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In search of a broker who is a trusted trading partner? Look no further; GMAPros, an award-winning broker, got you! If this is a trusted broker, you are set to go because, why not? Well, we will tell you why. Most investment fraud victims admit they blindly trusted a broker because it gave them no reason to doubt. The truth is, you shouldn’t believe anything a broker says before you verify that.
Contrary to the broker’s claims, it is an unregulated entity presenting itself as an award-winning broker. The broker has a speciality in investment banking, asset management and brokerage services, or at least that’s what it states. Despite its effort to fool us, we didn’t take the bait because we know better than to take the broker’s statements as absolute truths.
With the popularity of online investments, more entities are venturing into this space, albeit with the wrong intentions. As a result, scamming incidents are happening on a grander scale, costing investors a lot of money. These scammers use all the conceivable tricks to persuade you to invest with them. They will even throw freebies at you, but after you buy into their lies and invest, you see their ugly side. By the time you realize that the broker is fake, they will already have made good their scam.
To avoid being included in the statistics of investors who have lost money to scams, you need to be alert. Be aware of how online investments work, the features of legitimate forex brokers, and the tricks scammers use. Knowledge of these won’t make you a successful investor, but it will keep you from brokers who prey on gullible investors. This review covers these and more. o, shall we?
Despite the broker claiming to be in operation since 2014, we discovered this was a flat lie. According to whois, the broker registered its domain on 18 July 2022. You shouldn’t take it lightly when a broker falsifies its legitimacy or credibility. This means the broker is capable of lying just about anything!
Moreover, investing with young brokers is not the smartest idea as they typically have limited operating histories and lack the stability of more established businesses. Again, new companies lack a proven track record of accomplishments or a strong market reputation, making it hard to assess them accurately.
Investors can access over 1000 trading instruments, including forex, cryptos, indices, stocks, commodities, and ETFs. The broker provides trading strategies and risk management, market news, and professional trading tools to facilitate trading. The broker also lists several benefits that investors reportedly get. They include flexible leverage, competitive spreads, excellent trading conditions, and reduced trading costs. Take anything GMAPros says with a pinch of salt!
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The broker mentions that it is a clearing and billing services company based in St Vincent and the Grenadines (SVG). However, there is no corporate address to prove that, and the contact number suggests a different country-the UK. Meanwhile, it is never a good sign whenever a broker is offshore and in SVG, of all places! We will get into details later.
Looking at the broker’s background proves that the broker is hiding something. No address or executive information, and contradicting information. We have a name for such brokers; rogue. No matter how curious you are, do not make the mistake of contacting the broker in any way. It will most probably use your details to cold call you in the name of pitching.
GMA Pros claims to accept 15 payment methods, including wire transfers, e-wallets and debit /credit cards. On a positive note, the use area accepts credit cards only. This is a good thing since investors can reverse transactions if needed. However, this cannot distract us from the fact that the broker is dubious.
We noticed some disturbing issues with the broker’s withdrawal. First, the broker warns that it will revoke the membership of investors who withdraw before a 90 days lapse. It has not clarified the implications of canceling your membership. But with this broker, you could lose your money. Secondly, we noticed that the broker wants you to explain why you want to withdraw funds. Shouldn’t it be enough that you are withdrawing what is yours?
GMA Pros has five investment accounts. The silver account has a minimum deposit requirement of €10000.For a gold account, members have to deposit a minimum of €20000. Gold traders access one weekly managed session, monthly cashbacks, and daily market reviews. Next, the platinum account has a funding threshold of €100000. The benefits include three managed weekly sessions.
Likewise, diamond account holders deposit at least €200000. As perks, they get all the benefits of the lower accounts on top of a VIP mentorship program. Lastly, the VIP account has a minimum deposit requirement of € 500000. The major perk is that withdrawals can be processed on the same day requested.
Nevertheless, the details on the broker’s website are contradicting. In its FAQs, the GMAPros states that the minimum deposit amount is $250. Such discrepancies show that the broker is confusing investors somewhere, and it’s not your work to guess where. Ditch this broker and go to decent ones with a solid grip on their offers.
GMAPros claims to be under five international regulatory bodies; never mind, it only provides one agency- IFSC in Belize. Searching in the IFSC registry bore no fruits, nor did the FCA’s (UK). Regulation in SVG is a whole different story. This zone is notorious for lenient brokerage services oversight, making it a popular destination for suspicious brokers and shell companies. These entities can commit investment and financial crimes and get away with it.
Let’s put the risks involved into perspective. First, this broker is not answerable to any authority. Subsequently, it is not subject to funds segregation or zero balance protection. Thus, it can use your money in any way it deems fit. Seriously, why should anyone gamble with your money? Secondly, offshore brokers present jurisdictional constraints making it hard to prosecute them in an international court. Lastly, you are not covered from imminent losses resulting from the broker’s vanishing or insolvency.
The broker rewards investors with a welcome bonus of up to 100 %. However, there are no bonus terms available. Also, we need to mention that many brokers offer bonuses as a trap to keep investors from withdrawing. Mostly, it’s through attached clauses requiring investors to attain specific trading volumes-usually impossible, before they can withdraw. To protect investors from such manipulative tendencies, most regulatory bodies outlaw any trading incentives.
GMAPros offers a leverage of up to 1:150. This proves that none of the top-tier regulators monitor this broker. The FCA, CySEC, and ASIC restrict leverage, while CFTC and IIROC have a 1:50 capping. These cappings serve as a buffer against the shocks that market volatility causes.
The broker has a spread of 20 pips. This is an insane spread, and at this rate, the broker will be getting money at your expense. The market-standard range for spread is 1-1.5 pips. You can get plenty of valid brokers with spreads below one pip. Go for such since the tighter the spread, the better.
GMAPros assures investors of a ground-breaking web-based GMA Pros Station. The web-based platform is, however, a setback since it only allows you to perform basic executions. You shouldn’t tie yourself to a platform that inconveniences you when there are legit brokers with quality trading platforms.
Most legit brokers understand the value of a quality trading platform and offer nothing short of that. The MT4 and MT5 are popular with brokers and investors due to their sophisticated yet easy-to-use interface. The two have a cutting-edge infrastructure that is compatible with other platforms but also helps investors optimize their trades. Automated trading, strategy back-testing, and multiple orders are some software benefits. If you find a dependable broker offering either of these, your journey to fulfilling trading begins.
GMAPros misses the bar of legitimate forex brokers. Online is not all about making money but about who can protect the amount you deposit or profits. That’s where regulation comes in. Oversight ensures that brokers protect your cash from volatility and don’t use your funds anyhow. Unfortunately, with this broker, these are out of the question.
As you scrutinize brokers, please pay attention to the regulation they are subject to. Also, assess their trading platform for quality. Likewise, check the trading conditions to confirm if they favor you.
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