GMT Crypto is supposed to be a CFDs broker which provides trading instruments involving Crypto coins. The brokerage claims that they have a valid license from the UK financial regulator FCA and are allowed to provide their services to residents of the UK as a whole. However, the FCA has warned that this is not the case. The website is definitely using a license belonging to another firm and this is undermining its credibility in a severe way.
GMT Crypto is actually using the licensing details of a legit and authorized firm called GMT Communications Partners LLP. This is an attempt to mislead clients into believing that GMT Crypto is licensed when it is not. This is what we call cloning and GMT Crypto is clearly cloning another website. The intent is to scam clients. There is no reason why a site owner would go ahead and clone another one. In addition to this, the shameless operators of GMT Crypto also claim that they are regulated by the CySEC but that has also turned out to be lies.
If you check the database of CySEC (which is freely available for scrutinize on the web), you will not find the name of this broker. Having said that, our advice is to always trade with authentic brokerages whose licenses can be verified. You should always check this fact because if you don’t, you will most likely lose money through a clone website.
One way to lose money is to be misled by a clone website that pretends to be legit when that is far from the truth. Usually, this game starts at some website where you will see an ad claiming that they have a sophisticated trading app that can make huge returns fast. These websites have been reviewed by us several times before. Their job is to send over customers to brokers like GMT Crypto. All you have to do in order to get started is to sign up with your email and phone number so you can start using the robot in question.
To use that robot, you need to activate it with real money by simply funding a scam broker like GMT Crypto with at least $250. Of course the robot is not sophisticated, so it will start losing one trade after the other because its trading randomly. On the other hand, the broker in question will be smiling all the way to the bank because someone on the other end is trading against you unknowingly. That means you can’t win with a rogue broker even if you were using legit trading apps for that matter.
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Even if you manage to make a few dollars in profit, brokers like GMT Crypto will never let you withdraw your funds because they will lose. They are market makers and such people thrive when they steal your money. But when you are smart enough to beat them so that your profits can accumulate to the point of withdrawing, they will simply refuse your withdrawal request.
GMT Crypto claims to offer trading in various financial instruments, 200 in total. This information is hard to verify because it is not possible to find out if the only way to test the broker’s service is by depositing some money. We are not willing to lose our hard earned money.
In addition to this, the site GMT Crypto does not reveal their trading conditions except the minimum deposit and the bonus which they are allegedly awarding clients who make deposits for the first time. You need to be wary of this bonus because a dubious broker will use that clause to steal your money. So if you find yourself scammed because you sent your money into their bank accounts, the best way to make things simpler is to ignore the offer asking you to accept deposit bonus.
To withdraw any deposit, the scam site might tell you that they need you to fulfull certain trading volume requirements. This is going to be tricky because already the market maker is trading against you and making sure that you will never win. So that means achieving the ridiculous trading volume is an impossible thing to do.
The site is also showing us that they are not transparent at all. If they were legit, they would have easily disclosed this critical information because it is very important to customers who come here wanting to trade any of the assets offered on the site.
This is a very funny one. They claim that the site has received a number of awards but no actual details are being shared in any way. This false claims backfires on them when we discover that they are only lying to us. It makes them lose credit because such discoveries only confirm that the broker in question is a scam.
Before you get scammed by GMT Crypto, there are many red flags that come to mind. Victims tend to ignore these red flags but they do carry weight when it comes to engaging whether a site is real or scam.
In this case, they are using the licensing details of various companies which are listed with the FCA and CySec as safe. They are cloning and hoping that we will get convinced. But that is not the case. We treat this as a crime and an attempt to mislead clients.
You should do all it takes to stay away from a pathetic scam like this one. If you’re not held at gun point, there is no need to ignore these red flags and think that something good can come out of this brokerage.
GMT Crypto is a scam going by the reports that we have received from a number of online users. And as we have said, anyone who is not sure should never trust the site and instead choose our trusted recommendations.
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