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GWFX Global Review

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GWFX is an online foreign exchange broker that caters to forex, crypto, and CFD traders. Some of the main features that they state about themselves are that they offer a customer service centre, offer a professional service, they are transparent, offer safety of funds and take pride in their reputation. We will be looking into the services on offer to see how GWFX matches up to the competition and so you can use the information provided to see if they are the right broker for you.

Account Types

There isn’t an account comparison page or information surrounding the available accounts, so as we go through this review, we will outline any potential differences between any accounts within each section of the review, if there are no differences noted then there may just be the one account available to use.

Platforms

GWFX offers a couple of different trading platforms, the first is their own trading platform which comes with a number of different features.

  • Tiered Margining: Tiered Margin required based on the number of open positions. Effectively avoid substantial risks in trading.
  • Multi-tiered Market Depth: Connect with high liquidity global financial markets ensures the real-time quotes can always be optimal.
  • Comprehensive order functions: Take-profit and stop-loss orders setting and Lock Positions are available. Sophisticated DOM quick operation is also available.
  • Powerful charting and analysis tools: Provide various professional technical indicators and charting tools to meet the needs of investors in technical analysis.
  • Hassle-free registration: Register by simply using email addresses or mobile phone numbers. Just a few steps needed for opening trading accounts.
  • Risk-free Demo Account: Provide US$10,000 viral fund to you for experiencing the benefits of trading and testing trading strategies without any risks.
  • Trade with Higher flexibility, minimum trading lot size from 0.1 lots, Initial margin as low as USD 20.
  • 99% of orders can be executed within 0.03 of a second, enabling you to hold the opportunities all the time.

They are also offering MetaTrader 4 as a trading platform, they do not give much information about the platform away but we know that MT4 is one of the worlds most used trading platforms and offers high levels of accessibility, customization and has access to signals, expert advisors and indicators to help with both your trading and analysis.

Leverage

The maximum leverage available is 1:500, you are able to select the leverage that you want on the account when first opening one up. You can also request a change of leverage on an already created account by contacting the customer service team. The leverage is slightly different for different asset types.

  • Forex: Up to 1:500
  • Metals: Up to 1:100
  • Energies: Up to 1:100
  • Indices: Up to 1:100
  • Crypto: Up to 1:5

Trade Sizes

Trade sizes start from 0.01 lots for all products including Forex, Indices, and Commodities. We do not know what the trade increments are or what the maximum trade size is, it is also not clear to us how many trades or orders you can have open at any one time.

Trading Costs

There is no extra commission when trading as the account uses a spread based system that we will look at later in this review. There are, however, swap charges when you hold a trade overnight this interest charge is added to the account, it can be both positive or negative and can be viewed within the trading platform that you are using.

Assets

The assets have been broken down into various categories, they have also listed all the assets that they have available, and if this is all that is available then there isn’t much available to trade at all.

Forex: USDJPY, EURUSD, GBPUSD, USDCAD, AUDUSD,CADUSD, USDCHF, AUDJPY, NZDUSD, NZDJPY,USDCNH, EURJPY, AUDNZD, GBPCHF, GBPAUD,EURAUD, EURCHF, EURGBP

Metals: Gold and Silver.

Energies: US Oil, UK Oil, Natural Gas

Indices: FRA 40, JPN 225, TECH 100, HK 50, DJ 30,SP 500, UK 100, GER 30. CHINA 300

Cryptocurrencies: ETHUSD, BCHUSD, BTCUSD, LTCUSD

Spreads

The spreads seem to start from 1.2 pips when looking at EURUSD or 1.3 pips when looking at AUDUSD. There is mention of a VIP account having spreads as low as 0 pips but no further information. The spreads available are variable which means they are influenced by the markets, the more volatility the higher the spreads will be.

Minimum Deposit

We actually did not find any information regarding the amount needed to open up an account so we cannot comment on the minimum deposit requirements.

Deposit Methods & Costs

There are a few different methods available to deposit with, these are Credit/Debit Card, Help2Pay, Skrill, PayPal, and Bank Wire Transfer. GWFX states that there are no added commissions on the deposits, you should, however, check with the method that you are using just in case they add any outgoing transfer fees of their own.

Withdrawal Methods & Costs

There are only three methods available to withdraw with, these are Help2Pay, Skrill and Bank Wire Transfer. Just like with the deposits, GWFX has not added any commissions on to the withdrawals, however, your own bank or processor may charge for processing incoming transactions, so be sure to check with them.

Withdrawal Processing & Wait Time

The different available methods have slightly different withdrawal times, we have listed them below.

Help2Pay: 2-3 Days
Skrill: 2-3 Days
Bank Wire Transfer: 5-7 Days

Bonuses & Promotions

There was no information on the site mentioning bonuses or promotions, so it does not appear that there are any active at the time of writing this review.

Educational & Trading Tools

There is not an educational side to the site which is a shame as many brokers are now looking to help their clients improve on their trading abilities so it would be nice to see GWFX do something similar.

Customer Service

There aren’t too many ways to get in touch, the first most prominent method is the online chat feature where you can speak to someone directly. There is also a WhatsApp phone number available and an email address to email them directly.

WhatsApp: +886 989029990
Email: cs@gwfxglobal.com

Demo Account

There aren’t any details regarding a demo account that we could see, which is a shame as demo accounts allow clients to test out the markets as well as new strategies without any real risk, so this is an aspect that GWFX should add to their arsenal if they are in fact not available.

Countries Accepted

The following statement is present on the GWFX website: “We do not provide financial services to residents of the USA, United Kingdom, New Zealand, China, Chinese Taipei, and Hong Kong, China.”

Conclusion

There isn’t a whole lot of information available, while we can see some of the basics in regards to trading conditions we do not know the full trading costs as there aren’t any live examples of the spreads, just what the broker mentions (which are always a little lower than they actually are). We do not know what the minimum deposit amount is but we do know the methods available, there are enough to cater for most clients with no added fees for depositing or withdrawing either. There are not a lot of assets to trade so there may be some downtime which is a shame. You now have the information to tell if they would be the right broker for you or not.

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