RECOMMENDED FOREX BROKERS
GPP Markets is a simple and efficient broker that, as many before it and after it will be, is quietly conducting its practices. Read more to find out what GPP Markets has to offer.
The most important thing to note is that GPP Markets Ltd is registered and regulated in New Zealand by the Financial Markets Authority.
The main objective of the FMA is to make sure that all the brokers under its rule follow the agency’s strict guidelines. The FMA requires from all its brokers a minimum operational capital of NZ$1 million before conducting any sort of legitimate financial services with traders.
The leverage offered here is 1:400, which can be very favorable but can also cause devastating losses to clients’ investments.
The spread for the EUR/USD pair is said to be between 0.9-1.4 pips for the Standard Account.
Trading instruments have been indicated as being Forex Pairs, Commodities, and Indices. This is rather below average, and most brokers if they wish to survive in the world of forex today, must offer more asset categories, like cryptocurrencies and stocks.
The two languages made available are English and Chinese.
GPP MARKETS LOGIN
The Metatrader 4 makes an appearance, which always works in favor of the broker.
Metatrader 4 still holds on its own when it comes down to delivering what is necessary. The functionalities are all there including drag and drop charts, user friendly accessibility and pending order types. With MetaTrader 4 you can set automatic trading bot to do your deals for you while you preoccupy your time with different activities.
Interestingly enough we could not open a demo account, for when we sent our details, we never received a confirmation email. So the spread value of 0.9-1.4 pips for the EUR/USD (Standard Account) pair is taken from the website.
The leverage is 1:400, and as already mentioned, can be either very beneficial or very harmful to investments.
There are three account types in total, each with different spread values. The only one that bears a commission is the Pro Account that charges a commission of $7 per one standard lot, yet fails to mention if the charge is per side or round turn. In our opinion, the $7 charge should be round turn, because if it was otherwise it would increase the spread to an unfavorable value. Anyway, the $7 ($3.5 per side) round turn commissions adds an additional 0.7 pips to any Pro Account spread.
The Metatrader is available to download as a desktop software, or on any Android/Apple device.
GPP MARKETS MINIMUM DEPOSIT
The minimum deposit for the Standard account is $1, opening the broker to many novice traders. We encourage more brokerage firms to do this.
Payment methods are Wire Transfer, Credit/Debit Card, AliPay, Wechat Pay, and PoliPay.
There are only two base currency in which an account can be: USD and NZD.
International Wire Transfer times are usually between 2-4 days as indicated in the FAQ. Local Bank Transfers usually happen in 1-2 hours during the same day as the request.
Credit/Debit cards, UnionPay, WeChat Pay and AliPay process deposits within 1-2 days.
PoliPay deposits are processed the following working day.
Credit/Debit cards are charged by 3%. It does not say what the other fees, if any, are, for the remainder of the payment methods. There most certainly is more info on this once a user has registered and has been verified.
GPP MARKETS WITHDRAWAL TIME AND FEES
There is no minimum withdrawal indicated anywhere.
When talking about the withdrawal methods, certain sections of the website say that the withdrawals are done only by Wire, while other sections say that funds can be received via Wire Transfer, Credit Cards, and by way of any of the alternative payment methods. These confusions certainly are a worth a mention, and the broker needs to fixes them ASAP for they are very unprofessional. The only way to make sure is to register a verified account.
Please note that there are many inconsistencies (similar to the withdrawal methods) when the broker talks about the processing times, most notably in the Client Agreement, the Product Disclosure Statement and the FAQs. They all claim slightly different things which is somewhat annoying, But we will try to simply things for you.
From what we gathered, local Bank Transfers takes up to 2 days to process and international Bank transfers take up to 4 days.
The only withdrawal fee is applied to international Bank Transfers that are feed with $20 per transaction. The Bank conducting the transaction can also apply a charge of around $15.
The inactivity fee is NZD$20 per month. This is activated when there is no activity detected for over 6 months in a traders account, and the account has less than $100 in it.
Putting aside some of the dissimilarities found throughout portions of the website, we have to give a thumbs up to GPP Markets for being as it is: simple and efficient. We recommend this one, but be aware that some of the information concerning deposits/withdrawals may be misleading.