Gainsmarket Review: 6 Reasons to avoid

Gainsmarket Review: 6 Reasons to avoid

Gainsmarket is one of the leading forex scams, and our review shows it all. Gains Market is another forex broker up to no good. Those who have invested with the broker are crying foul.

After weeks of trying to withdraw funds, most members gave up. Some have lodged complaints against the broker. Our post will reveal the red flags found on the platform. Here’s our candid GAINSMARKET REVIEW.

About Gainsmarket (why gains market is a scam)

The about us page talks of Gainsmarket being one of the top-tier trading firms in the United States. For all we know, this could be another offshore-based liquidity provider. There’s no business registry of the firm anywhere in the States.

And this points to one of the many lies the broker tells members. Those who have invested with the platform are now ruing the decision. The broker blocked withdrawals ever since their first deposit.

Gainsmarket Pros and Cons

That’s just the tip of the iceberg, and other red flags are found on the platform. These include the false narrative of guaranteeing high-profit margins. The broker also fails to get any licensing from United States regulators.

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Accessible Trading Platform

You would expect such a broker to know the best trading platforms to offer members. That’s not the case, as the platform provides a custom-built trading platform. Navigating through the cluster of information is hard for beginner traders.

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We recommend using MT4 and MT5 trading platforms, which are best for all classes of traders. These are proven and tested trading terminals that offer traders much-needed tools. In addition, you get advanced trading tools and technical analysis tools.

The problem with the custom-made platform is being unstable. You don’t get a reliable trading platform, and countless bugs exist. In addition, with slow execution, members lose a lot while placing trades with the platform.

Accounts Gainsmarket

Sadly, the broker doesn’t know how best to name the available accounts. We have four different accounts with the same name. There are the Starter and Premium accounts. Let’s take a closer look at each of these accounts;

Starter 1

It’s the most basic account, and investors must deposit a minimum of $100K to start trading. The account promises a daily drawdown of 5 percent and a monthly drawdown of 12 percent. In addition, you get a guaranteed profit target of 6 percent of your investment, which is low.

Premium 1

For the premium account, investors must also deposit a minimum of $100K. Leverage for both accounts is 1:100. Daily and monthly drawdowns are 8 and 18 percent, respectively. The profit target remains at 6 percent.

Starter 2

It’s the second starter account that shares the same features as Starter 1 account. The only notable difference is the minimum investment amount. Members must invest $250K with a profit split promise of 50 percent.

Premium 2

It also requires a minimum deposit of $250K. The lot size is 35(At a time) and leverage of 1:100. Members get a refundable fee feature and a 10 percent growth scale on each withdrawal. The profit split is 50 percent.

Accounts Gainsmarket

Account features

From what we have seen, the platform does offer fair trading conditions in terms of leverage and spreads. However, what worries us is the guaranteed profit margin and low expected income. 6 percent profit target is low considering the vesting period.

We also lay blame on the broker for not allowing traders to trade. The broker trades on their behalf and only asks them to deposit more funds. Hundreds of investors want their funds released from the liquidity provider.

Affiliate Program

The broker offers an enticing affiliate program to get more users to sign up. Members get a promise of earning over 15 percent on each deposit made. This is higher than the actual profit target for all members.

The broker only wants to take advantage of your connections. Those you direct to sign up with the broker lose funds. You face the blame for leading them to a scam trading platform.

Assets and trading instruments Gainsmarket

The broker fails to mention the available trading instruments on the homepage. As a result, we only claim to have more than 150 trading instruments. These can be classified into four categories, commodities, forex, indices, and stocks.

You can trade commodities such as coffee, cotton, crude oil, natural gas, metals, sugar, etc. The broker pairs major and minor currencies; these are over 40 currency pairs. Indices include those from the United States, DAX, Dow Jones, and NASDAQ.

There are several stocks available on the platform. These include stocks from leading international companies. In addition, you can see stocks from all sectors, including aviation, manufacturing, tech, and textile.

Client Reviews

There are a bunch of positive reviews found on TrustPilot. These are paid reviews, as they all happen between three business days. It goes to show the platform hired keyboard masters to post positive comments.

The broker also entices users by posting positive reviews on the homepage. Try finding other positive reviews from independent platforms, and you won’t find one. The broker is a complete scam taking advantage of naïve traders.

Customer support

Don’t expect any customer support from the platform. As you can see, the broker only offers reasonably little in terms of communication lines. There are no direct ways of contacting the broker or staff members.

The chat widget is another message board where members are to leave their messages. These brokers don’t want to talk directly with their would-be chat agents. That’s why we insist that is a scam.

Broker’s Rating Gainsmarket

From the negative commentary from users, we have to rate the broker a 1/10. The reason for this is the outcome of trading or investing with the broker. No one gets to withdraw funds making Gains Market a scam.

We have issues with the platform’s accountability and transparency. The broker fails to account for investments made by the public. It would be best to avoid brokers who also fail to give information about actual service delivery on their homepage.

 Negative balance protection

Don’t expect the broker to offer negative balance protection. The broker takes advantage of anyone who signs up by denying them their trading rights. All sane brokers know negative balance protection is a right for all traders.

Trading conditions and speed of execution

Thanks to the unstable trading platform, the outcome becomes slow execution. After placing trades, the algorithm doesn’t work as expected. You get a trading platform that only the owner knows how to use.

Deposit and Withdrawal options Gainsmarket

There are several deposit and withdrawal options available on the platform. These include bank and wire transfers. Depositing funds is superfast; withdrawing funds from the platform is their biggest issue.

License and Regulation Status Gainsmarket

Gainsmarket is not a licensed or regulated trading platform. Please stay away from the platform or risk losing everything. Unfortunately, you have a platform not ready to offer much member protection.

How the gains market scam works

Once you deposit funds, the broker makes it appear that your account balance is increasing. Then, when you hit the withdrawal tab, all hell breaks loose. Therefore, it would be best to stop investing in high-yield investment programs.

Our Summary of Gains Market

Please stay away from the broker.

NB: Use reliable investment opportunities backed by crypto solutions.

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