Black Gate Broker review – 5 things you should know about blackgatebroker.com

Black Gate Broker review – 5 things you should know about blackgatebroker.com

Rating: 1

Beware! Black Gate Broker is an offshore broker! Your investment may be at risk.

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Black Gate Broker turned out to be worse that we anticipated. This broker is actually incredibly bad and unprofessional and we believe that it’s not as hard to detect its shortcomings as other shady firms. Nevertheless, we still strongly recommend reading the following review for a detailed answered to the quest: why shouldn’t you trust Black Gate Broker?

Not only was the registration process very simple and quick – a sign of Black Gate Broker being in a rush – but the resulting user area turned out to be just as sloppy as the website itself. Yet, the poor client portal turned out to be the least of our problems. The main one for now that will linger till the end of the review is the complete and proven lack of a trading software.

We won’t get into details in this section of the review, but it must be noted that without a software Black Gate Broker cannot be defined as a broker. More like a liar and a scam that promotes false trading conditions. Whatever you read on the site that has to do with assets, spreads, leverage, or other trading conditions is a lie. There is no trading with.

BLACK GATE BROKER REGULATION AND SAFETY OF FUNDS

The broker says that it abides by the laws of Cyprus; it’s right there in the terms and conditions. It forgot to mention that in order to be registered in a nation as an FX business, not only in Cyprus but anywhere else, one must hold a license from a local FX regulator. In Cyprus its CySEC, and as it turns out this is one of the most popular regulators, and by popular we mean in-demand. Yet, it doe snot regulate Black Gate Broker as there is no proof of this.

And what’s more is that a broker claiming that it is “not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation” is obviously playing around with users’ expectations since this claim is in and of itself arbitrary and does not apply to FX businesses; it’s the job of the company to be regulated and not the user.

Overall, Black Gate Broker is unlicensed and a risk to all!

Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.

BLACK GATE BROKER TRADING SOFTWARE

All the MT5 links were unresponsive to clicks. Both in the user area and on the site, all links were useless. There was even a web trader version of the MT5 that was also unavailable. There is no trading software here, since the broker provides no clear path to one.

BLACK GATE BROKER DEPOSIT/WITHDRAW METHODS AND FEES

The payment area was broken. There was no way to fill the required fields. The same applies for the withdrawal area, leaving us with the shady source of the website as the only information pool.

According to the website, the minimum deposit is $500, or so we think. The broker never specifically states “minimum deposits” but prefers “operating balance”.

According to the terms and conditions the minimum withdrawal amount is $20 for all methods (not revealed) aside from bank withdrawals, where the minimum is $100. If a user requests a lower amount than those, then the broker will issue charges as follows: $50 for bank and $10 for the rest.

There are a ton of requirement the user must do in order to file for a withdrawal, yet at some point the company loses us – as well as its own track – in its terms and conditions that seemed to go on forever. The ambiguity of it all seems to us to be created on purpose; what the broker hiding is that it will probably never release the user’s funds.

Remember that Black Gate Broker is unlicensed and a risk to all! Don’t invest here!

HOW DOES THE SCAM WORK

Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.

First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.

The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.

When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.

WHAT TO DO IF SCAMMED

The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.

Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.

Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.

Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.

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