Caution! Be aware of Unregulated Forex Broker GiroFX

Forex trading is a relatively quick method to earn money online. However, the risk of loss is somewhat higher when you trade a currency market. That's not just because of the market's massive trading volume or high volatility but due to obnoxious financial intermediaries who take your money and disappear. Although authorities have come up with stringent regulatory checks on the brokers over the years, unregulated entities still pose sufficient scam threats, making it necessary to alert investors to remain vigilant. Today, we discuss how a scam broker like 'GiroFX' can make your forex journey no less than a nightmare.

GiroFX - A Quick Overview

GiroFX claims to be a forex broker founded in 2010 that provides retail trading services across multiple financial markets, including forex, commodities, stocks, indices, and cryptocurrencies. Other features accessible at GiroFX are flexible account types, a proprietary trading platform, numerous payment methods, and unique bonus offers, according to its website.

Clients Feedback

GiroFX holds adverse clientele feedback. Investors have reported it as a scam firm on multiple platforms, including BrokersView. The broker is accused of numerous issues, such as price manipulation and poor customer support. What's more, the majority of clients have experienced withdrawal problems with the company.

In short, more than 87% of clients showed their dissatisfaction with the company. Below are some screenshots of the client's views about the broker.

Is GiroFX Regulated？

No, GiroFX is neither registered nor regulated anywhere in the world.

First of all, the GiroFX location is unknown. The company claims to have been located in the United Kingdom with no details. However, we cannot find any company named GiroFX in our UK FCA search. GiroFX conducting financial services in the UK is illegal.

Moreover, it has been blacklisted across various jurisdictions around the world.

The Danish Financial Supervisory Authority (Danish FSA) has warned people about the broker's unregulated activities and cautioned them to stay away from it.

How does GiroFX Defraud Clients？

GiroFX asks clients to deposit funds in their accounts, luring them into making higher returns in a short period. Moreover, the company entices clients with unrealistic bonus offers. When clients sign up with the broker, it asks them to meet specific targets to avail of the bonuses, which is nearly impossible.

According to clients, the company stays very supportive as long as you keep funding your account. However, the moment you initiate a withdrawal request, the company reveals its real face and comes up with strange reasons for not releasing your funds. Clients also claimed that you lose access to your account if you keep insisting on funds withdrawals.

Bottom Line

Scammers have been there for ages, whether you trade forex, stake your investment in stocks, or speculate on cryptocurrencies. All you need is to remain vigilant. Make sure that you sign up with a well-reputable broker.