There is very little evidence for the quality of services and reliability from GXCM, which makes it an easy-to-pick fraudulent scheme.
GXCM is able to attract traders with its cutting-edge investing strategy, which offers a variety of deals in CFDs, FX, indices, and commodities. The business claims on its website that there are 98 000 active users, but the validity of these numbers is under question.
In addition to the services that have been described, GXCM also asserts that it offers crypto trading services and that it is among the most successful companies in this industry. It offers a team that assists individual investors in optimizing their accounts so that they can trade cryptocurrencies more effectively. GXCM asserts that they are the greatest at what they do while also promising the finest possible outcome for their customers by providing mobile-friendly trading platforms and industrial leasing.
Other than trading services, GXCM also features an educational center to help clients with valuable learning resources. So, clients receive market news, with an economic calendar, suggesting the activities throughout the year.
Moreover, it executes trading at a fast speed with complete customer support all day long. However, are these promised services worth a cent? Find out in this review
There is not a shred of proof to support the contention that GXCM is a genuine broker. Putting your money into this company is, to put it plainly, a high-risk move at any time. On top of that, there is no record of past performance, which means that there are only guarantees for the consumers, but there are no signs of services that have been proven to work.
At GXCM, we place a significant amount of importance on utilizing technology by placing more of our attention on the many aspects of trading. Even when it makes lofty financial projections, the corporation is cagey regarding the processes and procedures that underpin its operations. Even if using digital currencies may seem like an attractive notion, there are enormous risks involved, and one cannot expect to make fast gains from using them. Therefore, more respectable businesses make an effort to reduce the likelihood of suffering a loss, however, this is not the case with GXCM.
There is no information available regarding the whereabouts of the company’s team or how they approach managing the various tasks. As a result, there are concerns over the degree of openness that is present in the procedures. Because there is almost no information about the members of the team, it is difficult to determine whether or not they meet the qualifications.
There is no license for the company which means that it doesn’t follow any regulations from financial bodies. So, investing in such a firm is obviously a big risk.
Deposits and Withdrawals
Clients can make deposits of any amount, with a minimum deposit of $250, using any of the following credit cards: MasterCard, Visa, or Maestro. However, given that GXCM is known to be a fraud, you should steer clear of it at all times.
Investors who used their debit or credit cards to make their initial investments are eligible for a chargeback. Traders are also able to withdraw any amount they like, however, there is a $20 cost associated with wire transfers. In addition to their commission, the fee for withdrawing money using a debit or credit card is 3.5% of the total amount.
It is highly pricey to pay a $20 fee for sums that are less than $100. In addition, if you have an inactive account for three months, you will be subject to a one-time fee of $50 or a monthly fee of 0.5% of the account’s balance.
These fees are quite high when compared to those of legitimate trading organizations; hence, it is in the best interest of customers to protect their money and avoid using GXCM as much as possible. In addition, GXCM mandates that customers trade up to 180 times the value of the accepted bonus before they may withdraw any funds. In that case, the withdrawal process will not be successful.
GXCM Trading Conditions
The market conditions at GXCM aren’t particularly interesting enough to warrant much discussion. Due to the fact that it has spread of three pips on currency pairs involving the EURUSD, it is not a particularly beneficial proposition for investors. Because it is web-based, this trader does not offer the advantages that come with a typical user interface such as MetaTrader.
When it comes to the many leverages that are at your disposal, GXCM doesn’t go into great detail about them. Because the customers are never informed about particular trading dimensions and criteria, this is evidence that a probable scam is being perpetrated upon them. As a consequence of this, one cannot help but feel that the plan will expose the investors to a significant amount of risk.
The fact that GXCM displays a fictitious location of origin does not enhance the company’s reputation as a trading broker. It is not operated from the United Kingdom, where the company claims to have established its office. Because of this, it is strongly recommended that you stay away from this platform and hunt instead for an investment company on the market that has a better reputation.
Legitimate businesses typically have helpful teams who are able to walk customers step-by-step through the process and answer any questions they may have. The GXCM indicator is the polar opposite of it. Once GXCM has obtained possession of your funds, the company will immediately terminate all communication with you, leaving you in a hopeless situation with nothing but a sense of loss.
Is GXCM Regulated?
If you check up GXCM on the list of watchdog financial services, you’ll find that the company’s name is included among those that come with a caution. As a result, there is a significant possibility that this company will take advantage of your money for its own avaricious motives and put at risk the security of the money in order to advance its own interests.
GXCM is required to get a license from the Financial Conduct Authority given that it states that it operates in the United Kingdom. On the other hand, such evidence regarding the company does not exist. If you choose to invest your money with GXCM, it won’t be hard for you to estimate how big of a risk you’re willing to take on.
In addition, because it is an unregulated agency, it has the ability to sell your information to third-party companies without even inquiring with you first. Because GXCM is not subject to regulation by the FCA, there is no possibility of receiving compensation in the event that the company declares bankruptcy and there is therefore no guarantee that the funds will be safe.
In addition, GXCM does not disclose any of its financial or trading operations to any sort of regulatory body in the financial industry. It indicates that these con artists are operating independently and have the ability to defraud clients of their life savings and money that they have worked for. In addition, there is no possibility of receiving compensation because the business in question is an anonymous operation that the government is powerless to bring to account.
GXCM Domain Details
The company owns a domain name that won’t be available for use after September 2021. In light of the fact that the company’s future is uncertain, it is difficult to predict whether or not it will keep operating under the same domain name in the days to come.
On the other hand, taking into account the way in which the corporation gambles with the money of its customers, it is possible that it will launch the services under a different brand and with improved slogans. In addition to that, the volume of traffic on GXCM is shockingly low. Therefore, it is possible that it may soon withdraw from the market for trade.
Because there is very little proof to support GXCM’s claims on the reliability and quality of their services, the company is an easy target for fraudulent activity. Therefore, it is in your best interest to steer clear of the company and keep whatever gains you might have made from this anonymous blacklisted business.
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