GigaFX Review: A Noteworthy Broker for New and Skilled Traders
Are you looking for ways to supplement your income? In today’s world, rising prices and cost of living has made it difficult for people to survive. Therefore, it is a given that they are in search of ways through which they can earn more and enjoy a better lifestyle. This is where trading comes in. It is something that can be done in your spare time and has the potential of providing you huge returns. Thanks to the internet, you can now trade from your office, home or elsewhere. But, in order to get started, you need to select a broker first.
Online brokers can be found in huge numbers, but some of them are also scams that are just after making money. It is a good idea to be on the lookout and choose a broker that has a positive reputation and experience in the market. GigaFX is also an online broker that many will come across, but people may disregard it as a scam because it is still relatively new. It was founded in 2018 by a company based in the Commonwealth of Dominica, namely Four Squares International Ventures Ltd. Yes, the broker is new, but it didn’t take long to earn a name for itself in the market because it offers all that you need to have a seamless trading experience.
Today, GigaFX is serving traders in over 60 countries and its offices are located in multiple locations, which are Germany, the United Kingdom and Estonia. The broker has become well-recognized in the market because it offers some of the tightest spreads and enables traders to invest in some unique and powerful assets that no other broker has offered as yet. The variety of assets that a trader can find with GigaFX is one of the major reasons for its popularity because it has something to offer to everyone.
Newbies who are just getting started and don’t want to put their money in volatile assets can use GigaFX for buying and selling commodities such as oil, natural gas, gold and silver. It has also given traders access to a ton of educational content and a wide array of tools that can be useful in this form of trading. The rates it offers are some of the best in the market and a leverage of 1:50 is available, again an impressive one. Those who enjoy a bit of risk can always put their money in cryptocurrencies via the GigaFX platform.
Popular cryptocurrencies such as Ethereum, Litecoin and Bitcoin are available and can be instantly bought and sold. You can trade them securely and at very high leverages with some of the best market rates. Forex currencies are also an asset available at GigaFX and this includes the widely traded currency pairs that are not as risky as well as exotic ones that carry a slightly higher risk. Similarly, traders have the option of putting their money in stocks of some of the most notable companies via the broker. They can trade throughout the day and adopt any position they want.
Indices trading is also one of the 2,200 global financial instruments that you can trade via GigaFX and there are some amazing tools available that can be immensely helpful for index trading. You can do your trading on the go and at any time you want as this option is open to you 24/7. This is undoubtedly a large asset index and there is plenty more, but one asset that has helped GigaFX stand out is the option of trading Cannabis stocks. Cannabis is gaining worldwide acceptance and there is a good chance that investing in Cannabis companies will turn out to be profitable in the long run.
Those who don’t mind the risk and want to get a shot at high profits can buy Cannabis stocks through GigaFX. There are stocks of several renowned Cannabis companies available and you can select one for balancing your trading portfolio. One thing to remember is that GigaFX supports CFD (Contract for Difference) trading, which means you benefit from the movement in price of the asset and not its actual value itself. So, how does GigaFX make a profit?
Fees and Commission
The good news for traders signing up on GigaFX is that they don’t have to worry about paying any trading fee or commission on their trade. When using other brokers, traders are often worried about commission because they have to share a portion of the profit with the broker. It is usually a fixed percentage, which means the more you trade, the more the broker makes. This problem doesn’t exist when you decide to use the services of GigaFX.
The broker chooses to make its profit through the spreads i.e. the difference between the buying and selling price of the asset. It offers both fixed and floating spreads to its users and they vary for every asset that can be traded. One thing that traders should know is that GigaFX charges a fee if you leave your account inactive for at least six months. This is called the dormant account fee and it is 10 percent of your balance.
Making an Account
Since GigaFX wants to make it easy for traders to sign up on the platform, it has made the procedure to register an account quite straightforward. First, it asks you to provide some very basic details such as your full name, email address, phone number and address. But, verification of information is necessary and this can be done by submitting a form of government-approved ID like passport, driving license or your Identity Card to confirm your name and personal information.
Proof of address should also be provided and this is done by submitting a document such as bank statement or utility bill that has your address clearly mentioned. Once you have submitted these details, you will have no trouble in funding your account to start trading and you will also be able to make withdrawals when you profit from your trades.
