GtradeX is an extremely dubious offshore broker; with its difficult Terms and Conditions, lack of regulation, and high fees, there is no justification for anyone to deposit any money with the broker. But, if you are inclined to do that, we advise you to read this complete GtradeX review to know more about GtradeX scam.
GTradex Review – How safe is to invest here?
GtradEX does not a regulated platform and does not claim to be one. Also, the firm never discloses its location, which is a lack of openness that no trustworthy broker would tolerate.
Without a licence, GtradEX is unable to verify that it is not engaging in fraud and has the requisite liquidity to function on the erratic Forex markets.
The FI of Estonia and the seven regulators it named, including the DFSA of Dubai and the German BaFin, do not have a record of the GTradex broker. Also BaFin regulatory issued a warning against this broker. According to them – In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that GTradex Corporation has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin.
You are dealing with a shady company, and your money is at danger.
Although the company’s custom Web trader appears reliable and may like an MT4, it has much less features.
Yet, since you can select whatever suits you from the restricted offer you’ve been provided, it’s customizable, which we find somewhat satisfying.
Even though the advertisement states that the minimal spread is 0.5 pip, the GTradex Forex broker’s spread starts at 3 pip for EUR/USD. While EU regulators have a 1:30 maximum, the leverage is unregulated and goes up to 1:500.
Customer GTradex Reviews
Scam Helpers found that GTradex got negative customer reviews and ratings on all other sites, and also got low trust scores among users. With this review and after reading all the negative and positive GTradex reviews, we found that this broker is not regulated and might be a potential scam broker. To avoid these scams, we provide a list of scam brokers 2023 on our website.
How does GTradex Scam Work?
Scammers use many tricks in order to give you the idea that you are earning money easily and rapidly, fraudsters frequently send you some returns first. They can acquire your trust in this way. To extract as much money as they can from you, they frequently ask you to make more investments or to recruit family members and friends to do the same.
They will suspend or close your account when they believe you are unable to invest any more money in the fraud, and you won’t likely hear from them again. In order to appear trustworthy in the eyes of potential customers, many scam companies falsely state that they are headquartered in a regulated jurisdiction by using fictitious locations and regulation licenses.
How to keep yourself safe from scam brokers?
- Do good research about the broker. Go through reviews and pick a broker with positive reviews. A conventional web search can give experiences into whether negative remarks could simply be a disappointed broker or something more serious.
- Ensure the reviews do not contain anything negative about the broker’s withdrawal process.
- If you are happy with your examination on a specific broker, then trade for a while first, and afterward attempt to make a withdrawal.
- If you face some issues, discuss them with your broker. If it doesn’t go well, file a complaint and share your experience online with everyone.
Is GTradex broker Legit or a scam: Conclusion
It is clear from the GTradex review that this broker is not right for trading. We unequivocally encourage all traders and investors to keep away from GTradex and similar brokers. If you really want to trade online, find a broker who is regulated and has trusted and positive reviews.
Scammed by GTradex? Scam Helpers can help
If you are a victim of the GTradex scam, or other scams like the forex scam, cryptocurrency scam, binary scam, etc., file a complaint here to get your funds back. Scam Helpers can process your complaint and help you in fund recovery. We should begin and determine the matter before the harm is considerably greater. Your one step can save you and other people from being cheated by such brokers.
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