Note: GS Forexs official site - https://www.gsforex.co.uk/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is GS Forex？
GS Forex is a trading platform that was established somewhere between 2 to 5 years ago. It is registered in Vanuatu and claims to be regulated by the VFSC (Vanuatu Financial Services Commission). However, it is noteworthy that there are suspicions about GS Forex being a clone firm, which is a type of company that fraudulently claims to be a legitimate firm or authorized by a legitimate firm.
The platform offers an array of market instruments including FX currency pairs, commodities, indices, and spot metals. GS Forex employs the popular MetaTrader 4 and MetaTrader 5 platforms - software that is commonly used in forex trading. These platforms are known for their robust functionality, offering a range of tools and resources for traders including technical analysis, automated trading abilities, and more.
GS Forex provides customer support through phone and email. The contact number is +41 21 647 0906 and the email address is support@gsforex.co.uk. While the offering of customer support is notable, it is also crucial for potential users to be aware of the provider's questionable regulatory status and the unavailable official website. Prospective traders should use their discretion and conduct thorough due diligence before engaging with the platform.
Pros & Cons
Pros
Various Market Instruments: GS Forex provides access to a range of financial instruments, including FX currency pairs, commodities, indices, and spot metals. This diverse portfolio allows traders to switch between different markets as per their trading strategy or market conditions.
Supports Popular Trading Platforms: GS Forex supports MetaTrader 4 and MetaTrader 5, popular trading platforms known for their comprehensive functionality and user-friendly interface. This could make trading more convenient and efficient for users.
Cons
Suspicious Clone Regulatory License: GS Forex claims its regulation by the VFSC. However, there are suspicions that it might be a clone of a legitimate firm. Clone companies pose significant risks as they do not provide the same level of protection and credibility as genuine regulated companies.
Delayed Customer Support: Reports of delayed customer support can potentially cause inconvenience and challenges for users, especially when urgent assistance is needed.
Unavailable Website: Having no accessible official website severely limits access to crucial information. It also hinders the ability of users to execute trades conveniently or to learn more about the service.
Is GS Forex Safe or Scam？
GS Forex reports to be regulated by the Vanuatu Financial Services Commission (VFSC). This commission is the single regulatory authority responsible for the supervision and regulation of financial institutions in Vanuatu. While this would generally lend an air of credibility and safety to the firm, there appear to be certain irregularities with GS Forex's claims.
Specifically, GS Forex is identified as a 'suspicious clone'. This suggests that GS Forex could be falsely claiming to be licensed or regulated, or it might even be impersonating a legitimate firm, in this case, GS SERVICES LIMITED. The cloned firm could use the details of a genuinely regulated firm to appear credible, which is a common tactic among fraudulent companies.
The license number stated is 700261, and it was allegedly effective from the 4th of November 2020. However, crucial details such as the email address, website, expiry date, address, and phone number of the claimed licensed institution are not provided, which raises further red flags.
Market Instruments
GS Forex offers a diverse array of market instruments for its traders, which allows for diverse investment opportunities and risk management.
FX Currency Pairs: GS Forex offers trading in Forex, or currency pairs. This market is one of the largest and most liquid financial markets globally, featuring pairs of world currencies such as EUR/USD, USD/JPY, and GBP/USD, among others.
Commodities: Commodities represent tangible physical goods that can range from natural resources like oil and gas to agricultural products like wheat or corn. Investing in commodities can act as a hedge against inflation and diversify an investment portfolio.
Indices: An index is a method to track the performance of a group of assets in a standardized way. It typically represents a certain segment of a market. GS Forex might offer access to major global indices like the S&P 500, FTSE 100 or the Nikkei 225.
Spot Metals: Spot Metals can include precious metals such as gold or silver. These are often viewed as safe-haven assets and a hedge against market volatility.
Commissions
GS Forex's commission structure is not readily available or transparent due to the absence of an accessible official website. This lack of transparency could potentially affect users' trading strategies and cost calculations, as it is key for traders to fully understand all associated costs and fees before carrying out any trades.
The absence of a clearly communicated commission structure might lead to unexpected costs or charges, resulting in profit erosion. Typically, forex brokers earn through spreads, which is the difference between the ask and bid prices, and/or commissions which are usually a percentage of the volume of the trade.
