GFB Trading Group Review
This GFB Trading Group review provides details about the offerings of this brokerage that can help you in learning the truth about their services and whether it is safe to sign up or not. It is of the utmost importance for everyone to know the truth about a broker before they make a decision. Why? This is due to the fact that brokers are your gateway into the financial markets. If you have taken an interest in trading, it is probably because you want to take advantage of the lucrative opportunities it has to offer.
There was a time when this wasn’t that easy, or simple, and there were also a lot of barriers to entry. Online trading helped in eliminating most of these barriers and brought convenience. This motivated more and more people to jump into the financial markets and here, brokers have played a vital role. They are the ones responsible for providing the trading platform, tools and market access needed for conducting online trading. Initially, there were only a handful of these companies that existed, but they have increased tenfold over the years.
Today, hundreds of brokerages exist and are offering their services to traders all across the globe. So, what’s the issue? The popularity of the financial markets has also drawn in the bad crown, which means cybercriminals are also in the mix and masquerading as scam brokers is one of their favorite tactics. This makes it extremely easy for them to exploit people and swindle them out of their money. All they have to do is lure people to their platform and this doesn’t seem that difficult because they just need to advertise services that would immediately catch their attention.
Despite people being wary, this tactic appears to have worked, as people end up signing up with a number of scam brokers without realizing it. They find the services and features appealing and sign up, only to learn their lesson the hard way. Therefore, you need to do your homework before you fall for any such claims. It is exactly what should be done in the case of GFB Trading Group, which is presented as an international private broker that offers an array of financial as well as advisory services. They claim to provide customized solutions to companies and high net worth individuals.
Their website dictates that the broker has its headquarters in Dubai, along with representative offices in EU, Asia, Australia and Latin America. GFB Trading Group boasts of providing their services to more than 200,000 clients all around the world and giving them seamless access to a wide range of forex currency pairs and CFDs on indexes, commodities, shares, cryptocurrencies and ETFs. The total number of instruments available is around 10,000, along with four account options, leverage that goes as high as 1:200 and an award winning online trading platform.
As far as regulation claims are concerned, GFB Trading Group states that it is licensed in Dubai and also regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK. All of this would be fantastic if it were true, which unfortunately, it isn’t. Check out this GFB Trading Group review to get more details:
Licensing and Regulation
First things first, all the claims that GFB Trading Group has made about its licensing and regulation are a lie. Their website seems to be virtually anonymous and you can easily check their claims about regulation. The FCA and ASIC both have online registers and you can run a search for the broker there. This is when you will come to know that the FCA license provided by GFB Trading Group belongs to a completely different company called Advanced Markets (UK) Limited, which is in no way connected to the broker. This makes it obvious that you are dealing with a scam.
Another issue you will spot is that when you search for GFB Trading Group online, you will come across a very flattering review on a website called uae-financialawards.com. This review makes all the claims mentioned above that have already proven to be a lie. Moreover, you will notice that the website where the review is posted is itself anonymous and has clearly been set up by the scammers to polish the image of a scam broker like GFB Trading Group.
When you take a look at the GFB Trading Group website, you will discover that they have a minimum deposit requirement of about $5,000 and this is at least 20 times higher than that of other brokers. This is a clear indication of a scam because only they would want such a high upfront deposit and then not let people withdraw their money.
As mentioned above, GFB Trading Group claims to have an award winning platform available, but when you take a look at the actual platform, it is a completely different story altogether. You will find that it is an unbranded and trial version of the renowned MetaTrader4 (MT4) trading platform, which has been directly obtained from the developer, MetaQuotes’ website. This essentially means that the brokerage does not offer a trading platform to its clients at all, which means you will not be able to do any trading. This is another warning sign that the company is nothing more than a scam.
According to the GFP Trading Group website, they accept a range of payment methods on their platform, which include American Express, VISA and MasterCard and PayPal, amongst others. But, there is no way to confirm this unless you are ready to sign up on their platform and this is a big risk as it is already apparent that the broker is not worth trusting.
To sum up, the fact that GFB Trading Group has clearly lied to people regarding its regulation and licensing is a big mark against the brokerage. Furthermore, their initial deposit is too high and they don’t have a trading platform, which are all indications of a scam.