, and smartphones to attract new traders. GFS Trader fraud is definitely not out of the window, as the offering of luxury prizes and giveaways is usually used by suspicious brokers to lure unsuspecting beginners onto their platforms.
GFS Trader Reviews of Customer Support
The support at GFS Trader is limited to phone support and email support only and is only provided in the English language. There is no live chat, which is a big downside for the broker. The broker is available on a number of social media platforms including Facebook, X app, YouTube, and more.
GFS Trader Deposit and Withdrawal
The only way to find detailed information about deposits, withdrawals, spreads, and much more crucial data is to register an account with the broker. However, the registration page is not working properly. The same is true for the login page.
GFS Trader Review Conclusion
GFS Trader is an unregulated online trading broker that offers CFDs on the MT5 platform. The main news flags of the broker include the absence of a regulatory license, issues with the restoration and logging in pages, and no detailed information about spreads, leverages, and other critical specs. As a result, the answer to whether can you trust GFS Trader becomes obvious.
We strongly recommend staying away from this broker as the chances of getting scammed are super high.