Table of Content
GP Finance Review: Avoid This Scam Broker at All Costs
Table of Content
GP Finance Review, if this financial swindler has reached out to you with its silver tongue, uttering sweet lies to convince you to invest, then you’re at the right place. The GP Finance Review will tell you everything you need to know about this shady provider that hides away on a remote island.
First, we’ll discuss the legal background of this fraudulent broker and then the key aspects of trading such as the platform, instruments, leverage, and spreads. By the end, this will just be another cracked case for us but more importantly, you’ll be the one whose funds have been saved.
|Leverage||Up to 1:100|
|Headquarters||26402 BC 2021, First Floor, First ST Vincent Bank LTD Building, James Street, Kingstown VC0100, St. Vincent and the Grenadines|
|Broker Type||Forex, Indices, Commodities, Shares|
Regulation of GP Finance and Funds Security
Let’s start off by addressing the facts about the operation of this suspicious broker. Located in St. Vincent and the Grenadines, eh? Well, that’s not a good look for GP Finance. SVG is commonly known as the scammers’ little tax haven in the Caribbean Sea. It’s the home of countless schemes and deceptive plots due to the island’s permissive laws.
In addition, the local financial market regulator – the Financial Services Authority (FSA), explicitly distanced itself from the market and said it does not issue Forex licenses, rendering any hopes of our fraudster to be legit futile.
But what about the owner company – Effervescent Group LTD? Just so you know, this malevolent entity has been blacklisted by the CNMV, the Spanish financial market watchdog. We have provided the link to the warning. Thus, it’s safe to say that this offshore con artist is not to be trusted!
Trading Software Reviews
Straight up front, GP Finance says it offers Meta Trader, without specifying which one. Odd, isn’t it? There’s a good reason behind it as well. There’s no MT whatsoever. Shame on you, GP Finance. All we got was a simple web-based platform that’s got nothing on MT4 or 5.
Although it does include some basic features and charts, advanced tools and options such as automated trading, for example, are missing. Also, we believe that this platform is being manipulated by the scammer. Trading on it is not real, it’s fake. The only thing you can do is make a deposit. You read that right, but that money isn’t going where it should go.
Just a small but important digression. The scam broker was cunning enough to include AnyDesk and TeamViewer in its scheme. These two apps can give you access to another user’s PC. While they aren’t shady per se, imagine what a greedy trickster such as GP Finance could do if it had access to the documents you have on your PC. Exactly, it would be a disaster.
What Account Types Does GP Finance Offer?
There are four different account types clients can choose from:
- Silver – $250, leverage up to 1:20;
- Gold – $1,000, leverage up to 1:50;
- Platinum – $5,000, leverage up to 1:80;
- VIP – $10,000, leverage up to 1:100.
Each account type allegedly offers tight spreads, whatever the fraudster meant by that. How tight, if you don’t mind us asking? The answer lies in the trading platform terminal and it’s 3 pips for FX major pairs. GP Finance sure stretched the spreads out like barbed wire to prevent clients from profiting.
As for the leverage, it started out great, i. e. within the legal limits prescribed by top regulators of 1:30 (UK, EU) and 1:50 (US, Canada).
But then, it jumped all the way to 1:100, which is a double-edged sword, meaning you could make huge profits but also even bigger losses. Hence why the leverage of retail clients caps much lower. Also, only the VIP account gives clients access to all trading assets. Not cool, GP Finance.
What Can Be Traded on GP Finance Market?
Let’s see what the financial swindler has to offer in regards to trading instruments:
- Forex pairs – EUR/USD, USD/JPY, GBP/USD…
- Indices – S&P 500, UK 100, Dow 30…
- Commodities – crude oil, natural gas, gold, silver…
- Shares – Apple, Visa, Oracle…
A typical thing these scammers do is take a list of assets from TradingView and post it as their own. This one, however, was clever to select a certain number of instruments to appear legitimate. In vain, we’re afraid. That won’t make up for the missing license.
GP Finance Deposit and Withdrawal Process
In the Deposit & Withdrawal policy, the unscrupulous broker states it accepts deposits via credit/debit cards and wire transfers. The minimum deposit amount is $250. As for withdrawals, processing time may take up to 4-7 working days, provided that the fraudster allows any. Also, it’s all fee free.
The illicit provider will think of many ways to embezzle your funds. That’s the sad reality of how these scammers operate. For example, one of the dirty tricks these liars love is bonuses. There’s a reason financial regulators have banned brokers from issuing bonuses. It’s because scammers always include clauses like this one:
See how they’re imposing their conditions on clients? Tough luck trading up to that unrealistically high amount to be able to withdraw money.
How Can I Get a Refund If GP Finance Scammed Me?
Falling victim to this malevolent scam must be awful. We feel for you, but now’s the time to do something about it. There are two ways of getting a refund if you’ve deposited money via credit/debit card or wire transfers:
- Chargeback – the method of reversing credit/debit card transactions. It can be requested at the issuing bank within 540 days.
- Recall – the process of reversing wire transfers. Keep in mind that if the transaction has been completed, the recall will fail.
GP Finance Summary
- GP Finance is an offshore provider based in SVG;
- The broker is unregulated and dangerous and its alleged owner has been blacklisted;
- The minimum deposit is $250;
- GP Finance lied about the trading platform (there’s no Meta Trader);
- The leverage caps at 1:100, spreads are 3 pips.
FAQs About GP Finance Broker
Is GP Finance A Good Broker?
GP Finance is not a good broker. It is fraudulent, unregulated and extremely risky for investments.
What Are The Funding Methods For GP Finance?
The funding methods that GP Finance accepts include credit/debit cards and wire transfers.
Does GP Finance Offer a Demo Account?
GP Finance does not offer a demo account on its website.