BASIC INFORMATION
The offshore broker Gs4Trade, which advertises that it provides MetaTrader4 accounts and is globally regulated, will be the subject of this review. Although it has a reasonably good website, it still falls short of what is expected of a trustworthy broker. However, we spotted many information discrepancies, and that certainly doesnt look good on them. Find out the truth about this brokerage in the full Gs4Trade review.
Gs4Trade REGULATION AND SAFETY OF FUNDS
Despite being based in the Marshall Islands, Gs4Trade asserts that it is worldwide regulated. The lack of financial authority on the islands is an issue for merchants and investors. Therefore, it is simple to set up an offshore IBC there and pose as, for example, a bank or a Forex broker. The Marshall Islands are a haven for con artists due to the complete lack of regulations.
Although we looked elsewhere for a license, we were unable to locate any reliable companies connected to this brokerage. Depositing with Gs4Trade puts your money at risk because the company is shady, unlicensed, and unregulated. Please continue reading to see why we think it's a fraud.
Avoid Gs4Trade and look into the trustworthy UK and EU brokers that we recommend. To get a license, the European FX firms must adhere to a stringent set of regulations governing client safety. The brokers need to provide 730 000 EUR in paid-up capital, keep clients‘ accounts segregated and offer negative balance protection. There are also deposit insurance funds laid down to protect investors’ money in case of insolvency. For example, CySEC firms clients can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. If you trade with offshore brokers, you are only entitled to problems and headaches. Beware.
TRADING SOFTWARE
Gs4Trade makes the false claim that it provides MetaTrader4 accounts. Evidently, they use the popularity of MetaTrader to lure customers into their dubious enterprise. The sole accessible platform is Sirix, a dubious-looking web-based trading program. It is ineffective and unable to provide any notable advantages. Gs4Trade cannot offer a dependable platform, which is a sufficient justification for avoiding this broker. We think it's a fraud as well since they exploit the MetaTrader brand to deceive consumers.
When comparing platforms, check out the brokers we recommend for MetaTrader4 and MetaTrader5. Due to its reliability, traders and investors favor MT as the top retail Forex platform. It includes sophisticated trading tools including Expert Advisors, algorithmic trading, and several intricate indicators. Additionally, traders access a marketplace offering more than 10 000 apps available at the time.
SPREAD
The EUR/USD spread appears to be reasonable, often hovering around 0.5 pips. Since Gs4Trade is an unregulated offshore broker, you shouldn't open an account with them despite the favorable spreads, which make trading more affordable and increase profit potential
LEVERAGES
The maximum leverage possible is 1:200. However, on their Account page, they claim they can‘t provide more than 1:50. That’s a discrepancy and a red flag we need to raise. Legit brokers do not confuse the traders about the possible leverage levels. It‘s a powerful tool for improving profit potential, but at the same time, boosting traders’ risks, too.
The leverage hazards made some financial authorities restrict the leverage levels as a customer protection measure. Thus, the European, British and Australian brokers (to come in effect later in 2021) are limited to 1:30, while the Canadian brokers and the US brokers cant deliver more than 1:50. The Swiss brokers can offer increased leverage for risk-tolerant traders, but the 20 million francs capital requirement certainly drives scammers away.
MINIMUM DEPOSIT
The minimum deposit amount at Gs4Trade is 250 EUR/GBP, which is more than twice as much as the average for the sector of $100. Wire transfers and credit/debit cards are accepted as deposit options. Because it's possible to submit a chargeback claim if something goes wrong, we encourage you to always make deposits using bank cards exclusively. On the other hand, regardless of the broker, keep in mind that the Wires are final and non-refundable.
PAYMENT METHOD
However, if you have a preferred funding method, see our lists with legit Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers and Bitcoin brokers. The selected brokers are strictly regulated, so its unlikely to experience fraud.
MINIMUM WITHDRAWAL
The minimum deposit amount at Gs4Trade is 250 EUR/GBP, which is more than twice as much as the average for the sector of $100. Wire transfers and credit/debit cards are accepted as deposit options. Because it's possible to submit a chargeback claim if something goes wrong, we encourage you to always make deposits using bank cards exclusively. On the other hand, regardless of the broker, keep in mind that the Wires are final and non-refundable.
2023-03-21 09:50
2023-03-03 16:09
