Gulf Brokers review – 5 things you should know about

Gulf Brokers review – 5 things you should know about

Beware! Gulf Brokers 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.


GulfBrokers is Forex brokerage registered in Seychelles. It provides the MetaTrader5 platform and an extremely generous leverage. Traders are extended a leverage of up to 1:500. Furthermore, there is a wide range of trading products from which to choose and a spread of 3 pips on EUR/USD which, however, is double the industry average and too high in our view. The required minimum deposit is $500 which twice the industry average and not in favor for traders.

Gulf Brokers regulation & safety of funds

The company behind Gulf Brokerz is registered in the Republic of Seychelles. Here is a screenshot:

We learn through the website that the brokerage is regulated by the Financial Services Authority of Seychelles with a license number SDO13. Here we remind readers that the financial regulator of Seychelles – the FSA – cannot compare with prestigious regulatory agencies in Europe, most importantly because it does not provide participation in a financial mechanism by which client’s losses may be recovered in case of bankruptcy or fraud. There is also no assurance for the segragation of accounts which exposes the clients to the possibility of commingling – combining the broker’s finances with that of the client. Furthermore, the agency requires a starting capital of the meager $50 000 while CySEC requires at least $730 000.

After checking with the online registry of the Financial Services Authority we may conclude that the brokerage is in fact licensed by the authorities in Seychelles

The brokerage does provide the MetaTrader 5 trading platform and offers a test-drive as well, which isn’t something common with scammers. On it we could see that clients are extended a leverage of up to 1:500 which is absurdly high and cannot be provided anywhere in Europe due to new restrictions set by ESMA. Furthermore, we could see a spread of 3 pips on EUR/USD which is twice the industry average. Putting all that aside, the lack of credible regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 50 000 pounds, where as with CySEC it is up to 20 000 euro per person.

Gulf Brokers deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw only via the standard Visa and MasterCard. Popular e-wallets such as Skrill, Neteller, QIWI, WebMoney are sadly missing.

In the brokers terms and conditions we did find some disturbing provisions. Here is a screenshot:

The provision reads that on the first of April the brokerage will introduce a $10 monthly maintenance fee. This is certainly not excessive but readers should have in mind another provision we found. You may see for yourself again:

In layman’s terms – the brokerage leaves for itself a loophole which may used in order to incur any fee it wishes. We always remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Besides judging the brokerage beforehand through the info given on its website, a valuable piece of information in the trading world would be precisely how a scam would go about. Here is a description of the typical three steps:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. The growth of scammers that are spawning everyday in forex trading has forced both financial services giants Visa and Mastercard to step up and take action. MasterCard has already increased the previous time period of six months for filing a chargeback to a year and a half, effectively bypassing the “recovery department” part of the scam.

If, however, you have provided the broker with your credit card number and CVV code, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Rich Snippet Data
Review Date
Reviewed Broker
Gulf Brokers
Broker Rating

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  1. Gilbert Roy Leyva

    Thanks for this article very helpful.
    I would love to know more about forex and need guidance as well.
    Hope you can be of help.


  2. I was a victim of gulf brokers. I did a charge back with a forensic and cyber crime consultant and my bank because I used a MasterCard to make my deposit. It was a bad experience

    1. Seriously, what exactly happened? I’m facing a similar kind of issue, can you help me?

  3. Im another victim here. They keep on asking me to deposit more money 4 times in 3 mos. Til i bankrupt.

  4. targeting Sri lanka people and word wide they run under name of Copreus (Pvt) Ltd in WTC East Tower, Colombo 00100, Copreus (Pvt) call and do research about investment and after that will call you from the same location and Pretend to be from somewhere Else be safe guys save your own money do not invest in this company

    1. Seriously? I got a call from a company called Victoria Partners and they said that they were affiliated with Gulf Brokers and Finq.

  5. Someone from Gulf Brokers keeps on contacting me. Advising me to invest to Netflix and an Oil Company. He invited me to have a seminar this coming weekend thru Zoom. After reading the above reviews, I’m not sure what to do. Can someone help me on this?

  6. they randomly choosing name at Facebook that maybe i thumbs up in one investment sponsored advertisement . someone called and i dont know how come he get my cellphone number , upon convo for almost 30 minutes. he tell me that he will send me invoice of my initial payment amounting 104,000.00 pesos , after getting only my name , cp , address , email??? WTF?? why should i pay that amount of money getting noting to hold or even investment policy. this scammer almost win over me. luckily i found this articcle. thank you

    1. i am thankful for reading here, although i’m also worried that they got a lot of information that i may get hacked or worse, identity theft might happened.. how do i delete my account on their page.

  7. Thankful for this article, someone from gulfbrokers called me in my phone and he is a foreigner and then he transferred me to a filipino manager, I’m really convinced by him, I supposed to deposit amounting to 100,000 pesos to invest in stocks in mcdonalds today, I’m really optimistic but I changed my mind now, luckily I did research for this company and I will not answer him anymore after reading this because its hard to lose my hard earned money during this pandemic.

  8. Sadly I saw this review too late. I got a call from a lady called Karisma Tygerson (+44-2083959070) who spoke with me for nearly 40 mins. Said she’s from Gulf brokes and had a some great plans for me. I ended up sending 6k GBP to the mercury acc 101990122212 , and received the login. aftre 3 weeks it simly doesnt let me see my acc at all. Karisma is unreachable and no one respnds.

  9. these bastards are full of scams, they will force you to invest more & more and you will end up with no money. Someone will call you from UAE , after registration they will pass all information to broker sitting in UK and he will advise you to buy some IPO, advised IPOs will start increasing as per their prediction and you will feel to invest more money and at the same time they will force you to invest more & more but remember IPO values shown to you in real time are all scam, they are controlling on backend, once you will be convinced and invest huge amount, everything will go down and you will be trapped badly.

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