GTLOT review – 5 things you should know about gtlot.com

GTLOT review – 5 things you should know about gtlot.com

Beware! GTLOT is an offshore broker! Your investment may be at risk.

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The guys behind this entity chose a name that doesn’t suggest that you are dealing with a Forex broker. The name aside, it’s yet another unidentified FX creature that refuses to disclose all the details for itself, which instantly raise a major red flag. The legal documents provided might easily fit into two pages A4 and doesn’t reveal anything about the trading conditions or the rules in regards to essential features such as deposits, withdrawals, bonuses or the dormant accounts, to name a few. Find out everything you need to know about this disguised Forex broker in the full GTLOT review.

GTLOT REGULATION AND SAFETY OF FUNDS

GTLOT is said to be run by a company named Major Technologies LTD, which is registered in St. Vincent and the Grenadines. The company develops online trading platform solutions, but fairly speaking, they failed to provide GTLOT with suitable software because the one we tested was an utter mess!

GTLOT is headquartered in SVG, as well, which is an offshore jurisdiction known for the lack of strict financial regulations. The local financial authority doesn’t even control the Forex brokers working in the island, which puts the clients in an unstable environment. The traders will most probably lose all of their money if the offshore broker ceases to exist tomorrow.

Your funds are not safe if you make a deposit with GTLOT, because it’s an unlicensed, unauthorised and unregulated Forex broker that cannot guarantee the protection of the clients’ funds and it’s most probably a scam. You will see what makes us being suspicious about them later in the review.

Our advice is to pick EU(mostly CySEC regulated), or UK(FCA regulated) brokers because Europe created the safest financial environment for the traders’ funds and not surprisingly accomodate the leaders in the retail FX industry. Most importantly, money protection schemes were developed in Europe, such as ICF in Cyprus and FSCS in the UK, which is laid out to guarantee the deposits made by traders and investors. Under CySEC(Cyprus) supervision, you can claim up to 20 000 EUR per client in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP per client. Each EU member state is compelled to create and further operate similar insurance funds, which are considered to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.

GTLOT TRADING SOFTWARE

MetaTrader4 or MetaTrader5 accounts are not available for the traders. GTLOT relies on a web-based platform that is miles behind Metatrader. It doesn’t include even the major FX pairs such as EUR/USD, GBP/USD or USD/JPY, but only Crypto pairs.

Warning! GTLOT offers only trading instruments that are prone to fraud and price manipulation. You can also open either BTC or USDT account, and USDT is not the US dollar, but a Cryptocurrency, too! The standard EUR, USD or GBP accounts are not available, which is a warning sign pointing that GTLOT should be avoided!

The BTC/USDT spread is more than 90 USDT, which is a price that’s quite high compared to the rest of the industry, where you can find a rate as low as $10. The spread is the price that the trader has to pay to execute a trade, which means that the lower the ratios the bigger the potential profits.

The default leverage level is 1:3, but the customers cannot make any adjustments to it! The small ratios are standard for Crypto pairs and there is even a leverage cap of 1:2 imposed in the EU and UK. The leverage is a powerful financial tool that might potentially amplify the profits, but at the same time escalates the risk. If misused the leverage might cause lightning-quick losses instead of gains.

GTLOT DEPOSIT/WITHDRAW METHODS AND FEES

GTLOT doesn’t specify a minimum initial deposit required! The funding methods include Credit/Debit cards and Cryptocurrencies. As we already stated, their legal documents don’t reveal any information of significance for the traders!

The minimum withdrawal amount is said to be $20, which is actually in line with the rest of the industry, even though, the most of the EU and UK regulated brokers will allow the traders to pull out as much as they want, without imposing any restrictions. No withdrawal fees applicable and no withdrawal request processing time known, as well.

No dormant account policy was found, which is yet another red flag itself. It’s a set of clauses that specify how the brokers deal with the accounts that have become inactive. Most of the brokers will let a year pass before making the account dormant and will charge small administration fee per month or per year.

No information about bonuses or other trading incentives, as well. We have to make it clear: the bonuses are not free money, but a leverage tool that further increases the risk for the traders.

HOW DOES THE SCAM WORK

A group of scammers operates many different scam brokers and scam websites. Sometimes they will simply rely on the number; they will publish tens or hundreds of websites and will wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it seems a profitable strategy, as they carry on doing it. The scammers will constantly re-brand and create new scam projects, but remember that all of these will inevitably share similar characteristics.

