This article explains the pros and cons of scalping transactions on FXGT accounts, the terms of use, and the multiple prohibited items that may result in account freezing. Every FX company has rules. If you violate the rules, your profits may be confiscated or your account may be frozen, so please do not do so.
- Terms and conditions are the same for all account types
- What are the actual prohibitions?
- scalping trade
- Opening multiple accounts for the same person
- Login to multiple accounts from the same IP address
- credit card, debit card verification
- Hedging between multiple accounts
- Both houses at multiple FX companies
- Unauthorized use of bonuses and campaigns
- Trades that load the server
- Arbitrage
- automated trading
- Trade aiming at window opening / window filling
- What are the penalties for prohibited items?
- What to do if you receive a penalty
Terms and conditions are the same for all account types
There are various accounts such as mini, crypto max, standard, PRO, ECN, but all the terms of use are the same. Please check the FAQ and terms of use. You can also receive generous bonuses. These conditions are not much different from other overseas FX companies (Axiory, XM, ThreeTrader, Axiory, BigBoss, etc.). There is no margin call, but if prohibited matters are discovered, your FX account may be frozen. Be careful of scalping and hedging.
What are the actual prohibitions?
GT Group has established penalties. Of course, if you don’t trade while following the rules, you won’t be able to use it. What are the specific penalties? The details of the penalties are summarized below. There are fewer regulations than other companies, but the risk of loss is higher as your balance decreases. Maximum leverage and zero cuts will occur, so make good use of your funds.
scalping trade
Some FX companies prohibit scalping trades, but the GT Group does not. Traders can rest assured that the company is officially allowed to conduct scalping trades. The GT Group allows not only manual scalping trades, but also scalping trades in automated trading.
Opening multiple accounts for the same person
The GT Group prohibits the same person from opening multiple accounts. This is because you can open multiple accounts and receive the bonus on each account. The management side declares that if the management grasps multiple accounts, it will impose a fairly severe disposition such as withdrawal refusal and account freezing.
Login to multiple accounts from the same IP address
The administration prohibits the same person from opening multiple accounts, but they also track IPs at the same time. Access from the same IP may be considered multiple account operation by the same person. Please note that there is a possibility that you will be given a fairly severe disposition such as withdrawal refusal or account freeze due to this.
credit card, debit card verification
This is limited to users who have selected credit cards or debit cards as a deposit method for FXGT, but if you use these cards, you must first authenticate your card immediately. If you do not authenticate your credit card, it will be considered fraudulent and in the worst case scenario, your account may be frozen. Make sure to authenticate properly from the first time, as the procedure can be carried out quickly, optimally, and efficiently.
Hedging between multiple accounts
It is prohibited to hold multiple currency pairs between multiple accounts. Holding a buy and sell position at the same time with the same currency pair is prohibited. Holding a buy and sell position is OK, but holding a buy and sell position in this case is prohibited. This setting and style is a completely prohibited act for both Bitcoin and foreign exchange. Be careful when starting out, whether you are a beginner or a professional.
Both houses at multiple FX companies
This is another pattern where hedging is not allowed. It is prohibited to hold opposite positions for the same currency pair in a different FX company account. Since the FX companies are different, it is difficult to be discovered, but if it is discovered, your account may be frozen. Similarly, this category is prohibited in real life, both short-term and long-term.
Unauthorized use of bonuses and campaigns
Bonuses and campaigns are provided from the home page, and you can receive them if you apply and register, but there are detailed conditions. It is possible to earn money using bonuses if you understand the service, but please note that unauthorized use of the service is prohibited. Since you can earn money with financial products in a short period of time with high lots, you should earn as much as you can through legitimate means. Without basic knowledge, your account will be suspended before you can earn money in the market.
Trades that load the server
If you keep repeating an abnormally large number of trades in a short period of time, it will put a fairly heavy load on the server. Transactions that exploit system malfunctions in this way are also prohibited. When the market changes suddenly, connection delays and rate errors may occur due to the concentration of access, but it is also prohibited to trade only at this timing.
Arbitrage
No arbitrage trading is permitted. Arbitrage is a trade that takes advantage of the price difference between two traders to make a profit. Arbitrage is theoretically 100% win rate, but most Forex companies are cracking down on it.
automated trading
Automated trading is allowed. By incorporating EA into MT5, you can trade automatically, and depending on how you use it, you can make a profit. However, automatic trading is not a recommended trade because more than 90% of people are fully bankrupt.
Trade aiming at window opening / window filling
We do not prohibit transactions aimed at opening or filling windows. A “window” is the gap between the high and low prices of the candlestick, a phenomenon that occurs at the beginning of the week. When the window opens, there is a movement to fill the window, so it becomes a market that is easy to win. However, the management does not prohibit such trades that aim to open or fill windows.
What are the penalties for prohibited items?
Information on penalties for malicious prohibited items announced on the official website is as follows. Please be careful as there is a big risk of violating the rules. If a problem such as an error occurs when ordering prices from the tool, the following cases may occur. Be sure to conduct standard transactions. Strange behavior will strangle you. Depending on the purpose or reason, the frozen state may not be lifted.
Withdrawal refused
If a user violates the rules, withdrawals may be automatically denied as a penalty. This may make it pointless for users to trade with a trading account. Users can usually place orders during price movements if they have credit, but cannot withdraw money.
Account frozen
The trading account may be frozen. In this case, the user is doing something illegal and will no longer be able to trade using the assets in the account. We have also obtained a license from the Financial Services Agency, so it is strictly managed. Be careful if you cannot log in and a warning appears.
Freeze account
Your account may be frozen. If your account is frozen, you will not be able to open a trading account, so you will not be able to do anything. If you violate the terms of service, you will be punished at the discretion of our staff. This is exactly the case where you cannot make a contract or receive a bonus. Due to restrictions, no matter how many times I try, I can’t log in and can’t see my history.
What to do if you receive a penalty
If you are subject to a penalty and are punished, your only option is to contact the support center and negotiate for it to be lifted. Of course, there is no guarantee that negotiations will be successful. In the worst case scenario, you will have to use another broker.
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