In today’s TrustGates review, we closely analyze this shady brokerage that lures traders on the internet with its fake offers. How ironically its name (TrustGates) is when everything related to this investment scam is artful deception used to entice a trader into investing.
We are going to discuss why TrustGates broker is not safe for trading, how scam brokers operate, recommend some safe alternatives, and more. Thus, please continue reading about Do-Not-Trust-Gates.
|Leverage||1:30 – 1:500|
|Minimum Deposit||250 USD|
Regulation and Security of TrustGates
In terms of regulation, all brokers must be certified by a respective financial market regulator to operate legally since online trading is a strictly controlled industry. Speaking of TrustGates, all its claims are a pack of lies. First, this phony broker professes that it is authorized by the leading supervisory bodies in the UK, Estonia, Cyprus, Australia, and Jordan.
The only financial authorities in the above-mentioned countries are as follows: FCA (British Financial Conduct Authority), ASIC (Australian Securities and Investment Commission), CySEC (Cyprus Securities and Exchange Commission), JSC (Jordan Securities Commission), and FI (Estonian Financial Supervisory Authority).
However, running checks through the registers of these agencies provides no information about TrustGates, which implies that this company is unlicensed.
Second, this bogus brokerage claims that it is a German-based broker. However, after checking German Company Register, there are no details about TrustGates. So, it is anonymous now. Being unauthorized and not transparent is a recipe for a bad outcome. Therefore, keep away from TrustGates. Otherwise, you will end up losing money.
TrustGates Trading Platform
Regarding trading platforms, TrustGates continues in its untrustworthy manner. This unscrupulous broker doesn’t reveal which trading software provides, and you will realize why when you open an account; it is simply because TrustGates doesn’t have any trading platform to offer. We have already seen this method with some other fraudsters.
So, don’t waste your time and money with an outright trading scam, better trade with legitimate brokers on modern trading platforms like MetaTrader4, MetaTrader5, cTrader, and Sirix.
These powerful trading programs enable profitable trading thanks to advanced tools such as stop loss, market analysis, copy trading, economic calendars, fast execution, automated trading, expert advisors, and so on.
Trading Instrument Available at TrustGates
Fraudently imitating genuine forex providers, TrustGates allegedly offers lots of tradable assets to satisfy the needs of global clients.
According to this fraudster, you can trade with plenty of trading instruments with zero commissions. So, starting spreads are 0.0 pips, which is unlikely; even legitimate companies charges at least a small commission for trading.
- 50+ Currency pairs: EUR/USD, USD/JPY, EUR/CHF, GBP/USD, USD/CAD;
- 43 indices: DAX 30, FTSE 100, Dow Jones, NASDAQ 100, S&P 500;
- 3000+ stocks: Microsoft, Netflix, Tesla, Amazon, Apple;
- Commodities: copper, crude oil, wheat, corn, sugar, natural gas;
- Digital currencies: BTC, LTC, ETH, USDT, DOGE.
If you want to trade on the best terms with plenty of tradable assets, you should select one of the reputable brokers, such as the ones we have suggested later in this article.
Deposit and Withdrawal Procedure
Since we are dealing with a pure online trading scam, TrustGates doesn’t provide much information about accepted means of payment. So far we know that this financial swindler requires a 250 USD minimum deposit, which is higher than what legit brokerages demand. For example, you can set up a live trading account with a well-established firm for as low as 5 USD and enjoy full benefits.
Opposite to TrustGates, a reputable online financial trading company is transparent about accepted funding methods, withdrawal fees, and processing time. For instance, most FX providers support credit/debit cards, bank wire transfers, and electronic wallets for deposits and withdrawals.
How Does Offshore Brokers’ Fraudulent Work?
Every broker scam boils down to one thing, viz, chisel money out of unsuspecting victims. The TrustGates scam follows the same patterns.
These con artists hide behind a smokescreen of a reportedly legitimate company to draw people’s attention. In reality, this broker is phony as three dollar bill.
Bonuses are banned in most jurisdictions that also impose a cap on leverage (max 1:30). However, it doesn’t prevent this illicit broker to offer lucrative opportunities, generous bonuses (e.g., 100% welcome bonus), and unreasonable trading conditions (1:500 leverage and zero spreads) to prod traders into investing.
Once you deposit money here, you will have nothing but complaints, especially withdrawal issues, since scammers will use any flimsy excuse to prevent you from drawing out funds.
Payoffs with TrustGates are less probable. So, if you have been defrauded by this or any other cyber fraud, it is important to act fast. Getting your money back is possible with the assistance of cyber security experts.
Also, you should inform relevant authorities and leave negative TrustGates reviews to help others avoid being a victim of the same sophisticated scam. At last, be careful about easy earnings.
Best Forex Trading Brokers
The following companies are highly suggested because of their outstanding services and worldwide reputation.
Both beginners and experienced traders will enjoy their state-of-the-art trading platforms, plenty of trading instruments, excellent terms of exchange, professional customer support, and lots of educational material.
Not only that, you can start trading with these trustworthy brokers for less than 10 USD. Your funds are completely protected since each of these brokerages is licensed and regulated by one or more top-tier financial market regulators. Thus, if you want the most out of trading, you can’t go wrong with any of them.
|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|
The nuts and bolts of this article are as follows. TrustGates faces scam allegations due to weighty reasons. This not-trustworthy business falsely claims it is accredited by several supervising authorities.
As an unlicensed brokerage, it can be involved in fraudulent trading activities without consequences, and customers have no money withdrawal guarantees.
What is more, this bogus broker offers no real trading platform and shady trading conditions. The bottom line, taking chances with TrustGates is an unnecessary risk since there are so many reliable forex brokers on the market like those we have recommended.
FAQs About TrustGates Broker
Does TrustGates Offer a Demo Account?
No, a demo account option is not available at TrustGates, which comes as no surprise since it is a blatant scam.
What is the Minimum Deposit for TrustGates?
According to the TrustGates webpage, 250 USD is the minimum required deposit. Opposite, you can open an account with a legitimate broker for only 5 USD.
Is TrustGates Regulated?
No, it is not. Despite its claims that it holds several licenses, there is no proof of it. So, it is yet another illegal broker.