GEMFOREX Review｜Reputation and Safety

In this article, the author of FX company with 12 years of FX history offers a harsh review on "GEMFOREX (Gemforex)"

Although GEMFOREX has some attractive parts, it is a counter-trader who does not own a financial license and is a trader with many risks and restrictions.

The official site of GEMFOREX is here

GEMFOREX Safety

They do not own financial license

"GEM-TRADE Co., Ltd", which operates GEMFOREX, is a company established by Japanese companies in 2010.

The head office is Seychelles, and the main office is located in Hong Kong. However, the board members are Japanese , and they sell MADE IN JAPAN.

Being conscious of Japanese customers, the official website is fully open-minded and secure, and it is a very good impression that the corporate philosophy and the landscape of the office are well publicized.

It has also won numerous awards.

However, the problem is that they do not have any financial license, so they are not regulated or supervised by a third party.

Leverage can be done with up to 1,000 times, and because of this lack of restraint, most of the operations are left to the autonomy of the vendors.

In other words, as a trader, you have to obey what the trader decides.

 

Client assets are separated management only

On the GEMFOREX official site, "Trust maintenance" is stated as follows.

However, this seems somewhat different from the general meaning of trust preservation.

The trust preservation scheme is that "If a vendor fails, customer assets are fully returned through a third party."

When asked "Is the company asset and the client asset clearly segregated, and in the event of failure the customer asset will be fully refunded?", this is what they replied with.

In other words, we have not stated that "full return" is guaranteed.

Since there are many vague parts such as the names of financial institutions to which trusts have been issued and no financial licenses, there are no responsibility for holding assets.

 

GEMFOREX Reviews

Let's look at the word of mouth and reputation.

 

Strict evaluation in Japan as a whole

User reviews

今週はずっとGEMFOREXでトレードしてるけど、毎日入金ボーナス対象者になってる。

— よっし～@FX以外の方が好き (@fxmd1022) 2018年6月15日

GemForex使ってる人増えてきたけど、1000倍だしスプ1.2ってのは魅力的ですね☺　XMが1.8って海外だと普通だと思ってたけど結構低水準だったわ。調べたらもっと低いスプの海外業者結構あるじゃん。情弱でした。

— たけるっ (@takeru_fx) 2018年6月9日

今月はデモ口座で修行しよーっと(๑>◡<๑)
と思ってデモ口座開設してみました。
・
gemforexって、出金は月に一回無料でそれ以降は4000円くらいかかるの？高くね？

— xiaoxi (@hopeontheshore) 2018年5月2日

僕がＦＸを始めた頃は国内でユーロ円のスプ２．０でスキャしてましたが結局退場を繰り返していてドル円に乗り換えました
今はGemForexを使っていてドル円１．３なので多少楽ですが秒スキャは無理です
昨日からかなりの回数抜いていたので目をつけられないか心配です

— 冷やしカレー (@curry_4545) 2017年9月21日

2017.5/26　20：15　ラビ企画海外口座状況
★20時すぎに、GEMFOREXから、メールの返信が届きました。😊
その内容には、1日のチケットの上限が30LOT　と明記されていて、
ラビが、昨夜から、その上限枚数を越えてしまたから制限がかかっていた模様です。
いま解除され pic.twitter.com/H7RTY4FWa1

— sourire d’ange (@Iavictoire_fx) 2017年5月26日

 

Although there were comments saying "GEMFOREX is risk free!" etc, but as it is a commercial purpose affiliate, so please ignore this kind of thing.

There is always a risk regardless of where you use it.

Overall, it is an impression that there are many harsh evaluations.

Worried about whether they could withdraw the profit from scalping, lifted the transaction limit due to reaching the upper limit Lot number, worried about the excessive deposit bonus system, and the high withdrawal fee, etc.

This will be explained in more detail later.

 

Features, Pros and Cons of GEMFOREX

 

No spread account has low transaction cost but has disadvantages

The trading form of GEMFOREX is the DD method (full trade with a vendor).

There are two types of accounts: regular all-in-one accounts and no spread accounts with narrow spreads. (No spread account may limit opening of new account)

Both accounts have a common currency pair of 33 stocks, but their leverage is up to 1,000 times!

Since the minimum transaction unit is 1,000 currencies for All-in-one account and 10,000 currencies for no-spread account, the necessary margin will be at least a few hundred yen.

