GMGroup Review: Why You Should Absolutely Avoid it
Beware, GMGroup may persuade you to invest in the markets using their supposed broker. However, upon fact-checking, it becomes evident that this broker is not legitimate.
GMGroup is a dubious offshore company that manipulates your account terms to defraud you of your money. It’s imperative to be careful and avoid falling victim to their fraudulent schemes. Let’s dive deeper into this GMGroup review for more.
Furthermore, we highly recommend that you avoid the scam brokers GP Finance and StonewallFX.
Is GMGroup Legit? Regulation and Fund Security
So, GMGroup’s website claims to be owned and operated by Infinium Solutions Ltd. This company is said to be incorporated in the Commonwealth of Dominica.
However, it’s worth noting that this information is presented as an image rather than text, making it to be unsearchable by internet search engines. What’s more, Infinium Solutions has been blacklisted by the Spanish financial regulator CNMV.
Moreover, according to the UK’s Financial Conduct Authority (FCA), GMGroup initially claimed to be based in the UK, using a name resembling a legitimate company. After the FCA issued a warning about fraudulent activity, the scammers behind GMGroup may have removed the UK address from their website. These discrepancies and attempts at deception underscore the importance of conducting thorough due diligence before engaging in any financial transactions.
Trading Platform Offered at GMGroup
On the GMGroup website, they brag about their innovative WebTrader. However, upon signing up for an account, we find that the web-based platform, while equipped with basic features, falls short in comparison to the more advanced functionalities offered by widely used platforms in the industry, such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
MT4 and MT5 have become the industry standard for obvious reasons. They offer a plethora of elements, including options for customization, multiple account usage, designing and implementing custom scripts for automated trading, and unique trade strategies.
These features provide greater control and ultimately enhance their chances of success. It’s essential to consider the level of functionality provided by a platform before investing time and money in it.
Trading Instruments at GMGroup
The main page of GMGroup suggests over 200 trading assets, while the Accounts section claims access to over 5,000 assets, showing a notable difference. There are 5 instruments available to trade:
- Currency pairs (Forex)
- Cryptocurrencies (Crypto)
It’s important to note that the website does not disclose information regarding leverage and spreads, so exercise caution when trading.
Account Types at GMGroup
GMGroup offers 7 account types, each requiring varying initial deposits. Let’s take a look!
- Basic – $250
- Bronze – $5,001
- Silver – $15,001
- Gold – $50,001
- Platinum – $150,001
- Diamond – $500,001
- Black – $1M+
Apart from the initial deposit, the accounts differ in their educational materials, financial adviser sessions, and leverage. It’s crucial to note that while GMGroup’s minimum deposit is the industry standard of $250, you can invest the same amount in a regulated firm. This is without incurring the risk associated with dubious entities.
How Do They Initiate The Scam?
With the rise of interest in investments, online scammers are taking advantage of people’s ignorance.
They create numerous websites posing as brokers, offering no actual brokerage benefits, and tricking people into thinking they’ve invested their money. But the scary part comes after you’ve given them your contact information. Experienced scammers will keep calling you, trying to convince you that they can handle all the tricky parts of investing for you, but you’ll never see any actual profits.
And if you do manage to fulfill all the conditions, they disappear without a trace, leaving you stranded. These scammers are pros at what they do, masking their addresses and names, and operating through offshore firms. The terms and conditions of their sites are a puzzle, with high minimum trading volume requirements and other hidden traps.
But don’t feel embarrassed if you fall for a scam. It can happen to anyone! Always be vigilant and report any suspicious activity.
Deposit and Withdrawal Methods
GMGroup seems to limit clients’ payment options as it only accepts deposits through an unknown provider, Cardeta. This is a concerning red flag as legit brokers provide multiple transparent payment methods, such as bank transfers, different cards, and famous e-wallets like PayPal, Skrill, and Neteller.
The minimum deposit amount is $200, which is the industry standard. However, the Terms and Conditions include clauses that make withdrawing funds nearly impossible. A staggering 10% levy will be imposed on withdrawals or refunds from accounts that have not completed over 200 turnovers or accounts that have not been verified.
Unfortunately, it’s unclear what “200 turnovers” means, but it’s likely a huge amount of currency units, such as 20 million. Such unrealistic conditions are a classic scammer tactic to block clients from withdrawing.
GMGroup is an offshore forex broker that is not legit and has been accused of fraudulently manipulating account terms to scam people. The company claims to be owned and operated by Infinium Solutions Ltd, based in Dominica, but this information cannot be verified by internet search engines.
Furthermore, Infinium Solutions Ltd has been blacklisted by the Spanish financial regulator CNMV, while the UK’s Financial Conduct Authority has issued a warning about fraudulent activity associated with GMGroup. The broker offers a web-based trading platform that falls short of the more advanced functionalities offered by MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
The broker’s website suggests over 200 trading assets, but the Accounts section claims access to over 5,000 assets, indicating a notable difference. GMGroup has unrealistic conditions for withdrawing funds. For example, imposing a 10% levy on withdrawals or refunds from accounts that have not completed over 200 turnovers or accounts that have not been verified. Keep in mind that this broker is a scam.
What Are the Funding Methods for GMGroup?
GMGroup only accepts deposits through an unknown payment provider, Cardeta, which may limit clients’ payment options.
Is GMGroup Regulated?
No, GMGroup is not regulated by any reputable financial authority. It has been blacklisted by many regulators.
How Long Does it Take to Withdraw from GMGroup?
GMGroup has unrealistic conditions for withdrawing funds. For example, imposing a 10% levy on withdrawals or refunds from accounts that have not completed over 200 turnovers.