Benchmark
Influence
Score
Licenses
Other ways of contact
پست الکترونیک
Broker Information
Company Name
GivTrade
Platform registered country and region
Doha
Saint Vincent
Company website
توییتر
فیس بوک
اینستاگرام
About GivTrade
For this GivTrade review, we opened a live account and deposited less than US$ 2,000.
We traded the popular instrument in each market to identify the average spread and placed 22 trades in total.
We found the customer support to be unhelpful in resolving the withdrawal issues.
We encountered issues with withdrawals as it took more than 48 hours for the money to be processed.
GivTrade is a global Forex and CFDs broker, founded in 2021.
The broker is headquartered in Lebanon yet not regulated by the lebanese government.
"Due to the absence of some of the regulations, we have reservations about the legitimacy and security of the service." with evidence
GivTrade assume that it's regulated by the Lebanese Capital Market Authority (CMA) under License #33:
Based on our research we found that they are not registered as they claims
GivTrade assume that it's regulated by سنت لوسیا under License Number 2023-00148:
Based on our research we found that they are not registered as they claims
GivTrade Holding LLC is licensed and regulated by Qatar Financial Center (QFCA) under License Number QFC 01760:
Based on our research we found that they are registered
Some of GivTrade’s key features are listed below:
GivTrade Strengths and Weaknesses
GivTrade is heavily regulated, causing frustration for traders due to bureaucratic processes and hidden fees. Despite its global recognition, its reputation suffers from poor customer service. Trading conditions are not as favorable as claimed, with high spreads and commissions. Not to mention that most of the IB's are not receiving adequate compensation for their efforts.
For the Cons, proposals vary according to the entity and there is no 24/7 support, spreads for Forex are a little higher than average.
| Advantages | Disadvantages |
|---|---|
| Competitive trading costs and commissions | Conditions vary according to regulation and entity |
| The company is not covering IB's expenses | |
| Not a Regulated broker | |
| An Unrecognized and unrewarded broker | |
| Unfavorable trading conditions for both standard and pro accounts | |
| Poor Customer support, inadequate learning resources, and lackluster research tools |
Licenses and Regulations
GivTrade is licensed by 2 global regulators including the top-tier QFCA, Saint Vincent
Here’s a full list of the licenses, which are held by GivTrade’s subsidiaries:
| Legal entity | Registered in | Regulator | License Number | Compensation Scheme Amount | Accepting clients from |
|---|---|---|---|---|---|
| GivTrade Holding LLC | قطر | Qatar Financial Center (QFCA) | QFC 01760 | $500 | Globally many countries |
| GivTrade Saint Vincent | Saint Vincent | Saint Vincent and The Grenadines (SVG) | 25387 BC 2019 | $300 | Globally many countries |
Is GivTrade Safe?
GivTrade is not a recommended or secure platform for trading.
GivTrade is a scam Due to the limited licenses that GIV Trade holds and the absence of a local license to regulate its trading activities, there are doubts and concerns about its credibility. Based on user reviews, GIV Trade has received a low rating, therefore it is advisable to choose more credible companies with stronger licenses.
GivTrade holds a license from the Financial Services Authority of Saint Vincent and the Grenadines (SVG). However, due to the lack of local licenses for the organization of its business activities and the limited number of licenses obtained, as well as the fictitious licenses that it claims, it is advisable to choose more credible companies with solid credits.
Fees and Commissions
GivTrade charges high fees and spreads comparing to other trusted brokers.
Spread Charged in our Trades
In our examination, we chose the popular instrument in each market. We placed 3 trades for each instrument to get a complete picture of the average spread. We tested the Classic Account which only charges a spread without commissions.
We traded through MT5 on our iPhone which we video recorded the trades.
Comparing the spreads charged in our trades to industry benchmarks, we found the spread on stock indices to be quite high, but the spreads on Forex and commodities were in-line with industry averages or higher.
