GigaFX Broker Summary
- Overall Rating
With high quality safety measures, variety of account types, cannabis stocks and cryptocurrencies trading, GigaFX is one of our top recommended brokers. GigaFX might be one of the best options for you.
GigaFX Broker Review
There is no dearth of brokers on the internet today. When you want to be a trader, you can easily pick one of the online brokers, open an account, fund this account with an initial deposit, and start trading real assets. Of course, there is a huge competition among online brokers. Every broker is trying to be unique and offer something special to its brokers. GigaFX is just one of those brokers and its recent popularity has definitely worried its competitors. However, what matters the most is what traders get from the broker when they sign up with it.
While a lot of the features offered by GigaFX are similar to those offered by other brokers, the following four features of this broker set it apart from the rest. Let’s take a look.
The Four Things Making GigaFX the Best Broker
1. Safety Measures
There is no doubt that almost every broker talks about security, but only a few are serious with it. You don’t have to trust the claims of the brokers. A visit to the website of the broker should give you a better idea of how good the security for the traders is. When it comes to GigaFX, it has proved to be one of the best brokers. It takes care of the interests of its traders in every possible way. The first thing you have will see when you start the signup process with the broker is the KYC policy. KYC stands for Know Your Customer. The first element of this policy is proper identification of every customer.
With proper identification, the broker makes sure no illegal entities are even able to open an account on the website. The company also monitors the transactions of the traders to keep track of any abnormal and conspicuous transactions. In addition to that, GigaFX also has an AML policy wherein AML stands for Anti-Money Laundering. With a strong KYC policy, the broker also makes sure that no person who wants to launder money is able to open an account. The broker engages in all the security activities that help it identify that the trader is not a terrorist or anyone who is trying to launder the money that has been made through illegal means.
This is an important thing for every trader to understand. If a broker is letting the money launderers on its platform, it is a clear indication the broker is not serious with its business and the rest of the traders. Money launderers can bring in a lot of money. However, all of this money is earned and brought in through illegal means. The broker knows it well and by not having strict identification procedures, it creates a gateway for the money launderers to accumulate their money. When the broker is making millions from money launderers, it will not care much about the new traders who don’t have more than a thousand dollars in their accounts.
GigaFX also ensures that your money is safe. For that reason, all the money deposited by traders in their accounts is maintained in separate accounts. You might not know but there are brokers who deposit the funds of the traders in their company accounts. This is not a safe practice and can create a lot of problem for the traders later on. To make things safer, it also ensures that you are able to use the safest methods to deposit and withdraw your money. You cannot cash into your account or send money orders. You cannot use services like Western Union either because they are unsafe and the best methods for money launderers to accumulate wealth.
2. The Account Types
Every online broker tries to come up with several different account types. The purpose of creating many different accounts is to give something to each type of trader. If you are a new trader, you will find an account just right for you. If you are an experienced trader, you will find an account with features that suit you. However, not all the brokers are able to do justice with their traders. In many cases, there are huge differences in these account types, and as a basic account folder, you feel deprived of many features that are available to the advanced account holders.
If you don’t know, many brokers will even limit your access to certain trading platforms based on the account type you choose. For example, they might let you access MT4 with a basic account and MT5 with only an advanced account. You don’t have to face any issue like that when you sign up with GigaFX. Whether you pick a basic account type of an advanced account, you will get access to all the different trading platforms. In addition to that, the basic training and assistance from a personal account manager is also available with every account type. There are definitely some differences, but none so big to make the basic account holders feel deprived.
With the most basic account, the spreads are fixed whereas they are floating with all the other account types. The importance of fixed spreads is that you don’t have to do any guesswork on how much profit you will make on your trades and how much money you will lose. It is best to stay with fixed spreads when you are new to trading. Floating spreads are good when you have learned the art of trading to some extent. In addition to that, you will receive up to 1:100 leverage with the basic account types. This leverage can be as huge as 1:200 with advanced accounts.
As a new trader, you might end up using leverage to your disadvantage. Even the 1:100 leverage is quite huge and will let you control big trades that are otherwise not possible with your initial deposit in the account. Many brokers prevent you from hedging but there is not limit on this technique when you sign up with GigaFX. With Hedging, you can minimize your risks and reduce your losses. The knowledge center access is also given to all the account holders. In this way, GigaFX has made sure that it caters to the needs of all the different traders without making one disappointed. The features available to the new traders are good enough to help them get on a path that leads to a successful trading career.
