Beware! GFE Markets 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.
GFE Markets looks like an authentic broker, but behind its very well-discussed interface hides a well prepared scammer broker. This is a very dangerous entity precisely because it has done such a good job of hiding its true intentions. To the novice user this will very much seem like a golden investment opportunity. Read the review to see why this is not the case.
We registered very easy, which seemed to go against the aesthetic authority of GFE Markets; an easy registration means that just about any user can invest and get scammed!
We were redirected to a unique-looking user area, but it started showing very rough corners right from the start.
Fortunately we reached a web trader, from which we read the following tradeable assets: forex currency pairs, commodities, cryptocurrencies, and stocks. The leverage was capped at 1:200, a decent value altogether. Meanwhile, the EUR/USD cost of trade was continuously flickering between 0.2 and 0.3 pips. There are no talks of commissions, which leads us to believe that the spread has been manipulated; no shady broker would such a low spread without some sort of payback.
GFE MARKETS REGULATION AND SAFETY OF FUNDS
Only users with “legally binding contract under the laws applicable in their domicile” can access the site, according to a clause in the terms and conditions. This translates as- only users regulated by their relevant authorities can access the services of GFE Markets. Unfortunately, this is all completely irrelevant and untrue. It’s the broker that must hold a license in the first place.
The footer continues with the false belief, by stating GFE Markets is authorized to onboard users in various jurisdictions; it still tries to put the weigh no the user’s shoulders. But, again, it’s the broker’s job to get regulated, and not the user.
Moreover, there is no real contact information, and no clear regulatory details. Overall, GFE Markets is completely anonymous and that means that it is even more unregulated than we thought. All investments here will be surely lost! Anonymous brokers are untraceable, and a very big risk to all! Money will surely be lost!
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.
GFE MARKETS TRADING SOFTWARE
This web trader is way too familiar to us for our own comfort. We have seen it being used only by unregulated brokers, all of which are complete scams!
This tells us that this software is nothing but a tool to advance the broker’s own scammer interest. User will find very fast that the web trader has nothing to offer aside form some very basic features. There are far better terminals out there, and much better brokers to boot!
GFE MARKETS DEPOSIT/WITHDRAW METHODS AND FEES
In the client area we get a message that we have not been verified and that our account manager will contact us with the depositing options and details. So, there is no real way to deposit on one’s own. The broker makes it so that a client has to contact it, and in so doing he or she will initiate the scammer scheme we have described below. Brokers that utilize this approach are all shady, and want to create a fake relationship with the user in order to ease the stealing process!
The withdrawal area in the user portal reveals absolutely nothing.
The website also states that users must contact support if they wish to invest. It seems that there really is no other way. Do not feel compelled to contact the broker! Once it get a hold of you it will not let go!
Aside form this, we find absolutely no further payment information. There are no withdrawal conditions anywhere, which beg the question of whether or not withdrawals are actually available? Regardless, do not 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.