Table of Content
GSL Markets Review – Reason to Stay Away From This Broker
Table of Content
GSL Markets advertises as a global brokerage brand recognized and regulated worldwide. Without presenting any proof of that, this pretentious claim can hardly be taken at face value.
The owning company mentioned is Fizaliya EOOD. You’d expect more transparency and company background info from a broker presumably unmatched by other firms.
No proof of regulation and license, along with shady company info immediately looks suspicious. Paired with the broker being blacklisted by the Austrian regulator (FMA) sounds like a case of a typical scammer
|Minimum Deposit||$10 000|
Are Your Funds Safe With GSL Markets Broker?
Apparently, GSL presents no proof or any legal documentation about being licensed.
Besides that, the public was warned about risks of dealing with GSL Markets. The warning was issued by the Austrian Financial Market Authority (FMA). Investors are strongly advised against concluding any transactions with this broker which is not authorized to perform financial operations in Austria.
Even though the Bulgarian regulator isn’t known as one of the top tier financial authorities in the EU, it is still necessary to be regulated by the FSC (Financial Supervision Commission) if a broker is located there.
As we have already assumed, GSL Markets is not on FSC’s list of supervised entities. Before making any final conclusions, we have gone through the registers of other major regulators like FCA, CONSOB, CMVN, AMF, ASIC, BaFin. Their databases of regulated brokers do not include GSL Markets.
Being unregulated means they’re excluded from the obligatory MiFID standards of transparency and anti money laundering measures. ESMA also forces a strict legal framework to ensure additional customer protection, which GSL Markets, as an unlicensed broker, does not respect either.
All in all, GSL Markets cannot be deemed safe for investments so be extra cautious when dealing with this bogus broker.
What Trading Platforms Are Available?
GSL proudly offers the perfectioned MetaTrader 5 as their trading software. The download links are provided for Windows, iPad, iPhone and Android. However, the MT5 is actually provided by an entirely different firm called Stockton.
This leads you to think that GSL does not even have a functional trading platform. Instead, you are linked to a third party trading terminal.
To avoid risks of losing your hard earned money, please turn to legit brokerage companies offering genuine MT5 to trade on.
What Account Types are offered at GSL Markets?
Accounts available are as follows:
- Bronze – $10 000
- Silver – $20 000
- Gold – $50 000
- Premium – $100 000
- Platinum – $250 000
Some features and trading advantages are accentuated as only available with more expensive account types. It solely serves to convince the victims to invest more while being sold lies. Licensed brokers usually allow opening trading accounts with a lot less deposit, some starting at only $10. Best option is not to invest, rather than lose. Popular brokerage firms offer all those features and more for far less money.
GSL Markets Trading Instruments Overview
Tradable assets at GSL Markets are split into the following categories:
- Forex (currency pairs like EUR/USD with leverage of up to 1:500)
- Cryptocurrencies (Bitcoin, Dash, Litecoin, Ethereum)
- Indices (DAX, Dow Jones with leverage of up to 1:500)
- Commodities (Coffee, Corn, etc)
- Spot metals (Silver, Gold, Platinum)
- Energy CFDs (Crude Oil, Natural Gas)
- Share CFDs (Amazon, Tesla, etc)
GSL Markets Offers Deposit Bonus
GSL Markets uses the bonuses strategy to lure unsuspecting victims into this scamming scheme.
The bonus consists of additional funds being added to the initial deposit. Sum is said to be 100% of the funds deposited. If, for example, a customer deposited $1000 they would get another $1000 added to their trading account.
Of course, there’s a catch, as all these bonuses usually come with strings attached. In this case, the trader will not be able to withdraw the funds until the required trading volume is reached.
Deposit and Withdrawal Method
Website lists several depositing methods to be available at GSL Markets: Visa, MasterCard, Maestro and bank transfer. It is mentioned here that the minimum deposit needed is only $250 and maximum is $10 250 for credit and debit cards.
It is important to mention that there are fees of %5 being charged upon withdrawals with credit/debit cards. Minimum sum for withdrawal is $100. Processing time is estimated to last about 3 business days plus additional 5 business days for the funds to get to your account.
How Do I Receive a Refund if GSL Markets has Defrauded Me?
The purpose of our GSL Markets review was to warn as many traders out there about the unscrupulous ways GSL Markets practices. If you have already fallen victim to this cyber thief, there’s no shame in seeking help.
First off, it is useful to cut off any contact you’ve had with the fraud. Scammer will not stop trying to extort more money from you. Authorized government organizations specializing in dealing with cyber crime could help you track and take legal action against the scammer.
Contacting your bank and letting them know there’s been a fraudulent charge related to your credit/debit card. Bank can help protect your account.
GSL Markets Summary
- Third party trading platform
- Overly high leverage
- No precise info on deposit and withdrawal
- Bonus comes with conditions
FAQs About GSL Markets Broker
Is GSL Markets a Scam Broker and Why?
GSL Markets is a scammer because it’s not regulated and has been blacklisted.
What Is the Minimum Deposit for GSL Markets Broker?
Lowest-priced account Bronze, requires a $10 000 as initial deposit.
Is My Money Safe with GSL Markets?
No, unlicensed brokers like GSL Markets cannot guarantee safety of funds.