GT-Trader Review 2024: Is Scam or Legit Broker?

Is GT-Trader Legit or Scam?

While GT-Trader offers a variety of features that may seem appealing to new traders, there are significant red flags that strongly suggest it’s a scam. The biggest concern is the lack of regulation by any major financial authority. This means your money is not protected, and the platform could manipulate prices or simply disappear with your funds.

Company Overview

Services or Products

GT-Trader offers trading in various financial instruments, including:

• Forex (currency pairs)
• CFDs (contracts for difference) on stocks, commodities, indices, and ETFs
• Cryptocurrencies

If you have lost money to companies like AUSFITS, or legitimate broker; please report it to us on our Report a Scam form.

Trading Platform & Leverages

GT-Trader provides two trading platforms:

• G&T Trader: A user-friendly web-based platform suitable for beginners.
• G&T TraderPro: A desktop platform with advanced features geared towards experienced traders.

The platform offers high leverage ratios, reaching up to 1:1000. While high leverage can amplify profits, it also significantly increases potential losses.

Spreads and Cost of Trading

GT-Trader uses a spread-based pricing model, with spreads starting from 0.2 pips for major currency pairs. However, the competitiveness of these spreads is questionable compared to regulated brokers. Additionally, commissions may apply depending on the account type and asset class.

License and Regulations

This is the most critical point! GT-Trader is not regulated by any reputable financial authority. The Financial Conduct Authority (FCA) of the UK has issued a warning against them. This lack of regulation means:

• No protection for your funds: In case of a dispute or the platform shutting down, you have no legal recourse to recover your money.
• Potential for price manipulation: Unregulated brokers can manipulate prices in their favor, leading to unfair losses for traders.
• No transparency or accountability: There’s no oversight on the broker’s activities, raising concerns about their legitimacy.

Deposit and Withdrawal Methods

GT-Trader offers a variety of deposit and withdrawal methods, including:

• Credit/debit cards (fees apply)
• Bank transfers (fees apply)
• Cryptocurrencies (fees apply)

The fees associated with these methods can add to the overall cost of trading.

GT-Trader Pros and Cons (Table)

Why Dealing With An Unlicensed Broker Is Risky?

Trading with an unlicensed broker exposes you to significant risks, including:

• Loss of funds: If the platform goes bankrupt or disappears with your money, you have no legal means to recover them.
• Unfair trading practices: Unregulated brokers can manipulate prices or engage in other unfair practices to their advantage.
• Limited dispute resolution: In case of a disagreement, you have no access to independent arbitration or legal recourse.

Client Feedback

While GT-Trader might have some positive online reviews, it’s important to be cautious. Unregulated platforms can manipulate reviews to create a false impression of legitimacy.

How Can “Reviewsadvice” Help You If You Get Scammed?

If you have been a victim of GT-Trader’s scam, you can get help from us. We will directly help you to recover the lost funds, but our professional guidance and service recommendations can help you. Ways we can help you:

• Filing Complaints: Guidance on filing a complaint if your broker violates terms or withholds money.

• Finding Recovery Specialists: Connecting you with services to potentially get your funds back.
• Reporting Scam Brokers: Aiding you in reporting suspicious brokers to relevant authorities.
• Tracking Down Disappeared Brokers: Help find experts to locate the broker and guide your next steps.  

          You Can report to us today by the below form.