Is GFX Securities a scam?

We rate GFX Securities High Risk, and it is the most borderline call in this set. There is a real Mauritius licence, no regulator warning, no suspended review score and no pattern of withdrawal complaints. It also publishes the clearest pricing of any broker on our negative list. The rating comes from what it sells and to whom.

The licence

Gilgamesh Financial Services, at 3rd Floor, Ebene Skies, Rue de l'Institut, Ebene, Mauritius, under FSC Mauritius licence GB21027073.

Mauritius is a genuine regulator with a public register and conduct rules. It has no investor compensation scheme, and permitted leverage runs far above the MiFID caps. A tier-3 licence does not make a broker a scam. It does mean nobody stands behind your balance if the firm goes under.

1:1000 on a $10 minimum

Leverage is 1:1000 on forex, 1:100 on indices, stocks and commodities, and 1:5 on crypto. The Raw Spread account opens at $10. Zero starts at $5,000 and Pro at $20,000.

At 1:1000, a 0.1% move against you takes the margin. That is a normal minute on a major pair. Pairing the highest leverage with the lowest-priced account means the traders with the least capital are the ones running the most risk, which is the reverse of how the FCA and ESMA gate access to leverage above the retail cap.

The part that is genuinely better than its peers

GFX Securities publishes its account tiers, its spreads and its leverage clearly, per account type. Several brokers we rate more harshly publish nothing at all and require an account before you can see what a trade costs. Credit where it is due: on transparency of pricing this is the best of the negative set, and that is reflected in the score.

The gap worth checking

The site does not exclude the EU or the UK. A firm holding only a Mauritius licence is not authorised to serve retail clients in either, and a European or British trader who opens an account here is outside every protection their own regulator provides: no 30:1 cap, no negative balance protection requirement, no FSCS or ICF, and no ombudsman.

Before you deposit

Check GB21027073 on the FSC Mauritius register and confirm the entity is Gilgamesh Financial Services. If you are in the EU or UK, understand that you are choosing to trade outside your own jurisdiction's rules.

The full rating is in our GFX Securities review.