GP Finance Review: Stay Away from This Fraudulent Broker
GP Finance appears like a worthy broker solution at first glimpse. Their web page may look good. Nevertheless, there are many deceitful things that hide behind this. This broker is far from reliable. Take a look at this GP Finance review to see why!
Let’s dive deeper into all the necessary details that you must know!
|Headquarters||Fake/St. Vincent and the Grenadines|
|Platforms||Web Trader, Mobile App|
License and Regulations of GP Finance
There is no precise regulation over the activities of this firm. Seemingly, their base is St. Vincent and the Grenadines. We can immediately see why this is phony.
St. Vincent and the Grenadines is one of the most notorious zones in the trading world. Clearly, it is offshore fraud that many people are aware of. However, what’s the matter with it?
Notably, the Forex markets is not regulated at all. Moreover, its governance has made that clear on numerous occasions. That lets many destructive scammers set up there and do what they want. Dealing with unlicensed businesses is risky. This is a fact, no matter the scam that’s behind it!
Fraud, money laundering, and cyber fraud are just some of the financial crimes managed by non-regulated brokers. What’s more, even when these firms are not trying to rob you, they may still take your deposits. For safe trading, you need to choose a licensed broker.
Trading Platform Available at GP Finance
GP Finance said that people could be able to trade on MetaTrader. However, it did not pinpoint which MetaTrader it presents. What’s more, after you open an account and log in, you’ll find something entirely different.
The scam broker only gave access to web-based trading software. This one could never match either MT4 or MT5.
Such a platform does not have to be automatically a bad thing. However, this one has nothing on software like MetaTrader 4 and MetaTrader 5. These two could present you with far more relating to charting and analysis tools.
MT’s rage stays unrivaled because the software’s developers, MetaQuotes, have counted nearly any feature you could picture.
Note: Trading with leverage is extremely risky. There is always a slight risk of losing your funds, even with legitimate brokers. Keep this in mind at all times.
Deposit and Withdrawal Methods
The business accepts cryptocurrency deposits and card payments. The minimum deposit amount is $250. This is way above what is good in the days of legit firms opening micro accounts for $10.
Aside from that, given how phony the broker is, ask for a refund. Be aware, you can only ask for this if you paid with your card. Keep in mind that this won’t be possible for cryptocurrency payments.
Crypto is innovative and impressive. Yet, it is widely known that crypto transactions are irreversible. Cybercriminals like to use this to get away with crime.
Tip: GP Finance delivers 1:100 leverage. Note that leverage is limited in particular jurisdictions but not for skilled traders. Be that as it may, GP Finance tries to lure you with high leverage and low spreads.
Offshore Brokers Fraudulent Tactics
Fraudulent offshore brokers work in numerous ways, per se. You will see many withdrawal issues and complaints. In addition to that, there are bizarre fees. You should know that these high fees repeatedly surpass 20%. Those will be named withdrawal processing fees, usually.
Furthermore, there’s a profit fee. Deceitful firms will want you to pay these in advance before a withdrawal request.
There are unreasonable assured returns. This one is another famous scam tactic that you should be mindful of. Scammers will always swear that you will get big returns. Beware that trading with highly leveraged instruments carries considerable risks. Any broker scam will try to tell you that your returns are apparently guaranteed.
GP Finance Summary
Make sure that you always do this before you execute any transaction. It would be our pleasure to see that this GP Finance review was helpful to you.
Would you like to start trading? If so, please do it with a reliable, safe broker. You can always choose a company from the list that we displayed in this article.
FAQs About GP Finance Broker
Is GP Finance Regulated?
No. GP Finance is not a regulated broker and you should stay away from investing your money here.
What is The Minimum Deposit for GP Finance?
In terms of the minimum deposit, this platform claims it is $250. It is relatively high.
Is GP Finance a Trustworthy Broker?
This is not a trustworthy broker. If you want to avoid being scammed, stay away from it.