GFE Markets is a broker that promises to offer the best trading conditions when trading fx online.
There are over 300 assets for trading including FX, commodities, indices, cryptos and more. On top of that, GFE Markets promises leverage up to 1:500, spreads from o.opips and fastest withdrawals.
GFE Markets also boasts of one-on-one training experts when you get stared with your trading account.
GFE Markets Scam
The truth is that GFE Markets is a scam broker that is going to leave a lot of people with big losses. The company is not licensed in any capacity to run Forex services, their clients will be exposed to quite a lot of unnecessary risks.
- Unlicensed entity
- Registered offshore
- Beware of deposit bonuses
- Offers fake profits for opening account
- Miniature trading platform
- No company history
- High withdrawal fee
Should you trust GFE Markets?
- GFE Markets is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like GFE Markets do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
Is GFE Markets Safe?
GFE Markets is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
GFE Markets is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
How GFE Markets Works
You will notice how the scam broker works immediately you make a deposit to
their platform. Scammers will take deposits from you but never let you withdraw anything.
They will use many tactics to make you deposit more. When you ask for a withdrawal, scam brokers will present silly legal document and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
They will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
GFE Markets is a scam broker that is offering deposit bonus with high trading volume requirement.
It is an offshore broker that is not authorized in any jurisdiction. You have to stay away from it if you don’t want to lose money.