Looking for a Broker with a Passion for Trading? Read our GBE Brokers Review
GBE Brokers is a provider of online Forex and CFD trading services, with a base in Cyprus. It hasn’t been around for as many years as many of the other brokers we get to review. But we like to give all brokers a chance, not just those who have been around for years. Formerly known as GBE Safepay Transactions Ltd, it became GBE Broker in 2014, and obtained a licence from CySEC. In 2016 it was recognised as an EEA authorised firm by the Financial Conduct Authority in the UK.
GBE Brokers focus most of their attention on providing online services for private and institutional clients who want to trade Forex and commodities, in a safe, secure and fast way. To help with this, a server located in Equinix LD4 data centre is utilised. All the leading banks, prime brokers, and liquidity providers use the same data centre, which means they are able to offer their clients the lowest execution speeds.
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If you’re interest in social trading you might want to spend some time with GBE Brokers
Aside from general trading, GBE Brokers has also taken an interest in the social trading side of things and have made myFXBook available for their clients. It is currently the world’s largest forum for currency trading and allows traders to follow other traders strategies and gain an insight into how they make their decisions. You get detailed analysis, charts and graphs, risks taken, products traded, account balances, and so much more. MyFXBook traders are carefully scrutinised before being allowed to publish their strategies.
Why not take advantage of a managed account?
Aside from the normal type of retail trading, GBE Brokers also offer the alternative of a managed account. This type of account is in the name of the investor, but it is run by a professional fund manager. An investment style is agreed on by the client and implemented on the account by the manager. A managed account holder still has access to the account 24/7, so you can be sure of complete transparency. Each transaction is trackable, and it is easy to see how the account is developing.
Other types of account offered by GBE Brokers
Are you wanting raw spread with commission? Would you rather the spread was traditional without any further costs? Answer these two questions and you’ll be able to decide which type of account is right for you.
Traditional spread account – Minimum deposit is $1,000, and spreads start from 0.7 pips. There are 125 currency pairs and 20 CFDs to choose from. Leverage is between 200:1 and 500:1, and the minimum lot size is 0.01 lots. This type of account is suitable for discretionary traders.
Raw spread account – Minimum deposit is $1,000, and spreads start from 0.0 pips. However, a you would expect this account incurs commission charges starting at the raw spread + $3.00. The same variety and number of instruments are available and minimum lot size is 0.01 lots. This type of account is suitable for EAs and scalpers.
GBE Brokers support a number of different payment methods when you want to make a deposit or request a withdrawal. Aside from the traditional bank transfer there are credit cards, Skrill and Neteller. However, be aware there is a minimum amount for payments, which is 1,000 EUR. And a number of methods will also incur an additional charge.
Do GBE Brokers have any promotions or bonuses?
When it comes to choosing a broker, a number of traders can be swayed by bonuses and promotions. However, GBE Brokers have decided not to attract new customers with the promise of something for nothing. Instead they are looking to bring in customers who want high speed execution. And with the quality and location of their servers you can be sure you’re going to get that with GBE Brokers.
What about customer service?
Spend some time navigating the website of GBE Brokers and you’ll constantly get the live chat window popping up. Some will consider this a good quality, but for others it could be a trifle annoying. We found it reassuring there was always someone online to help with any problems. If live chat isn’t your preferred method of communication, there are a few telephone numbers, and a contact form that can be completed. You can also request a callback at a time that is most convenient for you.
We found GBE Brokers to be a very transparent broker, with all the necessary information easily accessible. Take advantage of the demo account that is offered before risking real money, and you’ll get a feel for this broker and how everything works. Those of you reading this review who have little experience will also be interested to learn they offer one to one training workshops.