GifXprime review – lack of functionality

Created in 2020, GifXprime is one of the least trustworthy Forex brokers online. GifXprime Forex Broker is a newly established firm, it has very little experience in the field of forex trading, This is very evident in the way the firm promotes itself. The company has improved its website since 2020 and is very responsive and intuitive like many well-established brokers have. Despite the website improvements, it would be nice for the broker to improve the information provided about their asset even more.

As for the features of the broker. Many aspects of the broker are displayed on the GifXprime FX brokerage site properly which is a very promising improvement. But the broker still lacks on the regulations side. The broker also introduced the live chat and it is much easier now to contact their support. Let’s dig deep and discuss if the GifXprime is worthy of consideration in this review.

The safety and security of the GifXprime

GifXprime forex broker doesn’t have any legitimate qualifications. There is no information on them in any major regulatory organization’s database. However, this is not an obstacle for this broker as they are proudly lying on their website by implying that they have multiple licenses.

The broker recently removed regulators that were referenced on their website which is a good step as it is fraudulent and misleading to advertise yourself as a regulated entity when in fact you only have a registration as a company and not as a broker. The broker is just registered as an international business company and does not have any proper regulatory bodies overseeing its brokerage activities. This increases risks many times as if the client gets scammed there is no one they can find justice.

The practice of regulated brokers not following the laws of their regulatory bodies is very common in the trading industry. This is why it’s getting harder and harder to distinguish the legitimacy of a brokerage firm as only qualifications are not enough to make accusations of fraudulent behavior. GifXprime FX brokerage being not regulated increases these risks many times over.

GifXprime Fees and spreads

The spreads of the GifXprime Forex broker are floating. The amount from which the spread begins differs depending on the account type. This is a very common practice for brokers who solely benefit from the spreads.

As we have already discussed, the main revenue the firm gets from its consumers is from part commissions and part spreads. As you can see by now there are many account types on the site, this is on purpose as the firm offers different spread amounts for each type of account. Before, there were huge spreads on all trading accounts making it super expensive to trade on this broker’s platform, now they have improved it big time. We think the variable spreads with ridiculous amounts were another red flag and a sign of fraudulent behavior on behalf of the GifXprim Forex broker. By just simply looking at the minimum amount at which the spread starts for each account type we can clearly see the signs of improved conditions

• Spreads for Mini accounts start at 1.2 pips.
• The Classic account spread starts at 1 pip.
• The pro account’s spreads begin at 0.8 pips, it was 0.5 pips previously, so apparently, this is a worsening condition for traders who are using this account type.

Accounts, deposits, and withdrawals at GifXprime

A broker can only be good as its trading features and the website that it is displayed and advertised. In this regard, GifXprime has many faults. Lack of transparency is an issue that the firm needs to take notice of, however by judging their policies and recently updated website we have noticed many improvements.

The lack of specific information is a disadvantage of the site. In our GifXprime review, we take pride to provide you with the actual features of the broker, not only the ones they want to display. The case of misinformation was a common pattern for this broker, but it seems they have improved in many ways. This is why we are going to discuss trading tools, minimum deposits, and promotional offers to make sure our readers have clear answers on a variety of topics.

Mini and classic ECN accounts are available on the website. For high-end customers, there is a premium account option. They are intended for traders of all skill levels, from beginners to experts. This would explain the hierarchical approach of constructing each account type as by additional features they are very similar to one another.

The hedging is allowed on all five GifXprim Forex broker account types. Scalping, on the other hand, is strictly outlawed. Expert analysis is a feature available only to high-end customers; Mini and Classic account holders do not have access to it. A swap-free account is available to every type of user on the site.

This broker firm offers three different types of accounts. The mini, classic, and premium trading accounts are currently the main account types offered by the broker. Before, they had 5 different account types with little to no difference between them, which is similar in the case of the new account. The only difference is the spreads are lower with premium and classic accounts, but require more initial deposit. Mini account has spreads from 1.2 pips and a minimum deposit requirement of 100 USD, classic from 1 pip and 1000 USD, and the premium from 0.8 pips and 5 000 USD.

Using any of the account types, one can start trading with multiple asset types.  The thing about the account types is that there are no actual differences between them, which is raising a lot of questions.

Leverage

We have already discussed the fact that the site is known to have many flaws in functionality and also with its written content. It’s not 0nly underwritten but also very inconsistent. This is understandable when a broker constantly tries to improve and introduce new improved features. The clear display of the maximum leverage ratio on the site’s main page is 1:1000. Before, once you clicked on the account types they imply that the leverage ratio for every type of account, even the most exclusive ones don’t go higher than 1:400.  This has updated and each account states its own leverage very clearly now.

Deposit and Withdrawals

A very similar case of improvements is present in the deposits and withdrawals side of the broker. There are no fees for deposits or withdrawals. The amount they charge traders to start using each respecting GifXprim FX brokerage account type has been reduced to zero.

The lowest minimum deposit amount on the platform is $100. And the payment methods have been updated and popular solutions have been added. Both deposits and withdrawals can be made using wire transfers, Visa/MasterCard, Neteller, Skrill, and WebMoney.

The fact that funds can be withdrawn within 1 hour of requesting is super advantageous when compared to other brokers. If this holds true then this broker is one of the best in withdrawal policies.

Trading assets and features

This broker has very few trading instruments compared to its counterparts. The list of available assets is quite short and includes Forex, commodities, stocks, and shares. they have improved their number of assets and traders can easily find the full list of each asset which is a good improvement.

This broker only offers MetaTrader4 as a trading platform for its consumers. This trading platform is very popular in the market, however, the fact that a broker offers this platform to traders does not mean much in terms of its legitimacy. GifXprime MT4 is a regular version of MT4, without anything special to offer. 

GifXprime Customer Support

As for the customer support of the GifXprime broker, there was no live chat previously and clients had to wait a long time before they could get a response from support. Newly introduced live chat is an easily accessible tool for connecting with the customer support team. The lack of live chat is understandable as the broker was new and had to start with something. The improvement is obvious in the support.

The same thing is true for the telephone number of the office available on the site. Previously there was no hotline, but now there are phone numbers for each office present on the website that can be easily found. The improvements are quite positive with tGifXprime. By interacting with them via email before, we have concluded that the service providers speak very bad English.

Education and tools offered by GifXprime

As of now, there are no educational resources offered of any kind. Which is a downside for beginners. But the company offers tools to assist traders including economic calendar, calculators, and indicators. These tools should help traders track fundamental news and calculate important aspects like spreads and lots before entering the position which is a very positive sign. The fact that this broker has improved this much after our initial review years ago is definitely indicating the hard work this broker had to put into their website.

Should you consider GifXprime?

despite the number of improvements, there are still issues to be addressed by GifXprime. Our main concern when dealing with brokers is that they are regulated and have a track record of clients withdrawing funds without issues. The lack of strong regulatory oversight means the risks of losing money are much higher.  The broker implied having several webinars throughout the year. They removed this notion which is again a good improvement.

Overall, we advise against doing business with this company.  This is a case where transparency is critical. The broker is unlawful in more ways than simply the licenses, as they lack sufficient encryption to protect their users’ data.

Since the lack of regulatory bodies insists on GifXprime we advise exercising maximum caution when dealing with this broker. If they become regulated in the near future then they can be trusted, but before then the risks are too high to bet with your hard-earned money.