GBE Brokers Review
GBE Brokers offers its clients a choice of two basic account types: a Traditional Spread account, where all costs are included in the spread, (suitable for discretionary traders), and a Raw Spread account offering, as its name suggests, raw spreads, plus commissions (suitable for EAs & Scalpers).
In addition, this broker also provides a demo account, which is always appreciated by newbies. Like most brokers, GBE Brokers also offer swap-free (Islamic) accounts to Muslim clients.
What is more, the broker provides Managed Accounts. PAMM (Percentage Allocation Management Module) is a trading tool that enables a professional trader to act simultaneously for more than one account. Clients, on the other hand, benefit from the performance of a professional who trades their account and supports them to participate in the markets instantaneously.
The Company. Security of Funds
Founded in 2013, GBE Brokers is a broker for private and institutional traders with product focus on foreign exchange and CFD-trading through the most common MetaTrader 4 platform. Currently the broker offers 75 FX pairs and 41 CFD.
GBE Brokers is a brand of GBE brokers Ltd. (ex GBE Safepay Transactions Ltd), licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
CySEC applies a set of rules and requirements to license holders, which are not as strict as those set by UK’s financial watchdog for instance, yet they provide a certain level of security.
First of all, CySEC requires Cyprus-based forex brokers to hold a minimum of €1,000,000 in order to priove their financial stability. Moreover, all CySEC-regulated companies are members of the Investor Compensation Fund, able to provide compensations to a maximum of 20,000 EUR per person in the event that the broker is in default. Such compensation schemes serve as additional guarantee to clients’ funds.
In addition, as CySEC is part of the European MiFID regulations, and the companies regulated by the Cypriot financial watchdog are free to operate in all EU Member States.
Furthermore, the broker is registered with the German Federal Financial Supervisory Authority (BaFin).
Minimum Initial Deposit
The minimum initial deposit for GBE Brokers’ clients is €1,000, which is a high initial amount, taking into account that XM, as well as FXTM, both Cyprus-based brokerages, require just $5 from traders to open an account.
Average Spreads & Commissions
GBE Brokers offers comparatively low floating spreads, which vary by account category – starting from 0.7 pips on EUR/USD for the commission-free accounts and from 0,0 pips on EUR/USD on the Row Spread account, which incurs a commission of $3,50 per lot (per side). So, basically the trading costs on the two accounts are similar, except for large volume traders, who are getting a discount on commission fees.
In comparison, XM offers spreads from 1 pips on EUR/USD for its commission-free accounts and FxPro (also holding a CySEC license) provides average spreads of 0.4 pips on the EUR/USD for its cTrader accounts, charged $4.5 per standard lot.
You may look up real-time spreads of 15 leading brokers here.
In addition, we would like to point out that GBE Brokers practice price improvement a.k.a. positive slippage.
This broker offers leverage from 1:200 up to 1:500. Leverage ratios of 1:200 is considered standard, and such of 1:500 are comparatively high. Nontheless, many other Cyprus-based brokers provide even higher leverage levels: FXTM offers leverage levels as high as 1:1000 and XM – 1:888. More forex brokers, offering leverage 1:500 and higher can be viewed here.
We advise traders to be careful with trading on margin, for high leverage levels may lead to heavy losses in excess of their initial investments.
Like most forex brokers, GBE Brokers supports the famous trading platform MetaTrader 4 (MT4), desktop and mobile versions available. MetaTrader 4 is preferred by most traders, because it is equipped with an advanced charting package, a number of technical indicators, extensive back-testing environment and Expert Advisors (EA). Here is a list of more forex brokers offering MT4 platform.
What is more, free VPS (Virtual Private Server) hosting is available to GBE Brokers’ clients, allowing them to run automated algorithmic strategies 24/7 on a virtual machine in a data center. This minimizes the execution time of orders and you don’t need to keep your own computer running at home all the time.
In addition to the MT4 platform, GBE Brokers offers the opportunity to trade via FIX API. The obvious advantage is the much lower latency to process orders via FIX API versus the Metatrader 4 platform. Execution times of just a few milliseconds are normal for FIX API trading.
The broker is now delivering its liquidity via PrimeXM’s low latency order routing and pricing engine XCore.
Like many other brokers, this one also offers a Refer a Friend bonus.
If a client recommends GBE BRokers, he/she will receive €100 credit as a loyalty bonus, as soon as the referral has activated their account with a minimum payment of €2,500 and performed ten trades. The referral, on the other hand, will be credited with the a welcome bonus of € 50 in the month following account activation.
Methods of Payment
There are several payment methods available to GBE Brokers’ clients: bank wire transfer, credit card, Skrill, and Neteller. Bank transfers are free of charge, credit card deposit payments incur 2,5% fee, Neteller ones – 3,6 % and Skrill – 2,9%.
All withdrawals will be charged with 15.00 EURO / 20.00 USD / 20.00 CHF.
Account Currency Base: EUR, USD, CHF.
GBE BRokers is a reliable and well-regulated STP broker, offering trade in more than 120 currency pairs and the most common CFDs through the famous MT4 platform under fairly good trading conditions.
GBE Brokers Review Conclusion
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