Beware! GainTrade.net 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.
GainTrade.net is a simple scam that does not go out its way to offer a typical fraudster product, although to call it a “product” might be a mistake. But nevertheless, this broker is a risk to all, as we shall see in this review. For one, the website struck us as incredibly simple and uninformative, and we had a hard time gathering enough information for this review; that’s how limited it was. So, read the review for all the necessary details on GainTrade.net.
We were not able to open an account because the firm never verified us. meaning that it did not like us, since we did not behave as traders. We had to rely on the simple website, and what we found out was more that underwhelming.
Actually, the only thing we found out is that the alleged tradeable assets are forex currency pairs, commodities, indices, cryptocurrencies, and stocks. There are no leverages nor spreads anywhere!
GAINTRADE.NET REGULATION AND SAFETY OF FUNDS
GainTrade.net arrived in Russian originally, and offered other EU languages, but the contact address places the firm in Jakarta, Indonesia. However, the Google Maps pin points to some unaffiliated company in Australia. Now that’s what you call a mess. None of these points made by GainTrade.net are true, nonetheless.
For one, the Indonesian it’s the Commodities and Futures Trading Regulatory Agency (BAPPEBTI) that is the regulator of all FX brokers there. All entities operating in Indonesia are under the supervision of Ministry of Finance. However, there is no reason to believe that the broker is regulated by it; and it isn’t. Its Indonesian address is illegal, if actually located there.
As for the Australian thing, it’s useless to hope that GainTrade.net is licensed or in any way affiliated with the Aussie audience.
The most interesting thing is that there is no English here, meaning that this scam of a broker is targeting locals in European countries, locals that do not speak English and are, by default, not quite “in” on the FX trading. In other words, the perfect audience for scammers, those that are not aware, i.e users that have not been introduced to the world of FX trading.
And thus we come to the obvious finishing point that GainTrade.net is unregulated, and a risk to all! Do not deposit here because all of your money will not be refunded!
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
GAINTRADE.NET TRADING SOFTWARE
We only have the vaguest of all mentions of a certain kind of web trader, and the link to it does not load no matter how much time we took waiting for it. At one point it dawned on us that perhaps there is no trading software at all! That would be fitting for a scammer like GainTrade.net
And even if there is a trading software, would we recommend using it? Absolutely not! GainTrade.net would remain a scam and a risk to all, and thus not worth it.
GAINTRADE.NET DEPOSIT/WITHDRAW METHODS AND FEES
There are no payment details anywhere. We have no payment methods, no minimum deposit requirement revealed, and no withdrawal fees. Although scammers are known for their fees, they vary greatly from broker to broker. The same can be said about the minimum deposit. However, for the payment methods, the most popular one with fraudsters is the crypto wallet, since all transactions using is are untraceable. So there is a high percent chance that GainTrade.net utilizes this payment method.
Just remember that GainTrade.net is a scam and an unlicensed broker. All invested capital will be lost, while looming fees might apply to further damage you financially. Moreover, the personal details belonging to the user will be manipulated and stolen.
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.