GalaxyTrade review – 5 things you should know about galaxytrade.cc

GalaxyTrade review – 5 things you should know about galaxytrade.cc

Rating: 1

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

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GalaxyTrade is a scam. We claim so as the broker found its place on the warning list of a European regulator, which means that you should avoid this fishy business no matter what. Otherwise, it’s an anonymous offshore entity falsely claiming to offer MetaTrader and industry-leading spreads. In this review, we are going to discuss critical details about GalaxyTrade, so you’d better read till the end before you’ve put your money at risk.

GalaxyTrade REGULATION AND SAFETY OF FUNDS

GalaxyTrade is a brand of Plethora Group Ltd, a company allegedly registered in the Commonwealth of Dominica– a non-transparent tax haven where the local financial regulator doesn’t even license Forex brokers. In fact, the jurisdiction mentioned is so shady that the companies registered there are virtually anonymous as there is no ownership information shared whatsoever. We can’t even verify that Plethora Group Ltd is actually a legal entity in existence, so GalaxyTrade is a broker posing significant threats for traders’ funds.

Worse, though, we found that the Romanian regulator ASF has blacklisted GalaxyTrade, so the broker reviewed is an exposed scam, and your funds will be in danger if you deposit.

Avoid it and see the high-rated EU brokers and British brokers on both lists instead. The European FX companies are regulated and covered by deposit insurance funds protecting traders’ money if things go wrong. For example, when trading with a CySEC broker, you can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP per person. The deposit insurance funds grant extra protection, so it’s a no brainer if you are eligible to open accounts with Europeans.

GalaxyTrade TRADING SOFTWARE

GalaxyTrade’s trading software provokes us to raise red flags. First of all, the broker pretends to offer MetaTrader4, but after we downloaded the platform, it turned out to be a dysfunctional MetaTrader5. A hilarious story indeed. Most probably, GalaxyTrade’s MT license has expired, or the broker simply takes advantage of the platform’s spotless reputation by fraudulently claiming to deliver it. Whatever the case, though, that’s solid evidence of a scam.

In fact, the only software accessible is a basic Webtrader, which is nowhere near MetaTrader in terms of functionality. The deficient platform is a good reason alone to avoid the otherwise fraudulent GalaxyTrade.

Speaking of software, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists. The MTs are market leaders packed with advanced features such as Expert advisors, many indicators, and excellent charting tools. The terminals also include a marketplace with more than 10 000 apps and third-party developed solutions, which is an unrivalled advantage. Interestingly, MT5 surpassed MT4 for the first time in terms of brokers delivering the platform, but its volumes are still weaker.

The EUR/USD spread is 3 pips, which isn’t a competitive Buy/Sell difference anymore as most of the regulated brokers are offering 1 pip or less. However, in this very case, the spread makes us raise another red flag because GalaxyTrade misleads the public with its fraudulent claims to deliver industry-leading spreads. Beware!

As to leverage, it’s 1:200, and traders cannot adjust it to their own preferences. That’s yet another red flag, as GalaxyTrade knowingly puts traders into an overly dangerous environment where they can lose all funds deposited. 1:200 is too risky, and it can cause a quick total loss if not properly used.

In fact, a few years ago, more than 90% of the clients were losing money because of leverage misuse, and that drove many financial authorities to start restricting its usage. Namely, due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are trustworthy but not leverage restricted, so experienced, and risk-tolerant traders eligible to open an account in Switzerland can safely go for it.

GalaxyTrade DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit is $250, which is a bearable requirement, but many legit companies are now accepting clients for $100 or less, so GalaxyTrade can be labelled as demanding.

As to funding, the single method accepted is Credit/Debit cards, but the transaction should go through some overly suspicious website- xpayz.net, which indeed poses security threats. The funding process is fishy, which is yet another red flag to note. Nevertheless, bank card direct funding is considered the safest option as it allows disputing transactions and eventually getting a refund.

Anyway, as we are reviewing a scam, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are competently regulated, and you won’t face scammers, so you can safely open accounts.

As for withdrawals and fees, there are no minimum requirements, but the conditions would dramatically change if clients accept incentives. In such a case, they need to trade the bonus plus the deposit 25 times to become eligible for withdrawal. That’s unjust and perhaps even more so, as the broker doesn’t specify what 25 stands for. Suppose it’s about lots that should mean that clients need to trade 2500 lots for a $100 bonus, which equals 250 million USD in turnover. Well, hardly anyone can make such a volume out of $100, so GalaxyTrade has the perfect excuse to reject withdrawals. The obscure bonus clause is a red flag itself!

Overall, GalaxyTrade is a blacklisted offshore broker, so you should stay away.

