GW Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
GW offers an MT4 trading platform, but this does not mean that they are reliable. They only offer a choice of two account types and do not publicly disclose any information about trading conditions. What is even more worrying is that their regulatory situation does not seem to be optimistic, and any valid legal regulatory licenses for them cannot be found online.
Summary: The GW brokerage has garnered mixed reviews, with some users praising its diverse trading options and others raising concerns about its customer support and regulatory status. A notable feature is its use of the MT5 platform, which is favored by many traders for its advanced capabilities.
Note: It's important to recognize that GW operates under different entities across various regions, which can significantly impact user experience and regulatory compliance. This review aims to provide a balanced view based on multiple sources to ensure fairness and accuracy.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 7 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 6 |
| Trustworthiness | 5 |
| User Experience | 5 |
| Additional Features | 6 |
How We Rated the Broker: Ratings are based on a synthesis of user experiences, expert opinions, and factual data from various credible sources.
Founded in 2016, GW Trade (also known as GW Global FX) is a Cyprus-based brokerage regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker primarily uses the MetaTrader 5 (MT5) platform, which is known for its advanced trading features and user-friendly interface. GW Trade offers a wide array of trading instruments, including over 75 forex pairs, commodities, indices, and cryptocurrencies. However, the broker has faced scrutiny regarding its regulatory compliance and customer service.
Regulated Geographical Areas: GW Trade is regulated primarily in Cyprus under CySEC, which is known for its relatively lenient regulatory framework compared to other top-tier regulators like the FCA or ASIC. This raises some concerns about the level of protection offered to traders.
Deposit/Withdrawal Currencies/Cryptocurrencies: GW Trade supports multiple deposit methods, including bank transfers and popular e-wallets like Neteller and Skrill. The minimum deposit requirement is set at $100, making it accessible for novice traders. However, withdrawal processes have been reported as slow and cumbersome by some users.
Minimum Deposit: The standard account requires a minimum deposit of €100, which is relatively low compared to other brokers. This can be appealing for beginners looking to start trading without a significant financial commitment.
Bonuses/Promotions: While specific promotional offers were not highlighted in the reviews, it is common for brokers to offer bonuses for new sign-ups or referral programs. However, potential traders should read the fine print, as such bonuses often come with stringent withdrawal conditions.
Tradeable Asset Classes: GW Trade provides access to a broad range of asset classes, including forex, commodities, indices, cryptocurrencies, and stocks. This variety allows traders to diversify their portfolios and explore different markets.
Costs (Spreads, Fees, Commissions): The reviews indicate that GW Trade's spreads are not particularly competitive, with the EUR/USD spread reported at around 6.59 pips, which is higher than many of its competitors. Additionally, there is a withdrawal fee of €5 and an inactivity fee of €25 for accounts that remain dormant for three months.
Leverage: The maximum leverage offered by GW Trade is 30:1, which aligns with EU regulations but may be lower than what some traders expect from global brokers. Higher leverage can amplify both gains and losses, making it crucial for traders to understand the risks involved.
Allowed Trading Platforms: GW Trade primarily offers the MT5 platform, which is available on desktop, web, and mobile devices. MT5 is favored for its comprehensive charting tools and automated trading capabilities, making it suitable for both novice and experienced traders.
Restricted Regions: GW Trade restricts trading from several jurisdictions, including the USA and Canada, which limits its accessibility for potential clients in those regions. This is a common practice among many brokers to comply with local regulations.
Available Customer Service Languages: Customer support is offered in English, which may pose challenges for non-English speaking clients. Reviews suggest that customer service responsiveness is a significant area of concern, with many users reporting delays and inadequate support.
Account Conditions (6/10): The minimum deposit is reasonable, but the lack of competitive spreads and withdrawal fees detracts from the overall attractiveness of the account conditions.
Tools and Resources (7/10): The availability of the MT5 platform and a variety of trading instruments are significant strengths, although the educational resources could be improved.
Customer Service and Support (4/10): Multiple reviews highlight poor customer service experiences, which is a critical factor for many traders when choosing a broker.
Trading Setup (6/10): The trading environment is generally stable, but the high spreads can impact trading profitability.
Trustworthiness (5/10): While GW is regulated by CySEC, concerns about its customer service and reports of slow withdrawals affect its overall trustworthiness.
User Experience (5/10): Mixed reviews from users about the trading experience, with some praising the platform and others criticizing customer support.
Account Conditions: While GW Trade offers a low minimum deposit, the overall account conditions are marred by high spreads and additional fees, which may not be appealing to cost-conscious traders.
Tools and Resources: The MT5 platform is a significant asset for GW Trade, providing traders with advanced tools for analysis and automated trading. However, the lack of educational resources could hinder novice traders.
Customer Service and Support: The majority of user reviews indicate a significant gap in customer service quality, with many traders experiencing delays in response times and unhelpful support.
Trading Setup (Experience): The trading setup is generally user-friendly, but the high spreads can deter traders from executing trades, especially in volatile markets.
Trustworthiness: The regulatory oversight from CySEC provides a level of safety, but the mixed reviews regarding customer service and withdrawal processes raise red flags about the broker's overall reliability.
User Experience: The user experience varies significantly, with some traders enjoying the platform's features while others express frustration with customer service and withdrawal issues.
In conclusion, while GW Trade offers a diverse range of trading instruments and the robust MT5 platform, potential traders should carefully consider the mixed reviews regarding customer service and regulatory compliance before committing their funds. As always, conducting thorough research and understanding the risks involved in trading is crucial.
FX Broker Capital Trading Markets Review
