Note: GPFX official site - https://www.greenpowerfx.com is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is GPFX？
GPFX is a financial trading platform that specializes in forex trading. They offer four types of accounts to cater to a variety of trading needs and budget capacities: Micro, Standard, ECN, and ECN Pro, with minimum deposit requirements ranging from $10 to $2500. However, it currently lacks valid regulations and its website is unavailable.
Pros & Cons
GPFX caters to a range of traders' needs with its diverse account types, Micro, Standard, ECN, and ECN Pro, each requiring varying minimum deposits and providing differing spreads and commissions. This tailored structure offers flexibility, accommodating different trading strategies and capital capabilities.
However, GPFX's lack of valid regulation is a substantial drawback. Regulatory oversight ensures that platforms operate within numerous laws and standards, safeguarding the interests of traders. The unavailability of the GPFX website raises credibility concerns and limits access to important operational information. Lastly, while email support is valuable, the absence of other customer service avenues such as live chat or phone support could reduce the efficiency of problem resolution.
Is GPFX Legit or a Scam？
When considering the legitimacy of a trading platform, having valid regulations, and a functional website are fundamental indicators. With GPFX, it's concerning that the platform currently lacks any valid regulations. This absence of oversight might pose a risk to client's investments, as regulatory bodies exist to ensure that trading platforms adhere to established laws and standards, thereby assuring the security of traders' funds.
Additionally, the absence of a functioning website for GPFX raises serious questions about its credibility. A well-maintained, accessible website serves as the main source of information and a key contact point for legitimate online businesses.
Given these glaring issues - the absence of any regulatory oversight and an inaccessible website, aspiring investors must remain cautious while dealing with GPFX. It's crucial to carry out diligent research into a platform's legitimacy before investing funds. Opting for platforms under the purview of renowned regulatory bodies can offer additional security and peace of mind.
Market Instruments
GPFX's primary focus appears to be forex trading. However, due to the unavailability of their website, concrete information about their full range of market instruments is unknown.
Account Types
GPFX offers four types of trading accounts tailored to cater to the varying needs and capacities of traders.
The Micro account, targeted at novice traders or those with smaller trading capital, requires a minimal deposit of just $10, making it highly accessible. The Standard account, often preferred by intermediate traders, asks for a higher minimum deposit of $500.
For more experienced and high-volume traders, GPFX provides the ECN and ECN Pro accounts which require significant minimum deposits of $1500 and $2500 respectively. These accounts tend to offer more sophisticated features suitable for advanced trading strategies.
Spreads & Commissions
GPFX implements a diverse structure for spreads and commissions across its array of account types, optimizing cost structures for different styles of trading.
For the Micro and ECN Pro accounts, spreads commence from 2.0 pips. This spread allows traders using these types of accounts to maintain an understanding of the potential costs per trade. For the Standard account, spreads start from a slightly lower 1.4 pips, potentially providing slightly lower transaction costs. However, in the ECN account, GPFX offers spreads from as low as 0 pips; an enticing offer for high volume traders.
On the topic of commissions, both the Micro and Standard accounts result in no commissions charged. In contrast, traders using the ECN account will have to consider a commission fee of $10, decreasing to $7 for the ECN Pro account.
Customer Service
Customer service is a critical element of a financial trading platform, offering crucial support to its users, and GPFX makes it accessible through email at support@GPFX.co. While the provision of email support is a good start, other methods of customer service such as phone support and live chat may ensure a more comprehensive support system, which appears to be lacking at GPFX.
Conclusion
In conclusion, while GPFX may be attractive to some traders, specifically forex specialists, due to its range of account types with varying deposit requirements and its focus on forex trading, there are critical concerns to bear in mind.
The absence of valid regulation denotes the potential risk associated with entrusting funds to this platform. Furthermore, the unavailability of their website makes it difficult for potential traders to access vital information about the platform's offering and legitimacy. The limited customer service avenues and undisclosed information about tradable assets could potentially deter informed decision-making and efficient query resolution.
Therefore, potential clients considering GPFX should proceed with caution.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
