Beware! GMMInvest 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.
GMMInvest is not anything close to a reliable broker – here is why you should stay away from the company:
GMMInvest regulation and safety of funds
GMMInvest is completely unregulated and unlicensed – the company has its home in one of the worst offshore locations too, the island republic of St. Vincent and the Grenadines. This is a fact that GMMInvest itself made us privy to, with its contact information stating the following:
The broker is supposedly owned by a parent company registered there. But what makes St. Vincent so bad?
Well, the country does not regulate its Forex markets in any capacity, meaning that scammers of all kinds are more than welcome to set up shop there and offer their services. Secondly, even if we assume that a broker from there is not running scam, there is no way for the company to make sure it has the necessary funds to survive on the volatile Forex markets.
If you wish to benefit from a guarantee that a broker is not running a scam, as well as attractive benefits that ensure your money is safe, you should stick to licensed brokers. For example, companies in the UK are required to report on a daily basis to prove they are not running a scam, and participate in guarantee funds that pay out up to 85 000 pounds per affected trader should the company go under. Here is a list of our top-rated UK brokers to get you started!
GMMInvest trading software
GMMInvest provides access to a distribution of a web platform that we unfortunately found to be quite lacking when compared to industry standard Metatrader 5 – and that is because it lacks most of MT5’s sophisticated features, with automated trading nonexistent. Still, here is what the platform looks like:
The trading conditions on it are quite bad, with GMMInvest having wild spreads of over 3 pips on FX majors like the EURUSD, when legitimate brokers keep it as tight as 1 pip, and leverage of up to 1:1000 available to any trader. High-leverage trading has been seen as too risky for retail traders, and most regulatory bodies have banned it. Therefore, most brokers that offer it nowadays are not licensed and just doing so in a bid to attract more clients. Be extremely careful with these companies – we would wager at least nine out of ten of them are up to no good!
GMMInvest deposit and withdrawal methods and fees
GMMInvest accepts deposits via credit cards, Bitcoin and QIWI. If you have managed to deposit with the company, however, we would strongly advise you to see if a chargeback is possible. The ability to file one depends on the mode of payment.
We advise you to do so because the company you have deposited with is not only incredibly shady, but also does not mention anything about the fees it charges in its Terms and Conditions, creating a situation that is ripe for abuse!
How does the scam work?
GMMInvest is definitely running a scam – here is how that scam works:
First off, someone stumbles upon the website the scammers run, from where they are prompted to make an account. If they do so, they are required to leave a phone number. The scammers will then use that number to harass them for deposits around the clock, demanding more and more money until their victim is either bled dry or realizes what’s going on – at which point, the scammers will cut them off and move on to new targets!
What to do when scammed?
If you have been scammed, or recognize yourself in the scenario below, you need to take the following steps to make sure you do not suffer any further financial losses:
First off, reissue whatever credit cards and forms of ID the scammers had access to. Also, uninstall any remote control software they had you put on your PC.
Seek a chargeback – the best way to do so is by contacting your bank and asking what your available options are. But even if one is not possible, do not trust recovery agencies that want an upfront payment for their services – that is simply another scam!
Finally, do not hesitate to leave a comment with your thoughts about GMMInvest in the section below. In doing so, you will be helping raise awareness of the scam, which is the best way to combat it.