3. Cannabis Stocks
New traders are always looking for new markets where they can invest their money and get some good returns. The conventional markets are already quite saturated and leave very little space for the new traders to fit in. Moreover, most of the brokers don’t even offer anything other than the conventional asset index. Most of them are giving you access to assets like commodities, metals, energies, traditional stocks, indices, forex currencies, etc. They don’t add new markets to their asset indices because doing so poses some risks to them. On the other hand, you have GigaFX giving you access to the cannabis stocks.
These are the stocks of the companies that are dealing in different types of cannabis companies. These companies started selling their cannabis based products as soon as this herb became legal in the US. Today, you have almost any product that you can think of available with cannabis as the main ingredient. From creams that you can apply topically to tinctures and oils that you can add to your drinks and foods, you will find hundreds and thousands of different types of products based on cannabis. Keep in mind that these are completely legal products that you can easily buy and sell if you want. The companies selling these products are the pioneers of this industry.
For the fact that this industry is new, you will see some volatility in it. However, this volatility can be used by the traders to make big profits. The only issue is that most of the brokers are not giving you access to this market in the first place. You only have GigaFX with a completely separate list of stocks that belong to the companies that sell Cannabis based products. These cannabis companies provide their solutions in many different forms and their services are only getting popular with the passage of time. You should also know here that as researchers discover the many undiscovered benefits of CBD, these companies will only get better with time.
There is a huge list of only cannabis stocks available on GigaFX. Some of the stocks that you can trade after signing up with GigaFX include some big names like Tilray Inc., GW Pharmaceuticals, Aurora Cannabis Inc. etc. These are some huge stocks that might not seem big today but they can give you a huge return in the coming days. Signing up with GigaFX is your only way to invest your money in these stocks. You can take advantage of the huge leverages made available to you by GigaFX to control more of these stocks. If you are able to sort out the most potential ones, you could end up making millions in the future with these stocks.
It is important to know at this point that when you sign up with GigaFX, you are going to be trading CFDs. CFDs are a type of contract that let you invest your money in just about any asset that you can think of. When you are in the stock market, you can only invest your money in stocks. On the other hand, if you are in the stock market, you trade forex currencies alone. What if you want to trade forex currencies, stocks, indices, commodities, energies, etc. all at the same time? That’s when you sign up with a broker like GigaFX. From the same platform, you will be able to access all of these assets.
The most important thing is that when you buy the CFDs of these assets, you don’t really buy the asset. You are only buying the contract without owning the stock itself. This means you are not bound to sell or buy the stock at the given date when your contract matures. You are just entering the trade based on the increasing or decreasing value of the asset in the coming days. That’s what makes trading CFDs beautiful, i.e. you can trade assets even if they are going down. Now, you will be able to trade cryptocurrencies CFDs from the GigaFX platform. The cryptocurrency market is new just like the cannabis stocks.
Cryptocurrency market is often considered the riskiest market because of the way the prices of cryptocurrencies fluctuate. However, volatility should never be a reason to not let a trader trade in a particular market. Considering all the pros and cons, GigaFX has brought cryptocurrency market at your disposal. You will be able to trade some of the best cryptocurrencies in this market when you are with GigaFX. In addition to that, you can enjoy some leverages as well so you can control big trades. Not to mention, GigaFX is one of the rarest brokers on the internet that let you use your personal bitcoin wallet to deposit funds in your account. This means you don’t have to convert your bitcoins into some other currency before depositing funds in your account. You can just transfer them directly from your crypto wallet and save the money that you would otherwise lose as a result of exchange rates.
When it comes to security features and account types, you might find some good options competing with GigaFX. However, you will have a hard time finding a broker that provides cannabis stocks and access to the cryptocurrency market. It is because of this fresh approach the new traders are loving GigaFX and the count of new signups is increasing exponentially for the broker. Not to mention the convenient features and amazing trading conditions for experienced traders as well. if you are looking not just for a trading career but an opportunity to invest in new markets, GigaFX might just be the best option for you.