Once we overviewed the Financial Gates broker’s website, something was somewhat familiar. Then, we figured that the company’s offer and the whole website are a copy of Royal Oak Investment. Both firms share the same legal documents and have a VIP program in addition to standard accounts, the same trading platform, and the same unregulated conditions.
Let’s dive deeper into this Financial Gates review and see who’s behind the scam.
The broker Financial Gates definitely promises a lot. Easy access to financial markets, diverse educational tools, and top-level encryption. But, we’re missing basic details such as the company owner and license number.
In the Withdrawal Policy, this firm claimed to be a brand of Financial Gates Ltd. The Terms and Conditions imply that the governing law is the law of Saint Vincent and the Grenadines. Since SVG has no financial regulator, only companies register, we searched for the owner. Of course, without success.
Additionally, we checked the Financial Gates regulation with Tier1 authorities, such as FCA, ASIC, BaFin, and CONSOB. Once again, with no success.
Simply put, yes. The Financial Gates Forex broker is a scam without regulation.
Financial Gates is not a legit brokerage. The company operates according to laws of Saint Vincent and the Grenadines and has no authorization for providing Forex and CFD trading services.
Financial Gates trading scam has been active since February this year. According to complaints, the majority of victims come from:
Despite the firm’s claims to not accept US residents, it seems they’re one of the main targets.
Every financial swindler relies on its support team to convince customers about legitimacy. Financial Gates is no different. Their welcome desk will be polite and supportive, ensuring they tell you everything you want to hear so that you can invest right on the spot.
Once you deposit, you’ll be transferred to the broker’s account manager. They’ll come up with various false financial plans and even show you false results of their alleged investors. Once they build the trust, they’ll keep asking for more weekly deposits.
They might approach you to install AnyDesk, TeamViewer, or a similar remote desktop access app. Of course, they’ll convince you that it’s a tool to help you with the platform and trades. In fact, through this app, they’ll gain access to your mobile or desktop device. From there, they’re free to log in to your online banking or crypto wallet and wipe it off in a blink.
The Financial Gates trading platform is the same one we reviewed in our Royal Oak Investment review, this time differently branded. It has basic tools – several indicators, asset overview, trading history, and pending orders.
This web-based software won’t help if you look for advanced features, such as EAs or social trading. Instead, you should find a legit brokerage providing MT4 or MT5 and enjoy all the benefits of a reliable trading platform.
One of the good things we found is a mobile app for Android and iOS. The Financial Gates login is possible through a link on the website’s home page. However, it’s the same WebTrader converted into a mobile app. Thus, you won’t find any advanced trading tools.
The reason many people look for online trading is CFD investing. CFDs or contracts for difference enable trading with the asset value, not physically owning the asset. It makes it possible to earn profits even if the market prices decrease.
While this may be a good option for experienced investors, you should know that over 70% of retail traders lose their money. This number is even larger with bogus brokers, such as Financial Gates.
Customers can access the following markets:
The spread is relatively high, standing at 3 pips for EUR/USD pair. The industry average is double as low.
Other fees are not clearly specified, only advertised as ultra-low for higher account types. Therefore, we can’t tell you much about your trading costs.
Customers can choose one of the 6 Financial Gates account types:
Each account brings different benefits, but you cannot trust anything coming from a bogus brokerage.
You can apply for the VIP Program if you’re willing to reach a Financial Gates minimum deposit of $100,000. There are 3 accounts on offer:
These accounts bring leverage of up to 1:500, advanced educational materials and prioritized access to your account manager.
Financial Gates Demo account is not enabled. Once you click on the Platform tab on the main page, you’ll be redirected to a WebTrader and be able to review it.
However, you’ll have to deposit the money before being able to place any trades. This typical trick from offshore brokers lures you into investing on the spot.
Once we read the Financial Gates reviews, we understood that this firm runs a withdrawal fee scam. On top of the already hefty fees they charge, broker employees ask customers to pay bank transfers and taxes upfront.
Since the brokerage can only charge trading commissions deducted directly from the profit, it’s clear that such requests are fraudulent. If you’re asked to make any additional transfers, whether from your bank account or a credit card, ensure you decline.
Anyway, the Financial Gates withdrawal request won’t be approved, and your trading account will be frozen.
Suppose you’ve traded with this cyber fraud and lost your money. It’s not the end. Instead of letting scammers run free, you should fight for your funds.
Basically,Financial Gates is an unregulated offshore broker. If you experience any issues with withdrawals, don’t hesitate to report them. Give us a chance to help you with a refund.
Financial Gates doesn’t offer a Demo account, only a platform overview upon registering an account.
Financial Gates requires a minimum deposit of $250 to start trading.
According to Withdrawal Policy, it will take 2-14 business days for the funds to appear in your bank account.
Basically,Financial Gates is an unregulated offshore broker. If you experience any issues with withdrawals, don’t hesitate to report them. Give us a chance to help you with a refund.
Financial Gates doesn’t offer a Demo account, only a platform overview upon registering an account.
Financial Gates requires a minimum deposit of $250 to start trading.
According to Withdrawal Policy, it will take 2-14 business days for the funds to appear in your bank account.
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