Gulf Brokers Review 2020
Gulf Brokers is an online broker that offers trading in forex, commodities, stocks and indices. The company has a large number of financial instruments available for trading on the award winning MT5 platform. The broker is located offshore and has a high minimum deposit requirement compared to many other brokers. The trading brokers review team did not find Gulf Brokers to have the tightest spreads whilst there are also account inactivity fees.
Gulf Brokers Review 2020, Pros & Cons
- Access to trade on the powerful MT5 platform
- Over 700 trading instruments
- Account management services
- Market news and daily summary
- Offshore brokerage firm
- No service to clients from over 15 countries including USA
- High minimum deposit
- No live web chat customer support
- Not the lowest spreads
- Account inactivity fees
In this detailed Gulf Brokers review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Gulf Brokers is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Gulf Brokers.
Gulf Brokers Review: Summary
Gulf Brokers was set up in 2016 by Gulf Brokers Limited which is based in the Island Republic of Seychelles. The broker has been able to grow its clientele by 700% in 2020 with more than 5,000 accounts opened in 2019. It recorded a total of $7.2 billion worth of trades on its platform in the same year.
Gulf Brokers offers almost 700 trading instruments on the popular MT5 trading platform. It also offers educational contents as well as trading tools like portfolio management, financial/economic news and training resources.
Gulf Brokers has won multiple awards for their brokerage services. It was recently voted the 2nd best online broker in a poll conducted by Trader magazine.
Gulf Brokers Review: Regulation
Gulf Brokers is regulated in Seychelles by the Financial Services Authority (FSA) with license number SD013. Its parent company Gulf Brokers Limited is registered as a securities dealer in Seychelles with company number 8417634-1.
To further protect itself from internal errors, cyber-attacks, etc, Gulf Brokers has bought professional indemnity insurance. This can help to protect eligible client funds in the case of any problems that might arise from any possible misconduct of the broker or even bankruptcy and makes compensation a possibility.
Gulf Brokers Review: Countries
Gulf Brokers does not offer its services to residents of the following countries and territories: Afghanistan, Cuba, Crimea, Israel, Sudan, North Korea, Ethiopia, Iran, Bosnia and Herzegovina, Iraq, Lao People’s Democratic Republic, Syria, Uganda, Vanuatu and Yemen.
Some Gulf Brokers broker features and products mentioned within this Gulf Brokers review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
Gulf Brokers Review: Trading Platforms
MT5 Trading Platform
MetaTrader 5 (MT5) is the only trading platform available to Gulf Brokers’ clients. This popular platform, from ‘MetaQuotes software Corporation’, comes with a simple interface easy enough for new traders yet it has advanced trading tools and market analysis features to make it suitable for professional traders. MT5 comes in 3 main versions:
The WebTrader is the version of the MT5 trading platform that was built with html5. The MT5 WebTrader runs on all operating systems that have a modern browser. No downloads or installations are required. WebTrader has all the basic features of the MT5 that enables online trading and market analysis.
MT5 Desktop Terminal
This is the complete version of MT5 that has the full functionality of the platform. The MT5 Desktop Terminal is available for download on Windows and Mac workstations from the brokers website or the client portal.
MT5 features fully customizable layouts and windows. The charts can be displayed on up to 21 timeframes on the MT5 platform. It also has multiple order types which includes 6 pending orders. You can activate one-click trading for faster execution of orders. It also allows the installation of plugin apps which extends the features of the platform by adding new tools or new functions. It also supports the automation of strategies via software Expert Advisors (EAs) which are scripted with the MQL5 programming language.
MT5 Mobile Trading App
Gulf Brokers’ clients can also make use of the mobile version of the platform on their smartphones, phablets or tablets. The mobile apps are developed for iOS and Android devices. The mobile app is available on the Apple store and the Google Play Store.
The MT5 app is user friendly and customizable. It has most of the major features and functions of the MT5 desktop version. From the app, you can monitor the price quotes of all instruments in real time, place and manage trades. Charting on 9 timeframes and 30 technical indicators is supported. Multiple order types including 6 pending orders and risk management tools are at the trader’s disposal when placing orders.
Gulf Brokers Review: Trading Tools
Portfolio Management Services
For clients who do not have enough trading experience or do not have enough time to trade, Gulf Brokers offers a portfolio management service. Under this service, the broker trades on behalf of the client. It should be strongly emphasised that there are no guarantees on the performance of managed accounts and you should have a clear understanding of all the significant risks involved with trading online.
There is a live economic calendar on the Gulf Brokers website. It shows the scheduled dates and times for economic events and reports, their previous figures and the new figures as they are released.
Clients can keep abreast of economic and business happenings through the Market News on the Gulf Brokers site. It follows news about the companies whose stocks are traded on its platform. There is also an analysis of the possible impact on its share price.
