Is GTP Capital a scam broker?
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GTP Capital (Global Trading Partner Capital) is owned by Oasis Capital Ltd. Two addresses have been provided one of Bulgaria and another of UK. So not sure which one is real headquarter. It is forex and binary options broker.
It offers online trading for stocks, ETF’s, bonds, currency pairs and precious metals.
Account types are Trial (minimum deposit $ 500), Basic ($ 5000), Trader ($ 10000), and Pro Plus ($ 50000). Minimum trade size is 0.1 and maximum leverage is 1:200 for all account types. All account types are commission free trading and have variable spreads.
The broker has the proprietary web-based platform. No micro lots for trade available. Social trading is available only for Trader and ProPlus account types.
Though on the website they claim spreads on EUR/USD average 1.8 pips, practically it was above 3.5 pips. Most of the brokers provide spreads in the range of 1.0 to 1.5 pips for EUR/USD.
The trading platform does not support MetaTrader4. It has two trading modes one for binary and other for forex. One of the useful features is biggest gainer/loser (which shows traders sentiments). Trades cannot be automated as EA’s on MT4. The technical analysis indicators are quite a few in numbers. On the whole, the platform lacks many useful tools and functions.
Deposit methods offered are credit/debit cards, bank wire transfer and e-wallets like China UnionPay, WebMoney, and Neteller.
Trading tools like economic calendar, video tutorials and e-book are only for registered traders and not for the general public who visit the site casually. Usually providing free educational material builds conviction, confidence and incites trustworthiness of the broker.
GTP Capital is a scam broker and is not registered with any of the known financial regulators like ASIC, FCA, CFTC, or CySEC etc.
In one of the comments on .complaintsboard.com, one of the authors wanted to close the account as he saw many negative reviews about GTP Capital. He requested for withdrawal long back but there is no refund from the company even after so many months. When he asks for money they avoid answering him and instead ask to deposit more. They started answering rudely and hang up the phone on mentioning their bad reputation. Neither they are answering emails nor do they talk businesslike when on phone. They even trade account without permission. This brings bad reputation and people wonder is binary options is a scam?
One more author wrote that they are sweet talkers before you open the account. They act as if they are very much concerned about your money and give false promises. Just like any other internet scam when it comes to withdrawal they go missing. Even their trading figures on screen are not real and even managers name are not real. They try to “extract” as much money from you as possible. And once they figure out nothing more can be “extracted” they leave you high and dry. They will even avoid talking to you forget about replying to your emails.
GTP Capital is a scam broker and has now closed its operation because of strict regulation and blacklisting of companies who are on verge of scamming traders. Many were forced to close down their shutters.
If you are a victim of any type of scam where the scam perpetrators are here today and gone tomorrow, scams like binary options scam, forex scam, or any other CFD you can contact MyChargeBack to help you get your refund.