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Dubai’s skyscrapers are the theme on the landing page of GFB Trading Group. And yet, the platform claims to be fully regulated by the Financial Conduct Authority. We have seen this website design before, with IFM Trading Group. It’s the same design concept, and we believe the same team operates the platform. So we are going to set the record straight with this platform. Here’s the truth in our detailed GFB TRADING GROUP REVIEW.
Once you land on the homepage, you see a video with a backdrop of Dubai. Again, it’s a gesture trying to show the platform’s residency. For the newbie investor, this is a great selling point. It’s easy to believe the platform’s capabilities.
Our experience in the field does not allow us to sign up with such platforms blindly. You can rest assured the platform will not help you make any meaningful profits possibly. Sadly, there have been complaints lodged against the platform with several regulators.
And now the question remains whether the platform will shut down or not. The FCA now blacklists their previous version. We believe that this, too, is heading in that direction. So it would be best if you understood why we see Gfb Trading Group as a financial risk.
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As far as reputations go, gfbtrading-group.com does not have a solid reputation. Although there are clients who will say otherwise, these are partner clients. These are the first investors who were allowed to withdraw funds and give positive reviews.
Those who later sign up are having a hard time trying to withdraw funds with the platform. It’s one of the biggest hurdles facing investors. Here’s a closer look at the entire platform’s features and red flags.
GVB Trading Group divides accounts into two categories, individual and business accounts. Despite these, we see that all accounts are similar to each other. The platform actually offers three accounts for trading.
These accounts include Micro, Advance, and business. To start trading with the most basic account, investors must deposit $5,000. As an investor, you should know regulators have set $250 as the acceptable minimum depository amount.
Here’s a closer look at each of these accounts;
Micro
It’s the most basic account and comes with a minimum allowed deposit of $5,000. The leverage is set at 1:100, which is fair to members. Trading instruments include commodities, crypto, ETFs, Forex, Indices, and stocks.
Advance
The second individual account with a minimum deposit of $10,000. It comes with a personal financial analyst and operations repost. Negative balance protection is seen to be available on all three accounts.
Business
For institutional clients, you must make a minimum deposit of $50,000. Leverage for this and the advance account is set at 1:100 and 1:200. We disagree with the high leverage as it’s against the regulator’s maximum leverage.
There’s no mention of who these analysts are or their professional capacity. We don’t see the platform listing the names of these analysts. And this means their qualifications remain in doubt as there are no professional links.
You want a professional analyst with a proven background and experience. Instead, all you get is a person who calls you at odd hours demanding more funds. It would help if they shared their LinkedIn profiles.
The platform claims to have won several accolades, including Best Dealing Room 2020. Other accolades we see include Best execution broker 2018 and most transparent broker 2019. However, if you look closely, these are merely badges.
None of the badges have their name engraved on them. And we also don’t find the platform on any listing in Dubai. So the platform is playing mind games with investors. And they do this to try and fool naive investors.
GFB Trading Group Limited is the company listed at the footer of their homepage. According to the note, the company is registered in the UAE. However, there’s no record of such a platform, and they are using the Spanish default language.
We suspect that these are offshore brokers trying to target Spanish investors residing in Dubai. The platform also claims to be authorized by the Australian Securities and Investment Commission. All these are false claims meant to drive up sign-ups.
GFB Trading Group is an anonymous website trying to get a hand in the online trading world. However, the platform does not care for the well-being of investors. Therefore, it would be best if you ignored anonymous websites which hide their true identity.
If their intentions were true, the platform ought to inform users of the staff members. Unfortunately, we don’t have a single name of who is held responsible for funds. And this is one red flag you should avoid. Ensure you sign up with credible and proven entities.
The platform has a chat tab that only sends messages to the team. You won’t get the chance to talk to a live agent. In addition, their support services are warning, making it a hard sell. And this is the reason why we doubt their credibility.
There’s no contact page or any other form of support. The platform does not leave a forwarding email or phone number. Once you send the message, you don’t know how long it takes for the platform to respond.
With claims being registered by a handful of regulators, we had to check and confirm. But, unfortunately, none of the listed regulators have heard of this platform. Starting from ASIC all the way to FCA and the UAE.
What this means is that gfbtrading-group.com is using false license numbers. The platform does not hold any document to prove their compliance. And this means oversight is out of the question, leaving them to operate as they please.
A legally registered platform will post copies of their license documents for all to see. It ensures the user can confirm with regulators in case of any doubt. We know for sure the platform does not meet the threshold for the minimum capital requirement.
Make sure to check with regulators and confirm a platform’s legitimacy. Most reputable regulators include ASIC, BaFIN, CNMV, CONSOB, CySEC, FCA, and FINMA. These are the regulators you want backing the platform you’re planning to sign up with.
There’s a wide array of payment options available on the platform. The owners make sure depositing is fast as the process takes less than ten minutes to complete. Depository options include American Express, Discover, MasterCard, Visa, and more.
Withdrawing funds with the platform remains to be the biggest hurdle facing investors. Unfortunately, none of them has managed to withdraw funds in the last couple of months. And this is the reason the platform is seen by many as a fraud.
There’s no safety of funds with a platform that fails to offer users a fair playing ground. The platform fails to deposit the minimum required capital with regulators. And this means none of the deposits get any insurance cover.
We won’t recommend gfbtrading-group.com for the following reasons
Now you know the reasons why we have to add the platform to our blacklist.
The best alternative to investing is using platforms with innovative investment options. It’s the only way to ensure realistic returns.
For any queries, feel free to write to us.
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