First Off: Is GigaFX a Scam?
No. There is no GigaFX scam, this is a legit and secure online brokerage.
Why is trading popular? This is a commonly asked question because this profession carries a lot of risk. But, the fact is the higher the risk, the more profit potential. However, trading became popular because it was not bound by the same rules and regulations as other professions. You don’t have to have a degree, background, experience or skill in order to get started. In addition, trading can also be used as a way to earn some part-time income instead of considering it a full-time job. This is one of the top reasons why more and more people decide to make their entry into the trading world.
But, one important thing you need to remember is that in order to become a trader, you have to select an online broker. You can find a horde of broker these days and each of them offer different tools and features to appeal to different classes of traders. It is better to find a broker that can offer you what you need and their services can suit you in the long run. Switching brokers can be a lot of hassle and not something you want to do on a regular basis because you didn’t consider your long-term needs.
If you are looking for a broker with a good reputation in the market who can offer you safe and secure trading, Gigafx.com will definitely stand out. The fact that it was established in 2018 by Four Squares International Ventures Ltd. made people hesitate initially because the newness meant it could be a scam. But, GigaFX didn’t waste any time in demonstrating exactly how useful it can be for traders and the amazing features and functionality it has to offer to its clientele. Currently, the broker is serving traders in more than 60 countries and it has spread its offices in three countries, which are Estonia, the United Kingdom and Germany.
GigaFX is gaining recognition in the market rapidly because it offers people access to a total of 2,200 trading instruments in various financial markets and that too at the tightest spreads possible. The wide array of assets it has to offer, particularly some unique ones, have contributed to the broker’s popularity in the market. Beginners who are just getting acquainted with the trading world and have access to a limited sum of money can start with commodity trading on GigaFX. This market is considerably less volatile and these traders can buy and sell commodities such as gold, silver, oil and natural gas.
The broker offers plenty of tools that can be useful for commodity trading and educational content is also available for assistance purposes. Leverage is around 1:50 and combined with exceptional rates, this form of trading can be highly appealing. Nonetheless, if you are a trader who prefers to take some risks for the chance of reaping high rewards, cryptocurrency trading is also offered on GigaFX. The broker gives you the opportunity of buying and selling popular cryptocurrencies such as Ethereum, Bitcoin and Litecoin. The leverage is high and the rates are some of the best you will find in the market. A crypto wallet is also provided by the broker to ensure speedy executions.
You can trade foreign currency if you don’t want to trade crypto, which are quite volatile. You can trade highly demanded foreign currency pairs on GigaFX that don’t carry a lot of risk or even exotic ones that are slightly riskier. If traditional trading appeals to you, stocks of some of the biggest publicly traded corporations are offered by the broker. You can trade round the clock and choose a position as per your comfort level. Another asset that you can consider is indices and GigaFX provides you access to popular as well as niche indices. Index trading can be done on the go and there are several analysis tools that can be helpful in this regard.
However, the one asset that has helped GigaFX shine amongst the other brokers is the availability of Cannabis stocks. Cannabis is earning legal status in numerous countries, which means there is a high probability that it will become a profitable investment. It does carry some risk, but profit potential is also high. Hence, adding it to your portfolio might be a good option. Stocks of different Cannabis companies have been made available on GigaFX and you can choose one as per your preference.
No matter what market you choose to trade in via GigaFX, it is essential to remember that rather than buying or selling the actual asset, you will be traded CFDs (Contract for Difference). This means you will make profits or losses based on the price movement of the asset in question.
One of the biggest downsides of trading is that you have to pay a portion of your income as trading fee or commission to brokers. When you do all the hard work, you obviously don’t feel like sharing. With GigaFX, traders don’t have to worry about this because the broker doesn’t charge any commission on your transactions. So, how does it make a profit? GigaFX relies on the spreads, which refers to the difference between the buying and selling value of an asset, for making a profit. Both fixed and floating spreads are provided to traders, depending on the asset.
It is best to keep using your account on GigaFX because the broker does charge an inactivity fee if you leave your account dormant for at least six months. This is usually 10 percent of your account balance.
In order to start using GigaFX’s services, you first need to create an account with the broker. This process is quite simple, but it does require you to be honest. You first need to enter some basic information such as name, home address, phone number and email address. Your account also needs to undergo a verification process so you can make and withdraw payments on GigaFX. For verification, you need to submit a government-issued form of ID such as passport, Identity Card, driving license etc. This confirms that you have provided your original name and other personal information.