Swaps are cheap, so they are not suitable for long-term trading, and they are suitable for short-term trading with small funds.

GEMFOREX spreads are basically based on a variable system, but in the case of major currencies, they are mostly fixed with very narrow spreads.

Moreover, the transaction fee for all accounts is free!

The total cost of a no-spread account is one of the lowest in the industry, given the same level of other accounts, with transaction fees occurring between $3 and $5 per way, per 10,000 currency.

All-in-one accounts are less expensive than other companies.

However, please note that no-spread accounts can not be traded automatically using EA, and they are dedicated trading accounts.

In addition, conditions for scalping are strict, and it is necessary to pay attention to account freezing, profit freezing, etc.

Please note that non-trading accounts will be penalized as "Account Maintenance Cost, Account Type Forced Change, Bonus Cut, Account Freeze".

Although GEMFOREX has good trading conditions, it can be said that it has many restrictions.

 

The original automatic trading "mirror trade" is for beginners

The trading tool is high-performance platform "MT4".

As there are many FX vendors that use MT4, it can not be said that it is the merit of GEMFOREX so much.

However, Mirror Trading offers 100 types of strategies (automatic trading programs) free of charge and does not incur any extra costs such as investment advisory fees. The spread is also normal.

It depends on the strategy and market you choose, so it's hard to say in general, but it would be a good condition for a trading beginner to start trading.

It is easier than automatic trading using MT4's EA (Expert Adviser).

Both MT4 and Mirror Trading can be used with a demo account.

 

Support is acceptable, deposits and withdrawals require attention, asset protection is a bit uneasy

Customer support is usually email only, but in some cases you may be contacted via phone or Skype.

For FX dealers, it can be said that it is very normal support.

There are a wide variety of deposit and withdrawal methods, and there is also a nice service that will refund the bank transfer fee, but the conditions for the minimum deposit amount and withdrawal fee are severe, so we need to be careful.

We use segregated management to protect our client assets.

However, we do not know if customer assets will be fully refunded in the event of a vendor failure.

As mentioned earlier, the lack of a financial license and the lack of regulations or systems to support asset protection are also disturbing factors.

 

From GEMFOREX account opening to deposit and withdrawal

Necessary items are ID card, address card, selfie

Opening an account is very easy and takes about 5 minutes.

However, please be aware that you will need to submit the following identification documents by the time you withdraw the funds.

You should not make a payment until your identity verification is approved, considering the case when the documents become incomplete.

You can use a driver's license or passport on time, a public address receipt on a utility bill within 3 months of issuance, and a bill for a credit card company or a mobile phone company.

③You can take a photo as if you're taking a selfie

The procedure for opening an account is as follows.

Account opening procedure

 

 

 

 

 

 

 

 

 

 

There are many ways to deposit and withdraw money, but the conditions for withdrawal are strict

 

GEMFOREX is very rich in payment methods, and deposit and withdrawal fees are basically free.

Commonly used credit cards, domestic bank remittances, and web money such as mybitwallet are all supported, and you can deposit with bitcoin, ethereal, and renminbi.

Withdrawals are only Japanese yen and bitcoins.

If you can use "PayPal" or "MEGA TRANSFER" during maintenance, you have more options, but it's a bit confusing to know what is the best?

Therefore, we compared the minimum deposit amount and the reflection time.

 

If you want to make a quick deposit, a credit card that can be reflected immediately, WEB money, and virtual currency would be best.

However, the minimum payment amount is approximately 5,000 yen to 10,000 yen.

Bank transfers that can be made from 1 yen are convenient for small deposits that are not urgent.

The reflection time is based on GEMFOREX and the business day of the financial institution.

Be careful because it takes several days to withdraw.

Please be aware of the following points regarding deposits and withdrawals.

Conditions of deposit and withdrawal are quite strict.

Bank transfer also has the following advantages and disadvantages.

It is appreciated that the transfer fee generated by the bank will be borne, but the conditions for the withdrawal fee are severe.

It would be better to go out with a well thought out plan.

 

The payment procedure is as follows (the withdrawal procedure is almost the same).

Payment procedure

 

GEMFOREX Terms and Conditions

There are as few as 33 currency pairs

The currency pair is 33 stocks.

Besides this, there are also XAU/ USD and XAG/ USD handling.

The transaction units are all-in-one accounts with 1,000 currencies (0.01 Lot) and no spread accounts with 100,000 currencies (1 lot), and the maximum trading volume is 3 million currencies (30 lot).

