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TrustGates Review – Sign That Broker Is A Scam
Table of Content
Browsing the internet for an online financial trading company, you can bump into a TrustGates broker. At first blush, its web page appears like one of the legitimate-looking websites, consisting of everything a trader can possibly want, e.g., guaranteed protection of funds, 100% welcome bonus, global markets trading with zero commission, international presence, and regulations.
|Headquarters||Germany and UAE|
|Minimum Deposit||250 USD|
However, the whole thing smacks of an investment scam. So, please continue reading our TrustGates review and find out what sign is that this broker is a scam.
Regulation of TrustGates and Fund Security
According to the TrustGates website, this forex provider claims that it is authorized to provide online financial trading services in five countries, including the UK, Estonia, Cyprus, Australia, and Jordan. On top of that, it professes it has offices in Berlin, Germany, and Dubai, UAE. So, let’s analyze these unproven statements step by step.
First, being licensed by five premium financial market regulators is demanding, even for big players in the industry. As far as we can tell, TrustGates is nowhere near enough from a leading broker. Then, after checking each of the respective supervisory bodies, we couldn’t find anything about TrustGates’s trading credentials. That is to say, neither the British FCA, Estonian FI, Australian ASIC, Cypriot CySEC, nor Jordanian JSC regulates TrustGates. So, it is just another unlicensed brokerage firm.
Additionally, there is also no information about this company in the Germany Company Register or the UAE National Economic Register. In other words, it is questionable if TrustGates is even a registered business; its seat and jurisdictions remain unknown, labeling it a completely anonymous entity.
Everything aforementioned means no one oversees TrustGates nor it complies with any legislation; simply put, this phony broker can be involved in fraudulent trading activities and get away with it. Don’t become its next victim; avoid this untrustworthy company by all means.
Overview of the TrustGates Trading Platform
As a blatant liar and financial swindler, TrustGates employs its trading platform to defraud traders. There is no evidence of what trading software this dishonest scam broker offers. Although it claims you can trade on MetaTrader 5 (MT5), we are skeptical about it. Anyway, irrespective of the trading program (which we doubt even exists), it doesn’t negate the fact that TrustGate is a fraudster and not trustworthy.
For profitable and safe trading, select credible broker companies that utilize user-friendly, flexible, and reliable programs like MetaTrader 4, MetaTrader 5, cTrader, and Sirix. These powerful trading systems come with advanced instruments like social trading (enabling you to copy most successful traders), stop loss (allowing you to lessen risks by setting buy/sell prices of tradable assets), and more.
Available Account Types at trust Gates
In the matter of trading accounts at TrustGates, this bogus broker is not transparent about it; it only reveals the minimum required deposit, which is 250 USD, and in our opinion, it is a needless risk since you can start trading with legitimate brokers for as little as 5 USD. Aside from this, genuine companies allow you to practice trading for free by offering a demo account option, which is not available with TrustGates.
In terms of regulation, TrustGates offers bonuses (100% welcome bonus) that are forbidden in the UK and EU due to misuse. It also promises 1:500 leverage (despite it being capped at 1:30 in the UK and EU). Hence, more proof that this broker isn’t authorized to render services on markets that are stated on its website. All in all, TrustGates can’t be trusted.
Trading Instruments Overview
According to its website, TrustGates guarantees crypto and shares of renowned companies, over 4,000 CFDs, 4,500 stocks and ETFs, no trading commissions, and zero spreads (which are manipulated to entice people). As for available trading instruments, some of them are listed below.
- 50 currency pairs, e.g., EUR/USD, CAD/AUD, NZD/JPY, GBP/CHF, and SEK/ZAR.
- 42 indices, e.g., Dow Jones 30, DAX 40, NASDAQ 100, S&P 500, and FTSE 100.
- Over 3000 shares, e.g., Apple, Barclays, Microsoft, Tesla, and Amazon.
- Metals, energies, and agricultural commodities, e.g., gold, silver, crude oil, wheat, and corn.
- Bonds (US Treasuries and German Bund), e.g., US Treasury 3-month bill, US Treasury 10-year note, and 10-year German bund.
- More than 370 ETFs, e.g., iShares S&P 500 Growth, VanEck Vectors Gold Miners, iShares Silver Trust, and iShares PHLX Semiconductor.
Anyway, TrustGates’ offer shouldn’t be taken for granted because it is a trading scam. So, if you want to trade with plenty of financial instruments, you better look elsewhere.
Deposit and Withdrawal Process
Apropos deposit and withdrawal methods, it is so typical for scam brokers to be ambiguous about accepted means of payment, related fees, and processing time. Acting along these lines, TrustGates only reveals the minimum required opening balance (i.e., 250 USD), while the other information remains unclear.
Opposite of that, valid brokerage firms are transparent when it comes to supported funding methods (e.g., credit cards, electronic wallets, and wire transfers) and associated costs and turnaround time for payoffs.
Vagueness and murkiness are just some of the characteristics of fraudsters, insinuating that TrustGates is an evident broker scam, and you can only expect withdrawal issues with it.
TrustGates Scammed Me – How Can I Get a Refund?
Following advice from cyber security experts, victims of a TrustGate scam should immediately report it to the relevant authorities. If being defrauded, it is important to act fast since getting your money back is possible.
For instance, chargebacks are doable if deposited via credit/debit cards since Visa and Mastercard offer cashback assistance. Bank transfers can be canceled until you make confirmation. On the other hand, crypto payments are the hardest to reverse due to their secrecy.
Anyhow, don’t feel ashamed since scams can happen to anyone! It would be helpful if you shared negative TrustGate reviews on the internet to warn others. Lastly, be careful about easy earnings and thoroughly investigate every broker before starting trading.
We summarize our TrustGates broker review with the following central points.
- Although TrustGates claims that it is a German-based broker with offices in Berlin and Dubai, it is a baseless statement – we checked relevant registers, and is proven to be a lie.
- TrustGates is an unauthorized and illegal broker despite fabricating that it is regulated by leading financial market regulator agencies in the UK, Cyprus, Australia, Jordan, and Estonia.
- On top of this, its offerings don’t comply with regulations, i.e., too high leverage (1:500 compared to restricted 1:30) and bonuses (banned in most jurisdictions).
- Also, this fraudulent broker gives fake promises about the availability of advanced trading platform MT5, lots of trading instruments, and funds protection to lure you into its fraudulent project.
Finally, avoid unlicensed and shady brokerage firms, and if you need advice on any related subject, contact our company.
FAQs About TrustGates Broker
Is TrustGates Regulated?
No, it is not. Although it claims that it is licensed by top financial regulators, it is an enormous lie.
Is TrustGates a Trustworthy Broker?
No, it is not, but TrustGate is a pure online trading scam.
What Funding Methods Does TrustGates Accept?
This unscrupulous broker is not transparent about accepted payment methods, which is one of the dirty tricks to scam people easily.