GTForex is an international foreign exchange broker based in Kingstown. Offering fast deposits and withdrawals, 24/5 support, excellent trading conditions, their company values are commitment, integrity, empowerment, innovation and trust & reliability, pretty much what every other broker also says. In this review, we will be looking at the services being offered by GTForex so you can decide if they are the right broker for you.
Account Types
GTForex offers 4 different trading accounts, however, the information surrounding them is a little limited, here is what we know.
Mini Account: The entry-level account needing just $10 to start, its trade sizes start from 0.01 lots and tick sizes are 0.0001, it has 24/5 customer support and uses the MetaTrader 4 trading platform.
Standard Account: Needing a minimum deposit of $1,000 the standard account comes with trade sizes starting from 0.01 lots and tick sizes are 0.00001, it has 24/5 customer support and uses the MetaTrader 4 trading platform.
Classic Account: Increasing the minimum deposit further, the account needs a deposit of at least $100,000, it comes with trade sizes starting from 0.1 lots and tick sizes are 0.00001, it has 24/5 customer support and uses the MetaTrader 4 trading platform.
Professional Account: The top-level account requires a deposit of $1,000,000, a little out of most of our ranges, this account gets you trade sizes starting from 1 lot and tick sizes are 0.00001, it has 24/5 customer support and uses the MetaTrader 4 trading platform.
Platforms
Just the one platform available from GTForex which is the ever-popular MetaTrader 4 platform, let’s see what it offers.
MetaTrader 4 (MT4): MetaTrader 4 (MT4) is one of the world’s most popular trading platforms and for good reason. Released in 2005 by MetaQuotes Software, it has been around a while, it is stable customizable and full of features to help with your trading and analysis. MT4 is compatible with hundreds and thousands of different indicators, expert advisors, signal providers and more.
Leverage
Information on leverage is strangely not available so we cannot comment on leverage at this time.
Trade Sizes
Trade sizes depend on the account that you have, if you have a Mini or Standard account then the trade sizes start at 0.01 lots (known as a micro lot) and go up in increments of 0.01 lots. If you have a Classic account then the trades start at 0.1 lots (mini lot) and go up in increments of 0.1 lots. Finally, if you use the Professional account then the trade sizes start at 1 lot and go p in increments of 1 lot.
No information around biggest trade size, however, we would recommend not trading in sizes larger than 50 lots, as the bigger a trade becomes the harder it is for the markets or liquidity provider to execute the trade quickly and without any slippage.
Trading Costs
The trading costs are not actually known, they are not listed on the website and so we can not comment on this section.
Assets
Tradable assets is another bit of information that is not present on the website, this is quite important info as potential clients will be looking to see which tradable assets there are before signing up.
Spreads
Just like the trading costs, this information is not available so we do not know what the spreads start at, we would assume that the higher the account the lower the spreads but we cannot confirm that at this point in time.
Minimum Deposit
The minimum amount required to have an account is $10, this gets you the mini account. If you wanted a different account then you will need a minimum deposit of at least $1,000.
Deposit Methods & Costs
It seems that the only method of depositing is through Nigerian local banks, so the broker is mainly aimed towards that demographic, details on fees are not present but will most likely be the transfer fee of the bank.
Withdrawal Methods & Costs
Just like depositing it seems that the only way to withdraw is through Nigerian local transfers, details on fees are not present but will most likely be the transfer fee of the bank.
Withdrawal Processing & Wait Time
The website states that it can take up to 5 business days for withdrawals to be processed, once they are processed they will be available within a couple of hours.
Bonuses & Promotions
It does not appear that there are any active promotions at the time of writing, if you are interested in promotions then we would suggest getting in contact with the customer service team to see if there are any upcoming promotions.
Educational & Trading Tools
There is a page detailing some events that you can go to in order to learn some of the basics, information on where they are is strangely not there. There is also a page about education, but very little information on how to actually get the education, a little confusing and disappointing.
Customer Service
Should you wish to get in contact with GTForex with your questions or concerns there are a number of different ways to do it. You can use their phone number to speak to someone directly, you can also use a number of different emails for info or support and there is also a skype username if you prefer using that platform. Finally, there is the usual online submissions form where you can fill in your query and expect a reply via email.
The support team is open 24/5 and is closed at the same time as the markets over the weekend and bank holidays.
Demo Account
Demo accounts are available to use, you can fill in the form to get up and running, information on the demo accounts is scarce, there is no information surrounding what the trading conditions are like or how long they last for, in fact, when you select to open a demo account it takes you to a website called 4xcube, so GTForex may not have demo accounts of their own and instead use another brokers demo accounts.
Countries Accepted
The information about which countries are accepted and which are not is not present on the website, so if you are interested in joining, be sure to get in contact with the customer service team to check if you are eligible for an account or not.
Conclusion
There is far too much important information missing for us to be able to recommend GTForex as a broker to sue, vital information such as trading conditions and financial information is required to build confidence and trust, this is not there so, for now, we have to keep this short and say stay clear.
