GNTFX is a forex broker which offers trading services. You may be wondering about investing with them. In this review we will answer 5 important questions you may have about them.
1. Will your money be safe at GNTFX?
Short answer: its hard to tell. The company is registered in Belize, but not as a financial services provider. You may already know this, but financial regulators are government agencies which impose certain rules on companies which operate in the sector. This includes forex brokers.
Even if the company had been registered with Belize’s IFSCB, an off-shore regulator can be less strict than what you would prefer.
On the other hand reputable watchdogs, such as the UK’s Financial Conduct Authority offer clients a much higher level of protection. For instance, they require clients’ funds to be kept in the so called segregate accounts, meaning the company can’t access them freely. Furthermore the Financial Services Compensation Scheme (FSCS) guarantees investments, up to GBP 50,000 per account in case the broker goes bankrupt.
These are all not features you would be getting with an unregulated company such as GNTFX.
2. What account types does the company offer?
GNTFX offers their clients three account types, based on their initial deposit, as illustrated in this table:
|Account Type||Minimum Deposit||Maximum Leverage||Spread|
|Micro||$50||1:200||From 1 pip|
|Standard||$500||1:200||From 0.4 pips|
Trading conditions supposedly get better, with bigger investments, although we would get to the actual conditions in a moment.
3. What are the trading conditions at GNTFX?
Spreads are supposed to be rather close to the industry standard, had the y been accurate to the broker’s claim (displayed in the table above). That being said, our own tests showed a much different trading environment. The spread on EUR/USD was 3 pips and fixed. This is inadequate, when compared to other forex brokers. The even more outrageous part is that rates were off by about 60 pips from the current market.
There was definitely a technical issue either with the platform or the liquidity provider. On the other hand, the Cable’s chart was even more out of line. Here is a screenshot:
We have seen similar charts in the past. This is often indicative of trouble with the liquidity provider.
4. What platforms does GNTFX offer?
GNTFX offer MetaTrader4 as well as their in-house “PowerTrader” social trading solution. MT4 is an industry staple and has been for quite a while. The platform is relatively simple, offers great charting capabilities and the world’s most popular automated trading environment. All of that doesn’t really matter with GNTFX of course. The technical errors just make trading impossible, at this point in time.
As you may expect, their social trading platform – “PowerTrader” is currently not operational.
5. What deposit and withdrawal methods are offered by GNTFX?
The company does not specify anywhere on its website what the deposit and withdrawal methods are. This is highly unusual, as most brokers put tons of marketing claims on their web pages, and the variety of payment methods is an easy one to add. Even those who offer few alternatives, at least want to list them.
GNTFX is a company which offers forex trading. It is supposedly registered in Belize, but does not fall under any regulatory oversight. The trading platform has errors, which exceed our tolerance by a lot. An unregulated company, which offers an unstable service is something we would not recommend. That being said, the broker may be in a transitional period i.e. changing owners. Maybe conditions will be good in the future, but for now – stay away.