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GMT Trading Review – GMTTrading.Io Is Another Trading Scam
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GMT Trading stated on their website that they’re based in Zurich, Switzerland. This is simply not true, as all regulated Swiss brokers must be licensed and approved by the Swiss Financial Market Supervisory Authority, FINMA.
In short, there’s an outgoing investigation conducted by the German authorities.
Are You Protected at GMT Trading?
We couldn’t find any mention of a negative balance protection on GMT Trading’s website, no segregated accounts, no safety net whatsoever. And the fact that we were unable to find any relevant legal documentation on GMT Trading’s website is another clear sign we’re dealing with another scamming forex broker.
Additionally, lying about the country of origin is another red flag and is quite common among scammers of this type.
All in all, it’s safe to say that your investment is not safe and GMT Trading offers no protection of your assets.
Trading Platform Used by GMT Trading Broker
Although MT4 is advertised all over the GMT Trading’s website, what you’ll get after creating an account is completely different. Just like many other fraudulent scammers, GMT Trading promises one of the best trading softwares, and then delivers a very basic software, WebTrader.
WebTrader has a lot less features compared to both MT4 and MT5, and can be easily manipulated to trick GMT Trading’s victims that their assets are being traded. Both MT4 and MT5 offer a wide variety for all levels and have been the industry standard for regulated brokers for over a decade.
Trading Account GMT Trading Offered
GMT Trading offers 6 different types of accounts:
- Basic – minimum deposit $250, leverage 1:200
- Standard – minimum deposit $10,000, leverage 1:200
- Silver – minimum deposit $50,000, leverage 1:200
- Gold – minimum deposit $100,000, leverage 1:200
- VIP – minimum deposit $250,000, leverage 1:300
- Pro – minimum deposit $1,000,000, leverage 1:400
Depending on the account type, leverage starts at 1:200 and goes up to 1:400. This is way above the limit set by regulatory bodies all over the world, which doesn’t exceed 1:50.
High leverage ratios are another sign of a brokerage scam as it poses even greater risk of losing your investments. Spread being at 2.3 on average is also higher than the average, meaning you could suffer a reduced profit with EUR/USD pairs.
Trading Asset You Can trade at GMT Trading
As GMT Trading’s website has been shut down by German authorities, it was impossible for us to check what trading instruments they offered. Considering the fact that GMT Trading is a scamming forex broker, trading instruments offered really aren’t really important.
In general, most brokers offer forex and CFD trading. Forex is buying and selling global currencies, while CFD (contract of differences) is essentially trading on the price movement of forex, crypto, stocks, etc. without owning them.
GMT Trading Deposit and Withdrawal Process
Minimum deposit is $250 for the Basic account, while the minimum withdrawal amount is not disclosed. Transactions could allegedly be done by bank wire transactions and credit/debit cards as well as crypto.
We couldn’t find more information about GMT Trading’s fee structure, but from what we’ve learned about scam brokers so far is that those fees can be ridiculously high. High withdrawal fees are used by phony scammers to discourage victims from trying to get their assets back.
Got Scammed by GMT Trading? Chargeback Is Your Solution!
If you made a deposit transaction via a credit or debit card, you can request a chargeback. Chargeback is offered by major card holders like Visa and MasterCard. Chargeback option could be the only way of retrieving your money back in case you notice you’ve been scammed.
You have up to 540 days starting from the day the transaction was made to request a chargeback.
GMT Trading Summary
To summarize what we’ve learned today about GMT Trading:
- GMT Trading is an unregulated forex trader claiming to be based in Zurich.
- GMT Trading was blacklisted by two major Tier 1 regulatory bodies, BaFin and FINMA due to many people reporting that they’ve been scammed by this unregulated broker.
- GMT Trading is completely anonymous, there’s no owner’s or any other information about their company.
- Trading software promised is MT4 while WebTrader is what is actually delivered.
- GMT Trading doesn’t offer segregated accounts or negative balance protection.
FAQs About GMT Trading Broker
What Funding Methods Does GMT Trading Accept?
GMT Trading offers crypto, card payments and bank wire transfers as payment methods.
Is GMT Trading a Regulated Broker?
GMT Trading is not a regulated broker; in fact, it’s blacklisted by BaFin and FINMA.
Does GMT Trading Offer A Demo Account?
Opening a demo account is not available. Instead, one can choose from 6 types of accounts.
What Is The Minimum Deposit for GMT Trading?
Minimum deposit available for GMT Trading is $250 and it goes for opening the Basic account.