GFA Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
Business
License
ASIC Suspicious Clone 
I have been lied to my face. As you can see, all the operations have been won, and a few losses. With that result, I will have to have approximately $1400 of profit. When it is not like that, they just wanted to rob me. Please help. My money that I put was $100.
The GFA Capital Markets Ltd, commonly referred to as GFA, has garnered considerable attention in the forex trading community. However, the reviews surrounding this broker paint a predominantly negative picture, suggesting that it may not be a reliable option for traders. Key concerns include its regulatory status, user experiences, and overall trustworthiness.
Note: It is crucial to recognize that GFA operates under different entities across regions, which can significantly impact its regulatory compliance and user experience. This review aims to provide a balanced view based on various sources to ensure fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service & Support | 3 |
| Trading Setup/Experience | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data from multiple sources.
Founded in 2011, GFA Capital Markets Ltd is an Australian-based financial institution that specializes in online forex and precious metal CFD trading. According to various reviews, GFA claims to provide a user-friendly trading platform compatible with Windows, Mac, Android, iOS, and web browsers. However, the actual user experience has been questioned, with many users reporting issues with the platform's functionality.
GFA is purportedly regulated by the Australian Securities and Investments Commission (ASIC) under license number 398104. However, it has been labeled as a "suspicious clone" by several sources, raising significant concerns about its legitimacy and safety for traders.
GFA operates primarily out of Australia but has been flagged for operating as a "suspicious clone," which means it may not be adhering to the expected regulatory standards. According to WikiFX, the broker's license is viewed as unreliable, which should be a red flag for potential users.
While specific details on the currencies supported for deposits and withdrawals are sparse, it is noted that GFA allows a minimum deposit of $100. However, users have reported difficulties in withdrawing funds, indicating a lack of transparency and potential issues with fund accessibility.
The minimum deposit requirement of $100 is relatively low compared to other brokers, which may attract new traders. However, this is often a tactic used by less reputable brokers to lure in clients, as seen in many GFA reviews.
GFA offers various promotional bonuses, but these have been criticized for being misleading. According to Scam Victims Help, these bonuses often come with stringent conditions that make it nearly impossible for users to withdraw their funds.
GFA offers a limited range of tradable assets, primarily focusing on forex and precious metals. User reviews suggest that the selection is not as diverse or competitive as that offered by other brokers, which could limit trading opportunities.
The spreads and commissions associated with trading on GFA are not well-documented. Some users have reported spreads being higher than advertised, which adds to the overall concern regarding transparency and trustworthiness.
GFA offers leverage up to 1:30, which is in line with Australian regulations. However, the high leverage available from other unregulated brokers raises concerns about the potential risks involved with trading through GFA.
GFA supports its proprietary trading platform, which has received mixed reviews. While it is available on various devices, many users have expressed dissatisfaction with its functionality and user interface.
There is limited information on specific regions where GFA is restricted. However, given its regulatory status and the warnings issued against it, traders from regions with strict regulations should proceed with caution.
GFA offers customer support primarily in English, but it also claims to support other languages. However, user reviews indicate that the customer service experience is lacking, with many users reporting unresponsive support channels.
| Category | Rating (out of 10) | Comments |
|---|---|---|
| Account Conditions | 4 | Low minimum deposit but potential withdrawal issues. |
| Tools and Resources | 5 | Limited resources and tools available. |
| Customer Service & Support | 3 | Unresponsive and unhelpful customer support. |
| Trading Setup/Experience | 4 | Mixed reviews on platform usability. |
| Trustworthiness | 2 | Significant concerns about regulatory compliance. |
| User Experience | 3 | Many negative user experiences reported. |
Account Conditions: The low minimum deposit of $100 is appealing, but the ease of withdrawal is questionable, as many users have reported difficulties in accessing their funds.
Tools and Resources: GFA provides limited trading tools and resources. Users have noted that the platform lacks essential features that would enhance the trading experience.
Customer Service & Support: Customer support is reportedly poor, with many users expressing frustration over unresponsive channels and lack of assistance.
Trading Setup/Experience: The trading platform is described as user-unfriendly, leading to a less than satisfactory trading experience for many users.
Trustworthiness: The designation of GFA as a "suspicious clone" by multiple sources raises serious concerns about its legitimacy and safety.
User Experience: Overall user experiences have been largely negative, with many users advising against trading with GFA due to withdrawal issues and poor customer service.
In conclusion, the GFA review suggests that potential traders should exercise extreme caution when considering this broker. The combination of regulatory concerns, negative user experiences, and poor customer service indicates that GFA may not be a trustworthy option for forex trading. Always ensure to conduct thorough research and consider alternative brokers with better reputations.
