GiroFx is a CFD broker that offers over 300 trading instruments. Trading conditions offered by them might appear decent at first, but that is not the case. Leverage is capped at 1:30 which is a good thing.
However, the way they operate is shady and there are many regulatory bodies that have issued warnings about them. Information regarding the owners is not shared with the public.
Clearly, transparency is not something they like and the worse part is, they have the ultimate say in most matters. Minimum capital required to get started with this firm is $200.
There are various account types present and to unlock more features clients are forced towards depositing higher capital. User reviews about them are terrifying and there are serious allegations made against them.
All the available information about them helps us get a clear view of their goals and agendas. If you are interested in learning more about this firm and the way it functions, the following content is for you.
Is GiroFx Regulated?
Regulation is the first thing you have to check when it comes to online investing. There are a lot of service providers, but the regulated ones are always the best because of the reliability factor.
Moreover, regulated platforms handle the client’s money in a professional manner by keeping it in the segregated accounts. Plus, even if something unexpected happens, insurance will come to your rescue.
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In short, security of funds is guaranteed if you choose the right broker that is fully licensed and transparent. GiroFx is supposedly based in the UK. We searched for the details about their parent firm, but there was no information available on their platform.
To simplify things, this broker has completely and blatantly refused to talk about the parent company and liquidity providers. Clearly, this firm appears to be hiding something and that is a red flag regardless of which way you look at it.
Support
There are a lot of things about this firm that’s debatable and the trading conditions are pretty vague as well. If you have any questions about a specific topic or need assistance, then get in touch with their support team.
Be alert while dealing with them and do not let high pressure sales tactics fool you. Here are the contact details.
- Email – support@girofx.com
- DK – 4578791665
- SW – 41525087217
- UK – 442037694835
- SE – 46462607604
- Address – Ayiou Athanasiou 46, Interlink Hermes Plaza, Agios Athanasios 4102 Limassol, Cyprus
Asset Class and Trading Conditions
GiroFx offers over 300 trading instruments. Most traders would be happy with the number of choices available with them. Unfortunately, the same cannot be said about their trading conditions. Information about spreads and swaps are not covered.
Trading costs appear to be on the higher side. Leverage offered is 1:30 which is more than adequate for most traders. Information on margin requirements is also not explained well. Forex and stock markets are volatile and it takes a lot of time to find an edge in the market.
However, even if you have an edge you cannot act on it unless you know the intricacies well. As this broker does not reveal every parameter needed for successful execution, you need to double check everything before opening a position or else you might have to face severe consequences.
GiroFx Platform
This broker offers a web based trading software. As MT4 is not supported by them, people will have a tough time when it comes to employing custom tools and indicators.
We do not know whether they support all forms of automated trading and copy trading. Web based interface is basic and professional traders will be disappointed as there isn’t much they can do with the default software.
Charting is also basic and apart from the standard tools, people cannot use any sophisticated systems. Lack of functionality and practicality is definitely a deal breaker.
The only positive side is that the default software is lite and as such, it can be used by most modern devices that have an active internet connection.
Feedback
As this broker was getting a lot of web traffic, finding information about them wasn’t particularly hard. Many users have nothing but negative things to say about them.
The consensus is depressing and it clearly shows the ugly side of this firm that the actual creators are trying to hide. Though it is impossible to verify every allegation, the sheer number of complaints are something that simply cannot be ignored.
Strangely enough, this firm has not tried to contact any user on top forums. The way the firm is dealing with the public is unacceptable to say the least.
Payment Methods
A lot of payment systems are supported by this platform. Popular e-wallets, credit/debit cards and bank wire transfers are all accepted by them. Minimum deposit is around $250.
Information regarding processing time is not the same for every funding method. Nonetheless, it should not take more than 2 business days. Deposit bonus is present, but do not accept it unless you have read all the associated terms and conditions.
While bonus allows traders to increase their purchasing power, it does prevent them from making withdrawals before completing certain requirements. So, go over the small print and for best results, say no to anything that you do not fully understand.
Is GiroFx a Scam?
GiroFx does appear to be a scam. Their background is suspicious and the way they function makes things worse. There is no transparency and user reviews depict a lot of nasty stuff.
Simply put, due to obvious risks present, people should never proceed with entities like this one. If you have already made the mistake of depositing with them, withdraw the money immediately. In case you are having a hard time getting your money back, get in touch with us via the form below.
Our team members will help you navigate the problem with ease and will do everything for you for free. As we have decades of experience, it will tilt the probabilities in your favour and that’s an enormous advantage.
Verdict
As the number of unregulated brokers increases, people will have to be more careful. To avoid any hassles, always choose reputable platforms that have been around for long.
More importantly, do not shy away from taking help from a professional if it is necessary. After all, an individual cannot be an expert in every subject, right?
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