HOW DOES THE SCAM WORK

The scam usually starts with the deceitful ad, the cold call or the fraudulent social media profile, and once you get enticed, you’ll be constantly manipulated by the con artists. In most cases, the scammers will claim to manage your account and will show you winning trades at the beginning to make you believe it’s worth dealing with them. By doing so, they aim to gain your confidence and trust, which helps them in the following stages.

From there on, scammers won’t let you withdraw profits but will constantly urge you to invest, again and again, asking for much greater sums. Make no mistake about it; those criminals will try to squeeze as much as possible from you, so they’ll advise you to put all of your savings in the scheme.

You’ll probably understand what’s going on as soon as you try to get your money back. At this point, scammers will try to persuade you not to do so and will even shamelessly say that you can’t withdraw unless you deposit once more. If you are persistent and refuse to follow their instructions, they will simply cut the communication and close your account. Then, whenever fraud becomes publicly exposed, scammers will abandon the website and create new ones, carrying on with their criminal activities.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your credit card and contact your bank and ask for advice.

Then, report what happened to you, file a complaint, contact the authorities, call the police if you feel necessary. Seek help actively!

Remember, it’s crucial not to rush blindly to recover funds because fraudulent chargeback agencies and individuals are stalking, trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!

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

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23 Comments

  1. I’m in discussion with Robert Siczek, maybe someone was cheated by this guy too
    Today I go to the police, I don’t know what are the chances of getting my money back. If someone has been cheated, please write what should I do in such a situation?
    ———————-
    Ja jestem w dyskusji z Robert Siczek może ktoś też został oszukany przez tego faceta
    Dziś idę na policję nie wiem jakie są szanse na odzyskanie pieniedzy Jeśli ktoś został oszukany to proszę napisać co mam robić w takiej sytuacji?

    1. Hi Anna,

      I can just say that I had the same experience recently with a guy that introduced himself as Robert Sulliven. Not sure what to do, I also contacted police, but don’t know if they can help (we’ll see). Hopefully, I didn’t put big money there.

      We are in different countries, and I guess that you have better chances… If it is needed, I can forward you some mails, and viber communication.

      Good luck!

      1. Hi Robert the police cannot help just leave your honest reviews everywhere. Now I’m bombarded with lots of calls they even threatened me but I don’t give up

    2. I! And that’s just a few days ago!
      ————–
      Ja! I to wlasnie pare dni temu!

      1. Hi is it chance to talk like pm

  2. I’ve created one account by mistake, because I saw the advertising video with Elon Musk. It was afterwards clear that is a scam: there is no company information on their site, they are calling from hidden numbers, and nothing to do with Elon Musk etc. I’ve stopped the cooperation just in time. Too many signs to NOT deal with them.

  3. I got scam by plethora group I lost my money what I can do now it seems to be big company with a lot of worker it’s working exactly like in the story above
    Guys name is Michal szulc ,patryk ,szymon Robert
    They use English numbers and contact by whats up
    What I can do now
    Please let me know
    Thx

    1. Nic nie zrobisz! Dzis do mnie znow dzwonili ze jak chce moje pieniadze to: 1 moge se do Londynu przyjechac po nie 2 przez anydesc zrobic uwierzytelnianie( chyba ich ponioslo ze dostana dostep do mojego telefonu) 3 jak zrobie na binance taka wplate jak mam do wyplacenia to automatycznie przeleja sie pieniadze. Nosz kuffa debila ze mnie robia!!!!

  4. I was also scammed by Galaxy Trade and lost a lot of my ney. I report this scam to the Action fraud, but they feact very slowly. Can you tecomend me some quicker way to return my
    Investment

  5. Hi, I have the same problem.
    Can you give me some advice?

  6. Hi
    Michael call me and ask to deposit to Galaxy FX and interduce to Bill as My financial analysis. Since 10th. Feb 2022 until now I don’t no My Acct My platform for trading.
    Then Said Galaxcy is marketing and Plethora is the trading section.
    I need help and advices.

