Updated on April 25, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Gulf FX due to the issues we've identified.
Is Gulf FX Scam or Legal Broker? ▲
Our exhaustive investigation into the Gulf FX brokerage has led us to the firm conclusion that Gulf FX is unequivocally a fraudulent entity. The safety of engaging in transactions with this broker is non-existent. During our scrutiny, we discovered that the company lacks any form of authorization or registration at its claimed address, casting a shadow of doubt over its operations and suggesting it may conduct its business from an entirely different locale than advertised.
Registered in: Bulgaria
Type of License: No License
Is Gulf FX safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
Gulf FX, operated by Golf Fx EOOD, presents itself as a brokerage registered with Bulgaria's Financial Supervision Commission. However, a thorough search of the regulator's website reveals no such record, casting serious aspersions on the company's legitimacy. Despite providing contact numbers with UK and Bahrain country codes, the firm lacks registration in either jurisdiction. Further compounding its dubious standing, Gulf FX has found its way onto the warning list issued by Hong Kong's Securities and Futures Commission (SFC), which has flagged the company for engaging with the country's residents without the necessary authorization. To acquire a Type 3 license for Forex brokers from Hong Kong’s SFC, a hefty fee of approximately $130,000 is required, alongside a minimum liquid capital of $3,000,000 - requirements Gulf FX has evidently not met.
Emphasizing the paramount importance of safety in trading, we strongly advise against opening accounts with unregulated entities. Only brokers regulated by esteemed global authorities, adhering to stringent regulatory standards, and possessing a solid reputation over their operational history should be considered for trading. Your insights and experiences with Gulf FX are invaluable to us, and we welcome any opinions, discussions, or requests for additional information regarding this broker.
Recent findings indicate that the Gulf FX website has gone offline, rendering it inaccessible and signifying a discontinuation of its trading services. This development suggests that the broker has ceased operations, reinforcing the advisement to exercise caution and remain vigilant against any future propositions from this entity.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Gulf FX Review 2024
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