To cater to all kinds of traders, GigaFX has provided numerous account types. Every trader has a different level of experience and risk tolerance and this can have an impact on their choice of account. For the beginners, it has provided the option of a Starter account, which comes with fixed spreads. This enables them to know how much they stand to lose or gain. Other than that, this account comes with access to the resource and education center to provide guidance to newbies. Basic training is also available and hedging is permissible through this account type. Customer service is also provided 24/5 to provide answers to any questions you may have.
If you are done with conservative trading and want to take a little more risk, GigaFX has the Silver account option with floating spreads and leverage of 1:100. You get access to a Personal account manager, the latest news and the features of the starter account. The next step is the Gold account, ideal for more skilled traders as it has access to webinars, leverage of 1:200, floating spreads, Expert Advisors and the perks of other accounts. Last, but not the least, you have the Premium account and this one is ideal for professional traders. It enables you to enjoy the complete trading experience on GigaFX because you get all tools and features.
The kind of trading experience you have with a broker depends on the trading platform being used for conducting your trades. GigaFX offers you a horde of options to choose from as per your preference. It has kept up with trends and incorporated the popular MetaTrader4 platform, which can be downloaded with ease. You will not experience any lag in trading when you use the MT4 and your trades are executed very rapidly. Likewise, a ton of tools such as charts and graphs are available to help you in analyzing the market and making smart decisions.
Some traders prefer to conduct their trades via the browser and so GigaFX has also provided the choice of using the Web Trader platform. Here, no downloads are required and you can trade the asset of your choice and still get access to a plethora of tools and educational materials that can be incredibly helpful. For traders who wish to enjoy the convenience of mobile trading, GigaFX has options for both Android and iOS smartphones, tablets and other devices. You can log into your GigaFX account no matter where you are and execute speedy trades without any hassle.
One of the biggest concerns that traders have when choosing a broker is how secure it is. GigaFX is a secure and robust trading platform and it has proven itself so by complying with the rules and regulations outlined by MiFID. They also use a strong encryption system to ensure all the personal information submitted by their clients is kept out of the hands of third parties and cyber criminals. Furthermore, in order to create a secure trading environment, GigaFX also follows the Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. This is one reason why every transaction is monitored and detailed information is needed before traders can sign up on the platform.
GigaFX is dedicated to providing all traders with the best possible experience in the market of their choice. They do not cater to a specific class of traders, but want to be a broker for everyone no matter how much experience they have under their belt. Therefore, it has created a comprehensive and in-depth education and resource center where beginners can find detailed and thorough e-books and videos written by experts that can give them the valuable advice and guidance. In addition, they also have webinars and training sessions that can be extremely useful for experienced and skilled traders because they keep them abreast with the latest news and also assist them in implementing new strategies and tactics while trading in order to reap the most benefits.
Deposits and Withdrawals
As mentioned before, GigaFX extends its services to traders in more than 60 countries. This is one of the top reasons it has chosen to offer multiple methods for funding and withdrawing from your account. The minimum deposit amount is 250 EUR/GBP if you are using your credit or debit card and several cards are supported including Visa, MasterCard, Diners, Delta, Maestro etc. If bank wire transfers are being used, the minimum amount is increased to 500 EUR/GBP and these are the only two currencies being accepted by GigaFX right now.
Traders can also use Bitcoin for making payments and withdrawals through their GigaFX account. Moreover, there are electronic payment options like Neteller and Skrill that are also offered to the traders. While deposits by most methods are instantly made, withdrawal requests need to be approved and may take a minimum of five business days.
When you sign up with a new broker, it is a given that you will have questions about different aspects and services. This is where customer support comes in and GigaFX has ensured that you don’t have to wait for a response by providing an array of methods for you to use. There is an online form on the website, an email address if that’s better for you or phone numbers are also available. The phone numbers available are for three countries where GigaFX has its offices i.e. the United Kingdom, Germany and Estonia.
Another noteworthy thing about GigaFX is that it provides its clientele with access to some of the best trading tools in the market. Having these tools in their arsenal can make a huge difference because it aids you in identifying trends and events that can influence your trading decisions as well as your profit potential.
Hence, GigaFX is a versatile broker that maintains high-security standards, supports multiple platforms, has excellent customer service and give traders of all backgrounds easy access to various global financial markets.