GalaFX appears to be a relatively new unregulated Forex broker to join the industry, which can be deduced from the little talk it currently receives online and on social media platforms. Nevertheless, the website advertises enticing trading conditions and including a 15% bonus if you decide to move your current competitive forex account over to GalaFX. This offer could appeal to many of those who already have a live account but maybe looking for a new trading service with potentially more appealing aspects.
Account Types
GalaFX keeps it simple by offering one type of demo and one type of live account. The website does not offer too much int the way of specifications of the live account, meaning you need to scout around the website and ask live chat specific questions to get a clear overview. The following information was not displayed on the website clearly or at all which was not helpful, so instead, the live chat facility was used to share the following: Maximum leverage: 1:500, min trade size is 0.01 lot, and the minimum deposit is $100. Due to an unresponsive live chat and a very bare website in terms of the provision of information, this is all we could establish so far.
Platforms
GalaFX offers both MT4 and MT5 platforms, both offering web trader, mobile and desktop compatibility meaning clients can trade both at home or whilst out and about.
Leverage
GalaFX offers a maximum leverage of1:500 which is more than amicable, and very favorable for the wider majority of clients; the possibility of being able to maximize profits by a scale of 500 is definitely a bonus in itself.
Trade Sizes
0.01 is the minimum trade size allowed, which is stated on the website. It is unknown if there is a maximum trade volume cap so we cannot comment on this at this time.
Trading Costs
GalaFX website does not tell us the commission or swap fees (if any) and unfortunately, the customer service team did not generate a response, even after 36 working hours wait. For this reason, we cannot comment on this at this time but do bear in mind these costs may well be applicable.
Assets
It is most absurd that a broker does not state which markets they give access for their clients to trade; GalaFX does not say which tradable assets are available for CFD trading (on the website. It is additionally unhelpful that once more the customer support live chat and email service never responded to this question, even 36 hours after submitting this query. So, at this time, we can not confirm exactly which markets, other than FX (assumably, the majors as well as the general Forex pairs you’d expect to see) are available to trade.
Spreads
It is impossible for us to comment on whether GalaFX offers fixed or Floating spreads as this could not be answered by the website or customer support. We do however know that the spreads start from 0.01 pip according to the website.
Minimum Deposit
The website states that the minimum deposit requirement is $100. In comparison to other brokers, this is fairly reasonable as it is not overly expensive, although maybe a little above the average of other brokers of the same level of establishment and service.
Deposit Methods & Costs
As with many aspects we have tried to establish about this broker, it may come as no surprise that GalaFX has not let on which deposit methods are even available to their clients, on both the website or even via email response- no response was received.
Withdrawal Methods & Costs
Unfortunately, GalaFX does not tell us which withdrawal methods are available – and is there are any associated costs- on the website, nor did we get any luck with getting a response from the customer support email address that the website provides.
Withdrawal Processing & Wait Time
It was impossible for us to gather any information regarding GalaFX deposit/withdrawal methods, costs, and timescales, so, unfortunately, we cannot comment on this at this time. But this should be noted as a seriously concerning element and therefore all should approach this broker with intent caution as this broker has not demonstrated a very trustworthy feel at all.
Bonuses & Promotions
GalaFX offers a deposit bonus but it is understood this is NOT a revolving product, but instead, a one time offer for the very first deposit. GalaFX gives 20% of the initial deposit, not exceeding USD 2000. The website does state that this offer, however, is only valid until 31.12.2019.
Educational & Trading Tools
GalaFX offers some free educational tools such as e-books, videos (directly on the website) and also offers one-to-one training, which is also totally free of charge. In addition, there is also a Forex Glossary on the website for a quick reference guide which could be particularly beneficial if you are just starting out in your forex career and still need to learn forex terminology.
Customer Service
The quality, or lack of, we should say, of customer support from GalaFX is overall, possibly one of the worst you could find in a broker; the email address provided and the live chat is unresponsive 99% of the time, even though they are supposed to be operative on a 24/7 basis (according to the website). This is evidently not the case.
Demo Account
GalaFX does offer a demo account which is handy if you are wanting to practice your trading skills and test your strategies against their trading conditions. This is good practice whether you are a total novice or an experienced trader so that you can gauge if your trading style fits well with what you will be provided on a live account.
Countries Accepted
Due to the fact this broker is unregulated, you are personally and individually responsible for finding out if your residency/jurisdiction allows you to make use of such trading services. Unfortunately with GalaFX there is no shortcut to finding out which countries are accepted without actually registering first and finding out from there.
Conclusion
GalaFX has ranked disappointingly low in comparison to other brokers of the same or similar standing. The recurring obscurity and ambiguity presented on the website, coupled with a totally unresponsive customer service team, who are supposed to be there 24/7, is incredibly frustrating and also a cause for concern. If a broker cannot provide simple information, how can they be trusted with the public’s money and the possibility of being able to withdraw it?
