Is GIFXPrime a legit broker?
GIFXPrime is an unlicensed offshore Forex and crypto broker with a record of financial misconduct. If you have deposited money with GIFXPrime and you suspect that they are not being honest with you, you are most likely being scammed.
While it may be possible to get your money back, we suggest that you cease trading with them immediately. We’ll be explaining more about the GIFXPrime scam in the coming paragraphs.
Many regulated brokers, unregulated companies and investment firms have been found to be scams. Under many circumstances there are avenues in place that are there to protect individuals and help them to get their money back.
We can let you know how it’s possible to recover your money.
Don’t trade with a scam company. Use a regulated broker like Fortrade. Investing is risky, make sure you are protected.
Is GIFXPrime a scam?
Despite what any GIFXPrime review has told you, GIFXPrime is a confirmed scam. We don’t recommend trading with them. If you are already trading with GIFXPrime we recommend you immediately cease depositing any amount of funds with them, in particular if they are asking for a fee to withdraw your money. DO NOT PAY IT.
The GIFXPrime Scam
GIFXPrime first showed up in 2013 and is considered to be an unlicensed company with no accountability. The first and most obvious red flag regarding this broker is that they are located in Saint Vincent and Grenadines. A location that is well known for hosting Forex and crypto scams. The truth is that the actual company and its owners are not located in St. Vincent and Grenadines, but rather they are merely registered there. The owners and operators could be anywhere in the world. If you have a tip as to where they might be located please let us know.
GIFXPrime offers the MT5 (Metatrader 5) trading platform. The MT5 is common amongst legitimate brokers and scam brokers alike. It is available as a web trader and as an app for both Android and Apple mobile devices. They offer over 45 major currency pairs as well as over 40 CFD’s including commodities and indexes. They also offer the top 5 cryptocurrencies for crypto trading.
As a Forex scam broker, GIFXPRIME offers the typical scam broker account options. This includes three tiers as you can see in the picture below taken from their website. The “mini account” starting at $100, the “classic account” with a minimum deposit of $1000 and the top tier, “premium accounts” which start with a minimum of $5000 deposited into their account for them to figure out a story to tell you as they do everything in their efforts to make sure that you never see your money again.
Forex scams are usually excellent in taking money from their clients and GIFXPrime is no exception. They allow transfers through bank wire, and payments using Visa, MasterCard, Neteller, Skrill and Webmoney.
In terms of withdrawals they claim that they offer the same methods and even state that the processing time could be as little as one hour for four out of the five methods of payments. We know however that that’s all a lie, because withdrawals are not something that GIFXPrime actually allow.
Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent And Grenadines
The above address is the same as CCXMarkets a confirmed Forex scam.
Phone: +44 203 8077044
Is GIFXPrime a regulated broker?
To be clear the scammers at GIFXPrime have gone to lengths to appear as though they are a regulated company. We can assure you that they are not. Any semblance of a regulatory standing is merely a façade.
The GIFXPrime website states that investors funds are protected by the Financial Services Compensation Scheme (FSCS) up to £50,000.00 and by the Investors Compensation Fund (ICF) up to €20,000.00. The problem is that these are both blatant lies. GIFXPrime is not registered in the UK to receive any kind of protection and is not regulated by CySEC to be protected by the ICF.
You can see the false claims made in the picture below.
If you have begun trading with GIFXPrime we suggest you stop immediately and if need be, contact us regarding how to go about getting your money back. If you are looking in to trading with GIFXPrime we suggest that you don’t unless you don’t mind throwing your money away. What you should do is check out our review of Fortrade, a widely used broker that has great regulatory standing in both the UK and Australia (and Canada as well for that matter).
Should I trust an Offshore Broker?
As a matter of practice, one should not trust offshore brokers. Practically all offshore brokers are either Forex trading scams or Crypto trading scams. In the event that there is an offshore broker that is honest would be the exception that proves the rule. The reason for this is because reliable regulatory bodies such as the FCA and ASIC will not give regulation to these companies. Offshore brokers therefor do not have anyone to hold them accountable. In most cases this is the reason that the company decided to register offshore in the first place.
If GIFXPrime has done anything similar to the below items, you are most likely being scammed by GIFXPrime.
Legal Signs of a Scam
- The company or broker is not regulated.
- The company or broker is regulated by a foreign regulatory body that is not trustworthy.
- The company is regulated by CySEC. (this is not a sure sign that the company is a scam however many CySec regulated companies turned out to be scams)
- The company has had its license suspended.
Contact us by submitting your information in the form on the page. We’ll let you know as soon as possible how you can get your money back.
Behavioral Signs of a Scam
- The broker has been overly pushy in getting you to deposit your money.
- The broker does not react positively when you ask for a withdrawal.
- The broker does not allow you to withdraw your money.
- The broker has offered you or pushed you to take a bonus.
- The broker has logged into your personal computer.
- The broker is charging you to withdraw your funds.
- Trades have been placed without your consent.
- The company withdrew funds from your account or charged your credit card without permission
- The broker asked for a picture of the front and back of your credit card to be sent by email.
- The broker asked for your government form of ID to be sent in an email or on the website.
- The broker told you to place a trade and then you immediately after lost all or most of your money.
Locations that scam brokers are often found in.
If the broker that you’re dealing with is located in any of the below locations it is reason for concern, as these areas are notorious for hosting GIFXPrimes as well as Crypto and Binary Options scams.
- Let us know right away if
- The broker is located in Saint Vincent and the Grenadines
- The broker is located in Belize.
- The broker is located in the Commonwealth of Dominica
- The broker is located in the Cook Islands.
- The broker is located in The Marshall Islands.
- The broker is located in Mauritius.
- The broker is located in Seychelles
- The broker is located in Vanuatu.
Know your rights and get your money back. By filling out your information, we’ll be able to advise you right away.
If you are looking for a broker that you can trade with and feel safe because of regulatory protection, check out our latest review of Fortrade.
Looking for a regulated broker? Check out our Fortrade Review to see if they’re right for you.
Fortrade is regulated by the FCA, ASIC and the IIROC in Canada.
Disclaimer: It is not always possible to recover lost funds. Many cases of recovery scams have been reported where the victim is guaranteed to get their money back. We can assess your case and advise you right away if it’s possible to recover your money.