Beware! GT-Trader 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.

 

GT-Trader presents itself as an award-winning forex broker, but we have not found any evidence that this is a legitimate company at all. In this review, we will show you why you should under no circumstances trust this shady website. We’ll also point you in the direction of more credible investment firms.

GT-Trader Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
GT-Trader
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

According to the information on the website, this broker is run by a company named GT-Trader LLC. But nowhere is it stated where this company is based and what regulatory licences it operates under. GT-Trader  does not provide access to a Client Agreement or Terms and Conditions, so we don’t know what we are agreeing to when we sign up for an account.

The UK financial authorities have issued a warning to investors that GT-Trader  is not authorised.

Under no circumstances should you trust your money to such anonymous websites. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

GT-Trader Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
GT-Trader platform
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

GT-Trader implements a standard web-based trading platform that does not impress with advanced functionality. Here’s what it looks like:

While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

GT-Trader Trading instruments

CurrencyStocksIndicesCryptoCommodities
GT-Trader
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

GT-Trader’s trading software includes currency pairs, stocks, indices, commodities and cryptocurrencies. But as stated, we have no guarantee that the trading offered by this anonymous website is real.

GT-Trader Spreads and cost of trading

GT-TraderXMFBSFXTM
Spread EURUSD0.10.611.1
Spread GBPUSD0.11.31.21.4
Spread USDJPY0.11.31.21.4

In the trading platform we see almost zero spread. This means that the broker must charge some commission, but GT-Trader  does not provide information about the price paid by the client.

GT-Trader Maximum leverage

ForexStocksCryptoGoldIndices
GT-Trader 5:15:15:15:15:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

GT-Trader offers a leverage of only 1:5. This is a level that regulated brokers offer for volatile instruments such as cryptocurrencies. The maximum leverage for forex trading in the EU, UK and some other regulated jurisdictions is 1:30.

GT-Trader Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Credit cardInstant24 hoursFree
Crypto24 hours24 hoursFee depends on crypto

In the deposit menu we see a choice between credit card and cryptocurrency, but the available payment processors are obscure and suspicious.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

GT-Trader Minimum deposit

GT-TraderXMFBSFXTM
Minimum deposit$250$5$10$5

GT-Trader specifies a minimum deposit of 250 USD, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

GT-Trader Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
GT-Trader Not specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.

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