GiroFX Review – Scam Broker or not?

GiroFX(Girofx.com) is an unregulated platform which has earned a lot of negative feedback on pretty much all of the established forex related forums. Their website is simple, but they don’t even have a basic SSL layer which means any information put in by the clients is not secure and the number of things that can go wrong while dealing with them are many.

The details of their firm and the transparency they portray are not up to par and anything they say should be considered with a grain of salt. On the bright side, they do offer only 1:30 leverage which means the traders are not exposed to extreme risks in the market and we didn’t find any promotional offers that are unethical.

There are 3 account types, though the minimum deposit is only $200, to unlock all the features traders have to put up as much as $100,000 plus which isn’t worth it given the risk involved. We know that a lot of people are confused about the operational model of this firm and some people are hesitant to even take a look at them. To get all your concerns addressed, continue reading and if you still have any questions, let us know in the comment’s section.

Is GiroFX Regulated?

GiroFX is presumably located in the United Kingdom. The contact details mentioned by them are listed in the next paragraph. Though, this broker does its best to make themselves look legitimate, the concerns are indeed overwhelming. For starters, the Financial Conduct Authority doesn’t overlook this firm and it certainly hasn’t authorized them in any way.

To put things into perspective, if something unforeseen happens with this broker that pushes them towards bankruptcy, then the clients are not protected in any way. Most regulated brokers are legally required to hold client’s money in segregated bank accounts.

Thanks to the policies made by the reputable financial authorities, regulated brokers are always the best bet when it comes to safety and reliability. At any period of time, unregulated entities will always feature something attractive or attention grabbing, but do remember that there will always be a catch.

Contact Details and Support

If you have any specific questions about the spreads, commissions involved or other platform related questions, then you can get in touch with their support team via telephone or email. We don’t know the average time required by them to respond to the queries and the work timings are also not mentioned by them. It does look like they have multiple branches and all of their contact information is gathered below.

• Email – support@girofx.com
• DK – 4578791665
• SW – 41525087217
• UK – 442037694835
• SE – 46462607604
• Address – Ayiou Athanasiou 46, Interlink Hermes Plaza, Agios Athanasios 4102 Limassol, Cyprus

GiroFX Trading Platform

Strangely enough, GiroFX doesn’t support any of the popular trading platforms such as the Ctrader and the MetaTrader. They offer a web based trading platform which might not be suitable for all kinds of traders. During our investigation, we didn’t find any sign of copy trading service on their platform and if you are someone who relies on automated trading, then you need to look elsewhere as well.

Lack of support to prominent features such as managed account services, expert advisers and much more is a deal breaker for many. They haven’t mentioned any of the benefits of their web-trader, but speaking from experience, we can guarantee you that it will never be adequate for most traders. Also, we don’t know their charting solution and due to obvious security reasons, we were hesitant to open an account with them.

Web based trading software usually does not offer support to custom indicators and charting tools which is the main reason as to why many people hate it? Trading is a profession which requires people to be aware of all the latest happenings in the market as early as possible in order to make significant positions.

So, if you want to ensure long term profitability, then always be alert and employ all the tools that have the potential to bring you closer to your goals. As far as this platform goes, there is no real upside to it and if you really want to try them out, then start with the absolute minimum amount and don’t forget to put in money only if you can afford to lose it.

Education

There is a section on this platform named as “Education” but sadly, it doesn’t contain any valuable information. While most brokers offer things such as daily trade alerts, analysis, books and tutorials, this one doesn’t do any of the things we mentioned above. They provide a basic trading glossary and that’s about it.

Lack of quality material tells us a lot about the ethical standards of this firm and as far as credibility goes, they are not anywhere near the industry average. While lurking around their website, we did find an economic calendar. However, it wasn’t the best one out there.

Deposits and Withdrawals

The minimum amount of funding required to open an account with GiroFX depends upon the account type. Minimum deposit amount is 200 Euros, but the minimum withdrawal amount is unknown. Funny thing about them is that they don’t mention the processing time they require for any of the transactions. Supported payment methods of this platform are credit cards, wire transfers, skrill and a lot of other popular e-wallets.

Though the support of e-wallets is a well appreciated feature, the lack of details about the small things is concerning to say the least. We don’t even know whether they charge an inactivity fee as well. Lastly, know that in order to apply for a withdrawal clients have to go through the KYC process and get verified or else he or she won’t be able to move the money.

Trading Instruments and Leverage

On their homepage, GiroFX claims to offer 300 plus trading instruments to the retail clients. From major/minor forex pairs to commodities, the amount of choices available is more than enough for all types of traders. The default leverage offered is 1:30, but it may vary from one asset class to another. So, to maintain adequate margin all the time, know the amount of leverage applicable before taking on the position.

Low leverage offered by this broker might make some clients disappointed, but that is one of the good things about them. Remember, leverage is a dangerous tool and it has the potential to amplify the rewards and the risks. All in all, the offerings they bring to the table are common and the conditions they uphold are normal too.

Customer Feedback

GiroFX has got tons of attention on the web and as a result, there are a lot of forums wherein the clients have expressed their opinion. The ratings it has received is bad and given every other fact about them, it was somewhat expected. Visit this Trustpilot webpage to know the general consensus about this brokerage. It is clear that many people lost a solid chunk of their savings account to them.

If you have lost any amount of money to them and still are unable to get it back, then you need to get in touch with our recovery experts immediately. Just input a few details about the incident on the contact form and let our team take over. We will get back to you within a few hours with the exact plan of action and in case if you are wondering know that we never charge for our services. 

GiroFX Review Conclusion

GiroFX is yet another unregulated broker who left most of their clients high and dry. Their platform is full of flaws and there is no such thing as security if you deal with them. So, walk away from them and don’t settle for any unregulated brokers even if they promise you the moon. 

Have you lost money to GiroFX? If yes, then share your experience in the comment’s thread.