GigaFX is a trading company that claims to have offices in the UK, Germany and Estonia. However, there are many things wrong with this statement. For starters, for a company to be allowed to provide trading services in the UK, they would have to own a UK-based licence. The Financial Conduct Authority (FCA) is one of the most reputable regulatory bodies for this part of the world, and their licence is quite difficult to get. GigaFX does not own this licence, so it is a stretch to claim that they are providing service in the United Kingdom.
That’s why we created this GigaFX review – so we can help you make a clear distinction between the facts and the misleading claims they tend to use to lure you in. Keep reading to find out how exactly they do that.
Quality of Service
The overall design of the GigaFX website is quite appealing to the eyes. It loads instantly and without any trouble, which is standard for the MT4 platform. There is also the web-based option, so you can choose either, depending on which you find the most suitable. No matter which one you choose, you will be able to trade with around 50 currency pairs and a few of the CFDs and cryptocurrencies. This is quite a modest selection in our opinion.
These assets are available for trading with a leverage of up to 1:200. This is quite high, especially compared to industry standards. As for the spreads, they can be both fixed and variable, depending on the account type you choose to trade with. However, a lot of the clients encountered strange and inexplicable changes in spreads as their trading journey progressed. We tried to find out what the deal is here, but we did not have much luck. It is clear that GigaFX tends to hide a lot of important information.
Speed of Response
GigaFX does not have a particularly helpful staff within its customer support team. They are only available through the e-mail and the phone, which is reserved only for the clients from the United Kingdom and Australia. Last time we checked, GigaFX is not even available in Australia, so we are not exactly sure what is the deal here. With the channels of communication that they do have, you can expect a reply within a few business days, which is quite a lot to ask from the clients.
GigaFX does not provide a lot of information about their transaction times, which is quite disappointing. What we’ve gathered from the experiences of other clients is that they take a lot of time for processing each deposit and withdrawal request. This doesn’t necessarily have to be a bad thing, but at GigaFX there is no guarantee about what they actually use that time for.
The withdrawals seem to be taking a particularly big amount of time to be processed – up to 15 business days! Who has the time? Furthermore, they claim that they need 5 days to verify your information and another 10 to actually make the withdrawal happen. This is particularly damaging and unnecessary.
When it comes to commissions and additional fees, GigaFX is quite vague about this feature as well. Namely, if you visit their deposit and withdrawal page, you will only find a brief claim that the additional commissions and fees may apply on certain requests, but they are not specifying which ones or how big they can go. This is unacceptable.
As you might have gathered already, GigaFX is not a regulated broker. They tend to hide this fact by listing all the countries in which they are successfully attracting clients, which include the UK and Australia. However, the company is actually based in the Dominican Republic and does not hold any type of licencing, which is why we will take this information with a grain of salt.
Variety of Payment Methods
The minimum amount that you are required to deposit if you wish to trade with GigaFX is $250, which is quite a lot. In addition, the withdrawals take a lot of time to be processed, but that is not even the worst of it. Namely, the bank wire transfer option requires a minimum of $10.000 for a withdrawal! Overall, GigaFX is quite a demanding company, that does not give a lot in return to the clients.