GMT Markets Review – Thorough Evaluation of a Questionable Brokerage Firm

GMT Markets, a brokerage company established in 2017, prioritizes reliable trading platforms and top-notch customer support. However, despite their claims and offerings, there are numerous concerns about why clients should avoid this company.

Despite their efforts, GMT Markets has also received mixed feedback among traders. Some users have raised concerns about the broker’s regulatory status, citing issues such as high fees and withdrawal difficulties. 

These reviews and complaints are crucial for prospective clients, as they provide valuable insights into the broker’s performance and reliability. To add icing on the cake, FCA has issued a warning against this firm.

We are in for a ride with this one, keep on reading to confirm your doubts, and hopefully, you are not reading this review after already registering with GMT Markets.

GMT Markets regulation – Is The Company Licensed?

Allegedly, GMT Markets asserts that it is licensed by the Belize Financial Services Commission (FSC) under Licence No. 000322/320. However, there is no verifiable source confirming this fact. 

The only available information about GMT Markets regulation appears to originate from the company’s documentation, which may not be reliable. Furthermore, the official website of the Belize Financial Services Commission does not contain any information regarding the company’s compliance with its regulatory requirements.

These circumstances suggest that GMT Markets broker may be operating without adherence to regulatory laws. Sparking questions about the legitimacy of its activities and potentially indicating that the broker is engaging in deceptive practices to attract users to its platform.

Additionally, a warning has resurfaced from a regulatory body that completely changes the picture about this firm.

Warning From FCA

The warning issued by the Financial Conduct Authority (FCA) against GMT Markets is a clear sign that the company is not trustworthy. The FCA has stated that GMT Markets is providing financial services or products in the UK without authorization, which is a serious violation. 

This means that clients in the UK who deal with GMT Markets will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS). This lack of regulatory oversight and consumer protection should serve as a major red flag for anyone considering trading with GMT Markets.

GMT Markets reviews – User Experience

Reviews regarding GMT Markets are concerning, with mixed feedback appearing on various websites, suggesting that this company may not be trustworthy. One website, for example, explicitly advises against using GMT Markets Limited, citing concerns about its regulatory status.

Users have also expressed frustration over issues such as difficulties with withdrawals and account freezes, prompting doubts about the platform’s legitimacy. These reviews underscore the importance of thorough research and caution when considering GMT Markets as a trading option.

With a warning from FCA by itself, we strongly advise future clients to get valid information from credible websites to view all aspects of any firm, so your finances are not at stake.

Trading Platforms

Regarding GMT Markets trading platform options, the platform offers the widely used MetaTrader 4 trading platform. It is accessible on Windows, Apple devices, and Android devices. 

Generally, MetaTrader 4 is renowned for its reliability and user-friendly interface. It includes a variety of charting tools and over 50 market indicators. If you are looking to facilitate your trading, check out our B-Cube AI Review. 

Where Is Their Presence Established?

Research conducted about where GMT Market’s presence lies showed influence in different domains.

• Turkiye
• Japan
• Australia
• United States
• United Kingdom

Specific regulations may vary depending on the jurisdiction and the type of financial services offered by the firm. So then, compliance with the regulatory laws is essential for a firm to operate legally and maintain trust with its clients and regulators.

The official site of the firm states GMT Markets does not process applications from individuals residing in Australia or the United States of America. 

While the firm is allegedly registered in the US, why is the website not targeted at individuals from the country the company is regulated in? This is all speculation, even though the firm is quote-on-quote transparent about its regulation, it is clearly an unregulated entity. 

Imitating Other Firms?

Several platforms have indicated that GMT Markets is an alleged duplicate, altering its name, offerings, website appearance, and other key elements to mimic the original company. This suggests that the firm hasn’t complied with regulatory laws, potentially resulting them to get fines or more severe consequences for defrauding clients. 

The company is listed in a warning as GMT Markets Limited on the FCA’s official website, multiple platforms claim it is regulated by ASIC, which is not the case.

Initially believed to be registered in Australia, recent documentation indicates the company is now registered in North America. However, with firms of this nature, the truth is often elusive, making it advisable to avoid them entirely. 

Only highly sophisticated scam operations are capable of fully cloning into legitimate companies. Be aware of potential scam firms that offer trading tools, such as Bitcoin Sprint Review. 

Deposits and Withdrawal

Exploring GMT Markets withdrawal and deposit options reveals a variety of choices available to traders. The company accepts deposits and withdrawals through:

• MasterCard
• Visa
• Bank/wire transfer
• UnionPay
• Bpay
• Poli Internet Banking

Our research team noticed that popular e-wallet systems like Neteller, Skrill, and PayPal are notably absent from their list of accepted payment methods. Additionally, GMT Markets does not offer options for Bitcoin or other cryptocurrencies, which may limit the choices for traders who prefer these payment methods.

Withdrawal

In terms of withdrawing funds, GMT Markets streamlines the process by allowing clients to request withdrawals through their account dashboard. The company states that it processes all withdrawal requests within 48 business hours. 

For local transfers, clients can expect their funds to arrive within 1-2 business days, while international transfers may take slightly longer, typically 3-5 days, for the funds to appear in their account balance.

Feedback regarding withdrawal funds and dissatisfaction from users only can indicate that they do not oblige by these facts they state. One thing is writing about your offerings and the other is supporting and caring about your customer support.

Concluding Thoughts on GMT Markets

We are going to make this conclusion short and simple: GMT Markets presents significant licensed uncertainties, and while they offer a range of trading instruments, there are concerns about their regulatory status and user experience.

Potential clients should proceed with caution and collect valid data before committing to any firm, especially when considering scam firms such as GMT Markets.

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