Ghctrade.com Review: this is the website of a Forex brokerage offering CFDs trading and alleges to be based in Australia. Are investments of funds in GHC Trade safe? Read what our investigation reveals about this company before doing anything else.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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GHC Trade is an Authorized Representative of Global Holdings Capital PTY LTD, which is located in Australia. Forex trading in this region is carried under the scrutiny of the Australian Securities and Investments Commission (ASIC). On checking, we found that though the company is regulated and authorized by the ASIC, the broker does not have a license of its own.
Another important thing is that GHC Trade is registered in Canada as a money services business by the FINTRAC. The Financial Transaction and Reports Analysis Centre of Canada is a respected authority that monitors money laundering and terrorist financing. This is another credible find that helps lift the image of the broker. Nonetheless, we always prefer a straightforward European license.
Advantages of GHC Trade
The broker offers many trading instruments and they can be accessed from across the world in an instant. Funds of clients are segregated to keep them secure and there are trading platform options to choose from. Low spreads are used along with generous leverage.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
GHC Trade Trading Platform
Although there are many options for trading platforms, the website discloses that the MT4 and cTrader platforms are available. Usually, readers and traders are advised to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are 30 Forex currency pairs, metals, commodities, gold, silver, and CFDs. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable for beginners. High leverages can lead to huge loss of funds even when you know the market very well. Spreads are fixed at 1.4 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on GHC Trade
The means of making deposits and withdrawals with this broker are not mentioned. We are discouraged that e-wallets are not named because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required to trade with the GHCTrade Forex broker is $2,000, which is higher than the average of $100 – $250 common among legit brokers or not. Withdrawal fees are not stated but the broker mentions that it reserves the right to impose them at any time.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is GHC Trade Licensed?
No. GHC Trade is only an authorized representative of a licensed company. The registration under FINTRAC is also credible but does not hold much water when we are dealing with a Forex broker.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
On the Forex Peace Army website, we found some reviews and they were all negative. This is a damning discovery and totally puts the reputation of the broker at stake. It is also more discouraging that a representative of the broker has not responded to these reviews yet.
To contact the broker or its customer service, you can dial 02-6195 0805.
GHC Trade is not a properly licensed brokerage but is under the jurisdiction of some notable authorities. We are heartened by the spreads used as well as the leverage. However, the minimum deposit requirement is too high and there is no mention of how transactions are to be carried out. It supports a MetaTrader platform which is good but there are many negative reviews about the broker online.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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- Good Trading Conditions
- Under Some Regulatory Outfits
- Not Properly Licensed
- Many Negative Client Reviews
- High Minimum Deposit Requirement
- No Transaction Method Disclosed