Beware! Gttradex 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.
Gttradex is a scam – and that much is evident the moment one lays eyes on the broker’s website – the company supposedly has investment plans available, with one of them being shown below:
There is absolutely no way that Gttradex can achieve such high profit rates – and if it could, why would it need you to deposit money? Why not just cut out the middleman, take out a business loan and become rich overnight? Companies that promise such ridiculous returns are always scams – and if you need further convincing to stay away from Gttradex, check out our review of the broker below:
Gttradex regulation and safety of funds
Here is what Gttradex has to say about its regulation:
St. Vincent is one of the worst places a broker can be registered in – the country has gained a certain reputation, because it does not regulate its Forex markets whatsoever – this means that there are a ton of scammers that set up shop there. The only way you can be certain the broker you aim to trade with is legitimate is if they are licensed – for example, brokers in the EU are required to report on a daily basis on open and closed trades to ensure no market manipulation takes place. This, along other Union regulations makes the EU markets quite safe indeed.
Gttradex trading software
Gttradex provides access to a web-based trading platform – but it is not a conventional platform like Metatrader 5 – check it out below:
On first glance, it appears that Gttradex provides access to binary options trading – there is an expiration trade and a payout. However, there is also leverage – a feature of CFD trading, as well as the Take Profit and Stop loss features, which are just meaningless in the context of binary options. Overall, it looks like if someone that did not know what a trading platform was designed one.
This leads us to believe that the platform Gttradex runs on is simply a front – while you might be able to trade on it, and while that might actually seemingly affect your balance, there is not going to be a real effect on your money. We can confidently say that Gttradex does not provide any form of trading.
Gttradex deposit and withdrawal methods and fees
Gttradex accepts deposits via cryptocurrencies and Western Union – both payment methods are preferred among scammers, as they do not allow any chargebacks to be filed. Stay away from companies that do not take more conventional means of deposits, like credit cards!
As for withdrawals, we do not expect them to be easy or cheap – Gttradex sets out certain fees, as you can see below:
But it does not mention what these fees are and reserves the right to amend them at any time, without prior note to the client. In fact, we are certain that these fees will be quite hefty, because of the dormant account fee Gttradex charges:
No legitimate company would charge as much for account inactivity!
How does the scam work?
Gttradex is a scam – there could be no doubt at this point. The broker also follows a very old scam model we have seen hundreds of times – here is how it plays out:
Once someone stumbles upon Gttradex’s website and decides to register, they are required to leave a phone number – and once they do so, the scammers start bombarding them with calls all around the clock. They demand one thing, and one thing alone – money. More and more will be extracted from the hapless victim, until they realize what’s going on and stop depositing or demand a withdrawal. At that point, the scammers cut them out and disappear with their money.
What to do when scammed?
Have you been scammed by Gttradex? Here is what you need to do to ensure no further losses take place:
First off, recall what IDs, credit cards and so on the scammers had access to and get new ones issued ASAP. Also, remove any desktop sharing software from your PC – these steps are crucial to restoring your privacy.
Secondly, reach out to your bank to see what options you have to get your money back. And beware of recovery agencies – ones that demand advance fees for their services are simply another scam, designed to pray on people who have already been defrauded.
Finally, there is nothing to be ashamed of for being scammed – it can happen to anyone, as the people who run these schemes are ruthless and skilled manipulators. The only way to curb the spread of the scam would be to raise awareness of how it works – and you can do so by leaving a comment below!