The choice of a broker to join trading operations online requires a special approach, increased attention and at least minimal understanding of how the mechanism of the trading sphere is arranged and how it works. The preliminary estimation of broker's activity according to the information, placed on its official website, is absolutely necessary. You can find out on your own or by reading detailed objective, professionally compiled reviews, filled with valuable information about representatives of the trading sphere. The reviews vividly present the companies that call themselves online brokers and describe exactly how the frauds occur, which they use to lure their clients' money in a fraudulent way.
As a rule, inexperienced traders become victims of fake brokers' deception. They are ruined by trusting the commercials of shrewd swindlers, who skillfully hide behind the mask of reliable brokers, which you can trust, and numerous promises to become the owner of quick money practically instantly.
An example of such advertising from a typical representative of the online trading sphere is some dubious company GANNMarkets.
Usually after having checked the official site of such a virtual project a potential investor becomes a real client. Often, to be more convincing, the fraudulent game of client processing is played by managers of such projects, literally making traders believe in their good luck and ability to earn good profits. They even make unprofitable or shambolic offers in the form of their advantages. Here is an example from the GANNMarkets website.
To realize everything heard and seen at the site, a trader needs to make a minimum effort - to deposit to his deposit account an amount starting from $100. Statistics show that very few traders manage to earn money, but swindlers hold back the fact that neither investments nor profit, in most cases, are returned to the owner. In parallel, the client of such companies is forced to share his personal data during the registration, which is a pass to the trading platform. But how the site owners will use the obtained database is not known. Most often the data is shared with such fake brokerage platforms. This explains the appearance of different such companies taking the contact information of users who are ready to invest in trading.
What's more, clients are charged commissions even on starter deposits. However, scammers rarely stop and methodically work with their clients, persuading them to make larger deposits, justifying such recommendations as the only way to get even more profits from trading.
Traders who keep investing in platforms like GANNMarkets are making a huge mistake. There is definitely no way to make money here. Why? Details in this review.
By the way, the customer service through live chat explains that only Turkish citizens can open an account at GANNMarkets. This is great news for the citizens of other countries whose money is threatened by fraudsters.
Types of trading accounts offered by GANNMarkets
The information on GANNMarkets site is presented in a strange order. The navigation is not convenient. The discomfort starts with one of the most important sections - types of trading accounts.
While sweetly touting the choice and simplicity of its trading plans, GANNMarkets does not say that information about them has to be found on its site.
Users are offered the following types of trading accounts - Standard Account, Standard Swap-free Account, ECN Account, ECN Swap-free Account.
In fact, more or less there is a description of Standard Account, although the information is filed too laconically.
For other tariff plans you can see only standard data, without numbers.
Separately, on the main page there is information about such types of trading accounts as Fixed Account, Floating Account, Islamic and Scalper Account.
However, it is not possible to find out more about them, as GANNMarkets suggests. The pages are inactive or have not been created at all.
The description of the Standard Account type states that the minimum deposit amount is $100.
As for other tariff plans - there is no information there.
As the information about leverage is mentioned on the main page, we assume that this index is the same for all account types and equals 1:400. Broker GANNMarkets indicates these figures as an advantage to increase profit. In fact, it is a very high risk for traders. For instance, legal brokers operating under the control of reputable regulators do not set values higher than 1:30-50.
The Fixed Account has spreads starting at 1.7 pips, but there is no information about other tariff plans either.
In the list of GANNMarkets services there is an offer to start trading on their platform through a demo account. There is a mention in one of the pictures on the home page about zero deposit. However, this information is not in the main section on the type of trading accounts.
There is no information about withdrawals and commissions. It is unknown how long this process takes on the GANNMarkets platform.
As we can see, there is very little information and its presentation leaves much to be desired. Websites of such a low quality are usually operated by swindlers.
GANNMarkets Trading conditions
Despite the fact that the broker emphasizes that it works for the citizens of Turkey, the site is available in English, Turkish and Arabic versions. Sometimes there is even a mix with the Russian version - some pages are in English and some in Russian.
Surprisingly, after refreshing the page, the offer of the Russian version disappears.
This once again confirms that before us is the official page of a dubious brokerage project that only wants to seem like a reliable intermediary, but in fact works under the management of swindlers who can't even adequately represent their company on the Internet.
The website states that the company provides a trading platform MetaTrader4.
Then we see the standard description. For example, the site owners proudly mention that the tool is available on all digital devices. As for spreads, testing has indicated a floating spread. For example, the EUR/USD readings are 1.8 points, which is slightly above the industry average.
However, all of these indicators may be just advertising, as indicated by the numerous red flags of unreliability of this company as a broker.
The GANNMarkets website lacks information about trading fees and available payment methods. This makes one think that commission fees and delays are hidden, which is usually a sign of fraud.
The company talks about the variety of trading assets, including more than 40 currency pairs, but does not describe the offer in detail. It talks about various CFDs - precious metals - gold, silver, platinum and palladium, oil, natural gas, and 7 stock indices.
GANNMarkets mentions the possibility of education, but every broker has such service. Moreover, the level and effectiveness of such education can only be tested weeks and months later.
As a rule, most positions turn out to be unavailable. Also, do not forget that such companies do not take traders to the real marketplace. All trading operations are more like a simulator, where the puppeteer is a crook who owns the platform. In reality all the results are adjusted in accordance with the wishes of a dubious broker, for his benefit, and the clients' money flow into the pockets of swindlers.
Now about checking the legitimacy of the brokerage project GANNMarkets. It has detected a lot of untruthful information and inconsistencies of facts.
For example, about the foundation date. The website states that the project started in 2018.
Even the licenses are provided. But here's the problem: the license is dated 2020. It turns out that the broker has been working illegally for 2 years. On the second document, the certificate, there are no dates at all.
By the way, the license was issued to a company called Gann Markets Corporation LLC. On the website they call themselves GANNMarkets. A nuance, but still doubts arise.
GANNMarkets says that they are registered in Montenegro.
However, the license is issued by a regulator with a low reputation in the field of trading - in the offshore zone in St. Vincent and the Grenadines.
They also list an address in Podgorica, Montenegro in the Contact section.
In parallel, the broker claims to be regulated by the Financial Services Commission (IFSC) in Belize. This claim is false.
There is no mention of Gann Markets on the Financial Services Commission website and the company is listed on the offshore license.
This suggests that the company is operating without regulation. This means that all clients are seriously risking their capitals.
By the way, checking the domain name of the GANNMarkets website on the WhoIs service showed that the site was registered in 2018, but was updated in 2020. Fraudulent sites often practice buying sites that are already in operation and redesigning them to create the illusion of great expertise.
It's best not to get involved with such a company to avoid losing your money.
GANNMarkets Reviews online
Although the site is listed for Turkish citizens and is offered in Turkish, Arabic and English, there are several reviews online in Russian.
All of them are negative. Deceived customers complain about customer service, conditions, deception.
There are no reviews in English even on one of the popular sites for reviews.
The broker is scolded for its working methods, the style chosen and the low quality of service in general.
Safety and security of funds with GANNMarkets
It does not matter what the broker promises on his official website - he can praise his platform and emphasize the safety of funds. The reality is that an unregulated or offshore broker does not deal with his clients in accordance with the law and only acts for his own benefit.
GANNMarkets is a typical scam broker who offers brokerage services on a low quality platform. The site is low-informative, some options are inactive, the advertising of the services is not combined with customer reviews, there is no license and the company which this project refers to is an offshore broker at all.
Working with a broker GANNMarkets is financially dangerous for traders.