There are very few kinds compared with other forex companies, but there is no problem in particular as popular stocks are handled mostly.

 

Spread is general and total cost is super cheap!

All-in-one account

 

No spread account

The above is a reference value for spreads published by GEMFOREX.

This is confusing even if you look at it, so if you compare the total cost of this spread and the transaction fee with other companies, you can see how cheap the transaction cost of GEMFOREX is.

 

Basically, other companies' standard accounts are the same as the GEMFOREX all-in-one accounts, with the same DD method and fee-free account.

However, in GEMFOREX, the spread of the major currency is almost fixed, and the spread of other companies fluctuates considerably.

Depending on the timing, at this point the GEMFOREX All-in-One account has lower transaction costs than other companies' standard accounts.

On the other hand, the account for seniors that each vendor prepares is

And the conditions are very different, and depending on whether you emphasize transparency or emphasis on cheap / stable transaction costs, you can not simply compare.

However, the GEMFOREX no-spread account at this point is a cheaper transaction cost than other companies!

However, GEMFOREX declares no requotes and no rejections, but it can not be said to be zero because it is a DD trader.

You need to be cautious with stop hunting and spread expansion.

 

Swap points are too small and not suitable for long-term trading

Swap points are quite disadvantageous compared to other companies.

Because the amount is small and there are many negative swaps, it is not suitable for long-term trading.

 

Zero cut adopted, no additional certification

Margin call maintenance rate is 55%, loss cut is margin maintenance rate 50%.

In addition, it corresponds to the zero cut system.

Even if the loss cut is not in time due to sudden fluctuations in market prices and the account balance becomes negative, there is no need for additional certificates or additional deposits, and the account balance is reset to zero.

Margin call mail will not be sent, but if the margin maintenance rate falls below 110%, the MT4 "Terminal window → transaction tab → balance / necessary margin / surplus margin" column will be displayed in red.

 

Be careful with the terms and conditions violation fee and transaction restrictions!

Since GEMFOREX is a counter trade, "Customer profit is vendor loss, customer loss is vendor profit".

Therefore, extreme trading styles are penalized.

It is necessary to trade so as not to violate the terms of use, and be aware that penalties such as violation fee, transaction limitation, profit freezing and account freezing may be received.

The breach fee is as high as $ 20 per round trip.

Major violations include malicious acts using zero cut bonus loopholes, extreme scalping and arbitrage.

As we extracted parts that you want to be particularly careful in the terms of use, please refer to below.

 

 

GEMFOREX's trading tools and apps

There are two types of trading tools: MT4 and Mirror Trading

MT4 is an unsurpassed high-performance tool adopted by many forex vendors, which allows discretionary trading and automatic trading by EA (Expert Adviser).

There is also a smartphone app, which is useful for trading on the go.

The specs are slightly different in each company, but please refer here.

 

Mirror Trading is a strategy-based automated trading tool with no investment advisory fee or other cost, and it is a big advantage that all strategies can be used free of charge.

The name is similar, but the famous one is the platform called "Mirror Trader" developed by Israel's Tredence company.

Both EA and strategy are automatic trading programs, but rather, automatic trading using strategies is more suitable for beginners.

Mirror Trading also has a popular ranking, and the operation results of the strategy are also disclosed.

In addition, if the public is to develop a strategy to reverse, get the SP reward of 0.5 pips per trade of traders using the same, also Signal Provider program is very attractive.

The platform is a browser type and is used by logging in to My Page.

The flow of mirror trading as follows.

How to use mirror trade

 

 

 

GEMFOREX customer support

Basically support is email only

Customer support is basically email, but its strength is that it allows us to provide flexible support by telephone, Skype, if you wish.

 

GEMFOREX's information service

No market information or seminars

GEMFOREX does not provide services that support trading, such as market information and seminars.

 

GEMFOREX Campaign Bonus

GEMFOREX is an active supplier to the campaign.

Because it is held irregularly by a method such as a limited time or a lottery, the prize mainly has many luxurious deposit bonuses, so if you use it well, you can significantly increase the amount of former funds.

(No spread account is not eligible for bonus)

¥10,000 account opening bonus

It is an account opening bonus for a limited time and no payment required.

By opening an account during the period, you can get a bonus of ¥10,000.

As it is a campaign that starts suddenly, those who are considering opening an account are required to check the official site.