Note: For some unknown reason, we cannot open GalaxyTrades official site (https://galaxytrade.cc/) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.
General Information & Regulation
GalaxyTrade, a trading name of Plethora Group Ltd, is allegedly a forex and CFD broker registered in Dominic that claims to provide its clients with various tradable financial instruments with leverage up to 1:200 and fixed EUR/USD spreads at 3 pips on the web-based trading platform, as well as a choice of four different live account types. Here is the home page of this brokers official site:
As for regulation, it has been verified that GalaxyTrade does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.27/10. Please be aware of the risk.
Negative Reviews
A trader shared his terrible trading experience on the GalaxyTrade platform at WikiFX. He said this platform is a big scam. It is necessary for traders to read reviews left by some users before choosing forex brokers, in case they are defrauded by scams.
Market Instruments
GalaxyTrade advertises trading in forex and various CFDs on indexes, commodities, precious metals, stocks and cryptocurrencies.
Account Types
GalaxyTrade claims to offer four types of trading accounts, namely Good, Better, Supreme and Best. The minimum initial deposit amount is $250 for the Good account, while the other three account types have much higher minimum initial capital requirements of $2,000, $25,000 and $10,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
The leverage provided by GalaxyTrade is capped at 1:200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
GalaxyTrade claims that the spread is fixed at 3 pips for the EUR/USD pair.
Trading Platform Available
The platform available for trading at GalaxyTrade is Webtrader. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
GalaxyTrade says to work only with bank wire and credit/debit cards. The minimum initial deposit requirement is said to be $250. As for withdrawals and fees, there are no minimum requirements.
Bonuses
GalaxyTrade claims to offer some bonuses, however, the clients have to trade the bonus plus the deposit 25 times to become eligible for withdrawal. In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.
Customer Support
GalaxyTrades customer support can be reached by telephone: +44 7723870678, +7 4953744532, email: compliance.en@galaxytrade.cc, compliance.de@galaxytrade.cc, compliance.it@galaxytrade.cc, compliance.ru@galaxytrade.cc. Company address: 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica.
Risk Warning
Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
2022-12-16 11:11
2022-12-06 11:15