Gulf Brokers provides a daily summary about the economic and financial events that unfolded on the previous day. It summarizes the latest market news, important economic statements as well as notable market movers. The summaries are only a few lines long and therefore they do not entail full details.
Gulf brokers publish blog articles written by its financial analyst; Syam KP. There are articles on certain economic/financial events and their possible after effects. There are also articles that provide trading tips and strategies for traders.
Gulf Brokers Review: Education
Clients can watch trading tutorials on video. There are however a limited selection of trading videos available on the site at the time of writing this Gulf Brokers review. The videos are on avoiding trading scams, CFDs and trading psychology.
This section provides detailed explanations on a few of the more commonly used terms in Forex/CFD trading. Only 13 terms are explained in full detail with each term occupying a full webpage.
Gulf Brokers has a page dedicated to trading tips with articles that provide basic knowledge about practical forex/CFD trading. There are six articles under the trading tips section covering a few topics for beginner traders.
Gulf Brokers Review: Trading Instruments
Gulf Brokers offers around 700 trading instruments on its platform. These include of 61 currency pairs, 14 indices, and 7 commodities. There are also 610 stocks on the platform which are comprised of 105 German stocks, 16 Dutch stocks, 35 Spanish stocks, 20 Swiss stocks and 435 American stocks.
Gulf Brokers Review: Trading Accounts & Fees
Forex & CFD Account
This account enables the trading of all the financial instruments on Gulf Brokers. The minimum deposit is $500. The minimum tradable lot size is 0.01 while there is no maximum. A leverage of 1:500 is the highest allowed. The spreads are variable with the major pairs having spreads of 3-4 pips. There is no trading commission on this account for forex, indices and commodities. But a 0.5% trading commission applies to trading of stocks on this account.
This account which was designed for the Muslim clients and it has similar conditions with the Forex and CFD account. The main difference is that there is no roll over fees charged. This is in compliance with the Islamic Sharia law which forbids the paying and receiving of interests.
Demo accounts are available for practice purposes. They come preloaded with $100,000 in virtual funds to practice your trading strategies.
Inactive accounts get charged a $10 monthly maintenance fee after 30/31 days of no trading or financial activities in the account.
As broker fees can vary and change, there may be additional fees that are not listed in this Gulf Brokers review. It is imperative to ensure that you check and understand all of the latest information before you open a Gulf Brokers broker account for online trading.
Gulf Brokers Review: Customer Service
Clients can get their questions, comments and concerns about Gulf Brokers services attended to by the customer service 24 hours daily on weekdays. They can be contacted through phone, email or the ‘contact us’ form on the brokers website. There is no live chat option on the brokers website.
The customer service is multilingual. Gulf Brokers also has its presence on Facebook, Twitter, Instagram and LinkedIn. However, it is only on Facebook that it attends to customer queries.
Gulf Brokers Review: Deposit & Withdrawal
Bank wire transfers require a minimum deposit of $100 while there is no maximum. The processing period for this method is around 3-5 business days.
The cards acceptable on Gulf Brokers are Visa, MasterCard, Maestro and Visa Electron. This method requires a minimum deposit of $100 and a maximum of $10,000. Funds deposited through this method are processed instantly. However withdrawals with credit/debit cards are restricted to the amount deposited through it as any amount above the initial deposit will be paid by bank transfer.
Online Payment Solutions
Neteller, Skrill, Visa Red Dot and Perfect Money are the electronic payment solutions accepted for deposits and withdrawal on Gulf brokers. The minimum deposit is $100 while the maximum ranges between $5,000 and $20,000. Processing of deposits and withdrawals is usually instant.
First time minimum deposit on Gulf Brokers is $500. Withdrawals involve filling an online withdrawal request form on the website.
Gulf Brokers: Account Opening
To open an account on Gulf Brokers, go to the brokers website and click on the ‘Join’ button. A short form will appear requiring your name, email and phone number.
On submission of the form, a success message will be displayed, click on ‘continue to myzone’. You will then be taken to ‘myGulfBrokers’ page where your personal portal is located. An email with an activation link is sent to your email address for verification purposes. Another email with login and password details is also sent to your email. From the portal, you can complete your profile, make deposits, request withdrawals and verify your account. This completes the registration process. You can then download the platform and commence trading online only when you feel ready to do so.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Gulf Brokers Review: Conclusion
Gulf brokers is an award winning forex and CFD broker that offers a range of trading instruments for trading on the sophisticated and powerful MT5 trading platform. The broker also offers limited educational resources and trading tools. However, Gulf brokers is an offshore regulated broker. The spreads and the minimum deposit of $500 are high when you compare them to competitors.
Trading in leverage products carries a high level of risk and may not be suitable for all investors. Past performance of an investment is no guide to its performance in the future. Investments, or income from them, can go down as well as up. You may not necessarily get back the amount you invested.