Anonymous through and through, with fake addresses and phone numbers nobody answers… Their trading application is barely functional, and the website lacks much information necessary for traders. They don’t offer a demo account, and live trading accounts cost upwards of 250 000€!
Lucky for you, this is a brutally honest GaingulMarkets review of a fraudulent company, and we will show you why this firm has so many scam warnings.
GainfulMarkets claims that there are two offices worldwide from which they conduct their business. One is in Singapore, and the other is in the Netherlands, the company alleges. Neither of the given addresses are true, and the phone lines on the website are dead.
The problems with this brokerage do not end there. While we were researching the company background, we didn’t find a single authorization from a financial regulatory body. What we found was quite contrary- multiple outstanding fraud warnings from Tier-1 regulators in Europe.
To understand why authorization and licenses are important, we should review the financial safety conditions in place. For the member states of the EU, these conditions are standardized, and identical. A transnational agreement, called the MiFID, is enforced by an agency called ESMA.
Besides the MiFID, additional safety measures are in place in the EEA. One of these is the minimum capital requirement of 730 000€, with a compensation fund of 20 000€. Leverage is restricted to 1:30 for securities, and 1:2 for Cryptocurrencies. Negative Balance Protection, and Segregated Bank Accounts are also required by law, and bonuses are prohibited.
When you look at the GainfulMarkets trading conditions, you will notice that many of these safety conditions are not met. A search through the databases of Tier-1 regulators, notably CySEC, BaFIN, CNMV, Finanstilsynet, AMF, CONSOB, CBR, and many more revealed nothing but the scam warnings about this company.
Although not widespread, the GainfulMarkets fraud has attracted the attention of multiple Tier-1 regulators in Europe. The first agency to issue a scam warning was AFM from the Netherlands. Soon, this warning would be circulated through the official channels, and repeated by Finanstilsynet from Norway, CNMV from Spain, and CONSOB from Italy.
You may review the warnings in question by following the links below:
Scammers usually target the more well-off part of the community. People with larger salaries, and larger disposable incomes are a great opportunity for fraudsters. This means that the common marks for many swindlers live in developed nations.
Here are the countries that have been most affected by the GainfulMarkets Scam:
There is a rather large selection of Trading Instruments with GainfulMarkets. You couldn’t tell by just browsing their website, however. This broker does not seem to care what their customers wish to trade, as they don’t mention any financial instruments on their site. Once you create an account, you may see the full pallet of instruments in their Web Trader.
We have made a list of these instruments for easier reference:
GainfulMarkets only offer the most rudimentary, and borderline obsolete trading software, which is the Web Trader. The main feature of this web app is that you don’t need to install anything if you already have a Web Browser on your computer. The pros end here, however, because the Web Trader is easily manipulated by the fraudsters.
When selecting a broker, make sure that not only the company credentials check out, but also that the broker features MT4, MT5 or cTrader. These are the current industry workhorse applications. Their excellent utility will make your trading experience quite better.
Let’s have a look at what the accounts are like:
The Investment Plans on their website are targeted to the people who plan a retirement fund, among other things. Imagine your retirement funds in which you invested your life’s work turning out to be a money pit. This so-called broker can’t get any more foul.
GainfulMarkets does not offer a Demo Account for their trading platform. This is quite bad, as you can never test the trading environment without depositing real money. All veteran traders can tell you that a Demo Account is an essential tool for learning and analytics.
Fraudulent brokerages don’t want you to actually turn a profit, they are just petty thieves dressed in a fancy suit. This is why even if such an entity offers a demo account, it hardly reflects the actual market conditions.
Many of the customers of GainfulMarkets have complained about the bad withdrawal policy, if you can call it that. Once the money has been deposited, the scammers would just cut off communication. Due to the opaque nature of the whole website, customers are left hanging, their money lost. Withdrawing funds might even be impossible without legal counsel.
If you, or somebody you know personally, believes to have become a victim of the GainfulMarkets scam, we encourage you to seek professional legal aid. Our team of experts have great experience in resolving problems just like yours!
Time is of the essence – do not delay! With each passing moment, the possibility that your money may become unrecoverable grows. Don’t give up without a fight! Contact us now via Live Chat for the quickest response time. And remember – the first consultation is absolutely free!
GainfulMarkets is a fraudulent company with multiple scam warnings! You should not trust this business with your money!
A variety of CFDs and Cryptocurrencies are available for trade with GainfulMarkets.
There is no referral program available for the GainfulMarkets broker.
GainfulMarkets does not offer a demo account to their traders.
GainfulMarkets is a fraudulent company with multiple scam warnings! You should not trust this business with your money!
A variety of CFDs and Cryptocurrencies are available for trade with GainfulMarkets.
There is no referral program available for the GainfulMarkets broker.
GainfulMarkets does not offer a demo account to their traders.
The post Gainful Markets Review: Thread Carefully, They’re on Their Way to Rob You appeared first on Global Fraud Protection.
