Is GFM Trader a Scam?
SummaryAfter a detailed research we cannot confirm that this broker is safe. We recommend you to Proceed to Safety with Trusted & Approved Binary Options Broker. Alternatively you can Skip the content and See the Conclusion.
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GFM Trader Review
Established in 2011, GFM Trader is an online binary options broker that is based in London, UK. We have heard that this company has been established by traders so that they can understand and cater to the needs of both traders and non-traders.
GFM Trader offers a variety of assets and on their website we have also found basic learning materials that are suitable for newbies in the industry. GFM Trader aims to offer a unique trading experience and based on their statistics, we can see that they are able to offer up to 91% in payouts which seems to be pretty high. Our investigation about this broker has revealed many facts that we want traders to know before they decide to go with this broker.
Is GFM Trader a Scam?
Our investigation revealed that the broker does not have a good ranking on Google. The broker is not a scam because and one of the reasons is that they have been in business from 2011. We have also not come across major complaints that they are a scam. We can conclude that they are not a scam, but because we have managed to find only limited information about them, we cannot recommend them as a reliable broker. We are also not impressed with the claims they make about getting over 90% payout. If they were so profitable, they would have had attracted the attention of a larger number of traders.
GFM Trader’s software provider is Tradologic. We can say that the trading platform is simple to use, but it doesn’t have many features to give traders an enhanced trading experience. The platform is only web based which means traders can access their accounts from any device that has an internet connection. But the downside is that a mobile application has not yet been developed for this broker. There is a fair selection of assets to trade and GFM Trader also has some basic learning materials on their website to help newbies get started.
Account Types and Bonuses
Traders can get access to five different types of accounts at GFM Trader depending on how much they are looking to invest initially. Traders can open a Mini Account at $200, Standard Account at $1000, GFM Trader Account at $5000, GFM Pro Trader Account at $10,000 and GFM Trader Investor Account at $50,000. Traders are also eligible for welcome bonuses depending on what type of account they opt for. Bonuses range from $20 for Mini Account to 100% for Investor Account.
How to Get Started?
- Sign Up – Traders have to complete a sign up form to register with the broker. They can choose from the different types of accounts and create an account that they want to start with.
- Trade – After making an initial deposit, traders can start trading.
- Withdrawal – if profits are made, it is possible to withdraw the earnings by completing a withdrawal request form.
Deposit and Withdrawal Procedures
The deposit and withdrawal methods offered by GFM Trader include major credit cards, bank transfer, UCash and Neteller. Traders are required to make a minimum deposit of $250. When it comes to withdrawals, we believe that the limit is quite high. GFM Trader requires that traders must have at least $100 in their account to be able to request a withdrawal. Withdrawals can take up to 3 days to be processed and traders are required to provide documentation to initiate the process. One withdrawal is free every month and the others attract a 3% fee.
Customer support service is offered in English, French and Turkish. Traders can reach them via telephone, email or live chat. Although live chat support is available, they sometimes take long to reply to simply questions. This could be because they are busy handling quite a number of customers at the same time. Overall, we are not very much impressed with their customer service.