GVFX Review: Gvfx.net is a Nasty Firm
GVFX Global makes a few claims about itself on its website. They wanted to do things differently and stand out when deciding on their goals and mission. They say they are devoted to their customers. The company provides them with competitive spreads and quick transaction times while making deposits or withdrawals.
GVFX Global is a forex broker that claims it can create the opportunity to win within seconds. Despite their attractiveness, however, the broker is a scam. If you want to trade, only work with reputable forex brokers. With these, you will be sure that your money is safe.
Forex, or foreign exchange, is the buying and selling of currencies. It is the largest and most liquid financial market in the world. In the past, it was only accessible to large banks and financial institutions. With the advent of the internet and online trading platforms however, it is now possible to participate in the market.
One of the main reasons for the rise of online forex trading is the increased accessibility it provides. Online trading platforms have made it easy. These platforms are user-friendly and offer a wide range of tools and resources to help traders make informed decisions.
Another reason is the increased volatility of the global economy. The ongoing COVID-19 pandemic has significantly impacted the world economy, leading to increased volatility in currency markets. This has created opportunities for traders to make significant profits relatively quickly.
Advancements in technology have also driven the forex market. Online trading platforms now offer advanced features such as automated trading and social trading. These allow traders to copy the strategies of more experienced traders. This has made it easier for beginners to enter the market.
However, it is essential to note that forex trading is not without risk. The market is highly volatile, and the value of currencies can change rapidly. It is necessary for traders to have a solid understanding of the market and to use risk management strategies to protect their investments.
As a company, GVFX Global makes a few claims about itself on its website. They wanted to do things differently and stand out when deciding on their goals and mission. They say they are devoted to their customers. The company provides them with competitive spreads and quick transaction times while making deposits or withdrawals. Fast deposits and withdrawals mean that orders are fulfilled at or above the required rate. This eliminates the need for rebidding or stop/limit limitations.
Banks and other financial institutions around the world and other market makers act as their liquidity providers. Multiple alternative liquidity sources are currently available. Gvfx Citibank N.A. and Jefferies Economic Services, Inc. are two of the best brokerage houses in the industry, according to GVFX.
You can trade commodities, currency pairs, cryptocurrencies, and stocks. Traders can choose from one of their accounts depending on the conditions they find suitable. The company also offers bonuses, but you have to apply to get one.
Founders and Team
We checked the website and could not find the company leaders or when it was established. From whois.com, we realized that their domain was created on 2022-06-30, updated on 2022-06-30, and will expire on 2023-06-30. Scam forex brokers often hide information about their founders and executive to avoid accountability and evade detection by regulatory authorities.
One reason for this is that they’re not licensed or regulated by any government agency. Without proper regulation, they can operate without oversight and engage in fraudulent activities such as misusing client funds or providing false trade information. Hiding the identity of the founders and executive makes it more difficult for authorities and clients to track down and hold them accountable.
Suppose the founders and the executive have an account of shady business practices. In that case, they may not want to be publicly associated with the company for fear of attracting negative attention and legal repercussions.
Furthermore, scam brokers may operate in countries with a lack of regulation or oversight in the forex industry. These countries may not have strict laws that require companies to disclose information about their founders and the executive.
The broker has provided an address in London. They also have a phone number and email. However, since this broker is shady, the information is likely false. There is no reason to trust this dishonest broker’s claims.
Scam forex brokers may give misleading contact information to avoid being easily contacted by their clients or regulatory authorities. This can make it more difficult for clients to file complaints or seek compensation for losses.
One reason for giving misleading contact information is that the scam brokers may not have a physical office or may be operating from a different location than they claim. This can make it difficult for clients to locate them or for authorities to investigate them.
Another reason is that the broker may operate as a shell company with no actual business operations or assets. They may provide a fake address or phone number to make it appear like they have a legitimate business when they have no real office or staff.
As a trader, your goal is to make money. However, trading with an unregulated broker carries inherent risks. GVFX is not regulated. There are several evidence sources to support this. From their website, they indicated that they are located in the UK. In that case, they are under the watch of the financial conduct authority (FCA).
FCA is a regulatory body in the United Kingdom that oversees and regulates financial markets, firms, and products. It is an independent public body that operates under the auspices of the UK Treasury. It is responsible for protecting consumers, maintaining market integrity, and promoting competition in the financial markets.
Another proof that the broker is unlicensed is that they claim to offer traders the chance to trade cryptocurrencies. However, the FCA has already banned the sale, marketing, and distribution of cryptocurrency CFDs to retail investors.
The FCA’s decision to ban the sale of crypto CFDs was based on the high risks and volatility associated with the underlying assets. This can make it difficult for investors to assess the value of their investment accurately. The FCA also found that the crypto CFDs were often marketed to retail investors who lacked the experience and knowledge to understand and manage the risks associated with these products.
The broker also claims to be regulated by a body called “The Financial Commission.” This is a desperate attempt to appear legit. There is no such regulatory body in the UK. The only organization that has that name is in Hong Kong. We checked The Financial Commission’s website and could not find GVFX as alleged.
Also, there are no legal documents on the broker’s webpage. They are essential, as without them, consumers have no defenses against malicious behavior.
Deposit and Withdrawal
The minimum deposit required is $100. They have, however, not explained anything about the transaction methods. Traders, therefore, do not know which avenues they can rely on for their trading.
Because there were no documents, we were unable to ascertain the costs associated with making a withdrawal or any other type of transaction. They probably wait for you to open an account so that they tell you about a risky transaction method.
GVFX is an offshore scam broker. This explains why they have provided little to no information about themselves. Trading with them is dangerous. They do not have a segregated account where they can keep your money safe in case of a financial crisis. You should stay away from them. Instead, only trade with honest, reputable forex brokers.
Legit forex brokers have an operating license, and you can rest assured you will not lose your money mysteriously. When you lose money, it will be because a trade went against you and not because some shady broker has ripped you off.