Most of these fraudulent enterprises are registered offshore- in St. Vincent and the Grenadines, Commonwealth of Dominica or the Marshall Islands, because these jurisdictions do not regulate the Forex broker operating there. As a result, they work solely on their discretion, which allows them to carry out illicit and criminal schemes without suffering the consequences of their actions.

Cryptocurrency funding went extremely popular among scammers because this form of digital money is absolutely uncontrolled. It’s a powerful scam sign if an alleged Forex broker is accepting only Crypto deposits because it’s almost impossible to make a refund and get your money back! They also love the Cryptocurrency pairs because these derivatives are prone to fraud and price manipulation. Not to mention that the spreads of the Crypto pairs are enormous, which is bad for the traders, but great for the brokers because they pocket the difference between Buy and Sell. The UK agreed to completely obliterate the digital coins derivatives trading because these instruments are considered inappropriate for the retail traders. The ban will come in effect in the spring of 2021.

WHAT TO DO WHEN SCAMMED

No one is immune to scam, and anyone can fall into the trap. Scammers are always 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 necessary 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!

It’s very important not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. These will most likely ask for an advanced payment, but will do nothing to help you recover your losses!

Share online your experience; it’s important to protect others, as well. Be responsible!

Rich Snippet Data
Review Date
Reviewed Broker
GTLOT
Broker Rating
11stargraygraygraygray

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14 Comments

  1. Yes I have been scammed by GTLOT for 5250$

  2. Yes this is scam you will end up with nothing.
    Iv’e never felt so sick after being ripped off. Beware. All.
    You might as well screw your money up into a ball and throw it into the street.
    You will get nothing back.
    I will be talking to federal police tomorrow, if I don’t get my money back heads will roll. I know people in higher places than these scumbags live.

    1. I hope so Warren!!

      Absolute cowards…

      Wish I could track them down myself after what they’ve done to my poor mother.

      Pure scam. Same guys have been doing it for years through multiple websites, business names and company names… It’s far too easy to rip people off and get away with it online these days.

  3. Warren Whitehead, can I join in with you to try to recover my money from GTLOT.?

  4. I was scammed by GTLOT several months ago and have lost £450. I am still waiting to hear back from my bank (high volumes of complaints at present apparently – they are still saying this 6 months later!) and have had no help or advice from fraud investigations so far. My only option is ‘to provide GTLOT my passport and other forms of ID, in order to verify my account and then I can withdraw (at an extra cost) which I have no intention of doing. I feel helpless. And stupid.

    1. Leanie, it won’t matter if you do provide these details. They have no intention of
      either refunding or processing a withdrawal.
      They are lying thieves.

  5. name Damian Ross of GTLOT.COM is the one who contacted me here in New Zealand, So lucky my bank called me and they told me its a SCAM …. so they blocked my card and they gonna give me new one .. Lucky Tumeke Kia ora to my bank .. church

  6. This company is absolute scam. Impossible to make a withdrawal and email address is nonexistent. Do not even thing to give them your money and details. I’ve just made a screenshot of their quotes for S&P 500 March 2021 and ES 03-21 which supposed to be the same instrument. Price is the same, but charts are completely different.

  7. No …. just tried to withdraw my $12.500 yesterday being totally ignored now! Feel sick tot broke

  8. Christopher Frederick

    I followed a link and setup an account I wanted to check out feedback and research them and found this Feedback. As soon as I got off the Web page after signing up and DID NOT Deposit any monies my Phone rang and had this guy trying to coach me into depositing money. What a SCAM!! Do not go near them, talk to them or anything they are BAD NEWS!!

  9. I sam an add on facebook for bit premium and did a little research. Bit premium looked ok at first? Started to register and it brought me to a credit card detail page. Next thing the phone rang and some chap called Steven was trying to get me to deposit money. I told him I didnt have my card until the morning. The email I recieved came from GTLOT. Googled GTLOT and it brought me here. They are due to ring me back tomorrow at 10am. Boy am I gonna have fun on that phone call hahaha. Christchurch NZ

  10. GTLOT simply put are lying thieves. Is that simple enough.

  11. Unlicensed unregulated Unscrupulous offshore pieces of scum DONT under any circumstances get caught by there high pressure B/S lost every cent of very hard earned money.Lost the lot on 1 dodgy trade then had the Gaul to ask for more money to do it all again Really

  12. Got the lot (gtlot) very expensive experience ($16000) spoke with Ian and then recovery person Mark, give false hope with small profits then lose it all at once with their expert trades. Offer incentives by giving money, but its their money and when you try to withdraw you can’t without their authorisation. Hope I can save anyone from dealing with these scammers.

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