GFT Forex Review
GFT Forex is a broker that is situated in the United States. Find out if this broker is worth messing with or if you should look elsewhere.
Overall Rating: 7/10
Safety of Funds: 7/10
Customer Service: 8/10
Minimum Account Size $2,500
Foreign Exchange Broker Review
GFT Forex is located in the United States (which isn't exactly a huge selling feature with the strict NFA rules) so at least it's situated in a "safe" country. To open an account with this broker, you're going to need to pony up at least $2,500 at the minimum. This gets you a bronze level account. And who doesn't shoot for the bronze medal anyway, right?
When you have a bronze account, you can pay extra for tools to help you analyze the market. You do not have any waived fees and you do not have any access to premium services. The silver account level runs between $10,000 and $49,999. What does that extra investment get you? One tool that you can use to analyze the market for three months! Woo Hoo!
Then for the gold level, you have to put up somewhere between $50,000 and $249,999 so that you can get as many as...wait for it...2 analysis tools for a total of 3 months! You also get a waived fee and 1 premium service. Anything above $250,000 gets you a platinum account which means 3 analysis tools for 3 months, 4 waived fees and 2 premium services.
One of the potential problems that you can have with this broker is that your account balance can change after a trade is closed. Pretty weird, right? As it turns out, if the profits or losses of the trade are in a currency other than the one in your trading account, GFT changes the account balance when the contract is settled. A little different than what most brokers do, but I guess it makes sense. Even though I've never seen another broker do that.
One of the nice things about GFT is that they offer the Metatrader 4 platform. This is a good thing because a lot of people complained about the old platform that they had. They also offer some convenient payment methods like credit cards and Paypal.
Another nice thing about this broker is that they have pretty good Forex spreads. When you're choosing between multiple Forex brokers, choosing the one with the lowest spreads can make sense. Depending on your trading strategy, it can help you put more Forex pips in your pocket. Not that you actually put the pips directly in your pocket, but you get the idea.
This broker doesn't have any big marks against it that say "scam" or anything like that. It does have some pretty good spreads, so if you use a strategy that requires low spreads, this could be a good one for you to use. It will take some getting used to the policy about changing your account balance periodically. Just make sure that you understand that and you should be fine with this broker.
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