  7. Feb 22nd 22 Kdin
    I was called by Michael n asked me to deposit $250. After afew He returns ask me
    send the last message I recived I Don’t khnow it was 2nd deposit. I thought the first deposit was decline. Then Mr Bill call me n interduce himshelf as My financial analysis. When I asked about My Acct and trading platform, he give alot of exqu. He ask me to deposit $5000. I Said I ni money. He ask to take bank loan/ bottle from Friends. Beware…. I need help n advices. Tq

    1. I got scammed the same way These people are big scammers I lost allot of money and they don’t leave you alone the want to scam and scam again.tge whole time they want 5000 in order to unlock the withdrawal pin. I spoke to legit investors and the bank there is no way you need to unlock a pin to withdraw your money.if in any way you need to withdraw with other legit platforms and companies you will be charged bank cost Which will be deducted from profits.i am struggling a year now to get my money it’s a list case I am waisting my time and breath.i wrote that money off but won’t pay another cent.shame this Galaxy FX trading so called legit honest people. I did learn my lesson the hard way please don’t fall for these scammers.nor 3rd parties or brokers they will milk every last penny out of you and me. James is the guy who spoke to me and still trying and other support guys too from the company.nope I lost and won’t loose more good luck

  8. I’m also scummed from Galaxy Trade 32.000€. My story is very similar to the oders.
    I didn’t understand how we can or can not use insurance. Is it possible to withdraw
    deposit from insurance. Whom we can apply.
    In contract with Galaxy Trade is one article were is insurance of 9%.
    I’m citizen of non E .U. country what is my right.
    A apply to the Action Fraud but this is going very slowly process.
    Please advise me what to do

  9. I am from Belgrade and I have the same problem.
    If you are able, we can meet and find a solution to this scam in which we all find ourselves.
    Greeting
    —————
    Jasna ja sam iz Beograda I imam isti problem.
    Ako si u mogucnosti mozemo se upoznati I naci resenje za ovu prevaru u kojoj se svi nalazimo.
    Pozdrav

    1. Vojnić Zelić Rudolf

      Rudolf is from Subotica, we have the same problem.
      How can we help each other?
      You can call or send the number, I am a recent pensioner so I have no income at all.
      Greetings
      ————-
      Rudolf iz Subotice sam, imamo isti problem.
      Kako da pomognemo jedan drugom?
      Mozes se javiti ili posalji broj, ja sam penzioner od skora pa nemam bas prihoda.
      Pozdrav

  10. Hi!
    It’s awful to see this rogue gang fooling so many people !!! You better not try to express the immeasurable amount of stress that comes with it.
    Unfortunately, I have also fallen victim to the fraudulent activities of the “Galaxy Trade Plethora Group”. I have 2 names + phone numbers that I will post here !! After so many police reports, I ask if it is possible that these people are taking advantage of the live phone number, they can trick us !!! ???
    Submitted by:
    Cuba Janik +48 722 737 192
    Bill Williams +31 6 84658384
    If anyone manages to make progress on the matter, let them know that everyone is getting their money back !!
    I’m going to do the same! I will do my best. !!! Nobody leave that much !! Everyone fight !!!
    Let’s put these scammers in jail! We have a chance together !!!

  11. Hello!!! Its terrible!!! I also have such a problem, I became a victim of fraudulent activities of Galaxy Trade – Plethora Group LTD. I created an account after advertising, started with a small deposit of $ 250 with Jack, then Saul Wilson with a new deposit, special program, program insurance, account insurance and up to $ 26,600, through loans in my name during my illness with Kovid- 19 and my quarantine. As of February 24, 2022, with the start of the war in Ukraine, there is no connection with any of the company, English telephones and Viber do not answer. Open trades stand no instructions. I’m desperate, I’m devastated how I’m going to live, it’s awful to take advantage of people’s pain that way. I have several English numbers and vibers that have contacted me:
    +442081570468; +442081576136; +442081576099; +442081576465; +442081571343; +442081571924;
    +442081576426 finance department
    viber +447724635626; +447552796989; +447918499559; +447961904608; + 447769453759-compliance; + 447771143167-Galaxy
    Do not trust. The trap is cruel, the price is health and psyche, at least I don’t want anything else.
    —————————–
    Здравейте!!! Ужасно е!!! Аз също имам такъв проблем, станах жертва на измамни дейности на Galaxy Trade – Plethora Group LTD. Направих акаунт след реклама, започна с малък депозит 250 долара при Джак, след това Саул Уилсон с нов депозит, специална програма, застраховка за програмата, застраховка на акаунта и до 26600 долара, чрез кредити на мое име по време на боледуването ми от Ковид-19 и карантината ми. От 24.02.2022 със започването на войната в Украйна вече няма връзка с никой от компанията, английските телефоните и вайбър не отговарят. Отворените трейди стоят няма инструкции. Отчаяна съм, съсипана съм, как ще живея, ужасно е да се възползват от болката на хората по такъв начин. Имам няколко английски номера и вайбър, от които са се свързвали с мен:
    +442081570468; +442081576136; +442081576099; +442081576465; +442081571343; +442081571924;
    +442081576426 финансов отдел
    вайбър +447724635626; +447552796989; +447918499559; +447961904608; +447769453759-compliance; +447771143167-Galaxy
    Не се доверявайте. Капана е жесток, цената е здравето и психиката, поне вложеното до си върна друго не искам.

