GemForex has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Where do I even begin with GemForex? for just over a year of broken promises, unanswered tickets, and a platform that feels like it was built in 2010. They spend more on marketing than on actually improving their service. Stay away from this company.
Pros: Good analytical tools|Multiple order types|Clean UI
Cons: No live chat on mobile
I invested $25,000 with GemForex after seeing their professional-looking website. At first, everything seemed fine - they showed me impressive returns on my dashboard. But when I tried to withdraw, they kept making excuses. First it was "processing time," then "verification needed," then "you need to pay a tax fee first." I never got my money back. I have since reported them to Financial Conduct Authority.
Cons: Lost entire investment|Reported to authorities|Unresponsive
For anyone considering GemForex, please be aware that this company has been flagged by Financial Conduct Authority. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction
GemForex changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Multi-device support|Good mobile app|Competitive fees
Cons: No crypto staking|Website design could be more modern
Do not believe the bonus offer from GemForex. The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited from a review site like this one and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Stable platform|Reliable uptime
Cons: Account statements could be more detailed
The platform itself is okay, but the customer service at GemForex is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Multi-device support|Transparent fees
Cons: Minimum deposit could be lower
The mobile app from GemForex is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Instant funding|Responsive team|Helpful community forum|Educational resources
Cons: Limited cryptocurrency options|Minimum deposit could be lower
Customer support at GemForex seems to be run by people who have never used the platform. Every time I call with an issue, I end up explaining how their own system works before they can help me. It would be funny if my money was not involved.
Pros: Two-factor authentication|Smooth onboarding|Clear documentation
Cons: Limited cryptocurrency options|Alert system is basic
After spending for roughly four months trying to make GemForex work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Two-factor authentication|Regular updates|Intuitive for beginners|Fast deposits
Cons: Cannot customize dashboard fully
KYC with GemForex is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Helpful community forum|Intuitive for beginners|Fast deposits
Cons: Email notifications too frequent