A quick glance at the GMT Trading website will tell you that you will “enjoy a trading experience unlike any other.” While this slogan sounds appealing and may tempt you to accept the offer, you should reconsider. You won’t be able to find the owner’s name, legal jurisdiction, or licence number. This suggests that the company cannot be trusted. Read our in-depth GMT Trading review to learn everything you need to know before you invest.
Furthermore, we strongly advise you not to invest in fraudulent brokers such as Capital365, Buffets Finance, and Investirex.
Is it safe to trade on the GMT trading platform?
GMT Trading presents itself as a global trading services provider but does not provide a licence number or the name of the owner. Instead, the Terms and Conditions state, “These Terms and Conditions and the website are governed by the laws of GMT Trading and will be interpreted in accordance with its courts.”
We don’t know which laws are those or who is in charge of the website, so it’s clear that you’re being tricked. If anything ever goes wrong, you have no recourse.
Reasons to Avoid Using an Unlicensed Broker
Unlicensed brokers pose numerous risks. In the absence of a government-provided compensation fund, you have no place to file a complaint in the event of a problem. Scam brokers are not required to limit their leverage or provide negative balance protection, which means that your money is at risk with every action you take, from depositing to trading. All of this should be enough to steer clear of unlicensed brokers and locate a legitimate trading platform regulated by Tier 1 authorities such as the FCA, ASIC, or BaFin.
Is GMT Trading a Reliable Broker or a Scam?
GMT Trading is an anonymous provider of financial services. The company lacks a licence and operates illegally. The broker has been flagged in Switzerland and Germany.
GMT Trading has received a number of negative reviews. In fact, if you look at Trustpilot, you’ll notice that some positive reviews have been removed because they were fraudulent. This is what’s left.
“Please do not put your trust in GMTtrading.io.” Your money will be gone once you send it. This is a fake trading company. “All they do is steal money and wreck people’s lives.” – Trustpilot Client
GMT Trading Provides MetaTrader 4? – Trade Software Available
GMT Trading, like many other scammers, promotes its services through MetaTrader. While MT4 is advertised throughout the website, you will only have access to a basic WebTrader. This software includes a variety of charts and indicators, as well as a trading history and margin level. If you’re looking for advanced MT4 features like social trading or EAs, look elsewhere.
Overview of GMT Trading Accounts
You can select one of the GMT Trading account types:
• Basic – $250, leverage 1:200, 1 week MAM account
• Standard – $10,000, leverage 1:200, 1 month MAM account
• Silver – $50,000, leverage 1:200, 3 months MAM account
• Gold – $100,000, leverage 1:200, CRO and BNB staking
• VIP – $250,000, leverage 1:300, VIP advisor, 1 year MAM account
• Pro – $1,000,000, leverage 1:400, USDT staking, tight spreads
Also, be aware of the trading scams Bontobel, Aurora Coins, and Dex-Trade; avoid them at all costs! Furthermore, before investing, always investigate the background of digital trading companies!
GMT Trading Scam Pattern
GMT Trading, despite the regulatory ban, offers bonuses and other incentives. These, however, are not free. Once you accept a bonus, you must trade a minimum of the deposit plus the bonus amount multiplied by 25 before you can withdraw.
Furthermore, you will be required to pay non-existent fees of at least 20% before the firm will approve your withdrawal request. Of course, even if you pay, you will not get anything in return.
GMT Trading Markets Available
The following are available for trade in:
EUR/USD, AUD/CAD, and GBP/CHF are the currency pairs traded on the forex market.
BNB, SHIBA, and DODGE are examples of cryptocurrencies.
You cannot access commodities or shares because the offer is limited. As a result, there is even more reason to avoid this fraudulent website and find a legitimate financial brokerage.
What Trading Conditions Does GMT Trading Offer?
Unregulated brokers set their own trading terms, disregarding any legal obligations. Instead of limiting the leverage to 1:30, as requested by UK and EU regulators, this firm provides a much higher span. Of course, it affects trading risks because you can make more money in a shorter period of time, but you can also lose more money in a shorter period of time. Furthermore, spreads and fees are not disclosed.
Methods of Funding and Withdrawal for GMT Trading
The minimum deposit is $250, and the minimum withdrawal is not specified. Customers can deposit and withdraw funds using credit cards and wire transfers, according to the Terms and Conditions. However, once we opened an account, we were only given the option of depositing with Bitcoin. You should avoid crypto deposits at all costs due to the high risks.
GMT Trading Broker Scammed You? – Allow Us Hear Your Story
GMT Trading is an unauthorised financial services provider that has taken advantage of many people. If you are unable to obtain a withdrawal, please contact us for assistance. Our recovery specialists can help you recover what is rightfully yours.
Contact us today to schedule a free consultation, and let’s get the refund process started before it’s too late!
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