Without access to the necessary information, potential users are unable to ascertain whether the commissions charged by GS Forex are fixed or variable, or if they are charged on a per-trade basis or on the volume of trades.
Trading Platforms
GS Forex offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, which are some of the most popular trading platforms in the trading community. Both platforms are praised for their functionality, user-friendly interfaces, and extensive analytical tools.
MetaTrader 4 (MT4): MT4 is widely regarded as the industry standard for forex trading. It is known for its advanced charting capabilities, a range of technical indicators, and support for automated trading through Expert Advisors (EAs). MT4 enables traders to monitor the markets, perform in-depth analysis, execute trades, and manage their accounts efficiently.
MetaTrader 5 (MT5): MT5 is the newer version of MetaTrader and comes with added features. Aside from supporting forex, it is equipped to handle other assets like stocks and commodities. MT5 includes additional technical indicators, an integrated economic calendar, better strategies for Expert Advisors, and enhanced order management capabilities.
Spreads
Forex offers two different types of trading accounts - the PRO and STANDARD account. Each account type comes with its own spread structure.
PRO Trading Account: For users who opt for the PRO trading account, the spreads begin from as low as 0.0 pips. However, it is notable that to be eligible for these institutional-level spreads, users must maintain a minimum account balance of 10,000 USD at all times.
STANDARD Trading Account: On the STANDARD trading accounts, the spreads start from 0.4 pips. There are no specified conditions mentioned for maintaining these spreads.
Customer Service
GS Forex provides customer support through two primary channels - phone and email.
Phone Support: They provide telephone support which could offer direct and immediate aid to users who need urgent assistance or prefer discussing their queries verbally. The contact number provided is +41 21 647 0906.
Email Support: For non-urgent queries or issues that require detailed explanations, GS Forex offers email support. Users can send an email to support@gsforex.co.uk detailing their problems or questions.
Restricted Areas
GS Forex mentions that it does not offer its services to residents of certain countries. These include the United States, Cuba, Iran, North Korea, Syria, and even Vanuatu, where it claims to be registered. Any potential clients residing in these countries are therefore unable to access the services offered by GS Forex. It is always important for potential users to check the geographical restrictions set out by a platform before planning to establish an account.
Conclusion
In conclusion, GS Forex is a trading platform that claims to be registered in Vanuatu and states it is regulated by the VFSC. However, there are indications it may be a suspicious clone of a genuine firm. GS Forex provides access to a wide array of market instruments, including FX currency pairs, commodities, indices, and spot metals, thus enabling diverse trading strategies. It offers the popular MetaTrader 4 and 5 platforms but lacks transparency regarding its fee and commission structure due to an unavailable website. The platform has outlined two customer support channels – phone and email – but the review does not include user feedback to gauge their effectiveness or response time.
While GS Forex seems to offer some standard features, users are advised to proceed with caution due to the unclear regulatory status of the compound and its less-than-transparent operations. Potential users should conduct thorough due diligence before conducting any business with the platform.
Frequently Asked Questions (FAQs)
Q: What market instruments does GS Forex provide？
A: GS Forex provides a range of financial instruments for trading. These include FX currency pairs, commodities, indices, and spot metals. This diverse range allows traders to flexibly switch between different markets depending on their trading strategy or market conditions.
Q: What trading platforms does GS Forex use？
A: GS Forex utilizes the popular MetaTrader 4 and 5 platforms. These platforms are known for their functionality and are widely used in the trading community. They offer comprehensive technical analysis tools and support for automated trading.
Q: What type of customer support does GS Forex offer？
A: GS Forex provides customer support through phone and email. The phone contact is +41 21 647 0906, and for email support, users can reach out to support@gsforex.co.uk.
Q: What is the regulation status of GS Forex？
A: GS Forex claims to be regulated by the Vanuatu Financial Services Commission (VFSC). However, there are indications that GS Forex may be a suspected clone of another firm, implying that it may not hold genuine regulation status.
Q: What are the commissions and fees on GS Forex？
A: The commissions and fee structure of GS Forex are not transparently laid out, mainly due to the lack of an accessible official website. Users are advised to verify all cost-related information before engaging with the platform.
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.
2024-08-07 14:22
2023-03-28 21:20
