GiroFX Review – 5 things you should know about Girofx.com

GiroFX Review – 5 things you should know about Girofx.com

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

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GiroFX is a CFD brokerage based presumably in the UK. It provides an unproven web-based trading terminal, not the MetaTrader 4 trading platform and requires a standard minimum deposit of $200 and extends a leverage of up to 1:30, however, further trading conditions remain undisclosed.

GiroFX Limited regulation & safety of funds

The brokerage claims to be owned by a UK-based company, however, no further corporate information is disclosed which renders the website anonymous. There are also several contact numbers presented but nothing of relevance. Upon running a check through the online registry of the FCA we did not find any relevant information regarding the broker brand on the website of the British financial watchdog. This means the brokerage is providing financial services without proper authorization. We highlight the danger in doing business with an anonymous website since the people behind it do not answer to any authority and have no reason to uphold the client agreement. On top of this, we came upon a regulatory warning issued by the Swedish Financial Supervisory Authority (FI) which reads that the brokerage has been illegally targeting EU traders without a proper license. It is safe to say that there is tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading options.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

GiroFX trading software

 The brokerage does not provide the MetaTrader 4 trading platform which is something we always consider a disadvantage since the MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). There is a purported web-based platform, however, upon registering for it we discover that there are no discernible trading conditions and the terminals itself appears quite fake.

GiroFX deposit/withdrawal methods and fees

Potential clients of a brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as bank wire and e-wallets such as Skrill, SOFORT, iDEAL, SafetyPay and Przelewy24

We did not find any stated withdrawal fees either, however, dealing with unregulated brokerage we may never be sure whether they wont charge unexpected fees once the clients have deposited their funds.  There are also withdrawal conditions pertaining to accounts that have taken advantage of the bonus promotion. A trader has to achieve a certain trading volume in order to be eligible for withdrawal which is purposefully excessive in order to impede any trader from actually receiving his money.

Such website are also the reason we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Cashless PayGroup where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Btcoinpro – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

 

Rich Snippet Data
Review Date
Reviewed Broker
GiroFX
Broker Rating
1.11star1stargraygraygray

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18 Comments

  1. Girofx rang me said I had $300 dollars to come back. His name he said was Denso Morgan. Said he was in Switzerland but was a Uk number x44 2038851801. Have I been scammed and how ? Thanks for any info .

  2. Ik wil mijn account opzeggen en nu moet ik eerst 1000,00 euro storten om mijn geld naar een tijdelijke rekening te sturen. Dat ga ik natuurlijk niet doen, mijn ingelegde geld ben ik kwijt, maar er wordt niets meer overgemaakt.
    Ik heb een scala aan telefoonnummers gewist uit heel Europa en Amerika en Canada. Als je niet meer reageert op hun mail of telefoon wordt je platgebeld met steeds een ander nummer uit steeds een ander land. Ik ben opgelicht, maar ben er zelf ingetrapt. Helaas.
    ———————————-
    I want to cancel my account and now I have to deposit 1000.00 euros first to send my money to a temporary account. Of course I will not do that, I have lost my invested money, but nothing is transferred anymore.
    I have cleared a variety of phone numbers from all over Europe and America and Canada. If you no longer respond to their mail or telephone, you will be called flat with a different number from a different country. I got scammed, but I fell for it myself. Unfortunately.

  3. jean-pierre demunck

    wel je bent niet alleen hoor , er staat nog 417,53 dollar op mijn account en heb nu al sinds april 2020 9 maal gevraagd om mijn geld terug te krijgen, telkens wordt dit door hen zelf gecanceld, denk dat ik mijn geld kwijt ben, heb net hetzelfde meegemaakt met Universal markets pro, doch door steeds maar mails te sturen en te dreigen elke dag een slechte recensie te schrijven hebben zij vorige week mijn geld terug gestort, je bent er wel godganse dagen mee bezig maar niet gerust laten is de boodschap
    ——————————————————
    well you are not alone, there is still $ 417.53 in my account and have already asked 9 times since April 2020 to get my money back, each time this is canceled by them themselves, I think I lost my money, I have just experienced the same thing with Universal Markets Pro, but by sending emails and threatening to write a bad review every day, they refunded my money last week, you have been busy for days but the rest is the message

  4. I confirm. I have 500 USD in my account. I ask to be called back, nothing happens. David Anderson is supposed to be my “manager” but he disappeared. The customer support asks me to send an email to close my account. But nothing happens. Has somebody another experience. Thanks

    1. Same experience like me. I’m trying to withdraw money and keep sending message to them but they not even reply on me.
      I don’t have anymore idea how can I get my money back.

