GigaFX is a broker that offers services in more than 60 countries worldwide. The company is committed to providing the most competitive spreads, the highest levels of security, and new market opportunities.
People from GigaFX are very proud of the website interface and clear User Experience design, first-class customer service, and high leverage. Apparently, they provided the clients with great services so it’s up to us now to see whether those services are just false promises, or this broker manages to fulfill them all.
Let’s start with the design since GigaFX is so proud of the interface and UX. From the first glance, they have a proper reason to be proud. The website is modern and full of details. It has everything one trader needs and yet it is responsive. Also, it is fully optimised so you can access it from any device.
Unfortunately, the website is the only good part of this broker. The first problem that occurs is when you want to look for the account types. In 2018, when GigaFX was founded, the broker offered four different accounts. Now, there is no possibility to choose. You can search the whole website and click on every page, nothing. There isn’t a piece of single information about the accounts.
Since this was a little bit odd to me, I decided to register and see what the offer was. Well, things made much more sense at that moment. Why? Because you cannot even make an account. There is a button named Open Account, but once you press that, it will take you to the login page. Also, the sign-up button is in the right corner, but it is not working. Apparently, this broker doesn’t even accept clients.
That is the reason this GigaFX review won’t contain a part where we go through account types together. But I will continue with the platform. In case this broker changes the website and enables the sign-up option, you have to be prepared.
Platform and Execution SCORE: 90%
Since there is no information about accounts, let’s see if we will have more luck with the platform. GigaFX offers traders a secure trading platform with multi-platform capabilities. At least that’s what this broker says.
The platform you get is MT4 and if you ask me, MetaTrader is always the best choice. It is fast, responsive, and customisable. You can always adjust it according to your preferences and that is a big plus.
Aside from that, MT4 has a downloadable option for computers and mobile apps as well. You can trade always, no matter the device. So, for now, this is the first good thing GigaFX has to offer to its clients.
Withdrawal Speed SCORE: 50%
If you manage to open an account and decide to deposit money, GigaFX will ask you to confirm the origin of the money you are using for trading. Also, you will have to send them proof of your address, but that is a usual and expected safety step.
As a deposit method, you can use a Credit/Debit Card. Depending on the country there is a possibility to use Visa, Delta, MasterCard, Diners, Visa Electron, Maestro (plus Maestro UK), and Solo. Also, there is a possibility to use Wire Transfer and send money directly from your bank account. Of course, you can use eWallet, and lastly, Bitcoin.
There is one problem with all of this. GigaFX mentioned potential fees, but there isn’t any information about those fees. So, you cannot know how much this company will charge you.
Each withdrawal you make needs to proceed with the same method you used for deposits. Once again, GigaFX mentioned additional fees for every transaction (both processing and handling fees), but the amount of those fees is still a mystery.
The minimal withdrawal amount for Credit Cards is not marked, but for Wire Transfer, it is 10,000 EUR/GBP and I have to say that quite a lot. If you want to withdraw your money, you have to send the documents the company needs and wait for about five business days. This is completely unnecessary since after that you have to wait for ten business days to receive your money. So, the overall waiting time is too long.
Lastly, I want to reflect on one questionable statement this broker has in the Deposit and Withdrawal Policy. GigaFX takes full security measures to ensure the safety of your account. There is a dedicated system that protects your account, and that is great. But the thing is, the system works 24/5. So, what happens in the other two days of the week?
If something happens to your money, you cannot blame this broker, since it’s clearly written that the protection is provided five days a week. Honestly, I fail to understand why someone would offer security just five days, and not constantly.
Support and Assistance SCORE: 20%
When you go to the Contact Center, you get a feeling this is a broker who is still working on the website development. There is not a single word about working hours, customer support, etc. The only things you can see are telephone numbers for the United Kingdom and Australia and email addresses.
There is no possibility to receive a quick answer since this broker doesn’t provide Live Chat or Frequently Asked Questions Page. Just like the things before, customer service is a big disappointment.
Education and Tools SCORE: 0%
Needless to say, education is an extremely important part of every website. Each Forex trader needs to improve the knowledge and follow the latest news. Well, if you register at GigaFX you will have to find another place for education and improvement.
This broker doesn’t provide anything. There is no blog section, learning materials, and tutorials. Not even the glossary that is always great for beginners. Also, you won’t find the News section, so if you wish to stay informed about the latest things on the market, you have to search for yourself.
I cannot say this is a big disappointment since GigaFX never promised anything about educational material, but it would still be nice to have something, at least the News section.
You can already guess if I recommend this broker or not. Not only it doesn’t offer anything, but it’s also unlicensed, so you are risking a lot and you won’t gain anything. I had high hopes at the beginning since the website is excellent but, in the end, I can only tell you one thing — there are many other brokers that will give you much better trading conditions.