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Published on June 14th, 2020 | by Sara Kane

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GL-FX review: Legit Forex Trader or Fake Scheme?

GL-FX is one of the online brokerage service providers that claim to offer consistent returns on Forex investments. They are basically a third-party Forex broker and they claim that the platform is suitable for investing in Forex trading without having to do anything for returns. The site claims to be using automated trading software to achieve profit margins of 200% each year. Although there are some legitimate trading robots that can assist in automated Forex trading, none of them can offer the returns that this site is offering. Therefore, they either have their own trading robot, or there is human expertise involved. As with all such sites, it pays to take into perspective whether the company has a solid trading strategy, whether they are creating any verifiable trading results as well as whether they have positive customer feedback. Another thing that will be reviewed is their claims to have awards for being one of the best trading platforms.

GL-FX has only been in operation since 2019, so they are still relatively new to the Forex market. One of the things to keep in mind is that this site is currently not operational. Although it may be a technical issue, it makes it difficult to access any contact information that they may have provided. You can visit the site at Gl-fx.net. They have not provided any registration details or physical address, although they claim to be located in the UK. Although they have a support page to contact them in case of an emergency, you should be careful as many customers have complained about not receiving any response from the support page. The fact that they are not registered, even though they are based in the UK, makes it difficult to believe that they are legitimate.

GL-FX Review

When you go on to the GL-FX site, you will be greeted with a comprehensive sales pitch that lists all the benefits that you may allegedly get from investing in this site. They claim to have approval ratings and many awards, which are listed on the site. Unfortunately, all these awards cannot be verified and one of them is dated back to 2016. As mentioned earlier, the site had only become operational in 2019, so it is unclear how they got their award. Creating an account is quite easy and they accept deposit via MasterCard. However, some versions of this site do not show any minimum deposit to begin trading, while sometimes the minimum deposit is shown to be as high as $10000. If you are lucky enough to get any profits, you will have to get it through a direct bank transfer as they do not offer much withdrawal options. They also charge a performance fee of 10%.

Strategy

If you look into the trading strategy of GL-FX, you may be disappointed. They are using the same strategy as countless Forex brokers and there is nothing new, apart from the fact that they claim to have better leverage than many other traders. Unfortunately, this increases the risk of the investment, something that is not mentioned in the sales pitch. They also make use of several trading robots, although they do not specify which one they are using, or if they have their own trading robot. This unclear strategy makes it very difficult to verify whether there is any potential benefit to invest in this site.

Analysis

  • Company: GL-FX
  • Product: Forex trading platform
  • Minimum investment: Not specified
  • Trading strategy: Combination of robot and leverage trading
  • Trading results: Unverified
  • Customer Feedback: Negative

You may be interested in looking into other similar platforms…Conomi, FX Next GenDeSeaCatch, and Crypto Omega.

Trading Results

GL-FX has claimed that they are trading in Forex for more than a year, but they have failed to show any legitimate trading results to prove this. Although a trading platform may not have the best strategy, they should at least have some verified trading results to prove that they are in operation. If you are looking for real trading results from GL-FX, then you will be disappointed.

Client Feedback

GL-FX has poor ratings in many online forums. Many customers who have tried out their service have been disappointed after losing their money. Customers are complaining that the site shows earnings that are false and many customers have complained that they were unable to withdraw their earnings. These customer complaints have even prompted many regulatory bodies to issue warnings that GL-FX is not regulated and therefore customers should be wary of this site.

Conclusion

There ae multiple reasons why you should not invest in GL-FX. The main issue is that they are not regulated. The second problem is that they have provided false information on their site and they have also failed to provide any legitimate trading results. Unfortunately, they are impossible to contact for verification and they have not even provided phone numbers or a verified address.

If you have been considering using their services, we’d recommend you to be extra cautious. Don’t forget to share your thoughts with us, in the comments section below!

GL-FX

variable

1.6

Price


0.9/10

Strategy


2.0/10

Trading Results


2.0/10

Client Feedback


1.0/10

Customer Support


2.0/10

Pros

  • They claim to be offering 200% profit margins
  • They also claim to be well experienced and offer highly efficient services

Cons

  • They seem to be unregulated
  • Their website doesn't enlist one price as a minimum investment
  • They appear to have a predominantly negative customer feedback
  • The trading results cannot be verified
  • They appear to have been blacklisted according to some reviewers


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