Beware! GKS-financial.com is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

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Warning! GKS is a Binary Options broker which on top of that was officially blacklisted in Hong Kong and Europe. It’s a pure scam and one can tell that it’s a shonky business only a second after they’ve opened the page! The GKS website is annoyingly flashing and all of the links redirects only to the account opening page. There is an abundance of red flags that we detected, which we are going to show you in the full GKS-financial.com review.

GKS-financial.com REGULATION AND SAFETY OF FUNDS

GKS is nothing else but a scam website, we can’t even say that it’s a broker. There is absolutely no information about them that they share with the public- no address, no contact number, no T&Cs, User Agreement or another legal document available. On their website, however, they display the logos of a number of financial authorities trying to make the people that their business is legit. SFC- the Hong Kong financial authority exposed them as a fraudulent enterprise by publishing a warning against them though! CONSOB- the Italian watchdog also put GKS in their warning list. You can have a look at the SFC publication at the end of this section.

Your funds are not safe if you deposit with GKS because it’s an unlicensed, unauthorized and unregulated Forex broker, which is a confirmed scam! Choose one that’s legit and adequately regulated instead, because such an entity makes the difference for the traders and investors. In the EU and UK, for example, the brokers have to comply with many strict rules and regulations, which are put in place for the benefit of the traders. Most importantly, however, there are money protection schemes in operation which guarantee the deposits of the clients. In EU (mostly CySEC regulated brokers) you can claim up to 20 000 EUR in compensation, while in the UK (FCA regulated brokers) you are guaranteed even of up to 85 000 GBP per client.

GKS-financial.com TRADING SOFTWARE

GKS is a Binary Options broker, which itself is a major red flag. The binaries have nothing to do with trading because this so-called financial instrument is nothing else but a Casino game. The choice is between two possible outcomes- the price will either go higher or go lower for a predefined time period. The trader has absolutely no control over the position placed but can only rely on luck because the Binary Options platforms do not include analysis tools. Not to mention that these so-called instruments are prone to fraud and price manipulation, which significantly facilitate the deception! The pairs that GKS offer are only Cryptos, which is even worse a scenario! You can have a look at the GKS “platform” at the end of this section.

Binary Options trading is banned in the EU and UK but allowed in the US under a very strict regulatory regime though. A US Binary broker might only operate as an exchange, not taking the opposite side of the positions placed by the traders similar to the market makers. GKS was not found to hold an NFA license and it’s still a pure scam to be avoided!

No spreads available when trading Binaries! The spread is a fundamental trading component that forms part or all of the trading costs for the clients, so the lower spreads make trading affordable and increase the profit potential. You should look for brokers that offer a tiny difference between Buy and Sell, but regulated ones, it’s a must!

No leverage applies, as well. The leverage is a powerful financial instrument that makes the retail FX trading possible. It allows the traders to open a position by providing just a fraction of the sum that they buy or sell. The leverage amplifies the potential profits that the traders can make, but the risks increase proportionally. EU, UK and Australia (from the spring of 2021) forced a leverage cap of 1:30 as a customer protection measure. Canada and US brokers cannot offer more than 1:50.

The best choice for the traders is the regulated MetaTrader4 and MetaTrader5 brokers because MT is the most popular retail Forex trading platform in the world. It’s highly appreciated by the experienced traders because of its stability, reliability and ease of use, but also comes free to use. Metatrader also features sophisticated trading tools that are rare to find elsewhere for free such as Expert Advisors, Algo Trading, Complex Indicators, Strategy testers and even a marketplace.

GKS-financial.com DEPOSIT/WITHDRAW METHODS AND FEES

As already mentioned GKS doesn’t present a single legal document such as T&Cs, User Agreement or a Disclaimer. As a result, we have absolutely no idea what their requirements are, but probably that’s for the better. Overall, this entity has nothing to do with a Forex broker but looks like a Casino.

No minimum initial deposit requirements that we know about. The legit brokers, however, will ask for $100 on average, while some will be happy to allow their clients to start trading with as little as 5 to 10 bucks. The profit potential with such a tiny deposit is negligible though.

Warning! The traders can only open a Cryptocurrency account! There is a single possible funding method that’s fishy enough to make you give up on GKS if you still consider having a try. Common payment systems Credit/Debit cards, Wire transfers, Skrill or Neteller are not available for deposit/withdrawal. You can see what their funding method looks like at the bottom of this section.

No information about minimum withdrawal restrictions or fees that apply, but GKS is a scam creature, so no funds should be expected at all. No inactivity fees introduced, as well.

No bonuses are available at the moment. We have to explicitly make it clear- the bonuses are not free money, but a leverage tool that boosts the risks and benefits the brokers, not the traders!

HOW DOES THE SCAM WORK

Cryptocurrency funding went extremely popular among scammers and offshore brokers because this form of digital money is absolutely out of governance and control. It’s a powerful scam sign if a pretended Forex broker accepts only Crypto deposits because it’s almost impossible to make a refund or get your money back! The scammers 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!

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