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GainMetaFX Review – Who Is Behind This Broker?
Table of Content
This shady broker managed to remain anonymous. There’s no contact number nor an email address, only a contact form. The office is registered in SVG, the scammers’ haven. This can serve as our first red flag. There are no legal documents stating this broker is regulated by any relevant financial institution.
Keep reading our GainMetaFX Review and learn more about this unregulated broker.
|Leverage||Up to 1:500|
|Headquarters||Saint Vincent and the Grenadines|
GainMetaFX Regulation and Safety of Funds
On the bottom of the webpage and in their Terms & Conditions section, it’s stated that their office is registered in SVG, but not regulated. Moreover, a regulatory status authorized by the FSA would mean nothing in terms of trader’s fund protection as the SVG regulators don’t provide FX licences, they monitor only the banking sector.
In the meanwhile, GainMetaFX has been blacklisted by 6 financial institutions:
- The FCA, UK Financial Conduct Authority (issued an official warning)
- CBR, the Central Bank of Russia (issued an official warning)
- AFM, Netherlands Authority for Financial Markets (shared FCA’s warning)
- FSC, Financial Supervision Commission, Bulgaria (shared FCA’s warning)
- CONSOB, the Italian Securities Commission (shared FCA’s warning)
- The Financial Commission, Hong Kong (not a regulator but an independent EDR for forex, issued an official warning)
It’s very clear that we’re dealing with an unregulated broker operating offshore, which means your funds would not be safe with them.
GainMetaFX Trading Platform
This broker advertises MetaTrader4 on their website, the platform that has been the industry standard for years, along with MetaTrader5. These two platforms come equipped with various advanced trading features and are suitable for traders of all levels. Both platforms are accessible on most devices and operating systems.
However, GainMetaFX’s download link is broken and it only returns us to the homepage, so it’s questionable if there’s actually any platform available. As verification is needed first, we weren’t able to check if one can actually use the MT4 platform online simply by logging in with the GainMetaFX account’s credentials.
Account Available at GainMetaFX
There are 2 account types on this scam broker’s website, a Live Trading and an MT4 Demo Account. MT4 Demo account requires downloading the platform first, which is impossible. There’s no need to sign up or make a deposit in order to test out the trading conditions, but without the platform this feature is unavailable.
FAQ section states that one trader can open as many accounts as they want.
GainMetaFX Trading Instrument
The following are available trading instruments at GainMetaFX:
This broker claims it offers tight spreads and leverage varies depending on the trading instrument. Commodities and forex have leverage of 1:500, for energies and indices it’s 1:200, and for stocks is 1:20. Traders can choose from 33 crypto pairs, 55 currency pairs, 10 indices, and over 60 stocks to trade with.
Keep in mind that we’re talking about an unregulated offshore broker, and investing with it is a high risk regardless of how attractive trading conditions may seem.
GainMetaFX Deposit and Withdrawal
Making deposits is possible with Bitcoin, wire transfer, and credit or debit cards.
There’s no minimum deposit, but if one deposits funds with Bitcoins, it’s recommended to have at least $10 on disposal to cover blockchain fees. Bitcoin deposits are executed via Coinbase, and card users are redirected to the third party where they’ll be able to purchase Bitcoin and deposit it to their accounts.
We advise you to be careful as we found many complaints online where people said they never got to withdraw their funds from this fraudulent broker.
Got Scammed by GainMetaFX? Chargeback Is The Answer
If a trader uses crypto to make a transaction and notices illicit activities taking place, retrieving their funds would be challenging, but not impossible. In case the wallet was registered with a regulated exchange, requesting a refund could be possible.
Scammers prefer cryptocurrencies as they’re virtually untraceable and oftentimes victims fail to get their investments back if they created a wallet with a shady exchange.
Credit card users can simply request a chargeback and are able to do so for up to 540 days since the transaction was made.
Transactions made via wire transfers can be recalled, but it’s crucial to act as soon as possible because there is about a 30-minute timespan (depending on the bank).
- GainMetaFX is registered in St Vincent and the Grenadines, a Caribbean country considered to be a haven for illegitimate businesses.
- GainMetaFX is an unregulated anonymous forex broker.
- This broker has been blacklisted by 6 financial institutions worldwide.
- Demo Account is available, however, in order to trade with it a trader has to download the MT4 platform, which is not available on the website.
Is GainMetaFX a Good Broker?
GainMetaFX is definitely not a good broker as it’s been reported by many victims who had lost their money by trading with this fraudulent brokerage.
Is GainMetaFX a Regulated Broker?
GainMetaFX is not a regulated broker. Moreover, this scamming broker has been blacklisted by 6 financial institutions in both Europe and Asia.
What Is The Minimum Deposit For GainMetaFX?
GainMetaFX doesn’t request the minimum deposit, but it does state one should have enough money available for transaction fees which they estimate to be around $5.