Gulf Brokers. Can you use them safely?
One of the brokers that you can use online is Gulf brokers. With so many questions about these brokers and if they are legal and recommended, we decided to give a full and honest review.
There are so many brokers out there that are not legit, and that is causing many traders to lose money. The more you know about a broker, the easier it will be to decide if the broker can be trusted or not. This is everything you need to know about Gulf Brokers to decide if you can use them safely or not.
More about the broker
Gulf Brokers are known as forex and CFD brokers. There are more than 60 cryptocurrency pairs that you can choose from. Making this a great opportunity for those traders that are looking for as many different pairs as possible.
Gulf Brokers are offshore brokers and situated in Seychelles. They do have a valid address, email and telephone number. But this doesn’t mean that you can now use them safely and that they are not recommended, because they have published a valid address.
Registered and regulated info
There is no proof that Gulf Brokers are registered internationally. Any broker that you want to use should be registered internationally, at a reorganized international company. This is the only way to make sure that the brokers are legit. With Gulf Brokers, this isn’t the case.
Because they aren’t registered internationally, they won’t be regulated as well. Something serious to consider. When a broker isn’t regulated, there isn’t anyone that is making sure that they are trading legally and that they won’t steal the money from traders. And, they can change the rules and regulations of trading at any given time.
Account and minimum required deposits
A problem that we found is that they are only offering one account option. Meaning that you can’t choose an account that is going to be best for you and your trading needs. There is just one account to choose from. And, there isn’t a demo account either.
With one account, the minimum required a deposit is $500. This is a lot of money to pay an offshore broker to start trading. There are brokers that have a required deposit of just $100, and then they are registered and regulated. The risks are much higher with a higher deposit.
A platform that they are using
This is the one great thing about Gulf Brokers. The platform that they are using. They are making use of MT5. This is the updated version of MT4. Yes, most people still prefer the MT4 version, but MT5 is still reliable and trustworthy. A much better choice than some of the other platforms out there.
But, just because the platform is great, it doesn’t mean that you should now be choosing Gulf brokers for trading. This is just one benefit in using them.
Payment methods dodgy
Something that is bothering us, is the payment options that they are giving all the traders. There are so many trustworthy e-wallet payment options available on the market. However, Gulf brokers don’t offer these payment methods. They only accept credit and debit card payments.
The question that you should be asking is why don’t they accept the e-wallet payments? Maybe because these payment options normally come with money-back guarantees?
A huge amount of fees payable
We all know that when we are making use of a broker when trading, there are a couple of fees that we need to pay. And, this is fine with most of us. However, this isn’t normally high fees, and there aren’t so many different fees that need to be paid when trading.
With Gulf brokers, this is completely different. You need to know that there are different fees that you will need to pay. Making your profit a lot smaller at the end of the day. And, most of the fees aren’t explained at all.
Trading regulations incomplete
It is important to have clear indications about the trading regulations about a broker. To know that you are trading within the rules. With Gulf Brokers, you aren’t getting clear trading regulations and there aren’t any clear terms and conditions either. Making it hard to know what you are allowed to do and what not.
What are regulators saying about Gulf Brokers?
We left the most important part for last. What are regulators saying about Gulf Brokers? Can you use them without any problems? No. In fact, regulators are warning against these brokers. These brokers are offshore brokers, they aren’t registered or regulated. And, the payment options that they are offering is dodgy.
These are serious things to consider, and with Gulf Brokers not registered, regulated and with other issues, regulators don’t recommend them to traders.
Gulf Brokers seem to be legit brokers. However, with further investigation, it is found that there are many irregularities that you need to know about. Irregularities that can make trading a huge risk. There are much better and more reliable brokers out there that you can use instead of a broker like Gulf Brokers that are offshore brokers and unregulated.