GIFXPrime is a Forex trading platform that was launched in 2013 and is owned and operated by GIFX PRIME TECHNOLOGIES LLC, a brokerage company registered in Saint Vincent and the Grenadines (SVG).
The dubious company promises clients trading services as well as access to a wide range of tradeable instruments such as currency pairs, stocks, commodities, indices, and cryptocurrencies. However, GIFXPrime is hiding a dark secret, which our GIFXPrime Review is about to uncover.
| Regulated by: | Unlicensed Scam Broker |
| Is This Company Safe? | No |
| Known Websites: | gifxprime.com |
| Have Warnings from: | UAE SCA |
| Registered in: | SVG |
| Operating since: | 2013 |
| Trading Platforms: | MT5 |
| Maximum Leverage: | 1:1000 |
| Minimum Deposit: | 100 USD |
| Deposit Bonus: | N/A |
| Trading Assets: | Forex, Indices, Commodities, Stocks, Crypto |
| Free Demo Account: | Available |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds. |
Legal Info: Is GIFXPrime Legit?
GIFX Prime is not regulated – plain and simple. Why? Because the jurisdiction under which the broker operates has no Forex regulations in place. That’s right – SVG is known for being a nest of scam brokers who establish their business there because most people don’t know about the fact that the offshore domain has no Forex regulations.
Some other GIFXPrime reviews suggest that this company also has an office in the United Arab Emirates. However, all we found was a warning issued against GIFXPrime by the UAE’s Securities and Commodities Authority (sca.gov). All in all, GIFXPrime is definitely not a legal brokerage, which is why we advise you to stay away.
Why Regulated Brokers Are Better Options
Due to their unregulated status, brokers such as GIFXPrime and FCTrading (scambrokersreviews) are terrible choices, which is why we don’t recommend you trade on these platforms, Instead, find a licensed provider that operates under renowned financial market authorities.
Top-tier regulators such as the FCA (UK), CFTC (US), ASIC (Australia), CySEC (Cyprus), FINMA (Switzerland), etc. require brokerage companies to possess a substantial minimum operating capital (i.g. 730,000 EUR or 1,000,000 AUD), offer clients negative balance protection, a segregated account, and even a compensation scheme (i.g. up to 20,000 EUR).
Who Are GIFXPrime’s Victims?
The offshore company was founded in 2013. Since then, the financial swindler has mainly been offering unlicensed Forex trading services to traders residing in the following countries:
- US;
- UAE;
- Cyprus;
- India;
- Spain.
Needless to say, all of these jurisdictions are off-limits to GIFXPrime. Especially in the United States where the regulations and financial market laws are unforgiving and extremely strict. Contrary to what GIFXPrime says on the website, the broker is actually not compliant with European and North American rules and regulations.
For instance, GIFXPrime offers a maximum leverage cap of 1:1000 whereas the legal limit in Europe is 1:30, and in the UAE and North America – 1:50 for retail clients.
Don’t despair if you’ve lost money to a cyber trading scam. We are willing to help you recover your hard-earned funds.
Trader Reviews
Taking everything we have said so far about GIFXPrime, it’s no wonder that the scammer uses deceitful practices such as fake reviews. Fortunately, forexpeacearmy.com caught the illicit broker red-handed and exposed the entire scheme.
According to the website moderators, a certain review had its “5 Star Rating removed. This review came from the same IP on the same day that GIFXPrime’s representative used to sign up for a forums account. Per FPA policy, the rating on this review has been set to Zero stars.”
Most of the real reviews mention a certain Sovan Sanjiv, supposedly a pseudonym used to fool traders. We recommend you always check your provider to avoid scammers such as GIFXPrime and ixxen. Here is what a real review looks like:
Never trust sovan sanjiv and whoever stays with him. He is big fraudster,he talk very sweet so anyone can get trapped easily.dont put even 1% in gifxprime trading account.. starting they will show you profit..and give withdrawal also but they will ask to deposit more and will blow your account. They have cheated more than 1000 investors money..they play big game…
- ForexPeaceArmy user, October 21, 2021.
Leverage, Commissions, Spreads, and Fees
The maximum leverage offered by GIFXPrime is 1:1000. While such high leverage might be considered attractive for some traders, it is also important to note that extremely high levels can significantly increase the risk of potential losses.
Renowned financial jurisdictions often impose stricter leverage limits, typically ranging from 1:30 to 1:50, as mentioned, to protect retail traders from taking excessive risks.
