GateEX review – 5 things you should know about gateexprop.com

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

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

GateEX presents itself as a regulated broker, but in reality it is yet another scam trying to cash in on the hype around cryptocurrencies. In this review, we will present the clues that this is exactly the case and under no circumstances should you trust your money to GateEX.

GateEX Regulation and safety of funds

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities. The availability of such information does not guarantee that it is not false or misleading.

The only place where the name of the alleged owner company is listed is the footer of the website – GateEX Inc. No contact address is provided. The Terms of Use does not state a legal entity name or specify an applicable jurisdiction.

According to the homepage of the website, GateEX is licensed by the Central Bank of the Netherlands.

However, financial service providers in this jurisdiction must be authorised by another regulatory institution, the Autoriteit Financielle Markten (AFM) .There is no authorised broker using the brand and domain of GateEX in the AFM database.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.

In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

GateEX Trading software

GateEX  claims to offer a mobile trading app, available for Android and iOS devices. But the links to download the software are not to the official Apple and Google app stores. This means that the software is not authorised and safe.

Registering an account with GateEX requires an invitation code, so we were unable to determine if other trading software was available. Genuine brokers allow easy Demo account registration. Some scammers, on the other hand, do not allow free registration because they prefer to handpick their victims through social networks and online forums.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

GateEX Trading instruments

GateEX  claims to offer cryptocurrency trading but does not offer any specific information regarding the terms of that trading. Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions.

GateEX Spreads and cost of trading

The website mentions commissions between 0.03% and 0.25%, but as stated lacks specific and clear information on the terms of trade. In fact, we have no reason to believe that this shady website offers any real trade.

GateEX Maximum leverage

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

GateEX Deposit and withdrawal methods

Obviously, a scam focused on cryptocurrencies only uses crypto transactions.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

GateEX Minimum deposit

GateEX  does not specify a minimum deposit amount. However, in all cases it would be wiser to use the services of a duly licensed broker. The leading brands in the industry offer beginner investors Micro and Cent accounts with a very low entry threshold.

GateEX Withdrawal requirements

GateEX does not specify special conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.