GPP Markets (Gppmarkets.co.nz) is a CFDs and Forex scam which claims to be registered in New Zealand. GPPMarkets is purporting to offer fair and transparent trading activities to anyone who signs up. After opening an account with this broker ourselves, we found the broker not to be trustworthy. There are a few minor details which make this a total scam. Read this detailed review to find out about GPP Markets.
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In our eyes, this broker is faking their registry claims. After a thorough search with the FSCL, no results were forthcoming. Scammers have a way of ensuring their sites seem legit and true. They will even hire other website companies to write positive reviews about them. Sadly, we found this to be the case with GPP Markets. Not only are they not registered, we are sure they are not based in New Zealand. As we always recommend, doing due diligence is imperative before signing up.
These scammers have created a compelling website which looks reason and easily entices the eye. How can this broker be legit when there are so many negative comments floating all around the web? Thanks to some of these statements, we managed to reach some victims of these scam. After opening an account with them, we decided not to deposit any funds at first. This is when we started receiving thousands of calls from their so called account managers. Something was amiss.
Looking at their website, it’s clear why so many users are falling for this platform. They have posted details claiming to be based in New Zealand. This broker has even posted a Google map showing where they are situated. Did you know anyone can take photos and claim to be based anywhere they want? Why can’t we reach them when we try calling their lines? What these scammers have done is create a chat service where users leave their contact details. Why?
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These scam artists will contact you at their own time. They don’t want to be contacted by any third parties which is a problem. Signing up with this broker should be the last thing on your mind. Make sure to stay away from this broker as they smell of scam. Who are the actual people behind this platform? Why have they failed to give us real names of the founding members of this platform? It’s clear we are dealing with a professional scam outfit who will do or say anything.
And this is where the bone of contention lies. Is GPP Markets really registered? Looking at some of the reviews online, they will state this broker is registered. They will even post the same registration numbers posted on the website. Did you know scammers can post random numbers to try and fake registration? Only way to find out whether this is true is by looking at the official regulatory website. And this is where the truth finally comes out regarding GPP Markets.
GPP Markets is NOT licensed or registered by the Financial Service Provider. This means this broker has no valid licensing and is a fraud. No one should sign up with a broker who uses fake registry details. In order to confirm this, you can check with the official Financial Service Provider of New Zealand. If this broker was truly registered, why have they failed to post copies of their licensing? This is one way of confirming this broker to be a fraud and investors should ignore signing up.
This broker claims to use an award winning platform which is full of advanced tools. GPP Markets is using MT4 trading platform as their preferred tool of trade. In order to test how well their platform works, we decided to download it ourselves. And this is where we found another gaping loophole with this platform. Download could not complete as it stalled at around 57%. This is clear evidence we are dealing with an unstable platform which is not well secured.
Any unstable platform will leave users vulnerable to hacks from third parties. Hackers will take over unstable platform just to get your personal details. In most cases, hackers will try and steal credit card information as well as identity documents. This is why we are against anyone giving their personal details to their call agents. An unstable platform will give hackers access to your bank account. These hackers will steal all your funds and GPP Markets will not be liable. Stay away!
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GPP Markets is offering three different account types for users to pick from. These accounts include Mini, Standard, and Pro. What we found odd with these accounts is the difference in required deposit standards. Why would anyone sign up with a broker who offers the same features in the accounts? Minimum acceptable deposit starts at $1, $500, and $20,000 respectively. Surprisingly, these accounts have the same features such as margins and lot size.
Why would an investor sign up with a broker who is offering the same characteristics? It doesn’t make any sense to deposit over $20,000 to get the exact advantages as one who deposits $1. This means the owners did not think it through. These are tricks used by scammers to attract all types of investors, big and small. Make sure to be checking what the accounts offer before signing up with them. Some of these accounts are merely sales tactics to entice investors to sign up.
Your funds will never be safe by a broker who posts random licensing details. How can this broker offer security of funds when their own website is not secure? Their website is not SSL encrypted which means we are dealing with a rogue broker. Anyone who signs up with this broker should expect to lose their funds. Speaking of funds, it’s highly possible members are depositing funds straight to owner’s personal bank account. You have been warned about making deposits.
Segregation of accounts is another red flag we spotted. Although the website claims to offer segregation of accounts, this is not true. GPP Markets is pooling funds in one account which is extremely dangerous. Anyone who signs up with this broker should expect nothing but chaos. This broker does not insure funds being deposited as required by Forex trading laws. In case of bankruptcy or insolvency, no trader will be protected by this broker. Make sure to stay away from GPP Markets.
Without a shadow of doubt, this is a scam and investors should stay away from it. Whoever signs up with this platform should expect nothing but losses. Make sure to warn your family and friends from signing up with this broker. In case you receive calls from their agents, stay away and don’t give out your personal details. This is another well though scam which must be exposed by all parties. GPP Markets is looking to line their pockets with investor’s funds.
Trading with a broker who uses fake registration details should not happen. Adding this broker to our scam blacklist will protect our readers from falling into this trap. By exposing this broker, we hope authorities will look into and shut their website down. This is the only way to protect all Forex investors.
Having trading experts by your side will greatly increase your chances of making profits. This is why recommended and trusted brokers come in handy. Sign up with transparent Forex brokers with years of trading experience. These brokers will increase your chance of winning and ensure your safety when trading.
Lastly, we wish you all the best in your mode of trading.
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