Table of Content
Gatebits Review – Learn More About This Scam Broker
Table of Content
Gatebits Review, As a fresh brokerage company registered in 2022, we can’t expect much. They are based in St. Vincent and Grenadines (SVG) under the name Gatebits Ltd. As a broker, they should comply with some rules and regulations. Since SVG doesn’t offer any protection for forex brokers it’s a great shelter for scammers.
Even without checking their licensing, we can see some flaws of Gatebits broker. Let’s dig deeper together and find out if this broker is just another investment scam.
|Headquarters||St. Vincent and Grenadines|
|Minimum Deposit||250 USD|
|Review Rating||2.4 on Trustpilot|
|Broker Type||Offshore scam broker|
|Spread||From 3 pips|
Gatebits Regulation and Fund Security
Since FSA doesn’t provide licenses anymore, we have to look elsewhere. For that reason, we always turn up to Tier 1 regulators. They are trusted because of the strictest regulations and protections that they provide for clients.
All companies that have these regulations have separate bank accounts for clients’ deposits. Moreover, they provide reimbursement funds in case of bankruptcy.
Besides, they need to have quite a big initial capital to be able to provide trading services. Unluckily, Gatebits doesn’t comply with any of these. That’s exactly why they are not in the database of FCA, BaFin, or ASIC.
Another sign of an investment scam is leverage higher than allowed. Maximum leverage approved ESMA is 1:30, while Gatebits broker allows 1:400.
Trading Platform Overview
As expected, Gatebits broker only provides web traders. It’s not something we haven’t seen before with offshore scam brokers.
Traders are provided with a poorly designed web-based trading platform. Even though it looks user-friendly and it’s intuitive it doesn’t offer any advanced features. What you can expect here are just basic trading tools and indicators.
Some additional charting options are available. On the other hand, nothing from social or copy trading and advanced EAs can be seen here.
Even though having trusted trading software doesn’t mean the broker is trusted, it is a highly favorable option. That’s why experienced traders look for Meta Trader as a primary option. cTrader would be accepted as well.
These platforms provide many advanced features. Some of those are even algorithmic trading options.
Moreover, these platforms are available for download on any device. That is a huge advantage for traders that are trading on events.
Available Account Types Offered
Gatebits scam broker here revealed their true face. All account types require an insane minimum deposit requirement for activation. For a non-trusted and non-regulated broker, these amounts are bizarre. More importantly, none of the accounts have any big benefits.
Those account types are:
- Self-managed – $250
- Basic – $5.000
- Gold – $10.000
- Platinum – $25.000
- Diamond – $50.000
- Libra – Invitation only
When a broker decides that someone is wealthy enough, they get a personalized offer. That was especially active in the era when Facebook announced its cryptocurrency.
However, Gatebits scam broker only provides higher leverage with higher deposits. Moreover, they mention that a diamond account gives you diamond spreads.
With such transparency, you can’t expect anything good. That’s why we always recommend traders look for licensed brokers. They are at least forced to be transparent.
Not to mention that Gatebits doesn’t have negative balance protection and guaranteed stop-loss.
The only credit we can give Gatebits is for trading instruments. They provide all 5 major classes. In addition to that, some interesting instruments are available. However, when a broker is not trustworthy nothing else matters.
Anyway, some of the instruments are:
- Forex – USD/AUD, NZD/HKD, GBP/SGD
- Indices – AEX25, FTSE100, CAC40
- Commodities – cotton, natural gas, crude oil
- Cryptos – ADA, XRM, XRP
- Stocks – Qualcomm, Nike, Allianz
We need to have in mind that some assets are highly volatile. Especially cryptos. In combination with high leverage, those trades have a very big chance of loss. That’s why experienced traders are looking for a more reliable platform and more transparent conditions. Since Gatebits broker doesn’t provide a demo account, we can’t test those conditions.
Above all, Gatebits scam broker doesn’t reveal any commissions and overnight swap fees.
Gatebits Deposit and Withdrawal
All funding methods are available on the Gatebits website. Those are:
- Debit/credit cards
- Bank transfers
They don’t offer any trusted e-payment solution compared to some licensed brokers. Even though Bitcoin transfers are popular, those are the riskiest option with an unregulated broker.
That’s why we recommend always using a debit/credit card. That way you can request a chargeback if something goes wrong. Strange thing is that once you get to a deposit page you get a message to contact their agents. Obviously, that’s one of the tactics to put pressure on clients.
Based on Gatebits reviews, withdrawals are mysterious. Many customers complained about it. Looks like the only option is a chargeback. All that remains a mystery, but it’s better to start looking for a licensed broker on time.
I Was Scammed by Gatebits – How Can I Get My Money Back?
Don’t be ashamed if you did get scammed by Gatebits. Scam artists will find different ways to trick you into depositing money. But there is a solution.
All card transactions can be reversed with a chargeback. On the negative side, that process is time limited. You have to act quickly to get the funds back. Our fund recovery team can advise you on your first steps.
On the positive side, our team has access to the CipherTrace program that allows you to trace your money through crypto transactions. It’s a very rare option available, but not all hope is lost.
Don’t waste any more time and get in touch now!
FAQs About Gatebits Broker
Is Gatebits A Good Broker?
Based on Gatebits reviews and lack of regulations we would say no. They don’t provide any protection for their clients.
How Long Do Gatebits Withdrawals Take?
It is not disclosed in their withdrawal policy how long it takes to process a withdrawal. Some traders even had issues that prolonged that process.
Does Gatebits Offer a Demo Account?
No. Gatebits broker only offers live trading accounts with non-competitive conditions.