Your address also needs to be verified and this is done by submitting a document such as bank statement, utility bill or another document that clearly lists your name and address alongside it. After you have verified your account, you will not have any trouble in adding funds and getting started with the entire trading process. Likewise, withdrawals also become easy.
There are various account options that you will come across at GigaFX because the broker wishes to cater to traders of all levels. They have four account types, which have been designed according to the varying level of experience and risk tolerance that’s common amongst traders. There is the option of Starter account, which is aimed at beginners and it comes with fixed spreads. This is a benefit because it tells them exactly how much they can gain or lose in transactions. Moreover, newcomers also need guidance and assistance so they get some training and access to the education and resource center created by GigaFX.
This account type permits hedging and customer support is available 24/5 to answer any queries that newbies might have. After traders have gained some experience and believe they do not have to be conservative any more, they can switch to a Silver account. With this account type, GigaFX offers leverage of 1:100 and floating spreads. The features of the Starter account are available in this one with a Personal account manager and access to the latest news as extras. When traders become more skilled, they can move onto the Gold account.
Here, the leverage gets a boost to 1:200 as traders are willing to take more risks, floating spreads are available along with webinar access and Expert Advisors (EAs). The last account type is when traders become serious about their trading and consider it a full-time job instead of just a way of generating some extra income. It is ideally suited to VIP traders and professionals and gives access to all features that are available on GigaFX according to many GigaFX Review articles. The highest leverage and spreads are available here and a Personal Bonus is also applicable, which can give the income a boost.
The greatest part of your trading experience with a broker is determined by the platform they are using for their transactions. The good news is that GigaFX is a new broker so they have ensured that they have the latest offerings available. First and foremost, the ever popular MetaTrader4 is available, which requires installation. However, it doesn’t take much time and the platform doesn’t suffer from any delays or lags, which means your trades are conducted immediately. Apart from that, MT4 also comes with a multitude of tools that can be invaluable to traders such as graphs, charts and indicators that can be useful for market analysis and decision-making.
If you are more comfortable trading through the browser, GigaFX has accommodated you as well by offering Web Trader. In this case, you don’t have to download or install anything and you can just get started on the browser if you have an internet connection. Here also you will find a wide array of tools available as well as plenty of educational materials that can be of use. Last, there is a Mobile Trading platform and this is for those who have come to depend on their mobiles for everything, including trading. This option is available for both iOS and Android phones and you just need to log into your account and get started.
As mentioned above, GigaFX is focused on ensuring that all traders, no matter what their background and skill, have a positive and smooth experience with the broker. This means that the broker’s services is not reserved to a specific class of traders such as beginners or professional traders. This is one of the top reasons that GigaFX has developed an in-depth and extensive education and resource center. How is this helpful? Beginners can make use of the thorough and detailed videos and e-books that have been written by skilled traders and experts and can offer them lots of insights and guidance.
Likewise, there are also training sessions and webinars that can come in handy for experienced traders because they are able to learn about any new tactics and strategies, along with the latest news, which can be quite beneficial for them.
Safety and Security
The security and safety of a broker is an important aspect that needs to be taken into account when choosing to use their services or not. GigaFX is aware of this fact and so they have provided their clientele with a robust and secure trading platform and it complies with the regulations that have been set forth by MiFID. Furthermore, the broker has implemented a secure and strong encryption system for keeping the personal and sensitive data of their clients safe.
They also recommend that strong passwords be used by the traders so third parties cannot access their account without authorization. Other than that, Anti-Money Laundering (AML) and Know your Customer (KYC) policies are also followed by GigaFX so every transaction is monitored and the risk is kept at a minimum.
It is a given that you will have questions about processes and services when you are using a broker’s services and you want to get an answer as soon as possible. Customer support plays a very important role here because it is their job to ensure that traders are able to find the answers they are looking for and without having to wait too long. GigaFX gives you the option of reaching out to them through their web form, email or even through the phone numbers to their three offices.
In a nutshell, GigaFX is an advanced and versatile broker that provides traders access to numerous trading platforms and tools, excellent security standards and responsive and user-friendly customer service that can suit everyone.