Although Gemforex does have a valid license, there are many telltale signs of deceptive and dishonest business practices all over their website. This broker has already been put on a blacklist by a prominent Asian regulatory body in less than a year since they launched gemforexglobal.com!
Keep reading our Gemforex Review to see all the schemes put into practise by this devious broker.
Gemforex does have a valid trading license. It has been issued by FSA, a regulatory agency from an offshore nation of Seychelles. Although the FSA authorization checks out, this regulatory body is not considered strict or reliable.
You may view the license in question via the link posted below:
Flimsy regulatory standards on Seychelles prompt many brokerages to obtain a license from a more strict jurisdiction. Gemforex claims to be partnered with ZRX Technologies Ltd, a company registered in Cyprus and authorized to provide payment services.
ZRX Technology is indeed registered in Cyprus, as you will see here:
The company, however, is not authorized by Cypriot CySEC to provide bank transactions and other financial services. One additional concern is that this ZRX Technology Ltd is mentioned only once on the gemforexglobal.com, in the bottom of the page. The Terms and Conditions document makes no further mention of this firm.
With this whole mess of corporate names and licenses, we had no choice but to look up databases of other regulators. FCA, BaFIN, FINMA, FMA, ASIC, CNMV and others had no data on Gemforex.
Japanese FSA did contain an entry, and it was a regulator warning which you may see here:
If the poor regulatory framework wasn’t enough to shake your confidence in Gemforex, wait until you see what their clients have to say. Truth be told, many of the personal testimonies are positive. It is also true that they were posted by paid reviewers, in a scheme not unlike with Honest Capital, a faux broker we reviewed earlier.
“ They stuck all my money in multiple loans with 1 company that they also own then said it was a good diversified strategy when I complained. No hope of seeing any of it back now. They are either incompetent or dishonest – stay well away! […] “
“ It ended with profit cancellation and withdrawal delay. It seems that the owner has changed. A dangerous business. “
“ […] She did not pay 2150 Usd, which I earned as a result of the transactions I have made, and she said that she will not (with all kinds of slanders)“
Don’t stay quiet if a dishonest company steals your money – other traders need to hear about your experience! Our legal experts offer help to anybody who has lost their assets to a fraudulent entity.
Gemforex claims to have 9 years of experience as a licensed brokerage. This is an outright fabrication, because the gemforexglobal.com was only launched in late 2022. The firm was first incorporated in Seychelles at roughly the same time.
Here is the list of the nations that have the most Gemforex users:
Deceptive practices are not unheard of with offshore brokers, unfortunately. For legal help in resolving any issues with Gemforex, contact our recovery experts via the live chat.
Gemforex is a relatively unknown broker, which doesn’t have almost any online presence. As we mentioned before, their website is quite young. The company also doesn’t have any social network profile, or a public portfolio.
We have already seen how Gemforex pays advertisement companies to boost their reputation on the web. It has also come to our attention that Gemforex also employs Boiler Room Agents to aggressively urge their clients to spend more money. We can’t ignore the fact that many fraudulent companies like TBanque use the same methods.
There are several account types offered by Gemforex. These cater to different trading strategies, and are available for all of the trading platforms the broker offers… Allegedly. We could not test this claim first hand, as it is currently impossible to create a Gemforex Login account – the broker states that they don’t accept new clients.
All of the account types require considerably larger deposits than the current industry average:
Gemforex, as a brokerage firm, does not offer a demo account to their clients. Instead, it comes bundled with the MT5 software that is available for their platform. As you will see later, that is about the only positive thing about the Gemforex version of MT5.
We found another Gemforex false advertisement on their Trading Software page. Gemforex claims to offer the industry standard MT4 and MT5 software. The reality is different as the download links to both the MT4 and MT5 will lead clients to download a demo version of MT5.
This demo is distributed by the software developer, MetaQuotes, and in no way reflects trading conditions on Gemforex. This brings us back to the issue with a demo account as well – it’s not a demo of Gemforex services, but MetaTrader5 instead. Web Trader is supported as well, for clients that don’t want to hassle with downloads.
All of the trading software at Gemforex is available on mobile devices as well. The Web Trader can be accessed through any web browser. MT4 and MT5 have been developed to support mobile trading from the start. We have come across another company, Kama Capital, that employs similar methods.
All Gemforex financial instruments are collated in a table, which makes reviewing them easier. We should point out that with all the falsehoods about Gemforex, traders shouldn’t rely on any information they see on gemforexglobal.com.
Here is what you may trade through Gemforex:
Gemforex does not charge any deposit or withdrawal fees. There is a 3.5% fee for withdrawals from the account that didn’t participate in trade. This is quite steep, considering that some of their accounts cost $3 000, which would mean a $105 fee for a single withdrawal.
The leverage this broker offers is 1:500, which is considered too high in nations with strict regulation. EEA nations, for instance, do not allow leverage higher than 1:30. Regulators in North America have set the maximum leverage to be 1:50.
The prospect of receiving a 100% bonus from Gemforex on the first deposit does seem lucrative. Bonuses, however, are outlawed in Europe, Australia, Japan, and many other regions.
Many companies impose trading volume requirements before the client would be eligible to withdraw. In the case of Gemforex, the bonus policy is not outlined in the Terms & Conditions. Judging from the rest of what we’ve seen so far, this bonus is a strategy devised to entrap traders.
Although the company clearly indicates that all Gemforex withdrawals are instantaneous, and incur no fees, we have seen enough to raise suspicions about these claims. Many clients have already complained to us about Gemforex blocking their payout requests outright, and breaking communication.
This is far from how an honest business would treat their clients. Our legal professional would like to offer their assistance in any problems with your Gemforex withdrawal. Contact us via the live chat on the page.
We’ve seen many fraudulent companies come and go over the years. These sorts of entities quickly attract the attention of authorities, and get shut down. Gemforex is well on their way, with a warning from FSA issued in less than a year of being in business. All the lies we’ve seen on gemforexglobal.com don’t help their case one bit.
We have already received multiple complaints stating issues with Gemforex withdrawals. If Gemforex blocks your assets, don’t let them get away with it! You may ask us for help at any time, thanks to the live chat we have implemented. Book a free consultation today, and start your recovery process.
Gemforex might be an authorized broker, but it’s only a tier-3 license. We have seen many telltale signs of foul play on their website, however.
Due to the multitude of problems with gemforexglobal.com, we cannot recommend Gemforex broker to anybody. Rookies beware.
Gemforex is not authorized by any Tier-1 regulator. They do not enjoy a high trust score from their clients either.
Although we would like to abstain from pointing fingers at this time, many aspects of how Gemforex conducts business indicates less honest intentions. If you have any issues with Gemforex, feel free to contact our professionals for legal assistance.
The post Gemforex Review – One Step Away From Crossing The Line appeared first on Global Fraud Protection.
