Exercise caution! GoStreams is a broker based in a different country, so your money may not be safe.
Introduction – GoStreams Review
It is not wise to invest all your funds in one place. To be on the safe side, it is better to have trading accounts with two or more brokers. Gostreams.io informs its customers when they first visit its website with the words “A broker with a personality”. This is an interesting statement, but hardly unique. We think that they are just another offshore broker luring clients with false promises, only to take away their deposit quickly. Let us move to GoStreams Review in detail.
The oversight and protection of money associated with GoStreams is strictly regulated.
GoStreams has a very interesting page, where almost all major regulatory authorities are listed. It might lead one to assume that Streams Global Markets LLC is registered under all of them, but upon further research, it does not make this claim. If the company does make this assertion, it is not telling the truth, since searching them in the Financial Conduct Authority (FCA) and the Federal Financial Supervisory Authority (BaFIN) brought no results. It is likely that the same applies to the other listed bodies.
On the same page, there is a statement that discloses the place where the company is registered – St. Vincent and the Grenadines. This is a popular spot for offshore brokers, since they can launch their business without several of the declarations GoStreams claims to abide by.
These regulations include, in the case of the FCA, a necessary capital requirement of 730 000 GBP and keeping clients’ funds in separate accounts. These restrictions are put in place for the trader’s benefit, since many offshore brokers start offering substantial profits to their customers and trading with vast leverage, only to go bankrupt in a few months, making the cash vanish.
Respectable regulatory agencies impose the aforementioned minimum capital requirement, as well as assurance funds that restore lost capital (up to 85 000 GBP in the UK and 20 000 EUR in Cyprus) to the traders in such cases. This is why it is essential to stick with brokers that are officially registered by these agencies and not those that just assert to be.
A piece of software specifically designed for trading on the Streams Global Markets platform.
Our research on the GoStreams review shows that it makes use of the popular Metatrader4 trading platform. It has become an industry standard due its numerous features, such as its dependability, user-friendly interface, a variety of chart tools and automated trading, and a community of traders creating and sharing trading bots and signals. This platform is provided by Metaquotes and can be tailored to any broker’s needs.
GoStreams has created their own version of MT4, which is not much different from any other version. One thing to note is the leverage for currency trades can go up to 1:500, which is not in line with the regulations imposed by any of the organizations listed on the company’s Licensing regulations page. The spread of the EURUSD pair is 1.7, which is within a fair range, but is still a bit wide for the most traded currency pair.
The payment strategies and expenses related to adding and taking out funds from GoStreams.
Streams Global Markets LLC has a deposit policy that states that there must be a minimum of $100 in order to deposit. They declare that they accept the major payment options, including Mastercard and Visa, as well as e-wallets such as PayPal and Netteller. Their withdrawal policy, however, has a few dubious clauses. For example, the company claims the right to exercise power over a client at its own discretion, which is an unnerving agreement. Furthermore, the Client agreement states that the client is subject to extra commissions and taxes which are listed on the company’s website, yet they are not to be found anywhere on the website.
What is the process of the scam?
Scams related to foreign exchange trading have been around for a long period. This is because it is quite uncomplicated yet very effective. It begins when someone comes across an advertisement on social media that will reveal the realm of trading to them, or unveil some closely guarded industry secrets. There are also many videos with a paid performer displaying their luxurious lifestyle and mentioning how this was not attainable until recently. If the potential victims choose to go ahead, they are taken to a website that promises high profits. Such sites require them to complete a registration form with details such as their email address and phone number.
When this is done, the scam is set in motion. The scammers start calling the victim and try to convince them to open an account with them. They ask for a large deposit and when they get it, they tend to lose the customer’s account money. The average scammer is not concerned about making lucrative trades like real brokers – their aim is to get as much money as possible from the victims before they recognize the reality. This is because the scammers gain their profits by stealing the exact deposit of the victim.
What steps should one take when they have been taken advantage of in a fraudulent way?
If you have been scammed financially, there still remains a possibility of you regaining your funds. Scam Helpers can help you in this regard. File a complaint with us and get a free Consultation.
Believe that your lost money can be recovered!
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