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GemForex Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts & Conditions
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spread (& commission)|
|All-in-One||$1||0.01||1:1000||1.5 pip s|
|No spread||3000||1||1:1000||0.0 pip s (+ commission)|
Clients of GemForex are offered a choice of two account types. The All-in-One account is commission-free, while the No spread provides Zero spreads and probably involves a commission (although it is not explicitly stated). Otherwise, leverage on both account types is up to 1:1000, and micro lots are available solely on the commission-free account.
Overall, GemForex’s trading conditions seem competitive: a minimum initial deposit of $1 sounds like an attractive offer, and the variable spreads offered on All-in-One accounts are on the upper end of average, as typical ones on the EUR/USD pair amount to 1.5 pips.
As regards the leverage provided by this broker, do not feel obliged to use the maximum of 1:1000. More leverage does not guarantee better trading performance. Actually, more often than not, it happens quite the opposite and this over-leveraging can lead to massive losses.
Even though GemForex’s trading conditions appear good, don’t forget that the most important factor when choosing a forex or binary options broker is reliability, i.e. financial regulation.
The Company. Security of Funds
GEM-TRADE Co Ltd.
GemForex offers trading in more than 30 currency pairs, precious metals and binary options. Headquartered in Hong Kong, this broker is not licensed by the Hong Kong Securities and Futures Commission (SFC). Instead, the company behind the GemForex brand is registered in the Seychelles.
Doing business with offshore brokers is extremely risky as clients have no protection, if something goes wrong. Basically, such brokers can manipulate trading platforms and do whatever they like with your money, as no authority is overseeing their activity. Large part of offshore brokerages are pure scams, and it looks like GemForex may be one of them. Not only Japan’s Financial Services Agency (FSA) has warned against it for it is not authorized to provide financial services in Japan, but the Forex Peace Army (FPA) forum claims that GemForex is a high-yield investment program (HYIP), or a type of Ponzi scheme. The FPA strongly recommends against placing money with any HYIP. And so do we.
You’d better select among brokers licensed by the respective authorities in the UK, or Australia for example.
Like most forex brokers, GemForex offers MetaTrader4 (MT4). Launched more than 10 years ago, MT4 continues to be the standard choice for most brokers, both big and small, and enjoys a massive popularity in the forex trading industry. It is user friendly and has many useful functionalities, offers the options for algorithmic trading and hedging, supports money management accounts and numerous third-party applications.
GemForex’s demo desktop MT4. Click for a larger image.
Methods of Payment
GemForex offers its clients the following payments methods: bank wire transfer, credit/debit cards, e-Wallet Skrill, Neteller, PayPal, Perfect Money, MegaTransfer, Alipay, PAYEER and Bitcoin.
GemForex is a forex and binary options broker supporting the MT4 platform and offering competitive trading conditions. Nonetheless, in our view the main concern with this broker is the fact that it is not registered offshore and that it might be a scam, as the FPA warns that GemForex. Is a type of a Ponzi scheme (HYIP). Here are, in a nutshell, the pros and cons with regards to this broker:
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|MT4 offered||Registered offshore and likely a HYIP|
|Competitive spreads||No CFDs on stocks and indices|
|Low minimum investment required|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
GemForex review: Scam Update
GemForex Review – Scam Update
Is GemForex a scam Forex broker? The real GemForex Review
This GemForex review will address exactly that. We’ll let you know if GemForex has been confirmed a scam or if they are a legitimate Forex trading platform. This GemForex review will help you understand whatever verdict is passed and why we think that this is the case and what your plan of action should be if they are a scam and you are currently trading with them. Find out more information on what possibilities there are of recovering money lost in a scam here. Find out now
Forex Scam Website Address – GForex.Asia
This company is also known as GForex, Gem Forex, GForex, GEM GROUP NZ LIMITED GemTrade, Gem d Mirror Trade; GemForex Bitwallet. gemforex ビットコイン , gemtrade, gemforex バイナリー , gemforex cfd , gem forex ボーナス and Gforex.
Is GemForex a regulated broker?
No, despite any claims that representatives of GemForex have made or any language on their website, GemForex has no recognized certificate from any legitimate regulatory body. Not from a government body or from a recognized private organization.
The information on the Gforex.asia website has been confirmed false. GemForex is not regulated by the NZFSP or any other regulator.
GemForex review claims on their website
How do we know for sure if GemForex is a full blown scam?
Scamnewschannel.com relies on the expertise of its experienced professionals who verify their reporting information using time-tested tools and sources. For the Scam News Channel the criteria for identifying a scam and why GemForex has been confirmed as a scam extends further than just fitting the description.
GemForex website claiming fake awards
Any person who has investment or traded with GemForex is highly encouraged to make attempts in any way possible to withdraw their money from GemForex or any account that GemForex has encouraged you to deposit into. If your funds were deposited using Bitcoin or cryptocurrency you are advised to read the following instructions and to contact us right away.
I’m still trading with them.
