|Operating since year:||2008|
|The Trading platforms:||Proprietary|
|Trading platform Time zone:||N/A|
|Other trading instruments:||Yes|
- General Information & First Impressions
- Fund and Account Security
- The Trading Accounts
- Gtradex’s Trading Platform
- Funding and Pricing
- Trading Products at Gtradex
- Customer Service at Gtradex
Gtradex Review 2021 – a Broker That Has Gone Rogue
General Information & First Impressions
Gtradex is an experienced online brokerage that provides clients trading and investing services on various assets. The broker started working in 2008 and specializes in forex and CFD trading services. Gtradex is an Austrian company and works from Vienna, although it doesn’t disclose its exact address. While the brokerage has been around for a while, it’s important for traders to have current insight into its state. As such, our Gtradex review will strive to provide you with all the relevant info you need about the broker.
And for starters, we need to say that we’re not impressed by how Gtradex looks. Its website is sort of slow and poorly organized, and the landing page is a complete mess. It’s filled with self-promotional material and you need to scroll way down to find anything of substance. That likens Gtradex to scam brokers, who also like to put emphasis on features that sound better than they actually are. For Gtradex in specific, it’s the easily forged invested capital amount and awards from dubious sources.
And even when you get to the part that’s actually informative, it’s a bit confusing. The broker has an explanation of how leverage works without even stating its max leverage. Finally, it shows some features of its trading platform, which is at least somewhat unique to the broker.
And as we said, the organization on the website is quite confusing, with products and assets being two separate tabs. The first contains info about the service (accounts, platforms, all available trading assets), while the second has info related to specific asset classes. The site has other issues, such as lacking contact and brokerage info and confusing navigation. As we said, the broker’s age is starting to show, and our Gtradex review is not off to a great start.
Fund and Account Security
Safety is another significant point of contention for the broker. It’s an unregulated company, which can only perhaps be okay for newer brokerages. Even then, it’s questionable, but for brokers with over ten years of experience, it’s untolerable. If the Gtradex were at all serious about keeping their customers safe, it’d be regulated by now.
However, some traders don’t value regulators that highly security-wise and prefer to look at company history. In Gtradex’s case, we have numerous instances of it treating its customers poorly and overall client dissatisfaction. Even other reviews have caught onto this, and Gtradex has poor security ratings all across. Many clients are calling Gtradex a scam, and while it may not be a straight-up scam brokerage, it does have predatory practices.
Our first impression lines up with that. The broker seems to emphasize qualities that sound better than they actually are. Usually, that’s part of an effort to attract investors that aren’t very knowledgeable because they’re new or uninformed. For example, the broker’s rewards come from untrusted sources, but Gtradex still displays them proudly. So that’s either a straight-up attempt at deceiving customers or a lack of industry knowledge.
Overall, it’s clear that Gtradex isn’t a secure company. It mistreats customers, and its security features are disproportionate to its age. If it were a newer broker, perhaps we’d be less harsh, but Gtradex has had ample time to get everything in order.
The Trading Accounts
The trading accounts are fairly standard at Gtradex, although they allow for less customization than usual. There are three variations, and each requires a ten times higher deposit than the previous. It starts at Standard, which has the usual $250 requirement. Unfortunately, we don’t think the broker’s setup allows for much customization. We’d like to have seen some more in-between options, as well as some more luxury choices.
Here are some of the specifications of the accounts at gtradex.net:
- Minimum Deposit to Start: $250
- Maximum Leverage: 1:80
- Minimum spread: 0.5
- Forex, Indices, Commodities: 0 Commissions
- Account Manager Assistance: No
- 24/5 Customer Service: No
- Minimum Deposit to Start: $2,500
- Maximum Leverage: 1:150
- Minimum spread: 0.1
- Forex, Indices, Commodities: Commission from €3.50 per lot
- Account Manager Assistance: Yes
- 24/5 Customer Service: No
- Minimum Deposit to Start: $25,000
- Maximum Leverage: 1:500
- Minimum spread: 0.7
- Forex, Indices, Commodities: Commission from €10 per lot
- Account Manager Assistance: Yes
- 24/5 Customer Service: Yes
Gtradex’s Trading Platform
Gtradex uses a proprietary platform, but it doesn’t even have a downloadable version from what we can gather. Furthermore, the broker doesn’t speak about a mobile platform either, which is ridiculous in the current online brokerage landscape. As we said numerous times in our Gtradex review, it seems to be an aging brokerage and is falling behind the market standard rapidly.
Funding and Pricing
You could’ve seen some of the funding and pricing info in the account section of our review. However, some of the information we outlined there seems a bit confounding. The broker’s trading specifications seem to get worse as you progress to higher accounts. It charges higher commissions to their more loyal users, which is quite an unorthodox decision.
Furthermore, the spreads start at 0.5, which is a bit higher than usual, then drop to 0.1 at the middle account, which is solid. And then you’d expect the most expensive account to go further down, but instead, they jump to 0.7. As we already said in our Gtradex review, the broker makes some absolutely confounding decisions regarding its service.
Trading Products at Gtradex
Once you get past the fact that Gtradex shows its products in a confusing way, it has a standard selection. The total number of assets comes in at around 1,500, which is nothing to write home about but not horrible. The selection includes all major trading categories. Here are the asset classes at gtradex.net:
Customer Service at Gtradex
As we already mentioned, the brokerage has quite limited contact information and contact options. It mostly includes communication via email, which can be painfully slow, as you’re already aware. Also, excluding customer support information likens Gtradex to a scam broker. Lastly, since the firm has a ton of experience, such sloppy communication is quite a significant drawback.
Lastly, we should note that the first two account types have an X under the 24/5 support tab. That may mean the support works much shorter or isn’t available at all. Whatever the case, that’s nearly predatory, as it guarantees you’ll have a tough time resolving your potential issues with Gtradex.
Gtradex Review: Conclusion
Gtradex perhaps used to be a competent brokerage but it’s either stuck in the past or has gone rogue. The security is poor, with the broker employing many malicious tactics that lower its trust score, as well as lacking regulation. However, that doens’t even result in a better trading experience, as Gtradex has a massively confusing set of trading conditions. The service seems to get worse the further you progress up the account types, which is plain nonsensical. That would perhaps be good news for budget traders, but the service isn’t good even for them.
The communication is also poor, going only via email, and so is the platform. It’s obvious that Gtradex has stopped paying attention to the quality of its service. Currently, a ton of competitors can run laps around Gtradex, and even mediocre firms beat it soundly. If you’ve been following our Gtradex review, you won’t be surprised by this poor conclusion. If you value your money and time, find a better broker.
They are insincere and sounded very rude over the phone. I regret investing money here.
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