Table of Content
Garant Market Review – The Scam Behind The Garant-Market.Com Broker
Table of Content
The Garant Market Review will tell you a thing or two about this sneaky little liar posing as a world-class provider. Here’s how the scam works in a jiffy – a bit of sweet talk sprinkled with promises of the moon, an abundant offer and bam! Next thing you know, you’re sold down the river.
That’s something you see in the movies but it does happen in real life. However, after reading this review, it will never happen to you because you’ll be equipped with the knowledge to fend off these fraudulent brokers.
First, we’ll investigate Garant Market’s licensed status. Then, we’ll look at the trading aspects and what this con artist has to offer. Without further ado, let’s get into it. Oh, wait, one more thing. We shall spice this review up with a warning issued against the fraudster!
|Leverage||Up to 1:50|
|Headquarters||30 St. Mary Axe, London, UK|
|Broker Type||Forex, Crypto, CFDs|
Are Your Funds Safe With Garant Market?
Here we have a case of a financial market caped crusader, i. e. an anonymous entity. There’s absolutely nothing about the owner.
In the legal doc, the unscrupulous broker mentioned as many as four licenses – one from CySEC (Cyprus), one from the International Financial Services Commission (IFSC), one from the Financial Services Commission of the Republic of Mauritius and finally, one from the Republic of Vanuatu’s financial regulator. All this while operating out of the UK.
Furthermore, on the website, Garant Market boldly presented an entire arsenal of licenses from every possible regulator it could have thought of. ASIC, FSCA, DFSA, CFTC, you name it. We’ll just say that US regulators don’t deal outside the US. By the way, shouldn’t a provider be regulated by the UK’s Financial Conduct Authority (FCA) if it operates there?
Of course, it should! Garant Market missed the bullseye, plus it has been blacklisted by Russia’s Central Bank. Bingo, we’ve got an unregulated broker here, folks. Therefore, your funds are not safe with Garant Market.
Available Trading Software at Garant Market
Let’s say you want to pick up trading. Fine, after learning the basics, you would naturally want to have yourself a reliable and approved platform. Something like Meta Trader 4 & 5 because a web-based platform just won’t cut it. Guess what, Garant Market offers the latter.
In reality, you’re limiting yourself if you trade on a web platform. Apart from some basic features such as placing orders, customizing charts and applying technical indicators, it’s pretty lacking. But the real problem is not the ‘sidekick’ platform itself, it’s the possibility of manipulation.
Scammers use this trick all the time. They set the platform up to make you believe you’re making profits when all you’re doing is throwing away money and they’re picking it up.
Account Types Offered
The illicit broker says it offers three account types for clients to choose from:
- Novice investor – min. deposit of $150;
- Real trader – $1,000;
- Major player – $10,000.
Here’s the problem – Garant Market claims it is based in the UK and yet, it offers leverage of 1:50 for the third account type. The FCA limited the leverage for retail clients to 1:30. The “novice” account has leverage capped at 1:5, which is suitable for crypto but just too low for FX pairs.
In addition, the financial swindler failed to provide a demo account, which every legitimate broker simply has to include.
What Market Instrument Can Be Traded at Garant Market?
Clients can trade over 200 instruments. At least that’s what the phony says. We’ll be kind enough to Garant Market here and list the assets with a few examples:
- Forex currency pairs – EUR/USD, GBP/NOK, USD/ZAR, etc;
- Commodities – Gold, Corn, Soybeans, etc;
- Indices – Dow Jones, NASDAQ, DAX 30, etc;
- Shares – Netflix, Nvidia, Amazon, etc;
- Crypto – Bitcoin, Ripple, Ethereum, etc.
What about spreads? Garant Market gives 3 pips for FX major pairs. You’ll hardly make any profits with such wide spreads. Despite this seemingly rich offer of instruments, the scam broker is still unlicensed, dishonest and dangerous.
Deposit and Withdrawal Process
Now, what would be the icing on the cake when it comes to this trickster? We know! Going full-anonymous mode. That’s what Garant Market did, it limited its payment methods to crypto, i. e. Bitcoin and US Tether. If that’s not enough to deter you from investing, then we don’t know what is. The minimum deposit would be fair if not for all the shadiness surrounding the broker.
Scammers prefer crypto in general. It represents an additional dose of security for them in form of anonymity. Plus, it’s really hard to trace and refund, albeit possible. We’ll tell you how.
How Do I Get My Money Back If Garant Market Scams Me?
It sucks if you’ve been scammed. We feel for you but don’t be ashamed. The only way to get your money back is to trace the crypto transaction to a wallet within an exchange. Then, try to request a refund from the exchange. Your chances will be slim but it’s definitely worth giving it a shot. If it’ll make you feel better, we can assist by reporting the scammer!
Garant Market Summary
- Garant Market claims to be regulated by multiple institutions around the world;
- It is, in fact, a scam broker that was blacklisted by the Russian Central Bank;
- The minimum deposit is $150;
- Leverage was unevenly set and spreads are just too wide for FX pairs;
- The fraudster accepts only payments via cryptocurrencies.
FAQs About Garant Market Broker
Is My Money Safe with Garant Market?
Your money is not safe with Garant Market because the broker is anonymous, unlicensed and blacklisted.
How Long Does it Take to Withdraw From Garant Market?
There’s no information on withdrawals whatsoever. The scammer does not intend to let you withdraw funds.
What Are The Funding Methods For Garant Market?
The only funding method that Garant Market accepts is crypto payments (Bitcoin and US Tether).