  5. Ik krijg steeds ene Emma aan de lijn of ik krijg mailtjes van haar. Dat ik een account moet aanmaken zodat ik het geld zo’n 250 Euro kan opnemen. Maar als ik de vragen van andere mensen hierboven lees weet ik niet of het verstandig van mij is omdat te doen? Kan mij daar iemand raad over geven of ik het wel of niet moet doen?
    ———————————–
    I always get one Emma on the phone or I receive emails from her. That I have to create an account so that I can withdraw the money about 250 Euro. But when I read other people’s questions above I don’t know if it makes sense for me to do it? Can anyone advise me on whether or not to do it?

    1. Hi, my only comment is don’t! They call me several times a day, from different phone numbers around the world, and say I have 300 $ om my account. I actually haven’t paid any money. I tell them I don’t want anything to do with them, and tell them to close the account, but they keep asking me to send identification to close it. I tell them I won’t, but they keep calling. So I just don’t take the phone anymore. I don’t know how to get rid of them. Kristin

  6. Er staat op girofx volgens hun $2600 op mijn account. Zie ik ook staan. Echter als je het wilt storten naar je bankrekening vragen ze bank gegevens die totaal niet relevant zijn voor hun, enwt ze zeker ook niet mogen vragen. Ze willen dat je inlog bij de bank terwijl teamviewer openstaat!!! Als je dit weigert, en godzijdank heb ik dat gedaan, blijven ze heel boos bellen
    —————————
    Er staat op girofx volgens hun $2600 op mijn account. Zie ik ook staan. Echter als je het wilt storten naar je bankrekening vragen ze bank gegevens die totaal niet relevant zijn voor hun, enwt ze zeker ook niet mogen vragen. Ze willen dat je inlog bij de bank terwijl teamviewer openstaat!!! Als je dit weigert, en godzijdank heb ik dat gedaan, blijven ze heel boos bellen

  7. Hallo hier hetzelfe ,is bij mij ook gebeurd ,heb mijn geld nog niet terug
    Hebben mij beloofd om deze week te storten en nog niets ,wat moet ik nu doen ?
    Oplichters allemaal,
    —————————————————-
    Hello the same here, happened to me too, have not got my money back yet
    Promised me to deposit this week and nothing yet, what should I do now?
    Scammers everyone,

  8. Giro fx is a scam site.Do not give into their promises.Never send them any money as that will be the last time you see it.I unfortunately did send them money in the month of May 2020 and all looked legit and going well.i invested 4400 US dollars with the promise of doubling my money in 2 months.Well after the first month I hit 13000 in my account.I was ecstatic as so was my account manager Jenny(if that is her real name)She told me if I invested 7000 more id be in the next status level cause I invested now over 20000 and she would look into my file more often instead of the computer generated trade watching.I did not take her up on this request as I could not provide more funds but was happy with what was happening with my investment.Jenny was understanding with my response but really wanted me to invest more.More time went on and next story they told me is I now own a bitcoin due to my 13000 balance now and adding 7000 more I can buy another cause the bitcoin was gonna be the next big thing.Well I couldn’t add more funds.I just said keep up the good work their doing.Thats when things started going bad cause they seen no more money coming from me.All of a sudden my open trades that I thought I had suddenly dropped to where I was loosing money and I was going to loose all my money if I didn’t buy insurance that was gonna cost me 7000 and if I didn’t do it right away the money was gone.Now I knew I was scammed.They pressured me to get another credit card or personal loan from the bank.Or to borrow the money from a family member.Even though my balance still said I had 4000 in it after my loss of 9000 from 13000 I asked for a refund they said they can’t give a refund cause all that money is tied up in the stock market and if I withdraw now I will lose it all but I seen the 4000 go down to 2600 from their 1400 fees.How did they get their fees if it was all tied in the stock market.Again I requested the 2600 and again I am denied due to it tied up in stock market.I told Jenny to sell all my trades cause I know even if I sold at a loss there is still some value in that stock.Nope I lost everything.There is more promises that they do to get you.They make it look like you are making good profits on the trades they do for you but all they do is add bonuses to your balance(that they don’t tell you about)that causes it to increase quickly so it makes you think I should invest more cause its doing so well.This is definitely the wrong choice.I would give 0 stars if I could but they make you pick one.Definetly stay away from Giro FX as they are scammers and sadly I was one of them.All I want from this is to prevent future people from doing the same stupid thing I did and invest their money with a legitimate broker and hopefully Giro Fx will be shut down for their illegal practices.

