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GMGroup Review – Find Out More About GMGroup.Pro
Table of Content
GMGroup trading company is first time registered in 2021 in the Commonwealth of Dominica. Officially, their owner is Infinium Solutions Ltd. Offshore brokers are suspicious by default. But not to jump to a conclusion, we need to do proper research.
What makes this broker different than the others and how you can end up scammed, read in our detailed GMGroup review.
|Headquarters||Commonwealth of Dominica|
GMGroup Financial Safety and Compliance
GMGroup broker provides trading services but without any authorization for that. Not only that they don’t have any regulations, but they are blacklisted as a scam by the FCA. They were trying to clone legitimate trading firms. And it’s not their first time doing so.
Our latest research discovers the previous brand name, that this scam broker used. It’s FCTrading that was blacklisted in Spain for instance, but in the UK as well.
Regulations are important because of the transparency and security that the broker needs to provide. Some Tier 1 licenses have very strict requirements and only those can make traders comfortable. That’s why you should look for companies that have FCA, BaFin, or ASIC licenses.
Available Trading Platform at GMGroup
Another suspicious fact at first glance is their trading platform. According to GMGroup broker reviews, we can see that it’s only a web trader. Not only poorly designed but also poorly functional. Only basic trading features are available.
Pro traders don’t find these platforms attractive. Firstly, brokers can easily manipulate trading information. Secondly, they don’t provide advanced features like social trading or advanced EAs. Not to mention some options like hedging, scalping or automated trading. That’s why they prefer Meta Trader or cTrader.
It becomes even bigger nonsense to trade with this broker once you realize that they offer mostly automated trading. Which they don’t deliver. So it’s just another investment scam.
Account Options Offered by GMGroup
On the positive side, this broker had a demo account option. It’s a great option to check if the broker meets the conditions that are advertised. Besides the demo, there are 7 live accounts in the play. Those are:
- Basic – $250
- Bronze – $5.000
- Silver – $15.000
- Gold – $50.000
- Platinum – $150.000
- Diamond – $500.000
- Black – $1.000.000
Mainly benefits that traders get with higher deposits are regarding the educational package. However, leverage, bonuses, spreads, or commissions are not disclosed. Instead of risking all of your life savings and privacy here, you better look for a trusted licensed broker.
Another key point is the welcome bonus. For any initial deposit, the broker grants certain bonus funds. This is banned in the whole EU, UK, and Australia. Another sign of clear rules violation.
Trading Instruments and GMGroup
Trading instruments, same as a trading platform, don’t make a broker trusted. Those are just services and features that they advertise. Where broker becomes exceptional is in their customer service and reliability.
However, this broker provides all 5 major classes of financial instruments. Those are:
- Currency pairs (Forex) – AUD/NZD, EUR/SEK, USD/HKD
- Commodities – natural gas, crude oil WTI, palladium
- Indices – CAC 40, DAX 30, Dow Jones
- Shares – Bank of America, Apple Inc, Microsoft Corp
- Cryptocurrencies – BTC, DASH, USDT
With unknown leverage, these instruments are highly risky for trading. Especially with a mysterious and non-reliable trading platform that GMGroup scam broker offers.
If you were thinking that you will find the costs of trading with this broker, you are wrong. It’s mandatory for any licensed broker. But for this one, that’s not relevant. Because you are just sending money directly to their pocket. So, spreads and commissions remain unknown here. Since this is obviously an investment scam, we kindly recommend you find another and forget about this broker.
Deposit and Withdrawal Policies
As for funding methods, we always recommend using your debit/credit card. That way you ensure that you can get a chargeback if anything goes wrong. As for GMGroup broker, they offer a couple of options:
- Bank cards – Visa/ Master card/ Maestro card
- Wire transfers
What you can find interesting is that deposits are never the issue. Maybe if the card is stolen, but broker never makes a problem with funding the account. However, when you want to withdraw, you can expect multiple issues.
Firstly, the broker makes up verification issues. Where providing the broker with all personal information may take a couple of weeks. Still, you don’t have a guarantee that you can get a withdrawal. Meanwhile, they are looking for another way to scam you.
Afterward comes a withdrawal fee scam. They will ask you to pay more money to get your money out. Which is complete nonsense and don’t ever fall for it!
How Do I Get My Money Back After GMGroup Scammed Me?
Don’t lose all hope. You are not the first or last person that goes through that. Every problem has a solution. Our fund recovery team is watching this for years and analyzing ways to help traders. Because scam companies are establishing every moment.
Firstly, share your experience with us. Let us know what exactly happened. Secondly, we can file a chargeback! For professionals, that’s a very simple procedure done a thousand times. Don’t make an elephant out of a bee. Stop wasting your time and contact us today!
There are only a few slots left for a free consultation with our experts.
- This is a non-regulated offshore broker.
- Multiple warnings were issued against it.
- They are trying to clone legitimate firms.
- Non-transparent trading conditions.
- Unreliable trading platform.
FAQs About GMGroup Broker
Is GMGroup A Good Broker?
Absolutely not. They don’t have regulations and FCA issued a warning against them.
How Long Do GMGroup Withdrawals Take?
The company doesn’t have a transparent withdrawal policy. Processing time remains unknown.
Does GMGroup Offer a Demo Account?
Yes. Traders could test this broker’s services through the virtually funded account.