Note: GWFX's official site - http://www.gwfxglobal.com/en/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What Is GWFX？
Goldenway Global Investments (UK) Limited, operating as GWFX, is purportedly based in the United Kingdom. Its FCA license is suspected to be a clone, and its license from the Vanuatu Financial Services Commission (VFSC) has been revoked, and its website is no longer functional.
Pros & Cons
When evaluating GWFX, there are some significant pros and cons to consider.
On the positive side, GWFX does support MT4, a popular and versatile trading platform widely accepted by many traders. This feature certainly broadens their appeal to a larger market. Additionally, GWFX offers high leverage up to 1:500, which can offer great potential profits for experienced and risk-taking traders.
However, there are notable negatives to consider as well. First and foremost, their FCA regulatory license appears to be a suspicious clone and VFSC license has been revoked, which raises concerns about the platform's credibility and safety. Moreover, their website seems to be inactive, making it extremely challenging for new users to get started or for existing users to continue their trading experience.
Ultimately, prospective users must weigh these pros and cons carefully when choosing whether to engage with GWFX.
Is GWFX Safe or Scam？
GWFX, operated by Goldenway Global Investments (UK) Limited, claims to be regulated by the Financial Conduct Authority (FCA) in the United Kingdom. However, its current regulatory status is listed as a “Suspicious Clone”. The license type is noted as “Straight Through Processing (STP)” with license number 185223.
Additionally, GWFX holds a retail forex license regulated by the Vanuatu Financial Services Commission (VFSC), but its regulatory status is marked as “Revoked,” and the license number is 14864.
Users experiencing adverse order recommendations from the platform's teacher, leading to significant losses in their trading accounts.
Complaints about the inability to withdraw funds from the platform, with users encountering difficulties in accessing their money.
Allegations of fraudulent behavior, including inducing deposits,providing false investment instructions, and manipulating accounts to freeze them when profits are earned.
Concerns about the platform's legitimacy and regulatory status, with users questioning the validity of its operations and regulatory claims.
Reports of severe slippage in trade executions, with users observing significant price differences between their intended trade prices and the executed prices.
Complaints about the platform's customer service, including unresponsiveness and unhelpfulness in resolving issues related to deposits, withdrawals, and account management.
Account Types
Standard Account:
Minimum Initial Deposit: $200
Designed for retail traders and individual investors.
Provides standard trading conditions and features suitable for traders with smaller capital.
VIP Account:
Minimum Initial Deposit: $50,000
Targeted towards institutional clients and high-net-worth individuals.
Offers enhanced trading conditions, personalized services, and premium features tailored to meet the needs of sophisticated investors with larger capital.
Leverage
GWFX offers a maximum leverage of 1:500 to its traders. This high leverage enables traders to amplify their trading positions significantly with a relatively small amount of capital, potentially increasing both profits and losses. It provides traders with the flexibility to control larger positions in the market compared to their initial investment. However, it also increases the risk of significant losses if trades move against the trader's expectations.
Spread
GWFX offers trading in 18 currency pairs, with a typical variable spread of 1.8 pips on EUR/USD. This spread is considered comparatively high for the forex market. A spread of 1.8 pips means that traders buying EUR/USD would incur an additional cost of 1.8 pips above the market price when entering a trade, and those selling EUR/USD would receive 1.8 pips less than the market price. Higher spreads can potentially impact trading profitability, as traders need to overcome this cost before realizing profits on their trades.
Trading Platform
GWFX supports the MetaTrader 4 (MT4) trading platform. MT4 is a widely used and popular trading platform known for its user-friendly interface, advanced charting tools, customizable indicators, and automated trading capabilities through Expert Advisors (EAs). With MT4, traders can access a wide range of financial instruments, execute trades with ease, analyze market trends, and implement various trading strategies.
Customer Support
GWFX offers customer support through multiple channels to assist traders with their queries and concerns. They provide a telephone helpline with the number 00448002494315, allowing traders to directly contact support representatives for assistance. Additionally, traders can reach out to GWFX via email at cs@gwfx.com for more detailed inquiries or assistance. Moreover, they offer support through QQ with the ID 800018886, providing an alternative communication method for traders who prefer instant messaging platforms.
Conclusion
GWFX is a broker with suspicious cloned and revoked regulatory licenses, with a dead official website. Though the leverage provided is high and it does support MT4, we do not recommend users to trade with this broker.
Frequently Asked Questions (FAQs)
Q: Is GWFX regulated or not？
A: Yes, it is regulated, however, with suspicious cloned and revoked licenses.
Q: What is the minimum deposit it requires？
A: The minimum deposit it requires is $200.
Q: What is the maximum leverage it can provide？
A: The maximum leverage it can provide is 1:500.
Q: Does it support MT4/5？
A: Yes, it does support MT4.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2024-03-28 10:20
2024-01-01 23:04
