GWG is a broker with which you can trade in currencies, indices, and commodities. The Broker is licensed and regulated by the Cyprus Securities and Exchange Commission (Cysec) under license 291/16. The company operates in accordance with European Union regulations and directives and complies with MiFID II, aimed at strengthening investor protection and improving the functioning of financial markets to make them more resilient, efficient, and transparent.
ACCOUNT TYPES
We have not found information about the different types of accounts that GWG Broker offers. The only information we have is that to open an account you need a minimum deposit of 100 USD or equivalent currency, and that leverage ranges from 1:10 to 1:30 depending on the underlying asset. The minimum trade size is 0.01 (micro lot) and they charge a commission of 7 USD for each lot operated.
PLATFORMS
The software platform offered by GWG broker is the well-known platform Metatrader 4. MT4 is a reliable platform that offers high technology, such as advanced charts, a wide range of technical analysis indicators, automated strategies (EA), and many customization options.
LEVERAGE
- Forex currency pairs have leverage between 1:20 and 1:30
- CFDs have leverage between 1:10 and 1:20
- Oil has a leverage of 1:10
TRADE SIZES
In Forex, the contract size is 100,000 units of the base currency, with the minimum trade size of 0.01 lot. In stock index CFDs, the minimum trade size is 1 lot, except for the Nikkei 225 which is 10 lots. In Oil, the minimum trade size is 1 lot. Stop out level equates to the forced closure of an order occurs when the equity/margin ratio is less than 50%
TRADING COSTS
All Forex transactions have a commission of USD 7 for each lot traded. For overnight financing (Swap), which is when you leave a trade open overnight, they report a 2% interest commission on long positions and 1% on short positions.
ASSETS
Among the assets that GWG Broker offers for trading are Forex, stock indices, and commodities.
They are as follows:
Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDUSD, USDCAD, USDCHF, and USDJPY.
Stock Index: Australia 200, CHINA A50, Euro 50, France 40, German 30, Hong Kong 50, Japan 225, UK 100, US 100, US 30, and US 500.
Commodities: US Crude Oil, Brent Crude Oil, Natural Gas, Cocoa, Coffee, Gold, Silver, and Copper.
SPREADS
We have not found information about the spreads that this broker offers for the different underlying assets.
MINIMUM DEPOSIT
The initial minimum deposit is relatively low. GWG broker requires a minimum of $100 USD as a first deposit, it really isn’t much. There are many offshore brokers who ask for a higher minimum deposit.
DEPOSIT METHODS & COSTS
After research, it seems that the only deposit method available is bank transfer. We have not found information that says other deposit methods such as credit or debit cards, e-wallets, or ePayments are accepted. The deposit costs associated with a bank transfer are always paid by the customer and depend on each bank, whether the transfer is international or not, and whether the destination currency is different from the original currency.
WITHDRAWAL METHODS & COSTS
Once we know that the only deposit method is bank transfer, obviously the only withdrawal method is the same. Withdrawals will always go to the original bank account from where the previous deposit was made. The costs associated with withdrawals are not reported by GWG broker on its website. They only report that in withdrawals, bank charges are deducted from the amount withdrawn, but no indication is given as to the amount of such charges.
WITHDRAWAL PROCESSING & WAIT TIME
The withdrawal process starts with the withdrawal request via the GWG broker website, in the Withdrawals section. The broker does not report the time needed to process the withdrawal, nor in how many days the customer will have his money in his bank account.
BONUSES & PROMOTIONS
Currently, GWG Broker has no current bonuses or promotions.
EDUCATIONAL & TRADING TOOLS
GWG Broker has an educational area where basic concepts of trading are exposed such as: what is a currency pair, what are the CFDs, Order and Execution, How orders are executed, What is the slip, What is the locking position, Order Types, What is Leverage, What is the Rollover…etc.
It also has trading tools such as a daily exchange rate, an economic calendar, and an economic news section. The economic news section has not been updated since 2018, which is not very positive.
CUSTOMER SERVICE
There are several ways to contact customer service. They have a contact form, a telephone, email, and offices in Nicosia, Cyprus.
- Phone：(357)22008100
- Email：[email protected]
DEMO ACCOUNT
This broker offers us from his website a link to download a Demo account from the MT4 platform. We always consider it positive that brokers offer their users a demo account to practice with the platform and not risk their money, and being GWG a regulated broker it is almost mandatory to offer it, free and unlimited. It is not specified on the website how much time the customer has to use it, we understand that unlimited.
COUNTRIES ACCEPTED
GWG Broker does not offer its services to US citizens/residents. USA, Islamic Republic of Iran, Sudan, Syria, British Columbia, Canada, Australia, Belgium, Japan, North Korea, and other jurisdictions are barred from using their platform.
CONCLUSION
The best thing about this broker is that its parent company, GTG (Cyprus) Ltd., is regulated by the Cyprus Securities Commission (Cysec). This means that the broker complies with a set of rules and is monitored by the previous commission.
The other positive aspect is that the broker offers the MT4 platform, leading among traders for its powerful functionality, and also has a demo account available so that novice traders can get used to the platform and try different strategies without risking their money.
We have not been able to know what spreads are, information that we consider very important for any trader before opening an account with a broker. We investigated and the company’s previous name was Gametech (Cyprus) Ltd. This company traded under the commercial name “Nenx” which is a binary options broker available only for smartphones and tablets, with a bad reputation and currently appears to be out of business.