There are a lot of offers from online brokerage projects on the internet. Alas, but only a few companies can be called reliable, which are worthy of attention of traders. The vast majority of offers are placed by organizations that operate illegally. This means that most brokers are dubious companies, as they offer financial services to exchange investors, promise profitable cooperation and safety of capital, but in fact, do not even have licenses, which give the right to conduct financial activities as exchange intermediaries, online brokers.
As a rule, the majority of unregulated Forex brokers work under the same murky scheme. If a user falls into the field of view of such a fraudulent company, the swindlers will do their best to make this potential client real - to make an initial minimum deposit. If the client is minimally active, tries to be cautious, invests a little, for example, scammers, under the guise of experienced consultants of the company, offer attractive deals and describe a lot of profitable aspects of a more generous investment in their platform.
Often a broker promises that he has the power to double the initial deposit of his client, who will immediately and easily start earning at least $100 daily. Such or similar false claims can be found on the websites of most similar fraudulent projects.
For example, bright and attractive promises adorn the website gbtrade24.co.uk, which hosts a certain brokerage company GB Trade FX.
If a beginner believes in this nonsense, an experienced trader knows that such promises are too good to be true, because in the field of trading there are risks and no guarantees of 100% profit.
It is highly not recommended to believe such dubious brokers! It is a typical fraud! Instead of the promised profit, the trusting investor becomes a participant in a sad scenario. As soon as the client invests the initial deposit, he immediately starts to be handled by the dexterous and experienced swindlers, known as client retention agents. His job is to draw more money out of the client. In the end, in order not to withdraw the investor his earned money, the client's account is zeroed out, explaining it by artificially created problems, for which the platform is not responsible. These are typical schemes of scammers in the field of online trading. The review devoted to the GB Trade FX describes in detail why you should not cooperate with this project and what exactly points to its fraudulent activity.
Types of trading accounts offered by GB Trade FX
Brokerage project GB Trade FX offers its customers several options for entering its trading platform.
Information about trading accounts is quite general and vague.
Talking about the demo account, GB Trade FX allocated a separate section, although the entire offer could fit into one phrase. This type of entry to the platform is possible without a start-up fee, but after registration.
The scammers here decided to be generous and not to deprive their customers of the opportunity to open more than one demo account to test different trading options.
As for the real money accounts, the information here is, on the contrary, too compressed.
You may choose from three trading accounts - Basic, Gold and Platinum. GB Trade FX informs that the first option is suitable for beginners, the second for traders with more experience, and the third for those who are ready for a serious relationship with the exchange operations.
Clients are promised low spreads, fast functionality and advisory support.
No numbers. No confirmations. It's just words. The section is low-informative and is more suitable for advertising purposes than for practical use by traders who want to invest in the platform.
There is even no data on the minimum allowable deposits. What a client of such a broker should rely on - on low-informative information and his luck.
The website of GB Trade FX also has an Islamic trading account.
Here we see the same minimum of information as for the other tariff plans.
To register, the user is only offered to enter his name and contacts.
However, a special section on the verification of trading accounts states that the trader must provide more photos of documents and specify a list of additional personal information.
But even after that not everything is so simple. Although the broker prefers to keep silent about the nuances.
As soon as the user passes the registration procedure, the function of the trading accounts opens for him. There is also a message "UserApprovedMT4".
It is noteworthy that the links are inactive. When you click on "Trading accounts" nothing happens and nothing opens. Even the advertised demo account, as well as others, remains inaccessible.
In other words, it's impossible to find out about starting deposits even after registration.
The only active option is Cash Management .
Often cheaters use this trick - they provide a minimum of data for a potentially interested user to get in touch and ask questions. This is done to make it easier to take investors, get access to their contact phone number or email address. Scammers then pester users, persuading and threatening them to cooperate.
GB Trade FX Trading conditions
GB Trade FX is distinguished by some key features which help determine whether or not traders should invest their time and money in this platform.
On its official website, GB Trade FX is presented as a project with many opportunities and tools for trading.
It is a kind of forex broker that offers investors to join trading currency pairs, indices, metals, energy, futures, stocks and trading platform MetaTrade4.
GB Trade FX states that the following payment methods are available: via bank transfer or online payment system. But here, too, the trader encounters a problem. Clicking on the "Money Management" option, the only available payment option is via bank plastic But there is no indication of the minimum deposit amount either.
All this is clear evidence that the company is not legal! The websites of the legal brokers provide detailed information on all issues, because the regulator closely monitors the activities of the organizations to which it issues licenses.
Now about the trading software GB Trade FX.
Users are offered versions for cell phone, web and Mac. Despite the fact that the platform itself provides many opportunities for traders, this cannot be an indication of protection against scammers who offer to take advantage of its functionality.
For example, when downloading the platform for macOS, there are problems - it does not load.
As for the bonus policy and withdrawal procedure, GB Trade FX offers the same conditions as dozens of other fraudulent similar companies.
All this information makes me think seriously about cooperating with this questionable company.
GB Trade FX Licenses
Based on the data suggests a conclusion that GB Trade FX are quite experienced scammers who change their addresses quickly and frequently to steal from traders again and again. You can find many websites with variants of the same name offering identical terms on the net.
A review of GB Trade FX shows that we are faced with yet another fake broker, as on its trading platform all the trades are fake, they do not specify the conditions and swindle very large amounts of money without returning anything to the clients.
There are no copies of documents or links to the regulator or brokerage license number on the website.
There is only a phone number, an email address for customer support and an indication that the domain GB Trade FX operates under the regulations of the European Economic Area.
Based on the domain address, let's check information about GB Trade FX on the website of the UK regulator, the FCA.
As expected, the project does not have a license. The regulator has no information about GB Trade FX.
While touting its popularity around the world and benefits to clients, the scammers didn't even register their activities to be elusive when stealing clients' money.
When checking the domain where gbtrade24.co.uk is located, it was found out that the site was registered on June 15, 2021.
As it is mentioned above, scammers are constantly changing addresses to hide the traces of their financial crimes.
GB Trade FX Reviews online
Despite the fact that the site has only been around for a few months, you can already find negative reviews online from disappointed GB Trade FX customers. It's surprising though, because as we mentioned above, the site is uninformative and most of the moons are not working at all.
Since the site is offered in two languages, Italian and English, the reviews come in different languages.
For example in Italian a customer writes that GB Trade FX is a scammer who extorted his money and then closed all the transactions, which led to a negative balance of 41,000 euros. The scammers wrote down this amount as a loan to him and are demanding the money back.
Safety and security of funds with GB Trade FX
You can't talk about the safety of funds and personal data on this platform. Requiring a large package of documents and active financial contributions from the client, GB Trade FX scammers do not even have a license and a normal high quality website.
You should not work with such swindlers and hope for profit.
GB Trade FX are scammers which do not fall under any regulatory body. There are no properly presented trading conditions, there is no information about the minimum deposit, no data on leverage, and bathroom options do not work at all. This is just another typical unregulated Forex broker. This means no protection for clients in case of financial losses and cheating.