Gainsmarket review – 5 things you should know about gainsmarket.com

Gainsmarket review – 5 things you should know about gainsmarket.com

Rating: 1

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

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Gainsmarket’s website and general vibe is very familiar to us. Recently we reviewed many brokers, all scams, that looked and felt very much like this one, with more common elements between them than uncommon ones. In this regard, Gainsmarket is like so many scammer before it. Actually in most other aspects this broker is quite like most other fraudulent brokerages. Read on to find all about it.

We were able to open an account very easily, which is an early indication that this broker is very willing to scam just about anyone. The shady user area is complemented by the ease of registration, creating a pristine scammer package.

Add to that the complete lack of a trading software, and here you have a very illicit website. Without a trading platform there is nothing to trade here with, not to mention that there are no spreads nor any leverages. In other words, no applicable trading conditions exist here.

GAINSMARKET REGULATION AND SAFETY OF FUNDS

We had to go deep into the broker to find anything of use, and the sole thing we discovered was a claim that the contents of the site are protected by the laws of India. Let’s go with it. In India, it’s the Reserve Bank of India that regulates the FX market, and as one would expect, there is no reason to believe that the broker is regulated there, because it isn’t! The databank of the regulator never mentions that Gainsmarket is regulated by it. Not to mention that the broker itself never claims to be licensed there!

There are no further details, which leads us to believe that the broker is pretty much anonymous. Ad to that the false and quite useless Indian remark, and what you have here is an anonymous broker. So, Gainsmarket is even more dangerous than we though, for now we have no real idea where it is located, meaning that all transactions are essentially untraceable, not to mention that the broker is unregulated. Do not invest here for you will lose everything!

If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the EuropeanUKUS, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!

GAINSMARKET TRADING SOFTWARE

As it turned out, the available downloadable software that we found on the website came with a completely different name. So, if we were to open it, it would be using completely different trading servers than the ones owned by Gainsmarket. In reality, Gainsmarket has no trading platform.

And so, it turns out that the lack of a trading software has all the making of a scammer broker, most of all because without one there is no possible way of trading, and so all of the advertised assets for trading, as well as the spreads and leverages are all useless.

GAINSMARKET DEPOSIT/WITHDRAW METHODS AND FEES

In the user area we were given two main methods of investing. These were based on crypto and local bank transfers. There was no minimum requirement, meaning that the user can invest as low as $1, whereas the site promotes a $1500 requirement, which is ridiculous in and of itself. Moreover, both bank and especially crypto investments are the most preferred payment methods used by scammer because of their neutrality and inherent difficultly of tracing invested funds. Crypto payment gateways are notorious for being untraceable, and therefore very risky.

The withdrawal area allows only for Bitcoin based payments, where the user is required to provide his or her crypto wallet details, which might lead to some further complications. Moreover, there is no bank withdrawal options, which goes against AML rules.

There are no further details here todays. There are no mentions of fees, which is not surprising, and should not be taken lightly. Scammer brokers almost always find a way to commission users for all sorts of trivial stuff.

Do not invest in Gainsmarket for it is a risk to all!

HOW DOES THE SCAM WORK

Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.

The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.

Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.

The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.

Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.

WHAT TO DO IF SCAMMED

The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.

An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!

We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.

Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!

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