Gtradex Review

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Gtradex Review
General Information
Broker Name: Gtradex
Broker Type: Forex
Country: Austria
Operating since year: 2008
Regulation: N/A
Address: Vienna, Austria
Broker status: Active
Customer Service
Phone:N/A
Email: support@gtradex.net
Languages: English
Availability: 24/5
Trading
The Trading platforms: Proprietary
Trading platform Time zone:N/A
Demo account: No
Mobile trading:Yes
Web-based trading: Yes
Bonuses: No
Other trading instruments: Yes
Account
Minimum deposit: $250
Maximal leverage: 1:500
Spread: Floating
Scalping allowed: Yes

CONTENT 

  • General Information & First Impressions
  • Fund and Account Security
  • The Trading Accounts
  • Gtradex’s Trading Platform 
  • Funding and Pricing
  • Trading Products at Gtradex
  • Customer Service at Gtradex
  • Gtradex Review Conclusion

 

Broker Review: Gtradex

Broker Review: Gtradex

 

General Information & First Impressions

Gtradex is an online broker with quite some experience under its belt that provides trading services on various assets. The broker was founded in 2008 and has been around in the trading world ever since. Gtradex is an Austrian broker working from Vienna, but we failed to find the exact address of its offices. And while Gtradex has been around for a while, it’s largely stayed out of the public’s eye. Our Gtradex review will help potential customers determine whether the broker is the correct choice for them.

However, for a brokerage that’s been around for over a decade, Gtradex doesn’t seem to have much to show for it. One of the first things we noticed when visiting gtradex.net was how hard it tries to promote itself. Of course, a broker is going to praise itself on its own website, but Gtradex goes too far. It presents meaningless awards and presents market data, and getting to anything of substance takes a lot of scrolling. We get that you need to make things prettier than they are, but you also need to let the service speak for itself.

Organizationally, the website is a mess as well. Product and assets are two different drop-down tabs. Product contains general asset info along with other service info, while asset contains more details regarding trading products. And overall, no matter where you click, there’s a lot of meaningless text that acts as a filler. It’s not a very impressive start to our Gtradex review, as the broker seems to lack confidence in what it offers.

 

Fund and Account Security

Safety is another huge concern for Gtradex. As we said near the start of our Gtradex review, we couldn’t find its exact address anywhere. That alone is a major warning sign, as it’s a pretty basic piece of information to provide. The fact that the broker omits it can mean various things; for example, it could be lying about its location. Whatever the reason may be, it makes it harder to punish the broker for potentially harmful behaviour.

User impressions are another massively concerning talking point regarding Gtradex’s safety. Most users seem to agree that the broker isn’t very effective at communicating. Some even state that their accounts have been drained of funds or shut down for no reason. These stories can be exaggerated, but there’s definitely a pattern of malicious behaviour on Gtradex’s side. Even other online reviews seem to agree the brokerage is disappointing both security and service-wise.

Of course, there’s also the fact that the broker is unregulated. We won’t call Gtradex a scam just because of a lack of regulation, but it’s had ample time to secure a license. And along with its other safety transgressions, things don’t look too great for the broker.

 

The Trading Accounts

Gtradex has numerous account types, with the cheapest one starting at $250. From there, each subsequent type requires a deposit ten times higher than the last, with three present in total. The odd thing is that the commissions increase as you go up the ladder, so the broker punishes customer loyalty. Furthermore, the progression is quite strange, as spreads lower to 0.1 on the second type only to jump to 0.7. So the second account provides perhaps the optimal service, but the broker’s setup is still bizarre.

With how Gtradex organized its accounts, it’s not surprising that the rest of the service is a mess. The typing reveals a pattern of strange behavior and features that actively worsen Gtradex’s customer experience. Here are some details about the account types at gtradex.net:

The Trading Accounts

Basic

  • Minimum Deposit to Start: $250
  • Maximum Leverage: 1:80
  • Minimum spread: 0.5
  • Forex, Indices, Commodities: 0 Commissions
  • Account Manager Assistance: No
  • 24/5 Customer Service: No

Premium

  • Minimum Deposit to Start: $2,500
  • Maximum Leverage: 1:150
  • Minimum spread: 0.1
  • Forex, Indices, Commodities: Commission from €3.50 per lot
  • Account Manager Assistance: Yes
  • 24/5 Customer Service: No

Business

  • Minimum Deposit to Start: $25,000
  • Maximum Leverage: 1:500
  • Minimum spread: 0.7
  • Forex, Indices, Commodities: Commission from €10 per lot
  • Account Manager Assistance: Yes
  • 24/5 Customer Service: Yes

 

Gtradex’s Trading Platform 

Gtradex set up its trading platform in the most low-effort way possible, which isn’t surprising at this point. It uses a proprietary platform without a downloadable client and possibly even without a mobile version. In the current online trading world, not having an app version of your service is a huge downside. Gtradex’s age is showing, and it’s not doing anything to keep up with the times.

Gtradex’s Trading Platform 

We talked a bit about pricing in one of the previous sections of our Gtradex review, in the account info. We mentioned it there because that’s where the broker placed it, and it’s just so strange. The spreads lowering and then jumping again, and the escalating fees scream that Gtradex doesn’t know what it’s doing. It almost seems like the broker is trying to turn away anyone but customers on a budget. But even for them, it has a low leverage cap and higher spreads than other brokers at that price point. 

To make matters worse, the broker doesn’t have amazing trading features that justify the higher pricing. Whatmore, we’d say the broker’s trading services are fairly underwhelming when you put them all together. It has none but the most basic analysis tools and lacks any educational features. All in all, the broker continues to disappoint at every turn.

 

Trading Products at Gtradex

The least bad thing about Gtradex’s service are likely its trading products. It presents them in a confusing way like everything else, but the library is pretty standard. The broker has all major trading categories and a selection of about 1,500 assets. That’s not the best ever, but it’s far from the worst. Here’s a rundown of the assets at gtradex.net:

  • Stocks
  • Forex
  • Indices
  • Commodities
  • Cryptocurrencies

 

Customer Service at Gtradex

Customer support seems to be a massive issue for the broker with a lot of traders reporting discontent. Even worse, the broker has an X under its 24/5 support field on the accounts page for the first two account types. We hope that means the support isn’t 24/5, but it might mean those customers don’t get support at all.

Customer Service at Gtradex

 

Conclusion

If you’ve read our Gtradex review, it’s not difficult to predict our final verdict. The broker is clunky and confusing to get into, with various crucial conditions hidden or difficult to find. Even when you manage to sift through everything and get to what you want to see, the brokerage doesn’t stand out. Since finding another broker is as easy as a few clicks on a browser, Gtradex really needed to try harder. It’s a minimal-effort firm, and we’re unsure how it thought it’d attract customers.

That’s without even mentioning that we can almost confidently call Gtradex a scam. The broker does nothing to make customers trust it, and has quite a poor reputation. If you value your time and money, stay away from Gtradex and find a better alternative.

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2 Comments

  1. Alice M. December 15, 2021
  2. Katrin Kortig December 15, 2021

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