At a cursory glance, GP Finance appeared to be quite promising. Their terms and conditions are impressively exhaustive. Moreover, the sum they required to start was nominal.
Nonetheless, initial impressions can be misleading, and this broker is a prime illustration of that. After all, GP Finance is far from legitimate, and we have many reasons to assert this. Peruse the GP Finance review below to uncover the truth behind our claim.
|Headquarters||Saint Vincent and the Grenadines|
|Minimum Deposit||250 USD|
|Broker Type||FX Broker|
|Platforms||WebTrader, Mobile App|
Regulation and Security
This company and its activities are not subject to regulation, which is concerning. It claims to operate as Effervescent Group LTD from Saint Vincent and the Grenadines, a location infamous for harboring numerous shady individuals within the Forex industry. This makes it an attractive location for offshore scammers to operate from.
The problem lies in the lack of regulation within the Forex markets of this country. This absence of oversight allows many scammers to easily exploit victims.
Furthermore, GP Finance has not provided any contact information beyond an email address. This makes it an anonymous broker, as they have not disclosed a phone number, address, or license number on their website.
Such behavior is highly unusual for a legitimate company, and it raises significant concerns about the trustworthiness of GP Finance.
Given this lack of transparency, it appears that GP Finance is anything but a safe broker, and trading with them is like taking a gamble.
GP Finance assured us of providing a state-of-the-art MetaTrader trading platform. Yet, their promises turned out to be misleading. While the broker did not specify which version of MetaTrader they would offer, it is now apparent that they have failed to deliver on their commitments.
In reality, this broker scam has only provided a simple web-based trading platform that pales in comparison to the advanced features of MetaTrader 4 or 5. This platform is severely limited in its capabilities. Also, you should know that it lacks the robustness necessary for serious trading activities.
As such, clients who were drawn in by the promise of a cutting-edge MetaTrader platform have been sorely disappointed. It is critical for traders to conduct due diligence before committing their hard-earned funds, as the consequences of dealing with a poor platform can be disastrous.
Account Types Offered
|Broker||GP Finance||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
GP Finance offers a variety of account types. These include:
- Silver: A minimum deposit of $250 is required, with a 1:20 leverage ratio.
- Gold: A minimum deposit of $1,000 is required, with a 1:50 leverage ratio.
- Platinum: A minimum deposit of $5,000 is required, with a 1:80 leverage ratio.
- VIP: A minimum deposit of $10,000 is required, with a 1:100 leverage ratio.
It’s important to note that full access to all trading instruments is only available to VIP account holders. This includes trading assets on all markets. However, the minimum deposit required for a VIP account is quite high, at $10,000. This may be unappealing for many traders.
Fortunately, some legit brokers offer unlimited access to all markets for as little as $10. Traders need to conduct thorough research and choose a broker that suits their needs and budget, to provide a positive trading experience.
Trading Instruments at GP Finance
Unfortunately, GP Finance did not provide clear information about its available trading instruments. It is unclear what assets are available for trading through this broker.
This leaves potential clients in the dark about what they can expect to trade if they choose to sign up. This lack of transparency can make it difficult for traders to make decisions about whether GP Finance is the right broker for them. So, this could lead to frustration and disappointment down the line.
The trading terms offered by GP Finance are inadequate. Their spread for major currencies starts at 3 pips. In the current market, reputable brokers offer spread well below one pip.
Although the 1:100 leverage ratio may appear enticing, it is risky. A high leverage ratio like 1:100 has led to an unacceptable number of margin calls among retail traders. Offshore brokers, such as this one, use high leverage as a marketing strategy. Yet, they are not considering the safety of your funds. Thus, if you prefer low-margin trading, be cautious!
Deposit and Withdrawal Options
GP Finance promises to offer many payment options, including credit cards, bank transfers, and Piastrix, with no associated fees. However, there is a possibility that these payment methods may not be entirely reliable. It’s also worth noting that GP Finance may prefer crypto payments due to the challenges of tracing and reversing them.
Clients should be aware that bonuses credited to their accounts may be challenging to access, which is a point of concern. So, it is crucial to exercise caution when dealing with any broker to ensure that your money is safe and that you can withdraw your funds without difficulty. Always avoid odd brokerage firms and thoroughly research any broker before investing.
Uncovering the Tactics of Fraudulent Offshore Brokers
Scammers lurk around every corner, ready to pounce on unsuspecting investors. Don’t fall for their tricks! They lure you in with promises of massive profits and unbeatable trading conditions, but it’s all smoke and mirrors.
Once they’ve convinced you to deposit your cash, they’ll manipulate the trading platform to show fake profits that disappear as soon as you try to withdraw. This is a fact!
These unscrupulous brokers will stop at nothing to line their pockets with your money. Therefore, it’s essential to be on the lookout for unexpected clauses and taxes hidden in the Terms and Conditions.
Don’t be caught off guard – do your research and stay vigilant to protect yourself from these fraudulent schemes.
Best Forex Trading Firms
Check out our top picks for the safest forex brokers below. We recommend sticking with these brokers to ensure your security.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
GP Finance Summary
Overall, GP Finance falls short in several key areas and should be approached with caution. The broker lacks regulation, fails to provide adequate contact info, and offers only a basic web-based trading platform. Additionally, they have been blacklisted by the Spanish financial authority CNMV.
If you have had any negative experiences with GP Finance or any other fraudulent broker, we would appreciate it if you could share your story with us. By working together to expose these scams, we can protect other people from falling victim to their deceitful tactics.
Is GP Finance a Regulated Entity?
No, GP Finance is not a regulated entity, making it a risky choice for traders.
Does GP Finance Provide a Practice Account?
No, GP Finance does not offer a practice account, limiting traders’ ability to test their strategies.
What is GP Finance Minimum Deposit Requirement?
GP Finance requires a minimum deposit of $250 for their Silver account and up to $10,000 for their VIP account.