GIFXPrime offers different spreads depending on the type of trading account you hold, with no commissions charged. Here’s the info on spreads for the various account types offered by GIFXPrime:
- Mini Account: Spreads from 1.2 pips;
- Classic Account: Spreads from 1 pip;
- Premium Account: Spreads as low as 0.8 pips.
The tighter the spread, the more competitive the pricing, which can be favorable for traders. GIFXPrime’s spreads are generally competitive but the broker’s unlicensed status is still a huge issue.
Trading Platforms Available
GIFX Prime offers its clients access to the MetaTrader 5 trading platform. MT5 is widely regarded as the best trading platform in the Forex industry.
It offers a wide range of cutting-edge tools and features such as algorithmic trading, advanced charting, technical indicators, intraday analysis tools, expert advisors (EAs), one-click trading, market depth & live reports, multiple timeframes, risk management tools, etc.
The platform deserves nothing but praise but the fact that GIFXPrime is unregulated diminishes all the perks and benefits that MT5 brings to the table.
Having withdrawal issues with GIFXPrime? We can help you recover your trapped funds.
Mobile Trading App
The GIFXPrime mobile app allows traders access to the mobile version of MT5. Although this version lacks some of the features of its desktop counterpart, it offers neat benefits such as much-needed flexibility and the possibility to trade on the go.
The mobile app can be downloaded for both Android and iOS systems. However, we must remind you once more that the platform is unregulated and thus risky.
Available Trading Assets
Here’s a quick overview of the trading assets that the GIFXPrime platform offers:
- Forex currency pairs – EUR/USD, GBP/JPY, AUD/CAD…
- Indices – S&P 500, FTSE 100, DAX 30…
- Commodities – gold, silver, crude oil, natural gas…
- Stocks – Apple, Coca-Cola, Google…
- Crypto – BTC, ETH, USDT…
Account Types
GIFX Prime offers three live trading account types with varying trading conditions and benefits. Here is an overview of the account types:
- Mini Account:
- Minimum Initial Deposit of 100 USD;
- Spreads from 1.2 pips.
- Classic Account:
- Minimum Initial Deposit of 1,000 USD;
- Spreads from 1 pip.
- Premium Account:
- Minimum Initial Deposit of 5,000 USD;
- Spreads as low as 0.8 pips.
The minimum deposit is 100 USD, which is in line with what licensed brokers would charge you for a basic account type. However, low costs and decent trading conditions are not enough for GIFXPrime to be considered legit.
The maximum leverage is the same for all accounts – 1:1000 for FX pairs, 1:200 for CFDs, etc. GIFXPrime does not charge any trading commissions whatsoever.
Demo Account
GIFXPrime promises a risk-free demos account. A demo account is always recommended when you first start trading. Do not risk real money if you’re a novice.
What’s even more important than a demo account is a trading license. The problems will start appearing once you decide to withdraw your actual real money if trading on an unregulated platform.
GIFXPrime Withdrawal Process
When it comes to deposit and withdrawal methods, there are various options to choose from:
- Credit/debit cards (MasterCard, Visa);
- Wire transfers;
- E-wallets (Skrill, Neteller, WebMoney);
Different methods require different minimum deposits. For instance, the minimum deposit requirement for wires is 250 USD while for card payments, it’s 20 USD. The same applies to withdrawals but with different amounts. According to the website, no fees are charged on deposits or withdrawals.
Funds deposited via MasterCard and Visa credit/debit cards can be refunded. This process is known as a chargeback and can be requested at the issuing bank within 540 days.
What Should I Do In Case of GIFXPrime Issues
To sum up, GIFXPrime is a malicious trading platform with no Forex trading license. Active since 2013, the SVG-based offshore broker has mainly been offering illicit trading services to users from the US, India, Cyprus, Spain, and the UAE.
We don’t recommend you trade on this platform simply because it’s unregulated and appears on the UAE SCA’s blacklist. If you lost money to the GIFXPrime scam, book a free consultation with our team. We will gladly explain how the chargeback works and guide you through the process.
Book your consultation with us today and start the chargeback process.
FAQ Section
What Is GIFXPrime?
GIFXPrime is an offshore scam broker with no Forex trading license, i.e. no regulation.
Is GIFXPrime Safe?
GIFXPrime is not safe. This platform was blacklisted by the UAE’s SAC regulator. If you lost money to this scam, contact us for help.
What Are The GIFXPrime’s Account Types?
GIFXPrime offers three live account types plus a demo account – Mini, Classic, and Premium.
Source:
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