If you are at present still in contact with this company and have already made attempts to withdraw your funds but you have done so unsuccessfully, you should be forewarned that any offers from this Forex scam that are accompanied with requirements to pay for your withdrawal are simply GemForex trying to scam you further for more of your money.
We advise you to contact us immediately to find out if there are options to recover your money.
The Scam News Channel was founded to fight online scams, Forex scams, CFD scams, binary options, Bitcoin scams and many others. We are here to offer our assistance to individuals who have been victimized by any sort of Forex scam or others. New trading scams are occurring every day and should be treated very seriously. As we’ve mentioned if you have already deposited funds with the company in question, you should immediately report it. Once you have filed a complaint, we will do our best to reach out to you as soon as possible. Please allow up to 10 business days to receive a response. If you or someone you know has been victimized by a scam that is not listed on our “Updated scam list” or anywhere on our site, please let us know the details so that we may report on it and organize resources and avenues to provide for those who require.
GemForex was previously placed on the scam watch list and has been confirmed as a forex scam broker. It is highly recommended not to engage in contact or any type of business with this company. Below is a list of situations that generally accompany an online fraud, if any of the below sounds familiar, we advise not proceeding in any further transactions with this trading platform.
Clear signs of a trading or Bitcoin scam:
-The platform has placed large amounts of pressure on you to place trades
-The trading platform has pressured you to make deposits (money or Bitcoin) into an account and seems to continue to push you to deposit more money into your account almost every time you speak with the broker
-After having lost a large amount of money the broker continues to pressure you to keep trading and depositing more money
-You’ve lost a large amount of money and the broker or rep has been fired or so they’ve told you
-The broker has taken money out of your bank account or crypto wallet without permission
-The broker has charged your credit card without permission
– The broker has frozen your account on their platform
-The broker has removed all of your access to your trading account
-Without any explainable reason you are suddenly unable to log into your account
-You’ve noticed that money or cryptocurrency has been taken out of your account or Bitcoin wallet
-The platform representative is all of a sudden not answering or taking your phone calls
-The trading platforms website is suddenly not accessible or has gone down
-The Forex scam representatives have been contacting you from different phone numbers
-The Forex scam is encouraging you to take money to trade with (bonus)
-The broker is constantly asking you to put in more money even if you’ve told them that you can’t or shouldn’t
-The broker has offered to put more money into your account after a loss
-The broker has multiple online negative reviews and when you bring this up to them, they have a way to explain it away.
-The Forex company has no online reviews
-The Forex company has no web presence or very little web presence
-The online reviews are consistently negative reviews followed by positive reviews that were left the same day or the next.
Scamnewschannel.com is owned by the Scam News Channel group and is one of the few online resources where victims can report new scams and ongoing scams to have the information reported for the sake of preventing further victimization. The Scam News Channel also goes to great lengths to provide honest answers to the number one question of scam victims; “Can I get my money back?”
Getting your money back
Unfortunately in many circumstances the answer may be no. This however is not true across the board as there are many situations where scam victims can recover their lost money. This however is a darkened reality as the dangers of victims being re-scammed by fake recovery companies and scammer individuals lurking through the web are many, very many. We do our best and will continue to do our best to let you know if your case is recoverable or not, and if it’s not we’ll tell you.
Upfront Fees are scams (particularly when it comes to Bitcoin)
Never pay an upfront fee to an individual or company who tell you that they can recover your bitcoin for you. Cryptocurrency or Bitcoin recovery is a very difficult thing and to date there are no statistics showing that a specific method works or that a specific company can recover Bitcoin. We have received reports that Bitcoin was recovered in certain cases but not in a way that has shown to work in more than the specific cases where it was applied. That being said, until we are proven otherwise, anyone guaranteeing or charging money to assist in Bitcoin recovery is likely a scammer.
Scam News Channel Reviews and How You Can Help
The Scam News Channel also offers reviews on companies that are not scams and regulated companies. Being a crowd-sourced website we highly promote critique to our content. If you’ve found anything that we’ve written to be inaccurate or outdated in any way we ask that you let us know right away and to please provide the sources and information that you believe is correct or up to date. Contact Us Today.
There is a good chance that you can recover your money from this company. Send us the details of your case and we’ll let you know as soon as possible how you can recover your money and fight back.
In this review, we will describe why GemForex is a scam that you should avoid at all cost !
Scammed By GemForex ? Start the process to get your funds back TODAY !
Is GemForex Legit?
GemForex is an unregulated broker. Problem with unregulated brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why GemForex is a dangerous broker to deal with.
Are Funds Safe with GemForex ?
With such lack of information and GemForex being unregulated, funds are not safe. Security of funds is a huge problem with unregulated brokers. A red flag that we noticed is GemForex is withholding vital information to users.
GemForex could go bankrupt from one day to another since there are no banking information about this broker.
High Success Rate – Transparency & Integrity –
GemForex Review: our Conclusion!
GemForex is an unregulated broker to avoid at all cost. If you have been scammed, check out our ChargeBack process here or get a Free Consultation by a team of expert by clicking here.
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