GFS Partner is an online foreign exchange broker that is looking to evolve the trading world. They claim that some of their key benefits are:
- Ultra-fast trade execution with no-dealing-desk intervention
- Aggregation of prices from multiple LPs & access to a deep liquidity pool
- Ongoing investment in technology & research
They also make a point to say that their client-centric approach is based on a number of factors which include:
- To make trading accessible to all by offering ongoing support & educational resources
- To continuously update our services to meet trader demands
- To lead the way by supporting transparency & the adoption of ethical trading practices throughout the industry
They are also committed to the following things:
- Unwavering commitment to transparency, excellence & innovation
- Investment in technology and research
- Expansion & refinement of our business model with trader needs in mind
We will be using this review to look through the services on offer to see if they manage to achieve all of these things and to see how they compare to the competition in this very competitive industry.
Account Types
There isn’t account information or a comparison page, it also appears that there is just one account type available, so instead of writing any information we find here, as we go through each individual section of this review, we will outline the different conditions that are offered to the single available account. It should be noted though, that in order to sign up to an account you do require an invitation code, how you get one we are not sure, but most likely you need to know someone who already has an account.
Platforms
GFX Trading is offering their clients MetaTrader 4 as its trading platform, the platform has a huge amount of accessibility through its use as a web trader, mobile app, and desktop download, it is also highly compatible allowing you to alter it to suit your trading style and needs. It has a number of built-in indicators to allow for analysis and is also compatible with thousands more to really help you to analyze the markets. It can also use expert advisors which allow for automated trading, there are many other features such as one-click trading that help make MetaTrader 4 one of the most popular trading platforms that are used by millions all over the world.
Leverage
There isn’t a mention of the available leverage anywhere on the website, looking at various sites on the internet, they all provide varying figures, so there is nothing that we are able to go by, so at this point in time, the maximum leverage is a mystery to us.
Trade Sizes
Trade sizes are another aspect where there isn’t any information available, many brokers offer 0.01 lots as their minimum value but we do not know if GFS Partner does or not, we also do not know what the maximum trade size is or how many trades you are able to have at any one time.
Trading Costs
Once again, this is a part of the broker that we know nothing about, we do not know if there are any added commissions when trading, as as we also do not know anything about the spreads, it is impossible for us to work out whether there may or not be commissions. There is also no mention of swap charges which are fees for holding trades overnight, however, 99% of brokers have them so we would suspect that GFS Partner would also have them on their accounts.
Assets
There are multiple different asset classes including Forex, Metals, Indices, Futures, and Commodities, there may be more but it is hard to tell. Unfortunately, while we know a few of the categories, we do not have any actual examples of the instruments and assets within them, so it is hard to tell what there is to trade. GFS Partner claims that there are over 250 different assets to trade, we just don’t know which ones.
Spreads
We again do not have any information on the spreads, we do not know what their starting points are, or whether they spreads are fixed or variable, not having any of these trading conditions available can make it very hard to actually understand what is on offer and the overall costs of trading.
Minimum Deposit
There doesn’t seem to be any information regarding the minimum deposits so we do not know how much is needed to open up an account, this is not good as some clients may go through the registration process just to find out they do not have enough for the minimum deposit, ultimately wasting their time.
Deposit Methods & Costs
We, unfortunately, do not have any information about which deposit methods are available, or if it will cost any money to deposit. It is important to have this information available as clients need to know if their preferred methods of depositing are available, they do not want to go through the signup process only to find they cannot deposit as they do not use the available methods, it is also important for them to know how much it will cost to deposit into the broker.
Withdrawal Methods & Costs
This information is also missing and is just as vital as the deposit methods and people need to know how they can get their money out, it is also important to know how much it will cost as you do not want to deposit, trade and then try to withdraw only to find it will cost you half your profit to do it, this information along with the deposit methods needs to be made visible and accessible to potential clients.
Withdrawal Processing & Wait Time
As we do not know what the withdrawal methods are, it is also hard for us to estimate what the processing times may be as GFS Partner does not mention on their site what their own processing times are. We would hope that any withdrawal requests would be fully processed between 1 to 7 days from the date that the request is made, this will depend on which methods are available to sue.
Bonuses & Promotions
Looking through the site it was clear that there wants any information available regarding bonuses and promotions, this does not mean that there won’t be any so if you are interested in them we would suggest contacting the customer service team to see if there are any coming up that you could take part in.
Educational & Trading Tools
There is just a single page of information that could be considered educational, the help page has a little bit of information about how trading forex works, it isn’t anything amazing and won’t help you become a master trader, more needs to be done on this aspect of the site if they wish to compete with the better brokers in the industry.
Customer Service
There isn’t dedicated customer support or contact us page not that we could see anyway), there is just a single email address positioned at the bottom of the site. It is a real shame to see just the one method available, it does not help to build confidence and it is vital for clients to be able to get in contact with them in a number of ways. The website does suggest that there is 24-hour support 5 days a week, but if this is just via email it kind of defeats the point.
Email: [email protected]
Demo Account
Apparently, there are demo accounts available, however, we were not able to access them as you need to sign up for a full account in order to open one up. The demo account gives clients a way to test out new strategies and potential clients a way to test out the platform and trading conditions but considering you need an account, new clients do not get this opportunity, we also do not know if there will be an expiration time on the demo accounts.
Countries Accepted
This information is not made clear to us on the site, so if you are thinking of signing up with GFS Partner then we would suggest trying to get in contact with their customer support team just to make sure you are eligible for an account prior to trying to open one up.
Conclusion
There is a lot of information missing from the site, so much that we do not know what the trading conditions are such as the leverage, commissions, spread, or even what assets are available to trade, on top of that we do not know which payment methods are available to deposit or withdraw with and if there are any fees. If that wasn’t bad enough, there is a complete lack of ways to get in touch with the customer support team, just an email address is available and nothing else. With all this missing information it is impossible for us to recommend them as a broker to use and would suggest looking elsewhere.