Beware! GLT Markets 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.
GLT Markets is a forex broker trading in forex, metals, indices and energies. What we have noticed from the beginning is that there is some information missing from this website.
GLT Markets Regulation and safety of funds
As per the company’s website, GLT Markets is registered with the Financial Services Authority (FSA) in St. Vincent and the Grenadines (SVG) which is an offshore zone. You should know that a year ago, FDA issued a warning that this body does not regulate forex brokers. Chances are that this broker is scam and it is not safe to trade with it as you are at risk of losing your money.
We strongly advise you to avoid dealing with brokers that are not regulated as they cannot provide you with a guarantee for the safety of your funds. Instead, look for better trading conditions and select a broker from the well-established jurisdictions of EU or UK. In these jurisdictions, there are measures set in place to make sure that scammers cannot sneak in. Licensed brokers must provide an initial capital of 730,000 EUR which is also a way to ward scammers off. In addition to that, they must report their transactions on a daily basis for the purpose of transparency and as a precaution against shady deals. To protect their clients funds, these brokers must contribute to compensation scheme from which in case of bankruptcy traders will be compensated with up to 20,000 EUR if the company is regulated by CySEC or 85,000 GBP if the company is regulated by FCA. These are the best conditions brokers can offer and you will do well to select one of them. The links we provided will show you a long list of licensed brokers either in EU or UK to choose from.
GLT Markets Trading software
The trading platform that GLT Markets offers to its clients is the MetaTrader 4. This is one of the best trading platforms in the forex trade world and is considered number one among around 80% of the brokers for its excellent trading tools and instruments. MT4 offers an auto trading option, VPS, code base wit customs scripts, an app market, trading signals which traders can obtain for a subscription fee, a financial calendar, etc. The charting options are numerous and they have different analysis indicators to choose from and make a prediction for the future direction of exchange rates. The most popular indicators are the Bollinger Bands, the Fibonacci retracement and moving averages.
If you look at the screenshot below, you will get the idea about what the MT4 platform look like. On the left hand side, you see the menu with the currency pairs with their bid/ask price and beneath is the navigator for the accounts, indicators, expert advisors and scripts. In the top horizontal bar, there are the charting and auto trading options. In the middle of the screen, you see 4 charts, although their number may vary according to the trader’s needs. Those 4 charts show the fluctuation in price of 4 currency pairs. The currency pair in the top left corner is EUR/USD with a spread of 2 pips which just about normal limits. However, if you look in the account types information in the last screenshot, you will see that the leverage that is offered for each account is rather high – 1:100 for the Institutional account and 1:500 for the Standard and Prime accounts. Such high leverage presents risks of losing money big time. Some traders might be tempted by hileverage thinking that they will be able to make big profit. Chances are, however, of the opposite happening given the statistics that around 70% of traders lose money in transactions. We always advise potential forex traders to look up licensed brokers that offer low leverage as a way of protecting their funds. Furthermore, you should know that licensed brokers in EU or UK have a cap on leverage that is 1:30 and in US, the leverage limit is 1:50.
GLT Markets Deposit/Withdrawal methods and fees
GLT Markets offer 3 types of trading accounts – Standard, Prime and Institutional. We already mentioned that there is a lot of information missing from this broker’s website, including information about the minimum initial deposits for each account, the minimum withdrawal amount, payment methods and other.
How does scam work?
A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or the social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.
What to do if scammed?
Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.