Is Gain Ground Legit or Scam?
Gain Ground is a scam broker. Here’s why:
- No Valid Forex License: A legitimate forex broker requires a license to operate legally. Gain Ground, despite claiming UK registration, lacks this crucial credential.
- FCA Warning: The UK’s (FCA) has explicitly warned against Gain Ground, raising serious red flags about their legitimacy.
- Fictitious Trading Platform: Their web-based platform doesn’t facilitate real trading, potentially displaying fabricated charts and figures. This manipulation undermines trust and exposes your financial security.
Company Overview
Feature | Gain Ground | Reputable Brokers |
Country | UK (Claimed) | Varies (e.g., Cyprus, Australia) |
License | No | Yes (FCA, CySEC, ASIC etc.) |
Guaranteed Funds | No | Yes (up to £85,000) |
Segregated Accounts | No | Yes |
Negative Balance Protection | No | Yes |
Services or Products
Gain Ground claims to offer forex, cryptocurrency, commodity, and index trading. However, due to the platform’s unreliability, these services cannot be trusted.
If you have lost money to companies like IPO Markets, or STYX; please report it to us on our Report a Scam form.
Trading Platform & Leverages
Gain Ground boasts a web-based platform but it lacks functionality for real trading. Reputable brokers, on the other hand, offer industry-standard platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5) with extensive features and tools.
Gain Ground advertises high-leverage options (up to 2000:1). However, prioritize a valid license over enticing leverage figures. Regulated brokers offer lower leverage for investor protection.
Spreads and Cost of Trading
Gain Ground may advertise competitive spreads, but these numbers are meaningless without a legitimate forex license. Reputable brokers offer transparent spreads and fees.
License and Regulations
Gain Ground operates without any regulatory oversight. This lack of licensing raises significant concerns:
- Legal Warning Against Gain Ground: The Financial Conduct Authority FCA’s warning highlights potential deceptive practices and exposes investors to financial risk.
- Unprotected Funds: Without segregated accounts, your deposited funds could be used for the company’s operations instead of being held securely.
- No Negative Balance Protection: Regulated brokers offer negative balance protection, preventing you from losing more than your deposited amount. Gain Ground lacks this safeguard, potentially leading to substantial debt.
Deposit and Withdrawal Methods
Gain Ground offers limited deposit options (credit/debit cards only) and lacks transparency regarding withdrawal fees and minimum amounts. Reputable brokers provide diverse deposit and withdrawal methods with clear and accessible information on associated costs.
Gain Ground Pros and Cons
Pros | Cons |
None Identified | No legitimate forex license |
| Â | Falsely claims UK registration |
| Â | FCA warning |
| Â | No reliable trading software |
| Â | Nontransparent withdrawal fees and requirements |
Why Dealing With An Unlicensed Broker Is Risky
Unlicensed brokers pose numerous risks:
- Scam Potential: You might lose your entire investment due to fraudulent activities.
- Unrealistic Profits: Promises of high returns are often a lure to attract victims.
- Manipulation: Unregulated platforms can manipulate prices and charts to your disadvantage.
- No Dispute Resolution: Without regulatory oversight, there’s no recourse if you encounter problems.
Client Feedback
There’s a scarcity of reliable client feedback on Gain Ground. Legitimate brokers, however, often have a wealth of independent reviews readily available.
How Can “Reviewsadvice” Help You If You Get Scammed?
While Reviewsadvice can’t directly recover lost funds, they connect you with resources to fight back. If scammed by a broker, Reviewsadvice can help with:
- Filing Complaints: Guidance on filing against brokers who violate terms or withhold money.
- Recovery Specialists: Connecting you with services to potentially get your funds back.
- Withdrawal Issues: Assistance in filing complaints if you’re facing withdrawal problems.
- Disappearing Brokers: Help find experts to track down the broker and guide your next steps.
File A Complaint Against Scammers
Final Thought
Avoid Gain Ground at all costs. Choose a reputable, licensed broker with a proven track record and a user-friendly platform. Prioritize your financial safety and invest wisely.
