Glancing at the GXCM broker’s website, you might be stunned. Apparently, the company has offices in Switzerland, Poland, UK, Italy, Nigeria, and Australia.
It sounds like every part of their trading zone has been covered, and everything is legit. Yet, don’t rush into opening an account just yet.
So, read our honest GXCM review and find out everything about the brokerage!
- But, before we move forward, we encourage you to read our recently updated AG Markets, InstaForex and Primefin broker reviews.
|Regulated by:||Unlicensed Scam Broker|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||FCA, FINACOM|
|Broker Owner:||GXCM Ltd|
|Online Trading Platforms:||WebTrader|
|Broker No Deposit Bonus:||Not Available|
|Crypto Assets:||Yes: BTC, XRP, ETH (20+ cryptos)|
|Available Trading Assets:||Cryptos, Forex (FX), Commodities, Indices, Shares|
|Islamic Account:||Not Available|
|Free Demo Account:||No|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Experts’ Verdict:||Don’t Invest in This Scam Broker!|
Is GXCM Safe? – The Importance Of Broker Regulation
Firstly, we wanted to ensure where the broker is based and if GXCM is regulated by any authority body. However, besides a random list of countries, we don’t have any official address to call a headquarters. Moreover, an alleged owner, GXCM Ltd, doesn’t exist as a registered company anywhere.
We’ve searched through FINMA, FCA, CONSOB, and all the other registers where the broker is supposedly based and found nothing. It means you’re dealing with an anonymous shady entity.
Questions About GXCM License – Reputation Problems
Besides all this misinformation regarding GXCM regulation, the broker has a terrible reputation as well. According to traders, if you were planning to open an account, think again. In case of issues, you have no regulator nor the owner to complain to.
Scam Warnings Against GXCM
Looking for GXCM regulation, we found regulatory warnings instead. Two authority bodies received numerous complaints against the GXCM scam and decided to expose it. The first one was the UK FCA, while we have a warning from an independent regulator from Hong Kong, FINACOM, as well.
Warning Issued by FCA
As per the FCA warning, the GXCM forex broker has no permission to provide financial services in the UK, and clients involved with this scam will have issues being reimbursed. They advised anyone involved to report the company immediately.
Negative GXCM Reviews – The Truth About Forex Broker
As mentioned above, traders don’t have such a reasonable opinion about GXCM either. According to Trustpilot, this company has been rated as poor due to the poor services they are providing. Clients are massively complaining about withdrawal issues since it looks like the broker is selling them a story of withdrawals after 6 months only. And even then, the request was not processed, and none of the clients got their funds back.
Beware of the GXCM trading scam.
GXCM Trading Platform Review – Trading Software
Unfortunately, like many scammers, the GXCM trading platform is a TradingView chart with several indicators, inadequately called a web trader. As per the broker’s website, you will be amazed to see that trader. We did check it out and found it’s nothing more than any other sad attempt to build a platform without offering something trustworthy such as MT4 or MT5.
GXCM App – Is There Any Mobile Trading App?
The broker claims there’s an app for Android and iOS. However, there’s no link to download such an app. Based on that, we have to assume you can only log in to your account from your mobile’s web browser, which is hardly convenient.
What Can You Trade With A GXCM Broker? – Trading Instruments
GXCM forex broker offers trading with:
- Currency pairs
- 20+ indices
- 2,000+ shares
- 20+ commodities
- 20+ cryptocurrencies
Yet, since there’s no Demo account, we will have to take its word for granted as we are not willing to invest funds with an unregulated scheme. We would advise you to do the same. Keep your funds for a Tier1 regulated brokerage.
GXCM Withdrawal Issues – Traders Complaints
As aforementioned, GXCM is preventing clients from withdrawing funds. According to all of the reviews, clients are stating the same – investing money with the broker is easy. In the case of GXCM, the minimum deposit is $250, and you are more than welcome to fund your account.
Once you want to withdraw your money, issues start, excuses come, and everything becomes a struggle. Your account manager is suddenly unavailable and you are transferred to other account managers who should help you. Instead, they keep asking you to invest more.
If you experience something similar, it’s time for you to request a chargeback and get your money back.
Did You Fall Victim To The GXCM Scam? – We Can Help You!
If you were scammed by GXCM, you should know you’re not the only victim. Global Fraud Protection has received numerous complaints and helped clients get their funds back. Contact our support via online chat to book your free consultation. Let our chargeback specialists build a plan for you and get your money back before it’s too late.
Don’t let scammers run away with your hard-earned funds! Take action now!
Don’t Let the Scammers Go Away for Free!
What Is GXCM, And Should I Invest Money In It?
This is an unregulated trading brokerage not worth your time or money.
Which Products Does GXCM Offer?
Online broker offers trading with currency pairs, commodities, indices, shares, and cryptocurrencies.
Which Trading Platforms Are Supported By GXCM Broker?
Unfortunately, the broker supports only a proprietary WebTrader available for mobile devices as well.
Are My Funds Safe With GXCM?
Since it’s an unregulated brokerage, your funds are not safe with the GXCM broker.