There aren’t a lot of companies out there that are able to continue working even after they have misled their clients for a long time. GigaFX is definitely one of them. First, we should note that this company is not regulated at all. Yet, it claims to provide trading services for the UK, German and Estonian clients. As you may know already, the European market is especially strict and demanding. Therefore, it would not be possible for a company to service the clients in the UK especially. This market is regulated by the Financial Conduct Authority, FCA for short. This regulatory body is so strict and demanding that nothing can go past them. So it’s simple, GigaFX could not be providing services legally in this country. You should keep that in mind.
We’ve created this GigaFX review so we could present you with the facts about this trading company. Then, we are hoping that you will be able to make a smart trading decision for yourself that you will be proud of. Let’s begin!
Quality of Service
The GigaFX trading platform has two options – MT4 and the web-based one. The MT4 platform type is particularly useful and engaging since it works without any delays or interruptions. You can also download both of these platforms and use them on any device, desktop or mobile. When you decide on your pick, you will be able to trade with about 50 tradeable assets including CFDs, currency pairs and commodities. This is not at all an admirable selection if you ask us. You can trade them with the leverage of up to 1:200, depending on the account type that you choose to engage with.
As for the spread, they are also depending on the account type that you choose. They can be either fixed or variable, and each one comes with the certain strings attached when it comes to risks. However, you cannot avoid risks either way in trading, so you might as well get the best out of it, right?
Speed of Response
For a company that claims to provide so many different options and benefits to the clients, they are not exactly dedicated to them. What we mean is, their customer support team is not efficient at all. They are quite difficult to reach, and they take forever to respond, if ever. This is quite discouraging for any company, but especially the one providing trading services. Since the market is always changing and evolving, it is only natural that the clients would need some extra assistance more often than not to keep up. However, it seems that GigaFX is not yet aware of this fact, which is unfortunate.
You can try to reach them only through the phone or e-mail, which they take quite a lot of time to respond. The live chat option is missing entirely, while their presence on social media seems to be non-existent.
GigaFX does not provide a lot of efficiency and dedication when it comes to this section either. Namely, they seem to be taking their sweet time to process each one of the clients’ deposit and withdrawal requests, which can sometimes take up to 14 business days. This is quite a lot, especially when you consider that there is no valid explanation to be found about what they are doing with all this time.
As we could gather from the clients’ comments and experiences, GigaFX seems to take a lot of advantage from this option. While other companies tend to make their fees as small as possible and more appealing to the clients, GigaFX has chosen a different path. Namely, the only information that you will be able to find about commissions and fees is that they could apply to some transactions. However, there are no further details on the amount or the conditions for them. We guess you should brace yourself for a grim surprise if you decide to choose with them.
As we mentioned already, GigaFX is an unregulated broker company. This means that you can never know for sure what you’re in for with them. If you happen to hit an obstacle while trading or you are scammed in any way, there is no one to turn to if you wish to resolve this. That’s why we urge our readers to always check to see if the trading company is regulated or not before diving further with them.
Variety of Payment Options
GigaFX, unfortunately, gives you only a handful of payment options to use for your deposits and withdrawals. You can use either a credit card or a bank wire transfer. However, what particularly stands out is the fact that they require a minimum of $100.000 for a withdrawal! This is the clearest proof of how GigaFX is only here to scam you, and nothing else.