Beware! GFS Partner is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
GFS Partner says to be offering over 250 currency pairs and CFDs on stocks, gold, oil and various other asset classes with a leverage of up to 500:1 and the MetaTrader4 platform. And apart from English, their website is supported in Chinese, Japanese, Korean and Vietnamese, which means that they are targeting people in those countries.
Unfortunately GFS Partner is not regulated and what is worse, their website is virtually anonymous – no company info, not even a contact address. All that significantly lowers the credibility of GFS Partner and makes us believe that most probably they are involved in scam.
GFS Partner regulation & safety of funds
GFS Partner says to be owned and operated by GFS PARTNER Ltd., but in practice we do not know anything about the company or the broker. The website is completely anonymous as we noted – no company or contact address, not even a telephone number, not to mention information about a license and authorization.
And that is basically a recipe for a scam. Besides, have in mind that most unregulated brokers targeting customers without a license, issued by an official regulatory authority such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC) are involved in scam.
On the other hand the protections and benefits of trading with properly licensed brokers are many. Apart from the strict regulatory oversight, some regulated brokers, especially in Europe, are obliged to participate in client compensation schemes. For example if you trade with a CySEC broker your funds will be insured for up to 20 000 EUR, while with a broker regulated by FCA, you will not have to worry for up to 50 000 GBP in your account, even if your broker files for bankruptcy.
GFS Partner Review deposit/withdrawal methods and fees
Unfortunately, in the presentation on the GFS Partner website we were not able to find any information about the payment methods they accept, as well as their minimum deposit requirement. Just have in mind that most brokers require a minimum deposit of about 250 USD, while the usual payment methods accepted include major credit cards like VISA and MasterCard, bank wire and e-wallets like Neteller and Skrill.
Also, be aware of any trading bonuses that GFS Partner might offer you. The practice is highly controversial and has been altogether banned by the financial authorities in Europe and on other regulated markets.
The main problem with all trading bonuses is that they always come with some special withdraw conditions, like for example a certain minimum trade volume requirement or a period of time, in which you forfeit your right to request a withdraw.
How does the scam work?
You may be tricked into registering a trading account with a unregulated, scam broker through one of the so called robo scam websites like CryptoContractsApp or Crypto Revolt. The story goes like this: You will happen to stumble upon one of those web sites by following an ad on Instagram or Facebook, promising you spectacular returns in exchange of a risk free investment with some innovative trading platform. And if you get hooked and register with the robo scam website, leaving your e-mail and phone, you will be immediately transferred to the web page of the cam broker and will be asked for an initial investment of about 250 USD.
And than you will start trading with astonishing success. Virtually all your trades will be profitable and in just a couple of days your balance will swell to 500 USD. That however will all be fake, because the sole intention of the scammers will be to make you deposit as much as you can.
And surely you will receive a phone call as well. It will be from “your senior account manager” or “market adviser”, who will basically explain you, that if you want to make some real cash you will simply have to invest more – at least 10 000 USD for a start.
And chances are you will invest those money as well without realizing you have been scammed until the very moment you file a request to withdraw some of your funds. Then your withdraw request will be canceled on the grounds that you have not met some minimum trade volume requirement, linked to your welcoming bonus, or something like this – the excuse might be various, but the result will always be the same. Scammers will refuse to pay you any money back.
What to do if scammed?
Unfortunately if you have lost your money to scammers, your chances to get them back will appear to be pretty slim. Still your best option is to file for a charge back with your credit card company. Besides, the good news here is that both VISA and MasterCard have extended he period in which you are allowed to do that to 540 days.
Also be aware that some scammers may try to steal money directly from your bank account, if you have provided them with personal banking information like your credit card number or online banking password. In that case you should immediately change your online banking password and cancel your credit card.
Finally, if by any chance you get contacted by the so called recovery agencies, do not trust their offers, because basically you will get scammed a second time. Those people will simply charge you some money in advance without recovering you a single penny.