    1. Deborre huberte

      Ik heb aanvankelijk 1000€ gestort, dan op aanraden van senior account manager Mike Stein nog eens 3000€. Wacht het stopt niet. Hij vraagt me 25.000€ te storten waar door ik al mijn geld zou terugkrijgen de dag erna. Ik geraak op dat moment in het ziekenhuis met Corona. Weken stilte. Dan terug Mike Stein terug aan de lijn. Zegt me 22000€ te storten uit noodzaak. Dit om alles dan zeker terug te bekomen. Nu dreig ik hem mijn geld terug tecstorten doch nu eist hij 68.000€. Om alles terug te krijgen…..
      wie kan mij helpen. Ik heb de Fidor bank in Duitsland maar alles zou op een Kraken account staan niet op mijn naam.
      Hoe krijg ik mijn geld terug. Het is dringend ik geraak in geldnood.
      HELP
      ——————————————-
      I initially deposited 1000 €, then on the advice of senior account manager Mike Stein another 3000 €. Wait it doesn’t stop. He asks me to deposit € 25,000, so that I would get all my money back the next day. At that moment I get to the hospital with Corona. Weeks of silence. Then Mike Stein back on the line. Tells me to deposit € 22000 out of necessity. This is to get everything back. Now I threaten to refund my money to him, but now he demands € 68,000. To get everything back… ..
      who can help me. I have the Fidor bank in Germany but everything would be in a Kraken account in my name.
      How do I get my money back? I am in urgent need of money.
      HELP

  9. Scammers for sure! They’ve had me for €3,000. They phone regularly to try to get more out of me when all I want is my money back.
    The last thing they wanted was to establish a connection from GiroFX to my bank account! WHAT??????
    Rotten, filthy scammers!

  10. chris jansssen

    ——————————————-
    I initially deposited 1000 €, then on the advice of senior account manager Mike Stein another 3000 €. Wait it doesn’t stop. He asks me to deposit € 25,000, so that I would get all my money back the next day. At that moment I get to the hospital with Corona. Weeks of silence. Then Mike Stein back on the line. Tells me to deposit € 22000 out of necessity. This is to get everything back. Now I threaten to refund my money to him, but now he demands € 68,000. To get everything back… ..
    who can help me. I have the Fidor bank in Germany but everything would be in a Kraken account in my

  11. yes they are scam I beleive they work from Netherlands because my antyspyware blocked a few times an IP adress trying to connected to my puter and that s where I traced them from Netherland they scam Me for $2500. how they did it the frauded a compagny they steal info from the compgny when You think you are entering Your info with a compagny they steal the info and after that they call You pretending to be that compagny after You do the transaction You realise that You gave money to the SCAMMER GIROFX and not the other compagny they would try to show You how much money You are making with their conterfeit site and they will ask You to invest more please don t I didn t they already took $2500. from Me they wouldn t get any more from Me when You try to withdraw that is an other story first they tell You that they only deposit money in the first account You opened (NDAX) that s the one I was thinking I was doing buss. with at first but they get in Your account with You and try to make You beleive that that account is not activated and to activate it You have to deposit $3000. into it and just put it right back in Your bank account which I didn t because if I would of done that they would of took that money right away and run with it since they are in Your account with YOu I did contacted NDAX by phone and asked them they told Me no need to deposit because Your account is already activated and You can deposit in it with out any problem So please advise everybodies You know about the scammers GIROFX I did send email because I had many contacted with them by e mail and told them that I have put a curse on them and the Karma with hit them extremely hard for ripping off peoples

    1. Salut Serge, same with me, they asked me to open account with NDAX and transfer money there.3k as well. Then they called back when account opened but Julia from NDAX suspended the withdrawal option on the website. So through anydesk he said he had to withdraw the fund in order to deposit my money back into NDAX. But he couldn’t and asked me to call to reactivate the withdrawal option which I didn’t and he said then he couldn’t transfer money to my NDAX account. Anyway at least NDAX is legit. And GiroFX is criminal fraud.

  12. Giro FX would not allow me to make withdrawal when I asked. They say: Sure no problems!and never respond to further e-mails or they want me to install team view. 2 weeks ago this rude man called Mark from Switzerland, head of the finances, he says, calls me and demands me to install Team View. I refused since I knew they want to check my computer. A week later my account which contained $3300 was emptied, $0.07 remained. Do not ever have anything to do with those people. The worst ones call from Switzerland. One is called Denis Klein, another who claimed to be the financial manager called Mark something. They are just new type of mafia; ruthless racketeering no-class individuals.

    1. They got me too. For about 13000 Canadian that is now 30304.00 of which is in play and trading but can’t get it out unless i deposit another 5000. No way i guess i just wait until the trade is complete and then maybe ill get the money out. Police should find them and get our money back but nothing seems to be happening. Why?? You think the Netherlands wouldn’t allow them to keep operating.

  13. LOOK at their site the trading platform when they talk to You HEY the money goes up everyday making You beleived that You are making money but stop talking to them and look AT that page and You will see that nothing is happening WHY because that page You are looking at is FALSE it is only a page that they created on theirs site and NO don t send them anymore money they try to get You to deposit the money to make you beleive that s how You activate Your account again that is not true if You put more money into it they take it and You just lost an other amount I made arrangement with Julia and Tony from NDAX that if by any chance they were going to put money back in my NDAX account that the money would of been frozed there and NDAX would send it to Me but like Julia told Me she hasn t seen any money deposit back in theirs account from Girofx so please tell all Your friends and Family and try to post it every where You can on the internet to prevent Girofx to scam peoples

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