GBE Brokers Review – Is The Broker Transparent In Its Services?
GBE Brokers is another Cyprus-based Forex broker that has its own distinctive advantages and disadvantages, which make it extremely hard for traders to make the decision whether or not to invest in the company. GBE Brokers have been around since 2013 and has been a steady performer in the financial markets without any major surprises. Of course, as a trader, it is vital for every individual to get their money’s worth while choosing a Forex brokerage, which is why we have devised this detailed GBE Brokers Forex review for your consideration.
How Is GBE Brokers Regulated?
GBE Brokers is a Forex trading company that is located in Limassol Cyprus, which brings it under the extensive regulatory oversight of the Cyprus Securities and Exchange Commission (CySEC). CySEC is one of the most accomplished regulatory agencies in the entire Forex market, which is responsible for regulating all non-banking financial companies operating in the country according to the rules set forward by the ECB and the European Markets in Financial Instruments Derivatives (MiFID). Cyprus is an integral member of the European Union, which allows Forex brokers domiciled in Cyprus to offer its services throughout the EU under the European Economic Area (EEA) agreement. GBE Brokers has to follow all the numerous regulatory policies and guidelines that are issued by the ECB and the respective EU authorities from time to time. Even in the rare circumstances that the CySEC fails to implement any regulatory policy, other European regulators may step in to ensure compliance. Under the European derivatives, GBE Brokers is liable for prosecution and penalties by the CySEC, as well as any other organization, thereby increasing the amount of safety and security for traders.
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Multi-asset platform for trading Forex and CFDs.
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The High Barrier Of Entry For A GBE Brokers Account
GBE Brokers stipulates a minimum deposit of €1000 for its trading accounts, which is comparatively higher than normal deposit options at other mainstream brokers that allow clients to deposit as little as $5. Regardless of the higher barrier of entry, GBE Brokers has other account benefits that truly make a case for themselves. There are primarily two different account options, the Traditional Spread Account and the Raw Spread Account, both of which give access to ECN trading conditions with a minimum €1000 deposit a maximum GBE Brokers leverage of 1:200. The higher account capital requirements and the lower leverage offerings from GBE Brokers have made it clear that the broker is indeed looking to reduce the risk to its clients by preventing any instance of trading on a high margin. Nevertheless, a particular set of professional traders, such as scalpers, will be disappointed with the company’s lower leverage option. The Traditional Spread Account is a commission-free ECN account that has highly competitive spreads starting from 0.7 pips, which further grants access to 125 currency pairs and 20 CFDs. All orders are routed through dedicated ECN bridges and EQUINIX LD4 trading servers that are located in London, which grant the lowest latency and super fast trade execution times. ECN conditions ensure that traders can enjoy a secure trading environment that is free from any conflict of interest between the broker and the client. You can enjoy even tighter GBE Brokers spread by electing for the Raw Spread Account, which lowers the spread to 0 pips. Of course, a raw spread account will apparently include a commission of $3.5 for every lot per side. The commissions are slightly more expensive when compared to the average commissions in the market, but the raw spreads can more than compensate for the slight increase in commission. Both the Traditional Spread and the Raw Spread accounts have largely similar trading conditions that allow traders to trade in 0.01 incremental lots with no maximum trade restrictions. The broker also welcomes its traders to scalp, hedge, or use EAs for trading.
MT4 As The Primary GBE Brokers Platform
GBE Brokers has followed the industry norm of providing its clients with access to the MT4 trading terminal. GBE Brokers trading apps can be downloaded either through the GBE Brokers.com website or through the official MetaQuotes MT4 website. Mobile traders can even download the GBE Brokers mobile apps on their respective iOS and Android stores, which allow them to trade and manage their accounts on the move. GBE Brokers has also decided to offer MT4 VPS support to its traders for ultra-low latency trading. VPS not only helps in increasing platform performance, but it also helps in providing remote access for EAs and 24 hours uninterrupted trading. The success of automated trading bots depends on the EAs ability to be connected to the markets 24X7, which can be achieved through a remote VPS access. Virtual Private Servers are paid options unless the trader can offer a guarantee of satisfying a minimum lot conditions, in which case, GBE Brokers offers VPS free of cost.
Funding Methods & The Bonus
GBE Brokers has covered a significant part of the retail trading market by accepting payment methods such as Skrill, Neteller, Visa, MasterCard, Wirecard, and Bank Wire; yet the broker does not accept any other forms of payments such as PayPal or the Western Union, which are considerably more popular in the Forex market. Nevertheless, all payments are protected through the latest in encryption technologies, which are held in segregated accounts that help both regulators and third-party auditors to distinguish between the broker’s capital and their traders’ funds. Unfortunately, you don’t get access to any bonuses or rewards, which may affect the morale of traders that thrive on bonus offerings. Traders might be able to find brokers that offer deposit bonuses without any stringent trading conditions, but in most cases, bonuses involve a specific set of impossible trading conditions that may create tension between a broker and its customer. It is preferable to deny a bonus in the first place, but if you are really particular about trading on credit, make sure that you read through the bonus policies before proceeding further. GBE Brokers has one of the most attractive trading accounts for low-cost trading, but the initial capital requirements may be significantly larger than traditional trading accounts. Perhaps the broker should consider reducing its minimum deposit requirements for the Traditional Spread account to cater to more traders. Regardless, the broker does appear to be a legitimate company as far as regulatory protection and the safety of traders are concerned.