Caution Investors GT Trader – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
Overview:
GT Trader is a trading name of GT Group Ltd, a company that claims to be registered in Switzerland, Canada, and Austria. The website of GT Trader states that it is regulated by the Financial Services Authority (FSA) of Seychelles, but does not provide any license number or registration details. The website also claims that it is a member of the Investor Compensation Fund (ICF), but does not specify which one. GT Trader offers various trading instruments, such as forex, CFDs, stocks, commodities, and cryptocurrencies, on its web-based platform and mobile app. The website also claims to offer competitive spreads, fast execution, high leverage, free education, and professional support.
Regulation and Compliance:
The FCA issued a warning against GT Trader on November 07, 2023, stating that it is an unauthorised firm that is targeting UK investors. The FCA warns that some firms act without its authorisation or without any valid overseas license and may be involved in investment scams. The FCA advises investors to check the Financial Services Register before dealing with any firm and to report any suspicious activities to its Consumer Helpline. The FCA also urges investors to avoid giving out personal or financial information to unauthorised firms or individuals.
According to our research, GT Trader is not regulated by any reputable authority in any jurisdiction. The FSA of Seychelles is not a credible regulator and does not have any effective oversight or enforcement powers over the financial sector. The claim that GT Trader is a member of the ICF is also dubious, as there are different ICF schemes in different countries and regions, such as Cyprus, Europe, and Hong Kong. GT Trader does not disclose which ICF scheme it belongs to or how it protects its clients’ funds in case of insolvency or fraud. Moreover, GT Trader does not comply with the anti-money laundering (AML) and know-your-customer (KYC) rules that are required by most regulators. GT Trader does not verify the identity or address of its clients before opening an account or processing a withdrawal request. This exposes its clients to the risk of identity theft, money laundering, and terrorist financing.
Customer Reviews:
The customer reviews of GT Trader are mostly negative and reveal many complaints and issues with the firm. Many clients report that GT Trader has scammed them and have lost their money. Some of the common problems include:
– Difficulty in withdrawing funds or closing accounts
– High-pressure tactics and aggressive sales calls
– False promises and misleading information
– Manipulation of prices and trades
– Poor customer service and communication
– Technical glitches and platform malfunctions
Some clients also allege that GT Trader is a clone firm that uses the name and details of a legitimate broker to deceive investors. For example, some clients claim that GT Trader is impersonating Global TradeATF, a regulated broker under the domain name www.globaltradeatf.com. However, we could not verify this claim as there is no evidence or official confirmation from Global TradeATF.
Products and Services:
GT Trader offers a range of trading instruments, such as forex, CFDs, stocks, commodities, and cryptocurrencies. However, the quality and reliability of these products and services could be better. For instance:
– The spreads are not competitive and vary depending on the account type and market conditions
– The execution speed is slow and prone to slippage and requires
– The leverage is high and risky, reaching up to 1:500 for forex and 1:100 for cryptocurrencies
– The education materials are basic and outdated
– The support team is unprofessional and unresponsive
Moreover, GT Trader does not provide any demo accounts or trading tools for its clients. The platform is web-based and does not support any third-party software or applications. The mobile app is also limited in functionality and compatibility.
Location:
GT Trader claims to have offices in Switzerland, Canada, and Austria. However, these claims are false and misleading. GT Trader is not registered or licensed in any of these countries and does not have any physical presence or local representatives there. The addresses that GT Trader provides on its website are either fake or belong to other entities. For example:
– The address in Switzerland (Bahnhofstrasse 37, Zürich) is actually the location of a hotel called Hotel Schweizerhof Zürich
– The address in Canada (1730 St. Laurent Blvd, Ottawa) is actually the location of a shopping mall called St. Laurent
– The address in Austria (Ares Tower, Donau-City-Straße 11, Wien) is actually the location of a business center that offers virtual offices and meeting rooms
The actual location of GT Trader is unknown and likely to be offshore. The website of GT Trader is registered under a domain privacy service that conceals the identity and contact details of the owner. The website also uses a generic email service ([email protected]) that does not reveal any information about the firm.
Customer Service:
The customer service of GT Trader is poor and unhelpful. The firm can be contacted by phone or email, but the response time is slow and the quality is low. The phone numbers that GT Trader provides on its website are either not working or redirecting to voicemail. The email addresses that GT Trader provides on its website are either not responding or sending automated replies. The support team is not knowledgeable or courteous and often ignores or dismisses the queries and complaints of the clients. The firm does not have any live chat or social media channels for communication.
Is Your Money Safe in an unregulated company?
The answer is no. Your money is not safe in an unregulated company like GT Trader. There are many risks and dangers associated with dealing with an unauthorized firm, such as:
– You have no legal protection or recourse in case of dispute or fraud
– You have no guarantee that your funds are segregated or insured
– You have no access to any compensation scheme or ombudsman service
– You have no assurance that your personal or financial information is secure or confidential
Therefore, we strongly advise you to avoid investing your money in an unregulated company like GT Trader. You should always check the regulatory status of any firm before dealing with it and only choose a licensed and reputable broker that complies with the rules and standards of your jurisdiction.
Conclusion:
Based on our review, we conclude that GT Trader is a scam and a potential clone firm that should be avoided at all costs. The firm is not authorized by any regulator and has been warned by the FCA. The firm does not provide any reliable or transparent information about its background, location, products, services, or customer support. The firm has received many negative reviews and complaints from its clients who have been scammed and lost their money. The firm does not comply with the AML and KYC rules and exposes its clients to the risk of identity theft, money laundering, and terrorist financing. The firm does not offer any competitive or quality trading conditions and does not provide any demo accounts or trading tools for its clients.
Therefore, we recommend you stay away from GT Trader and report any suspicious activities to the FCA or your local authority. You should also be careful of any clone firms that may use the name or details of a legitimate broker to deceive you. You should always do your own research and due diligence before choosing a broker and only deal with a regulated and reputable broker that meets your needs and expectations.