    1. Everything is fabulous and attractive until you ask to withdraw at least a part of the deposit you have invested … then the dance starts … 23% tax, cancellation of the transaction, because you do not have 9% tax, without anyone warning you about it. I give up everything, I lost 3000 euros, I earned on the platform, I could withdraw 14000 but none of that. no longer responds..luckily so I transferred a small amount..so that even a little will not work..the conclusion is that there is no withdrawal of only the grant. EVERYTHING IS A FRAUD BUT YOU UNDERSTAND ONLY WHEN YOU WANT TO WITHDRAW MONEY.
      —————————-
      Sve je bajno i privlacno dok ne zatrazite da povucete bar deo depozita koji ste uložili..e onda krece igranka..porez 23 %,odustajanje od transakcije, jer nemate za porez 9 % a da Vas na to niko nije upozorio. Odustajem od svega , izgubila sam 3000 eur, zaradila na platformi ,mogla bi povuci 14000 ali nista od toga..I posle mesec dana mirovanja opet zove Piter iz Pletory group i obecava da ce mi prebaciti u visini mog stanja na kartici, posle dotacije se vise ne javlja..sva sreca pa sam prebacila mali iznos..tako da ni to malo nece ispostovati..zakljucak je da nema povlacenja samo dotacije. SVE JE PREVARA ALI SHVATITE TEK KAD HOCETE POVUCI NOVAC.

      1. Tako sam i ja prošao,počeo sa 250e,pa daj još,pa još,zadužio sam se toliko da sad nemam hleba da kupim.Kontaktirao me Piter Plethora(rekao je da je Makedonac,pričao je i srpski) jednostavno nestao,nakon nekog vremena javio se Garry Wilson da mi pomogne da vratimo pare ali je još tražio da uplatim,i uplatio, ali od isplate ništa.Ne znam šta da radim više.Ovi su svarno jako veliki prevaranti,samo sam kasno svatio.

        That’s how I passed, I started with 250e, so give me more, so much more, I borrowed so much that now I don’t have bread to buy. Peter Plethora contacted me (he said he was Macedonian, he also spoke Serbian) he simply disappeared, after a while Garry Wilson called to help me get my money back but he still asked me to pay, and he paid, but nothing from the payout. I don’t know what to do anymore. These are really very big fraudsters, I just realized late.

        8

  12. this is scam, don,t invest with this

  13. It’s a scam. They ask you money, then some more . When they got enough they simply disappear. No chance to contact them or to have access to your deposit. No way to withdraw your money.
    Scammers won’t let you withdraw profits but will constantly urge you to invest, again and again, asking for much greater sums. Make no mistake about it; those criminals will try to squeeze as much as possible from you, so they’ll advise you to put all of your savings in the scheme.

    1. Vojnić Zelić Rudolf

      Unfortunately, that’s how I passed. I ran into stupidity with 250 euros, and then they didn’t contact me for a while and then once they informed me that I have 16,771 euros but I have to pay taxes in order to be able to withdraw part of that money. First they asked for 1700 euros, then when I said that I don’t have it, then they said that it is possible for 960 euros to withdraw 7000. Of course, I, the idiot, paid, and then the connection is cut again for a while until I get a call again, the same with a Macedonian accent. we apologized well, and now someone else has to help me withdraw 360 euros, and instead of a payment, it turns out to be a payment and the connection is disconnected again. the platform just crashes and there is no money in the account, I can’t even change the password. The phone numbers mentioned above are also known to me, but no one answers now, HOW SHOULD WE PUNISH THEM, IT APPEARS THAT THERE ARE A LOT OF US THAT THEY HAVE RIPPED OFF
      ————————
      Nažalost tako sam i ja prošao. Uleteo sam u glupost sa 250 evra pa onda jedno vreme me nisu kontaktirali i onda jednom javili da imam 16771 evro ali moram platiti porez da bih mogao podići deo tih para. Tražili su prvo 1700 evra pa kad sam rekao da nemam onda su rekli da može i 960 evra da podignem 7000. Naravno ja glupantrop platio i onda se prekida opet veza jedno vreme dok opet ne dobijem poziv isto na makedonskom naglasku. dobro se ispričasmo i opet me sada neki drugi da mi pomogne podići 360 evra a ono umesto isplate ispadne uplata i opet prekid veze. platforma samo zvrji a na računu nema para čak ni pasword ne mogu promeniti. Gore pomenuti telefonski brojevi su i meni poznati ali se niko sada ne javlja,KAKO DA IH KAZNIMO IZGLEDA DA NAS IMA PUNO KOJE SU OJADILI

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