GEMFOREX is a forex broker founded by Japanese people. Actually, it is not so well known in the world, but it is fairly famous in Japan.
The spreads of No Spread Account is narrow (not “No” spreads), so I think it is good for those traders who focus on cost.
GEMFOREX didn’t have a financial license until 2019, but with the approval of the New Zealand financial authorities, credibility has increased.
- GEMFOREX Overview
- GEMFOREX Advantage and Disadvantage
- GEMFOREX is Recommended for Such Traders!
- Is GEMFOREX a Reliable Broker? Or Scam?
- GEMFOREX Products
- Can Cryptocurrencies be Traded in GEMFOREX?
- GEMFOREX Account Types
- GEMFOREX Allows up to 4 Multiple Accounts
- GEMFOREX Bonus Programs
- GEMFOREX Deposit / Withdraw Methods
- Try GEMFOREX Demo Account for Free
- Summary
GEMFOREX Overview
| Company | GEM GROUP NZ LIMITED |
| Established | 2010 |
| Regulated by | FSP (New Zealand) |
| Max Leverage | 1:1000 |
| Spreads *STP/Avg. | 1.3pips/EURUSD、1.3pips/USDJPY |
| Commission *ECN | N/A |
| Products | Forex:31, Index:10, Metal:2, Energy:2 |
| Account Types | 2 Types (All-In-One, No spread) |
| Bonuses | None |
| Negative Balance Protection | Yes |
| Stop Out | 20% |
| Deposit & Withdrawal Fees | None |
| Support | Chat, E-Mail |
| Platform | MT4 |
GEMFOREX Advantage and Disadvantage
- Narrow spreads
- Can use EA for free
- No rumors of refusal to withdraw
- Plenty of information on official site
- Excellent support
- Customer assets are segregated
- High leverage up to 1:1000
- Negative balance protection system
- No bonus programs (Provided only for Japan resident)
- Not much products
- Focuses on ASIA market
Actually GEMFOREX focusing on ASIA market, such as China, Korea and Japan as well. But of course other country’s traders can also use GEMFOREX. The official website is also available in English.
GEMFOREX is Recommended for Such Traders!
- Novices
- Want narrow spreads!
- Enough only major products
- Want to start with small capital
- Need negative balance protection
- Need rich support
Is GEMFOREX a Reliable Broker? Or Scam?
In conclusion, GEMFOREX is not a scammer, but it is a forex broker with a little lower reliability than other brokers.
It has been in business for 10 years since its establishment in 2010, and it is also focusing on improving services, and it seems that the number of customers is actually increasing.
So I don’t think GEMFOREX is a bad scammer who runs away with the money entrusted by the customer.
GEMFOREX Licenses
GEMFOREX has the following licenses.
- FSP (New Zealand)
As I mentioned at the beginning, GEMFOREX got a financial license for New Zealand in 2019.
In other words, it was founded in 2010 and has been operating without a license for 10 years until 2019.
Even so, it seems that the fact that it has been in business for 10 years is not for fraudulent purposes, but now it means that it has finally cleared the minimum conditions.
GEMFOREX Asset Conservation
Is there any measure to protect customer assets?
What happens to our assets (margin and profits deposited) if the forex broker goes bankrupt?
It should be decided that the forex broker who can guarantee customer assets as much as possible is more reliable.
It is the asset conservation system to evaluate it.
There are two main types of asset conservation systems.
- Conservation Trust
- Segregation of Funds
Conservation Trust is more reliable.
Conservation Trust means depositing all the customer assets to a third institution such as a bank. Forex brokers cannot withdraw funds without permission unless the customer instructs them to withdraw. Even if the forex broker goes bankrupt, the customer’s assets (balance at that time) are protected and guaranteed.
Segregation of Funds is to manage the operating costs of the forex broker and the assets under custody from the customer in separate accounts. Unlike Conservation Trust, the management is done by the forex broker itself, so even if the forex broker goes bankrupt, the customer’s assets are may not fully guaranteed.
How does GEMFOREX manage customer assets?
GEMFOREX manages customer assets by Segregation of Funds.
Since it is not a Conservation Trust, its reliability will decrease.
It can be said that this also meets the minimum requirements.