Account Types
Deposits and Withdrawals
One common indication that clients are dealing with a scam broker is when they attempt to withdraw their funds and encounter obstacles. Scam brokers often employ the following tactics:
- Aggressive persuasion: The broker may aggressively urge clients to make additional trades instead of allowing them to withdraw funds. Clients may feel compelled to comply due to the broker's assertiveness and the fact that the broker has control over their funds.
- High withdrawal fees: Some scam brokers impose high fees for withdrawals. In response, clients may choose to continue trading in an attempt to generate more profits and cover these excessive fees, rather than initiating a withdrawal.
- Communication cessation: Scam brokers may become evasive or completely stop communicating with clients when it comes to fund withdrawals. This lack of communication can leave clients feeling frustrated and uncertain about the status of their funds.
Deposit Options
In terms of funding methods, GivTrade offers numerous payment methods which are a very good plus, yet check according to its regulation whether the method is available or not.
- Credit/Debit cards
- Whish Money
- Western Union
GivTrade Minimum Deposit
The GivTrade declares that the minimum deposit is $0, but when it comes to opening account, they persist that the minimum deposit must be $100 and above., which is frustrating for must clients.
GivTrade minimum deposit vs other brokers
| GivTrade | Most Other Brokers | |
|---|---|---|
| Minimum Deposit | $100 | $500 |
GivTrade Trading Platform
GivTrade offers highly secured and powerful trading platforms MetaTrader 5 available via desktop, web, and mobile versions.
| Platforms | GivTrade Platforms |
|---|---|
| MT4 | No |
| MT5 | Yes |
| cTrader | No |
| Own Platform | No |
| Mobile Apps | No |
GivTrade Education
GivTrade does not provide educational resources to assist traders in enhancing their knowledge and skills. This absence of educational materials, tutorials, or training programs can be a significant disadvantage for traders, particularly for those who are new to the financial markets or seeking to improve their trading strategies. Without access to comprehensive educational resources, traders may need to rely on external sources or alternative platforms to gain the necessary knowledge and insights to make informed trading decisions.
Customer Service
GivTrade’s customer support team was unhelpful and didn't provide relevant answers to our questions.
You can contact GivTrade via Email, and Phone calls. However, we could not reach anyone by phone as our calls went unanswered.
Conclusion
GivTrade is an unregulated broker that should be avoided. Unregulated brokers, especially those that operate anonymously, often have a short lifespan before their services cease. They frequently target inexperienced traders and investors, making false promises of lucrative investment opportunities. It is strongly advised to steer clear of unregulated entities and only trade with regulated platforms.
One significant drawback of unregulated brokers is the lack of insolvency protections. In the event of their financial collapse, clients do not have access to any safeguards or compensation. This puts their investments and funds at risk.
Unregulated platforms are those that are not registered with or regulated by any financial regulatory organization. Since they are not bound by any laws or restrictions imposed by such organizations, they have the freedom to conduct their operations as they see fit. However, choosing an unlicensed platform carries numerous disadvantages and risks.
If you have been a victim of a scam or wish to seek guidance from professionals, don't hesitate to arrange a free consultation with our team.
Depending on our legal department, GIVTrade is not recommended as a trusted broker.
Top GivTrade FAQs
GivTrade does not provide any educational materials or resources to assist traders in expanding their knowledge and skills.
Unfortunately, GivTrade does not offer any tutorials or training programs to help traders enhance their trading strategies or gain insights into the financial markets.
Regrettably, GivTrade does not provide any learning materials or guides specifically designed for beginners who are new to trading.
Since GivTrade does not offer educational resources, traders may need to explore other external sources or platforms to acquire the necessary knowledge and skills for successful trading.
GivTrade does not host any webinars or educational events to provide traders with insights and knowledge about trading and the financial markets.
If you choose to trade with GivTrade and require educational resources, you may need to seek external sources such as online courses, books, or educational platforms.
