GX Markets (Gxmarkets.co) is a brand-new forex broker scam. Yes, we have irrefutable evidence showing that this brokerage is nothing but a scam. Being an unregulated and offshore broker, we will give you reasons not to trust anything these people are saying. From the over the top profits to guaranteed profits, we will reveal the real truth. GX Markets offers both CFDs and Forex. Below are the reasons not to join.
Claims of making increased investments with 1:200 leverage, GXMarkets claims to have it all. From bonuses of about $5000, they sure do know how to attract potential Forex investors. Who wouldn’t want a chance of getting over $5000 in bonuses? Here’s where the trick lies, see they know people want quick and easy money. All you have to do is sign up and get quick and easy money, right?
Once you make the mistake of signing up with GX Markets, it will be your downfall. All these are empty promises that are designed to lure you into signing up. Below, we will discuss the tricks GX Markets is using to fraud unsuspecting Forex newbies as well as investors.
Instead of dealing with fake forex brokers, you should use approved and trusted brokers. With tested and regulated brokers, you will never go wrong. Ensure you only sign up with brokers who have been given the green light by regulatory institutions. This is the only way you can stay away from fraudsters such as GX Markets.
GXMarkets has very long terms and conditions part regarding the security of funds. Truth be told, once you read through their terms, you might be enticed to join. With this Forex trading platform, your funds are far from being secure and safe.
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Money is not segregated from accounts or assets of the bank. They claim that all funds are held by a company-managed bank account. Problem with this is that they don’t mention the company the funds are held. This would prompt us to verify their claim.
GX Markets does not meet any strict regulatory rules set by the industry. One, they have made no effort to submit financial reports. They also have not maintained liquid capital to help cover client’s deposits and expenses. They claim that a financial audit is conducted yearly. We could not verify this as no audits have ever been posted. This points to fraud in the making.
Once you visit their website, you will either open an account or open a demo account. Note that the demo account is set to win trades in your favour. This will ensure that you gain trust with this platform and thus continue to open a live account.
What they don’t tell you is that opening a live account is not as free as they claim. There are three types of accounts on offer. Light, Basic, and premium accounts. The Light account is for new traders who want to build their trading experience.
Basic account is for traders who are looking for “real investment” opportunities. They add in that this type of account is for those who want secure strategies. Finally, the Premium account is solely designed for experienced traders.
You will be asked to make a minimum deposit of over $250 in order to start trading. This means that their accounts are not free as advertised. Why then claim that the accounts are free? They simply want to register as many people as possible before going under.
Reputable brokerage firms have customer care representatives who can be easily accessed. With GX Markets, this is far from being possible. Throughout our investigation period, customer support was offline. How then do they expect members to reach them in case of problems? They don’t want you to reach them since they know you will be asking for your money.
There’s only one testimonial found on the whole website. This man claims to have received SMS alerts on favourable trades. Why is he the only person to have received text messages from GX Markets? It’s because this testimonial is a hoax!
Testimonials are used to legitimise the scam and encourage more people to join. Once you see that a different person has won, you will want to be that person too. These scammers also throw in the fact that this SMS signal is free of charge. All these are lies that we have uncovered from GX Markets.
You can make deposits with your credit cards, bank wire, Skrill, Neteller, Sofort, and popular e-wallets. Note that no one has EVER withdrawn money with this platform. All people have done is deposit with them. This simply means that there’s no way to withdraw money. They just want you to make deposits and steal your money.
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GX Markets claims to use an SSL secure system which helps to protect funds. They claim not to have any withdrawal charges which is a lie. As we earlier said, these scammers don’t allow anyone to withdraw money.
GX Markets does not use industry recommended trading platforms such as MT4 and MT5. Instead, this broker offers Sirix which they claim to be available on desktop and mobile. We tried downloading this platform but it proved futile.
Sirix is not easy to use especially for newbie traders. It comes with complex indicators and sophisticated trading services. This makes us question why these people would want to use such a complex trading platform.
A big NO. GX Markets is not regulated, licensed or registered anywhere on the face of the planet. We contacted all known regulatory bodies and our findings will shock you. Financial Conduct Authority (FCA) has already put out an alert on GX Markets. CySEC is also on the verge of issuing a press statement condemning GX Markets.
These are well known regulatory bodies who have not consented GX Markets to trade. This is all the evidence we required to strongly condemn the use of this Forex platform.
Irrefutable evidence produced clearly shows we are dealing with a scam. These people make sure they can’t be reached by email or phone. We have not heard any feedback from any official from this trading platform. This clearly points that we are dealing with a professional scam.
We simply have to blacklist this forex broker for obvious reasons. They are not regulated, not licensed and one cannot make withdrawals. All we are asking is for the concerned authorities to quickly put down this site. Forex traders are urged to use other reputable brokers and avoid any contact with this trading platform. We urge that you ignore all emails or phone calls asking you to join this scam.
Instead, deal with trusted and tested Forex brokers in order to make real profits. You will never go wrong when you use Forex brokers who are backed by the Forex trading community. Stay safe and enjoy the ever lucrative Forex trading world!
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