Beware! GM4EX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
The choice of trading instruments is also comprehensive – over 30 forex pairs, some of which exotic or minor like USDTRY, USDPLN, USDMXN, USDNOK and USDSEK, and various CFDs on crypto coins like Bitcoin, Litecoin, Ethereum, Dash, Ripple, IOTA, Monero, EOS, NEO, Emercoin, Bitcoin Cash, NameCoin, PeerCoin, Santiment, OmiseGO, ETP, Eidoo and Zcash, 11 major indices, silver, gold and oil.
And although with their standard account spreads seem unattractive – advertised to start from 3,5 pips or at least three times the levels traders would usually expect, that is not our main issue with the broker, but the fact that they are not regulated and their website is basically anonymous.
GM4EX regulation & safety of funds
GM4EX or Global Market Forex is said to be owned by Global Market Forex Ltd., a company supposedly based in the United Arab Emirates.
Bear in mind that all legit UAE brokers should be registered with the Central Bank of the United Arab Emirates (CBUAE) and the local Securities and Commodities Authority, which assures the brokers’ compliance with the strict rules of the Central Bank.
So we checked the relevant registers and were unable to find GM4EX or Global Market Forex Ltd. there. On top of that GM4EX website is almost completely anonymous – honestly we can not be sure that the above mentioned companies are really based in the UAE, since they are obviously not regulated there.
Bear in mind as well that trading with unregulated brokers is extremely risky as they are completely unaccountable for the way they handle your money, and quite too often are plainly involved in scam.
That is why our strong advise is to deal only with legit brokers, properly licensed and regulated by a respectable and well known institution 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).
GM4EX deposit/withdrawal methods and fees
And we were not able to review the Terms and Conditions of the broker either, because the file with this crucial piece of legal information was not directly available on their website.
Otherwise the minimum deposit requirement is acceptable – 100 USD.
How does the scam work?
One of the favorite channels scammers use to hunt for new victims are the so called robo scam websites like Bitcoin Profit and Brexit Trader, where you might be lured by some bold promises of fast and easy returns, in exchange of a small investment with some innovative trading algorithm, which will be earning piles of cash for you, while you sit back and watch.
And all you will be required to do at first will be to leave your e-mail and phone – nothing more. And if you do register, instantly you will be redirected to the homepage of one of the unregulated, scam brokers, where you will be asked for an initial deposit of about 250 USD.
And your first trades with the scam broker will be more than successful, and pretty soon the money in your account will seem to have doubled. That however will not be real. Scammers will be simply manipulating your account, so that latter they will be able to persuade you to invest a larger sum. And you will be getting phone calls as well – it will be your senior account manager, who will be telling you, that if you really want to make some real cash, you will definitely have to invest more – like at least 10 000 USD.
And believe it or not, but most people will invest that kind of money without realizing they are being scammed, until the very moment they decide to withdraw a portion of their funds. Than it suddenly turns out they are not allowed to withdraw, because they have not met some minimum trade volume requirement, possibly linked to their trading bonus.
The pretext might be various, but in the end it will all come to the same – scammers will not pay a single penny back.
What to do if scammed?
Your only chance to get your deposit back is to file for a charge back with your credit card company. Fortunately both VISA and MasterCard accept charge back requests within 540 days after you have made a deposit.
And if by some means scammers have managed to get to your banking details like your credit card number or online banking password, immediately change the password and cancel your credit card. And if for some reason you have installed Team Viewer and you have shared it with the scammers, delete the program immediately.
Finally do not accept any proposals by the so called recovery agencies. They will not help you recover your money, but will simply take some fees in advance and basically that is how the story will end.