Beware! Glad2Trade.io 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.
Glad2Trade.io is a Forex broker hiding essential information about itself from the customers and the public, as a whole. The rationale is familiar, the alleged financial services company is not authorized to provide Forex products and services. Unfortunately for them, the European financial watchdogs detected their illegitimate activities and as a result a warning was issued against them. It’s important for us, nevertheless, to see if these guys are linked somehow to other controversial entities, operating without authorization on the strictly regulated markets. Find out more about this Forex broker in the full Glad2Trade review.
Glad2Trade.io REGULATION AND SAFETY OF FUNDS
Glad2Trade.io is a Forex broker which should be avoided, because it is a scam. First of all, the people standing behind this entity purposely withhold important legal information from the customers, which is an evidence of scam. They do not mention anything about their registration or authorization as a Forex broker, what is more, there isn’t even a company or a jurisdiction mentioned anywhere in their website. Only a Kazakhstan contact number is provided, which itself proves absolutely nothing.
However, it was much easier to find facts about Glad2Trade.io supplied by third party sources! Glad2Trade.io received an official warning by the Spanish CNMV and the Italian CONSOB, the watchdogs supervising the financial activities in those territories. Here is an excerpt from the CNMW warning:
Your funds are not safe if you deposit with Glad2Trade.io, it is an unlicensed, unauthorized and unregulated offshore Forex broker, which was officially blacklisted and proven to be a scam Forex broker! Avoid Glad2Trade.io and choose a broker which is legit, transparent and truly regulated in EU or UK, as these areas provide the safest environment for your funds.
Most importantly, funds were established throughout Europe, such as ICF in Cyprus and FSCS in UK, which guarantee the deposits of the traders. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Glad2Trade.io TRADING SOFTWARE
Glad2Trade.io offers only MT4 accounts to its customers, functional on all of the trading platforms, including Desktop, Web and Mobile Metatrader. MT5 accounts are not available.
Upon download and install it turned out that the Metatrader service provider for Glad2Trade.io is the infamous Hanabishi Partners Ltd., a scam company, registered in SVG at Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines. At the exact same address, in fact, are headquartered many other shady and controversial Forex brokers such as Commerce Wealth, Fin Future, Investactive and Optical Invest, the last two being confirmed as a scam! Hanabishi partners Ltd. actually owns and operates Investactive and supplies Fin Future and Terra Finance with MT4 accounts, the latter also blacklisted by various EU regulators such as CSSF(Luxembourg), FSMA(Belgium) and CONSOB, just to name a few!
Have a look at the CNMV warning, issued against Hanabishi Partners Ltd. and a few other scam brokers:
No demo accounts available, at the time we were only able to open a real account!
The spread advertised, though, is said to be 0.0 pips on the Main page, but in reality it constantly stays at no less than 8 pips on EUR/USD, which is a massive difference between bid and ask, the industry standard is no more than a pip! The maximum leverage possible is 1:500, but it is interesting to see that on their web page the highest ratio is said to be 1:100! Stay away from Glad2Trade.io, it is a confirmed scam anyway.
Glad2Trade.io DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with Glad2Trade.io is 250 USD. The actual funding methods are only two- Cryptocurrencies and the Russian online wallet Piastrix, a dodgy payment system used mostly by online casinos and unlicensed Forex brokers such as Investactive, Finlay.io, CFBroker.io, 24FinTime and 10CryptoMarket. Wire transfers and bank card direct payments are not available.
No minimum withdrawal amount determined, the withdrawal fee, however is staggering- 20% fee upfront! No true Forex broker is going to pillage and plunder your funds in such a marauder manner!
The dormant policy is as follow- an account is considered inactive if you haven’t logged in or traded within 3 months, and will be a subject to a deduction fee of 10% each month, which is a truly unfair condition.
The Non-deposit funds conditions are truly unravelling, Glad2Trade.io simply replicate these, changing only the name applied. Many controversial Forex brokers, some of them being a confirmed scam, display precisely the same clause, word by word. Compare these, even the grammatical errors are wonderfully matching:
An indebted account is allowed by Glad2Trade.io! See the Non-deposited-funds clause:
CFbroker.io Non-deposited-funds clause:
You shouldn’t trade or make deposits with brokers who does not offer negative balance protection to its customers accounts. The EU and UK regulated Forex brokers are bound to keep this rule, making it impossible for a trader to lose more than the sum deposited. If you trust Glad2Trade.io, which is a confirmed scam, we have to repeat that, the losses might be much greater than you have ever thought of!
There are bonuses offered, but T&Cs not fully detailed, the only fact we know about, is that a Minimum Trading Volume of 30 times the sum in your account should be reached, which is another unfair requirement.
Glad2Trade.io introduces an affiliate program, but fails to provide with further information, and we do not advise you to partner with them, do not become a scammer yourself!
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
Fraudsters are working in the social media nowadays, an increasing number of scammers will first introduce their “services” to the people through Facebook or Instagram. You will click on a page, promising a lush lifestyle if you follow their example, they will contact you, probably offer you a demo account and after some time you will be tempted to invest and make guaranteed profits. Once you are signed-up they will ask you to deposit money and this is just the beginning, because gradually they will be asking for more, no matter if you lose or make profits. The end is always the same, at some point the unfortunate trader will eventually find out that he is dealing with scammers, but it will too late, as usual. From then on the chances to get your money back are limited, also emotional troubles come hand to hand with the financial ones.
Beware, and always be suspicious, that is the most effective way to avoid scam, study the FX market, recognize the best in the business, read reviews!
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!