GalaxyFX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.galaxyfxtrades.com/account/register, about the company's legal and temporary regulatory information, the company's address 107 Grand Street New York, NY 10013 United States.
GalaxyFX, officially known as K-DNA Financial Services Ltd., was established in 2021. The company is headquartered in New York, USA, and operates primarily as a private entity. GalaxyFX serves a diverse clientele, including retail traders and institutional investors, focusing on the foreign exchange and cryptocurrency markets.
Since its inception, GalaxyFX has aimed to provide a comprehensive trading platform that caters to various trading needs. The broker has made significant strides in establishing itself within the competitive forex trading landscape, offering a range of services designed to facilitate trading for both novice and experienced traders.
GalaxyFX operates under a business model that encompasses retail forex trading, providing access to various financial instruments, including currency pairs, contracts for difference (CFDs), and precious metals. The broker positions itself as a reliable partner for traders seeking to engage in the global financial markets.
GalaxyFX claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC), which is known for its stringent regulatory framework. However, there are discrepancies regarding its actual regulatory status. According to various sources, GalaxyFX appears to operate without valid regulation, which raises concerns about investor protection.
The broker's regulatory license number is not explicitly provided, and the validity of such claims remains questionable. In addition, GalaxyFX does not seem to adhere to the necessary legal requirements to operate in certain jurisdictions, particularly in the United States, where only brokers regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) can serve clients.
GalaxyFX has not disclosed specific information about its client fund segregation policies, which are crucial for ensuring the safety of client deposits. Furthermore, details regarding participation in an investor compensation fund, which would provide a safety net in case of insolvency, are lacking.
The broker claims to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, but without transparent verification processes, clients may find it challenging to ascertain the effectiveness of these measures.
GalaxyFX offers trading in a wide array of financial instruments, including over 44 currency pairs, CFDs on commodities, indices, and cryptocurrencies. The broker aims to provide a diverse trading experience, catering to various trading strategies and preferences.
The broker's product offerings include:
GalaxyFX appears to update its product offerings regularly, although specific details on the frequency of new additions are not provided. The broker emphasizes its commitment to retail trading services, making it accessible for individual traders while also catering to institutional clients through tailored solutions.
GalaxyFX supports the widely used MetaTrader 4 (MT4) trading platform, which is available in desktop, web, and mobile versions. MT4 is favored by traders for its advanced charting capabilities, technical indicators, and automated trading options through Expert Advisors (EAs).
The broker does not appear to offer a proprietary trading platform, which may limit options for traders seeking unique features. The execution model utilized by GalaxyFX is primarily STP (Straight Through Processing), which is designed to provide efficient trade execution with minimal latency.
Details regarding server locations and the underlying technology infrastructure are not extensively disclosed, which may affect transparency regarding execution speed and reliability. Additionally, there is no mention of API access for automated trading, which could be a drawback for algorithmic traders.
GalaxyFX offers several account types to suit different trader needs, including:
The leverage offered by GalaxyFX is capped at 1:100, which is relatively conservative compared to other brokers that offer higher leverage ratios. The minimum trade size is set at 0.01 lots across all account types, making it accessible for traders with smaller capital.
Information regarding overnight fees and specific policies related to margin trading is not comprehensively detailed, which could be a concern for traders looking for transparency in trading conditions.
GalaxyFX provides various deposit methods, including bank transfers, credit cards, and e-wallet options such as Skrill and Neteller. The minimum deposit requirement varies by account type, with the basic account starting at $200.
Processing times for deposits are generally prompt, although specific timeframes are not detailed. The broker does not explicitly mention any deposit fees, but clients should verify this information prior to making transactions.
Withdrawal methods include similar options, but clients have reported difficulties in accessing their funds. Withdrawal processing times are not clearly stated, and there may be associated fees that are not disclosed upfront. This lack of transparency can be a significant concern for potential clients considering opening an account with GalaxyFX.
GalaxyFX offers customer support through various channels, including phone, email, and online chat. The support team is available during business hours, but specifics regarding operating times and time zone coverage are not provided.
The broker supports multiple languages, although the exact list of supported languages is not detailed. Educational resources are limited, with no mention of webinars, tutorials, or e-books that could assist traders in enhancing their trading skills.
Market analysis services, such as daily updates and research reports, are not highlighted, which may hinder traders seeking informed insights into market movements. Additionally, trading tools like calculators and economic calendars are not mentioned, which could be useful for clients.
GalaxyFX primarily serves clients in various global markets, but specific details regarding its regional presence are not disclosed. The broker operates from its headquarters in New York, USA, but does not provide information about regional offices.
There are indications that GalaxyFX may not accept clients from certain countries, particularly those with stringent regulatory requirements. However, a comprehensive list of restricted countries is not available, which could lead to potential issues for clients attempting to register from those regions.
In summary, while GalaxyFX presents itself as a forex broker offering a range of trading services, concerns about its regulatory status, fund management practices, and customer support capabilities warrant careful consideration by potential clients. It is essential for traders to conduct thorough research and due diligence before engaging with the GalaxyFX broker.
燕子9348
Hong Kong
The website of this forex platform is not the one selected above, https://www.galaxyex.net/, the platform requires tax payment, and the final money is lost. They have many schemes to hurt innocent people, there is nothing that people can do, only God punishes and repays them. There are too many telecom frauds nowadays, so be careful when transferring money to strangers. The bank will show that the account number of the other party is abnormal, which is the number bought by a scammer. The following account belongs to a scammer.
Exposure
2023-08-29
燕子9348
Hong Kong
This platform is so-called under Australian regulation. A friend pulled me in and said he was making a lot of money. At first I ignored him, didn't want to do it and didn't believe it. Later, he took the initiative to lend me money to deposit. I don't want to do it, he keeps pulling me. I just invested a thousand dollars in. Later, he said that it was too little, and he would save it in so that he could earn faster. My husband worked so hard on the construction site to save a little car loan money. My own private money is used for medical treatment. As a result, he was pulled in by a liar and lost his fortune. He said that he can withdraw cash, and he has withdrawn a lot of money, and has been tempting me. I have withdrawn one hundred dollars on the platform, but all withdrawals are not allowed. Later, I felt that something was wrong and I wanted to quit, and I wanted to get my capital back, but I didn't want any profits. The platform made it difficult for me to pay more than 5,000 U.S. dollars in taxes to withdraw funds. I was afraid that after paying the tax, I would not be able to get the money out, so I didn't pay the money. The customer service ignored us.
Exposure
2023-08-23
燕子9348
Hong Kong
The customer service of the fraud group whats+61413678802, Li Wenhao, a liar, is from Liaocheng, Shandong, China and lives in Montreal, Canada. This is his account number +19292421693. He deceived me by saying he would recharge 30,000 US dollars for me, but actually recharged 30,000 US dollars into his own bank account, tricking me into investing 70,000 US dollars.
Exposure
2023-09-08