GateBits Review: Don’t Take a Chance Dealing with GateBits
One of the most unbelievable scam schemes we have lately come across is GateBits. The broker provided a respectable trading platform and an attractive website, but that is where the benefits lie. This is an unregistered, anonymous business that has terrible dealing terms and astronomical fees. The GateBits review that follows has more information.
Website – gatebits.com
Address – 8 Angel Court, Copthall Avenue, London, EC2R 7HJ, UNITED KINGDOM
Warned By – Financial Conduct Authority (United Kingdom)
Is GateBits Unregulated?
In the T&C section, we discovered this small detail that helped us understand the larger picture as if the website’s ambiguity wasn’t confusing enough already. In particular, GateBits runs out of the notorious Caribbean scam country of Saint Vincent and the Grenadines (SVG).
We make that claim in light of the island’s heavy regulation and advantageous revenue structure. Additionally, the Financial Services Authority (FSA), the local regulator, does not license brokers or control the Forex market. As a result, GateBits is unregulated; this much is obvious.
Why it’s preferable to avoid selecting an unlicensed broker?
Dealing with companies that are located offshore is very risky because they operate outside of all legal authority. As a result, they do not apply a leverage restriction, which automatically increases the risk of trading with them.
Additionally, they don’t require large running capital and don’t provide fund segregation, negative balance protection, or indemnification. All of these requirements must be met by licensed brokers in Europe and Oceania.
How Much Do Spreads, Leverage, and Penalties Cost?
According to GateBits, it provides “lucrative spreads.” Utilize accents to get around the law. That can only be done by foreign fraudsters. Regulated brokers are required to adhere to the lawful retail client maximum of 1:30 (UK, Australia, EU) or 1:50 (US, Canada).
We didn’t know anything about contracts because GateBits wanted to be all enigmatic and hazy. We suppose the con artist provides excellent spreads with expensive fees. It’s conceivable that will happen.
How does the fraud occur?
Such scams are far more frequent than you might realize, so be sure to thoroughly read the following sentences before investing with any broker. This will help you to ensure that they do not exhibit all of the characteristics of a scam.
The scam begins easily enough when you see an advertisement for the broker’s website, which makes grand promises of massive profits and favorable dealing terms. You establish an account out of curiosity, giving the scammers access to your email and phone number. Following that, the broker will continue to contact you via phone and email and urge you to make a deposit. These individuals can easily convince you to invest money with them because they are typically skilled scammers who are well-prepared.
Victim of a GateBits scam?
If you are a victim of the GateBits scam, file a complaint here. Give us information, and we’ll provide you with a free consultation. We’ll start by explaining how you might be eligible for a refund if GateBits has taken advantage of you.
Read about a broker who engaged in a similar scam – Coin Xe review
More about Scams
Forex Scams
Cryptocurrency Scams