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.
- GEMFOREX Safety
- GEMFOREX Reviews
- Features, Pros and Cons of GEMFOREX
- From GEMFOREX account opening to deposit and withdrawal
- GEMFOREX Terms and Conditions
- GEMFOREX's trading tools and apps
- GEMFOREX customer support
- GEMFOREX's information service
- GEMFOREX Campaign Bonus
They do not own financial license
|Operating company |
|GEM-TRADE Co.,Ltd |
(Head office: Seychelles)
(Main office: Hong Kong)
|Representative||Managing director: Keith Fitzwilliam |
Director: Junichi Aoshima
Director: Masaaki Ueda
Director: Yuji Todoroki
|Established||July 25, 2010|
"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.
The trust protection of the same amount of funds as the customer's operating funds is carried out.
Source: GEMFOREX official site FAQ
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.
Company assets and client assets are not managed separately at a financial institution, but the same amount of funds as the customer's operating funds are maintained (sorted storage) at the trust bank of the alliance.
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.
Let's look at the word of mouth and reputation.
Strict evaluation in Japan as a whole
— よっし～@FX以外の方が好き (@fxmd1022) 2018年6月15日
— たけるっ (@takeru_fx) 2018年6月9日
— xiaoxi (@hopeontheshore) 2018年5月2日
— 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
— 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
|All-in-one account||No spread account|
|Transaction cost||Account Creation |
|Terms and conditions||Transaction form||DD method|
|Leverage||Up to 1,000 times|
|Currency pair||33 stocks (currency only)|
|Minimum transaction unit||1,000 currency |
|10,000 currency |
|Maximum trading volume||3 million currency |
|Order process||One click, market, limit, stop |
|Trading tool||Computer||MT4 (Windows・Mac) |
Mirror trade (general purpose)
|Fund management||Margin call||55％|
|Deposits and |
|Minimum deposit amount||¥100||¥300,000|
|Asset protection||Separation management||△|
|Others||Depending on the case |
Telephone, Skype available
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.
- Identification card image data
- Address certificate image data
- Large clear picture of ID card and the person together
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
- Account number
- My page login password
- Transaction Tool Login Password (Normal)
- Transaction Tool login password (read only)
There are many ways to deposit and withdraw money, but the conditions for withdrawal are strict
|Method of deposit and withdrawal||Possible currencies||Fee|
|Deposit||Credit card||Japanese Yen、US Dollar||Free※|
|Bank transfer||Japanese Yen|
|Perfect Money||US Dollar|
|Others||China domestic bank||Chinese Yuan|
|PayPal||Japanese Yen、US Dollar|
|MEGA TRANSFER||Japanese Yen、US Dollar、Chinese Yuan|
|Withdrawal||Bank transfer||Japanese Yen|
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.
|Method of deposit and withdrawal||Minimum deposit amount||Time frame|
|Domestic bank transfer||¥1||Immediately after |
|Withdrawal||Overseas bank transfer||¥1||3～5 business days|
|mybitwallet||1～3 business days|
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.
Benefits of bank transfer
GEMFOREX bears the transfer fee and foreign currency handling fee for bank transfer payment. It is refunded by contacting us by email an image that shows the amount of the fee.
Disadvantages of bank transfer
The withdrawal fee by bank transfer is free until once a month. Withdrawals after the second month of the month are uniformly 4,500 yen if it is less than 200,000 yen, and 2% of the commission of the amount of money is incurred if it is more than 200,000 yen.
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).
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!
|Currency pair||Reference spread |
|Currency pair||Reference spread |
No spread account
|Currency pair||Reference spread |
|Currency pair||Reference spread |
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.
|No spread |
|Transaction fee |
|Nano spread |
|ZERO account |
|Transaction fee |
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
- GEMFOREX no spread account: DD method · fee free · spread almost fixed
- is6com Pro account: DD method · Fee free · Spread almost fixed
- iFOREX: DD method · Fee free · Spread fluctuation
- AXIORY Nano Spread Account: ECN Method, Fee One Way $3 Spread Change
- XM ZERO account: ECN system, commission one way $5, spread fluctuation
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
|Currency pair||Long |
|Currency pair||Long |
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.
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.
Article 12 (Prohibited act of user)
In order to use this service, users must not do the following: If any of the following acts are found, the service may be suspended or deleted unconditionally, and the reward may be frozen. In some cases, legal action will be taken. The Company shall judge the presence or absence of prohibited acts, and shall not require the user to explain the contents and grounds.
- Depositing to two vendors (or multiple vendors) and conducting double-denominated transactions (including same currency pairs and highly correlated currency pairs)
- Conducting double-denominated transactions in our company's multiple accounts (including same currency pairs and highly correlated currency pairs)
- The third party repeatedly pays and trades at the same timing and withdraws at the same timing
- A transaction that is considered malicious only at the time of economic indicators, at the time of US employment statistics release, and when the market price changes rapidly, such as government or central bank intervention.
- Trading in large lot numbers without prior contact
Article 20 (Regarding cancellation/return/refund)
We can not accept any responsibility or refund for losses caused by the account opening user. All shall be used under the judgment and responsibility of the user.
Article 12 If you fall under the prohibited act of the user, you may not be able to authorize withdrawal, and the user shall not claim any significance. Also, in that case, for the principal received, we will deduct a refund for the Terms of Service violation fee(*). However, if the principal is lost at the time of discovery, the principal will be 0 yen, so refund processing can not be performed. In this case, the profit for trading with the bonus grant will not be the principal. *The Terms and Conditions violation fee is set at $20 for each round trip.
About No Spread Account
Source: GEMFOREX Guidelines
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
|Others||◯||In some cases, phone and Skype support
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.