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GMT4X Review: Gmt4x.com Crude Forex Scam Exposed

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GMT4X Review: Gmt4x.com Crude Forex Scam Exposed

GMT4X (Gmt4x.com) is a broker claiming to have offices in the UAE and UK. GMT 4X is claiming to offer CFDs and Forex to anyone interested in opening an account. The platform professes to have assets such as CFDs, Crude Oil, Forex, and Spot metals. They also claim to have a partnership program that accommodates different types of partners. Read this genuine and honest Gmt4x Review and get the truth.

GMT4X Review

About GMT4X

Global Market Trade Forex Limited is the entity that claims to own this platform. Their set goal is to become a worldwide trading brand this is according to their about us page. The mission stated is become a top tier client administration firm. GMT4X is claiming to have their offices in St. Vincent and the Grenadines. And this is proof we are dealing with an offshore broker. Stay away from offshore brokers as they have a reputation of never allowing withdrawals. GMT 4X is no different as complaints regarding their platform are rampant.

Another disturbing issue we found with the platform is in regards to ownership. We have not been given the details regarding the CEO or CFO of this company. An investigation conducted by a few experts reveals the company is a hoax. Scam artists will do or say anything to make their platforms appear legit. Even using false company data to try and sell the legitimacy of their platform. Stay safe and use approved and expert recommended brokers for an efficient trading experience.

Affiliate Programs

They claim their affiliate programs are meant to oblige various kinds of offshoots. You don’t have to be a webmaster; they claim to have a plan to suit your style. They claim their affiliate programs will enable members to get moment programmed commissions. Other advantages listed include withdrawing commissions whenever and spread increase. These are all lies meant to entice traders to also sign up with the affiliate programs. Stay away from them as you will end up losing your deposits.

Claims listed

The platform has exaggerated their information to try and entice traders. Once such false information is having over 41, 941 active traders. If this was true, the platform could be one of the mid-level trading platforms around. Yet, no one seems to know the platform in the area they claim to operate in. Claims of having over 15 years of trading experience are false. Scam artists will do or say anything to make their platforms appear legit. Our investigation will reveal some of the tricks used to scam members with this platform.

Domain Details

A look at the trusted domain register whois.net reveals a shocking detail. These scam artists claim to have over 15 years of trading history on their homepage. The domain register refutes this claim as evidence is clear the website was created on 23rd August 2019. It means the platform is not even a year old. Scam artists will use false data to try and sell their history.

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License and Registration GMT4X

GMT4X is NOT LICENSED OR REGULATED by any regulatory body in UAE or the UK. And this can be confirmed by checking the register of the two regions. Closer home, the Financial Conduct Authority has no platform licensed under this name. And it makes GMT 4X an unlicensed Forex entity putting deposits at risk. A regulated entity must insure deposits made to avoid any unforeseen losses. Stay away from this platform and never sign up with an unregulated platform.

Just to be sure, we also checked with other regulatory bodies all over the world. They include ASIC, CNMV, CONSOB, CySEC, FMA, and NFA. None of these established Forex regulators has ever heard of this platform. And this is proof we are dealing with a rogue trading platform. It is best to stay away and never associate with unproven entities. Once you sign up, you are putting yourself at risk. These scam artists will stop at nothing and they ensure your bank account is swept clean.

Restrictions of GMT4X

Account Attributes of GMT4X

GMT4X Account Types

GMT4X is furnishing members with four active trading accounts. The fifth account is a trainer account which is equivalent to a demo account. Accounts listed include Mini, Classic, Standard, and Pro. The first problem we spotted was the high minimum deposit requirement of $500. Features include floating from 3.5 to 1 pip depending on the account type. Margin call is 60 to 40 percent. There are no commissions on any of the accounts or scalping.

Contact and Support

It is clear that GMT4X lacks a live chat support team which is a huge disappointment. The contact page has a type and reads “right to us.” They only prefer emails and no phone number is given on the entire website. And this is another shocking feature, why would they only use one contact channel? It is wise to use platforms that use convenient and efficient communication channels all year round.

Deposit and withdrawal

When it comes to deposit and withdrawal, the platform has some serious issues. The information regarding how and which channels to use remains hidden. Victims claimed to have been contacted after opening an account. The member expected to see the funds reflect on her account and has not seen it. And this is a clear indication this is a professional money laundering racket. Stay away from the platform to avoid becoming their next victim.

Expert Advisers

The platform has claimed to have over 141 expert advisers and yet, mention no names. These scam artists want traders to give control to unknown people. Members have been giving their accounts to these false experts to run their accounts. The results have seen most of them lose their entire deposits. Most of the complaints we have seen include members losing their first deposit within the first trade. These are unprofessional account managers and experts who profit from members losing.

Trading platform

GMT4X is claiming to use MT5 trading platform as their terminal of choice. The problem with this is these are just claims, not the actual trading platform. A screenshot from the victim shows GMT4X is using a web based platform. These scam artists have posted information regarding MT5 to boost their attention. Their web based platform is full of loopholes such as safety and stability problems. Hackers can easily gain access to this platform and steal relevant data.

Safety of funds with GMT4X

The platform does not segregate accounts as dictated by law. These scam artists are mere thieves who want to steal from unsuspecting investors. The website lacks basic security software to protect users against malware. Members should never expect any compensation as the platform does not participate in a compensatory scheme. These are scam artists who have no idea of what trading is about.

Scam or legit GMT4X

GMT4X MT5 Trading Platfrom

With all the evidence on our hands, we are sure GMT4X is a scam worth avoiding. Warn your family and friends from joining any of their affiliate programs. These scam artists will implicate you to online fraud.

Final thought

We have to add this platform to our scam blacklist and ensure no one else falls for this trap. Be safe by using approved Forex trading robots as a proven alternative.

Wishing everyone a safe trading experience.

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