GIFXprime Review- 5 things you should know about gifxprime.com

GIFXprime Review- 5 things you should know about gifxprime.com

Rating: 1

Beware! GIFXprime is an offshore broker! Your investment may be at risk.

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GIFXprime is a unregulated forex and CFD broker that claims to be based in the United Arab Emirates. Unfortunately we came across several discrepancies in their presentation, regarding the ownership of the website and who actually runs it, so if you are thinking about opening a trading account with them be sure to read this review first.

Their offer includes CFDs on silver and gold, and 26 currency pairs, with few exotic ones like USDSGD and USDTRY. No CFDs on other assets like stocks, indices, ETFs or crypto coins, however.

Trading accounts are three types, all with leverage as high as1000:1 and the MetaTrader5 platform. And although GIFXprime advertises spreads as low as 0.08 pips, as tested with a demo account the benchmark EURUSD spread was fixed at 1 pip.

All of that left aside, however, our main concern with GIFXprime remains with their regulatory status and the ownership of the website. Here is what we learned about them.

GIFXprime Review regulation & safety of funds

On the GIFXprime website we came across the names of two companies – GIFX PRIME INVESTMENT LIMITED, which is supposedly base in Dubai, the United Arab Emirates, and FASTFX LLP, which is said to be registered in South Africa, and which is actually the company mentioned in the Terms and Conditions that you have to agree with before you start trading. (Here we should note as well, that FASTFX LLP also runs another unregulated broker – myfastfx.com, with a contact address on the British Virgin Islands.)

In any case, to provide financial services the broker and the company behind it should be licensed and authorized by an official financial regulator.

That is why we diligently checked the registers of the Financial Services Conduct Authority in South Africa, the Central Bank of United Arab Emirates and even the Financial Conduct Authority (FCA) in the UK (GIFXprime has a UK contact number and that is why we decided to check FCA as well), but we were not able to find neither the name of the broker, nor the names of the two companies there.

Bear in mind that your funds are secure only with brokers, regulated by respectable financial institutions, such as FCA in the UK, the Australian Securities and Investments Commission (ASIC) or Cyprus Securities and Exchange Commission (CySEC).

And apart from the strict regulatory requirements, authorities such as FCA and CySEC require their brokers to participate in client compensation schemes, basically insuring part of the trading capital.

Thus, with a FCA broker you will not have to worry about the first 50 000 GBP in your account even if your broker files for bankruptcy. Similarly with CySEC brokers and basically all brokers regulated in EU, your insurance will cover at least 20 000 EUR of your capital.

GIFXprime Review deposit/withdrawal methods and fees

GIFXprime says they accept payments with bank wire and credit cards like VISA and MasterCard. However, no e-wallets are mentioned and that is notable, especially when we talk about Skrill, because of the new anti- scam policy, recently adopted by the company. According it, Skrill offers its services only to brokers, holding legit forex licenses.

As for the minimum deposit requirement, it is in line with what most other brokers will ask you for with a standard account – 100 USD.

How does the scam work?

In the past year more and more often scammers hook for victims in the social networks and internet. You may easily come across one of the so called robo scam websites like CryptoContractsApp or Crypto Revolt where you will be tempted with fast and easy returns in exchange of a minimum investment and no risk at all. And all you will be asked at first will be to fill a simple registration form with your e-mail and phone.

Take a note that by registering with the robo scam website you will be instantly transferred to another website – that of a unregulated scam broker, where you will be invited to open a trading account with about 250 USD.

And trading with the scam broker at first might seem like a lot of fun. Most of your trades will be surprisingly successful and soon the money in your account will more than double. That, however, will be the result of a simple manipulation. Scammers just want to make you invest a larger amount and that is the simplest way to trick you into doing so. And besides, you will surely get some phone calls as well. It will be your senior “account manager”, who will expertly advice you, that if you really want to make some real cash you will definitely have to invest more – like a least 10 000 USD or so.

And you may never know you have been scammed until the very moment you decide to withdraw some of your funds. Than it will suddenly turn out you can not withdraw, because of some minimum trade volume requirement, possibly linked to the welcoming bonus you have so carelessly accepted in the first place. Surely it could be something else as well, but the bottom line will always be the same – scammers will not send you a single penny back.

What to do if scammed?

Honestly, in case you are scammed, your options are quite limited. Still, be sure to immediately file for a charge back with your credit card company. The good news here is that both VISA and MasterCard now allow charge backs within 540 days.

Also, be sure not to send scammers any personal details like a copy of your ID or a prove of address (your latest electricity bill for example). If you send them such documents they will have a much stronger case with your credit card company.

And if by any chance scammers have managed to trick you to tell them your credit card number and online banking password, immediately change the password and block your credit card.

Finally, if you do not want to be scammed a second time, do not accept the offers of the so called recovery agencies. They will simply collect some money in advance, without recovering you a single penny.

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2 Comments

  1. Teri maa ka pati

    You are a scamer . You scam my $3000, you are cheater, froud . Why are make you fool peoples like me .

  2. This GIFXprime is a scamer. They mark all withdrawal you do as successful but the money will never arrive. Be aware sending money to them.

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