Once you start trading, you want to know if you can be scammed. The best way to verify your safety is to check the regulation. Is GfxRoyal regulated? Where is it based? This and much more we’ve answered in our GfxRoyal review 2021.
| Regulated by: | None |
| Headquarters Country: | Marshall Islands, Germany |
| Foundation year: | 2019 |
| Supported Platforms: | Web trader |
| Minimum Deposit: | $500 |
| Types of Assets: | FX, Crypto |
| Maximum Leverage: | N/A |
| Demo Account: | No |
- Regulation and Security
- Warnings From Financial Regulators
- In which countries does this broker work?
- Is it possible to make money with an GfxRoyal?
- Scammed by GfxRoyal?
- But what is a chargeback?
Regulation and Security
On the website of GfxRoyal is stated that the broker is owned by GFX Finance that belongs to Capital Letter GMBH. This is a German-based company that is not regulated by any regulatory body. The broker has another offshore entity in the Marshall Islands under the name Capital Letter Ltd. This entity is unregulated as well.
When it comes to the security of the funds, it remains a mystery. As many offshore brokers, GfxRoyal does not provide any information about the location of the funds and security measures. Be aware of the GfxRoyal scam!
Warnings From Financial Regulators
There is a long list of regulatory warnings against this broker.
The UK FCA listed GfxRoyal broker as a scam and warned its citizens against trading with it.
Not long after, we saw the same warnings from Belgium FSMA, Austrian FMA, and Italian CONSOB.
Even the German BaFin warned the broker last year about its CFD activities.
Based on all this, we can conclude that the broker is not safe to trade with.
In which countries does this broker work?
The broker is operating in all the countries with no exception. Since it has no valid regulation, it cannot provide financial services anywhere. However, it seems that this is precisely what it has been doing. There is no restriction. Based on the warnings, we can say that the broker is operating mainly in the UK, Italy, Spain, Belgium, Austria, and Germany.
Is it possible to make money with GfxRoyal?
When you are trading with unregulated brokers, there is always a fear. Can you make money? Can you withdraw the money? All these questions are tough to answer. Why? Because unregulated brokers don’t have anyone to supervise their activities and protect the clients.
As per our review, we’ve seen a lot of complaints about the GfxRoyal broker. Clients are saying that they cannot withdraw the money. And have nowhere to go.
This is why you should always choose the broker with a top-tier regulation such as FCA, ASIC, or CySEC.
Also, the broker provides only web trader, meaning that it can easily manipulate the trades and profits. Be aware of the GfxRoyal scam.
Scammed by GfxRoyal?
In case you were scammed by GfxRoyal, getting your money back is possible. You are not the only victim of this scam broker. And there are things that can be done. You need to file a dispute and request a chargeback.
But what is a chargeback?
It’s a way to get a refund on your card. In case you were a victim of an online scam, you are entitled to get the money back. Get in touch with us immediately, and let’s start the procedure. For your convenience, you can contact us via chat!
Is GfxRoyal a good broker?
GfxRoyal is a broker operating with no regulation. Therefore, your money is at risk when trading with this broker.
Is GfxRoyal a Scam?
GfxRoyal is a broker that is not regulated by any regulatory body. There are many warnings against the broker and its activities.
Is GfxRoyal regulated?
No, the broker is not regulated by any regulatory body.
Where is GfxRoyal broker based?
The broker has two entities. One is based in Munich, Germany, while the other one is in the Marshall Islands.
