GREENFIELDS Forex Broker

Greenfields Forex Broker - Complete Information Guide

1. Broker Overview

Greenfields Capital, founded in 2015, is an unregulated forex broker that primarily operates in the realm of binary options, CFDs, and cryptocurrencies. The company's headquarters is located at 9th Joe St., 5th Floor, Office #71, Tallinn, Estonia. Initially owned by Premium Peak Ltd, it is now operated by Kin Teka OU. This change in ownership and the virtual office setup raises questions about the broker's legitimacy and operational transparency.

Greenfields Capital primarily serves retail clients, particularly those interested in trading cryptocurrencies and CFDs. Despite its relatively recent establishment, the broker has garnered attention due to its extensive asset offerings, claiming to provide access to over 200 popular trading instruments. However, it is important to note that the broker does not accept clients from the United States, which limits its market reach.

The development of Greenfields Capital has been marked by a series of controversies and regulatory warnings. The broker has been flagged by various financial authorities, which has led to a growing number of complaints from clients regarding withdrawal issues and deceptive practices. These factors contribute to a complex history that potential clients should carefully consider before engaging with the broker.

The business model of Greenfields Capital focuses on retail forex trading, offering a platform for clients to engage in various financial instruments without the backing of a regulatory authority. This lack of regulation is a significant factor that potential traders should weigh when deciding whether to open an account with this broker.

2. Regulatory and Compliance Information

Greenfields Capital operates without regulation from any major financial authorities, which poses significant risks to traders. The broker has been warned by several regulatory bodies, including:

• Financial Conduct Authority (FCA), UK
• Czech National Bank (CNB)
• Estonian Financial Supervisory Authority (FI.ee)

Despite claims of being in the process of obtaining regulation, there is no verifiable information regarding any active licenses or regulatory numbers associated with Greenfields Capital. This lack of oversight means that clients do not have the same protections that come with dealing with regulated brokers.

The broker does not offer an investor compensation fund, which is typically a safety net for traders in the event of broker insolvency or misconduct. Furthermore, Greenfields Capital has not disclosed its client fund segregation policies, raising concerns about the safety of traders' deposits.

In terms of compliance, Greenfields Capital reportedly follows KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures. However, the effectiveness of these measures is questionable given the broker's unregulated status and the numerous complaints regarding its operational practices.

3. Trading Products and Services

Greenfields Capital offers a diverse range of trading products, including:

• Forex Currency Pairs: The broker provides access to a variety of forex pairs, although specific numbers and major pairs are not explicitly detailed in available sources.
• CFD Products: Clients can trade CFDs on various assets, including commodities, indices, stocks, and cryptocurrencies. The range of CFD products is substantial, catering to different trading preferences.
• Cryptocurrency Trading: Greenfields Capital allows trading in several cryptocurrencies, including Bitcoin, Ethereum, and others, appealing to the growing interest in digital assets.

The frequency of product updates and the introduction of new trading instruments are not clearly outlined, leaving potential clients uncertain about the broker's adaptability to market trends. Greenfields Capital also offers retail trading services but lacks institutional client services or white-label solutions.

4. Trading Platform and Technology

Greenfields Capital utilizes the SpotOption platform for trading, which has been upgraded to accommodate CFDs and cryptocurrencies since the broker's initial focus on binary options. The platform is web-based and is designed to be user-friendly, making it accessible for new traders. However, it does not support popular trading platforms like MetaTrader 4 or MetaTrader 5.

The broker does not provide a dedicated mobile application for trading, which may be a drawback for clients who prefer trading on the go. The execution model employed by Greenfields Capital is not explicitly stated, but it appears to operate on a market-making basis.

In terms of technical infrastructure, the broker's server locations and overall technology framework are not disclosed, which raises concerns about the reliability and speed of trade execution. Additionally, there is no mention of API access or support for automated trading, limiting the options for algorithmic traders.

5. Account Types and Trading Conditions

Greenfields Capital offers a standard account type with the following conditions:

• Minimum Deposit: $250
• Spreads: Vary depending on the asset, but specific figures are not provided.
• Commission: Information on commission structures is not readily available.

There are potentially advanced account types, such as VIP or professional accounts, but details on these are sparse. The broker does not offer Islamic accounts or corporate accounts, which could limit its appeal to certain traders.

A demo account is reportedly not available, which may hinder new traders from practicing their strategies without financial risk. Leverage ratios vary by product, but specific limits are not disclosed. The minimum trade size and overnight fees are also unclear, leaving potential clients without essential information to make informed trading decisions.

6. Fund Management

Greenfields Capital supports several deposit methods, including:

• Bank Transfer
• Credit Cards
• E-Wallets (such as Skrill and Neteller)

The minimum deposit requirement varies by account type, with a baseline of $250 for standard accounts. Processing times for deposits are generally quick, although specific durations are not detailed.

Withdrawal methods are limited, and clients may face restrictions on the amount they can withdraw at any given time. The processing time for withdrawals is stated to take 7-10 business days, which can be longer than industry standards. Additionally, withdrawal fees are not explicitly outlined, which can lead to unexpected costs for traders.

7. Customer Support and Educational Resources

Greenfields Capital offers customer support through various channels, including:

• Phone
• Email
• Live Chat

However, the availability of support and response times have been criticized, with many clients reporting difficulties in getting timely assistance. The broker's service hours and time zone coverage are not clearly defined, which may affect clients in different regions.

The broker reportedly provides support in English only, which could be a barrier for non-English speaking clients. Educational resources are limited, with no mention of webinars, tutorials, or eBooks to assist traders in improving their skills.

Market analysis services, such as daily analysis and research reports, are not offered, which may leave traders without the necessary insights to make informed trading decisions. The availability of trading tools, such as calculators and signal services, is also not specified.

8. Regional Coverage and Restrictions

Greenfields Capital primarily serves clients in regions where it is not explicitly restricted. However, it does not accept clients from the United States, which limits its market reach. The broker's operational presence appears to be concentrated in Europe, particularly in Estonia.

The distribution of regional offices is not disclosed, and there are no specific details regarding any other geographical limitations. Potential clients should be aware of these restrictions before attempting to open an account with Greenfields Capital.

In summary, while Greenfields Capital presents a range of trading products and services, the lack of regulation, limited customer support, and unclear trading conditions pose significant risks for potential clients. It is crucial for traders to conduct thorough research and consider alternative, regulated brokers before making any financial commitments.