GTS Financial is just another illicit broker under the sun. It is no different from other fraudsters. For example, they claim to be authorized by the USA Securities and Commission Exchange (SEC), but upon checking the SEC registry didn’t find GTS Financial.
Also, clients were offered an unclear email address and several broken telephones. If you want to find out how GTS Financial carries out its fraud and what are the main shortcomings of this company, read the GTS Financial review until the end and follow all the illogicalities that the company presents through individual segments.
|Headquarters||545 Madison Avenue, 15th Floor, New York, US-NY, 10022, US|
Is GTS Financial Reliable Broker? Regulation and Security
GTS financial states at the bottom of its website that it provides the following information about the headquarters of the company: GTS FINANCIAL LLC, 545 Madison Avenue, 15th Floor, New York, US-NY, 10022, US. In addition, GTS Finance says it is a regulated company by the USA Securities and Exchange Commission.
As we’ve mentioned above, the problem is that the company is not really authorized by the appropriate regulatory body in the USA, the Securities and Exchange Commission. The lies don’t stop here though.
The company claims to be based in the USA but offers its services to people in the EU, UK, and Germany, which cannot be legally possible without the company being licensed by regulatory bodies from those territories.
As it turns out the scam broker is nowhere to be found in the registries of FCA, BaFin, or ESMA which are the regulatory bodies for the UK, Germany, and the EU respectively. BaFin even issued a warning against the shady brokerage.
It is becoming more and more obvious that it is a fraudulent broker. In addition, legal brokers located in the US territory are ordered to limit themselves to the US market, which means that they cannot market their offer in the EU.
In order for GTS Finance to be a regulated company, it should have the approval of the NFA and NFTC, these regulatory bodies prescribe a leverage limit of 1:50, which GTS Financial exceeds. All these are clear instructions that you should never do business with this company.
GTS Financial Available Trading Platform
The GTS Financial website promises advanced trading software, namely MetaTrader4 and the industry-standard MetaTrader5, two of the most popular trading platforms among brokers worldwide. But there are no download options anywhere on the site. Since GTS Financial is not a licensed company, there is a possibility that the company pretends that your money is being traded when it is not.
This is a common practice by fraudulent brokers. Therefore, regardless of whether GTS Financial has advanced trading software or is a web trader, you should not take any risks. It is always better to stick with licensed brokers.
GTS Financial Trading Instrument
When it comes to trading instruments, GTS Financial offers its users trading stocks and ETFs, currencies, metals, forex trading, Index trading, and Cryptocurrency. Regardless of the wide selection that the company says it offers on the site, it is still a scam.
Such a wide offer for trading is given by a fake broker only for the function of attracting as many users as possible so that GTS Financial will be able to run its fraud as many times as possible.
There are many other regulated brokers that have the same or similar trading offers, and it’s always better to compare yourself to them, so you don’t fall victim to a scam.
Deposit and Withdrawal Methods
It is impossible to find out what methods are available for making deposits without access to the account. This means that GTS Financial does not provide any information on this topic. We don’t know what payment methods are available and if there are any transaction fees.
With legitimate brokers, this information is always transparent, clear, and detailed. The terms and conditions of GTS Financial do not specify the conditions for withdrawal, nor the fees that accompany the withdrawal.
It is not uncommon for fraudulent brokers to charge high fees, under various unreasonable conditions, and in this way prevent clients from requesting withdrawals.
Surely, anyone who creates an account with this broker will be in for some unpleasant surprises in the form of hidden fees and predatory terms designed to disable the client’s ability to recover funds.
How Does The Fraud Work?
Just like other scam brokers, GTS Financial runs its scam through a series of well-defined steps that it adheres to.
As an unregulated company, there is no authority to regulate the broker’s business. Therefore, the phony broker creates the conditions under which he offers his services.
The problem is that most scammers, in addition to lying, create conditions that prevent customers from doing business or withdrawing money. In this way, clients are left without money while someone in GTS Financial gets rich.
Often the withdrawal fees are so high that withdrawal is pointless. Many of these terms, which fraudulent brokers use to perpetrate fraud, are not highlighted anywhere on the site, nor are they highlighted in the terms of business.
That’s why victims of such scams often think that everything is fine until they experience a cold shower from the company.
Unpleasant surprises that clients experience are often the sudden failure of the account, huge fees for transactions and withdrawal of money, inability to contact the customer service center, and deletion of the user account. That’s why it’s important to choose carefully where you invest your money.
The Best Brokers for Forex
Since there are more and more fraudulent brokers every day, we have selected for you verified brokers through which you will be able to do business with the confidence that nothing will go wrong. These are regulated, licensed brokers who have good business conditions for their clients.
The most important thing is that you will not be cheated. It’s just up to you to make a choice based on your trading needs and preferences. Take a look at the table below the text. Always choose proven and well-rated brokers that survive in the market for a long period of time.
|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|
GTS Financial Summary
GTS Financial is an unregulated company with little to no necessary information shared on the site with the users.
The operating conditions of the company remain hidden, as well as the conditions for payment and withdrawal of funds. It is not even possible to reach the trading platform that the company offers to users.
All this should put GTS Financial on the blacklist of brokers who should be banned from doing business and their website should be taken down.
We hope we’ve helped you see how GTS Financial runs its scam and what all the telltale signs of a scam are. If you are a victim of fraud by this or some other company, do not be ashamed to report it.
FAQs About GTS Financial Broker
What Funding Methods Does GTS Financial Accept?
GTS Financial does not provide such information on the site.
How Long Do GTS Financial Withdrawals Take?
GTS Financial is a scam broker, so there is little chance of getting your money back.
Is My Money Safe with GTS Financial?
The broker is not a regulated company and it cannot be said that money with this broker is safe.