As mentioned above, it has been in business for 10 years since its establishment, and it can be said that it is not a fraudulent company, but if you are worried, please choose another broker.
GEMFOREX Products
GEMFOREX offers 45 products.
GEMFOREX has the smallest number of products in brokers I have introduced.
However, the transaction costs of currency pairs are relatively low, so I think GEMFOREX will be a main option for those who trade mainly on major currency pairs.
- Currency : 31
- Index : 10
- Energy : 2
- Metal : 2
- Total : 45
Please refer to another article for a detailed explanation of the products handled by and the terms and conditions of the transaction.
Can Cryptocurrencies be Traded in GEMFOREX?
Recently, trading of cryptocurrencies such as Bitcoin, Ripple, Ethereum and other Altcoin has become popular again.
It is very popular with short-term traders due to its large price fluctuations.
Bitcoin has also risen steadily, finally surpassing $ 20,000 in late 2020. There are also long-term traders.
Can cryptocurrencies be traded in GEMFOREX?
Unfortunately, GEMFOREX does not allow you to trade cryptocurrencies.
GEMFOREX offers quite good trading conditions, so I hope GEMFOREX will offer cryptos in the near future.
The forex brokers that allow to trade cryptos are summarized in a separate article, “Best Forex Broker for Crypto Trading“.
I also introduce trading conditions and recommended brokers, so please take a look.
GEMFOREX Account Types
There are 2 types in all. (Excluding demo account)
From my actual experience, spreads on No Spread account are not zero. This is not an ECN account, so an account that does not collect commissions. Spreads are very narrow. It depends on pairs, for example, USDJPY is only 0.3 pips and it’s fixed.
There are some conditions such as the minimum deposit amount, but in reality it is not much different from an All-In-One account. And EA cannot run on No Spread account.
Regarding GEMFOREX all account types, refer to the separate article, “GEMFOREX All Account Types” that explain you the detailed specifications and conditions.
Also, regarding opening an account, please refer to the separate article “How to open GEMFOREX account“, which explains the procedure for opening an account using images.
＼Just 3 minutes!!／
>>Read More About GEMFOREX Account Types
GEMFOREX Allows up to 4 Multiple Accounts
You can open multiple accounts up to 4 in GEMFOREX.
Creating an additional account enables more risk-reduced and efficient operation.
With additional accounts, you are free to choose not only the account type, but also the account currency, leverage, trading platform, etc., just as you would when you first created an account.
By changing the account type or the conditions such as leverage, you can separate the currency pairs and products to be traded for each account, trade with different leverage, separate the discretionary trading and EA (automatic trading) trading accounts, it will be easier to manage.
If you cannot decide account type for the first account, let’ select Standard account.
If you want to try another account type, you can add an account and select it.
Also you can easily transfer funds to additional accounts from the website.
Please also refer to the separate article “How to Open GEMFOREX Additional Account“, such as how to open an additional account and how to operate using multiple accounts to reduce risk.
＼Just 1 minutes!!／
GEMFOREX Bonus Programs
At the time of this review, GEMFOREX doesn’t provide bonus programs and promotions.
GEMFOREX offers bonus programs only for Japan residents.
It might be offered for other markets in the future, so please check the official website.
>>Check GEMFOREX Campaign Information
GEMFOREX Deposit / Withdraw Methods
There are many methods.
It depends on your location. Please check it out on official website.
Deposit:
Withdraw:
>>Check Deposit/Withdrawal Methods
Please refer to the separate article “GEMFOREX Deposit Methods | Fees and Conditions” for details on how to deposit GEMFOREX.
Try GEMFOREX Demo Account for Free
In order to know the trading environment and usability in GEMFOREX, it is effective to open a demo account and do actual trading.
GEMFOREX makes it easy to open a demo account.
For details on how to make use of GEMFOREX demo account and how to open it, see the separated article “How to utilize GEMFOREX demo account“.
If you have not decided to trade with GEMFOREX yet, why not try trading with a demo account?
＼Open for Free!／
Summary
GEMFOREX is a broker for beginners because it has a lot of information on the official website, abundant deposit and withdrawal methods, and low fees.
It seems that the focus is only on ASIA, but the English site is also provided, and it can be said that it is a broker that can be expected in the future.
＼Just 3 minutes!!／
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