GalanTrade – Are They Trustworthy?

Website URL: https://galantrade.com

Founded: 2022

Regulations: Unregulated

Languages: English, Italian, Spanish, German, Greek

Deposit Methods: Wire Transfer, Cashu

Minimum Deposit: $500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Precious Metals, Oil, Commodities, Indices, Bitcoin, Share CFDs

Trading Accounts and Conditions

There is a lot of confusion about the types of trading accounts offered by GalanTrade. On the broker’s home page, there are 3 different types of accounts mentioned and described:

• Basic: The range for deposit is from $500 to $2,500.
• Gold: The range for deposit is from $2,500 to $5,000.
• Platinum: The range for deposit is from $5,000 onwards.

However, when you check the GalanTrade link on the top of the home page, there is another set of account types mentioned – Standard, Premium and VIP.

And then, if you click on the Account Comparison section, there is a completely different set of account types displayed:

• Micro: The deposit range is from $500 to $999. Spreads are fixed and start from 2 pips.
• Standard: The deposit range is from $1,000 to $2,499. Spreads are fixed and start from 2 pips.
• Silver: The deposit range is from $2,500 to $9,999. Fixed spreads start from 1 pip, and variable spreads start from 0.5 pips.
• Gold: The deposit range is from $10,000 to $24,999. Fixed spreads start from 0.7 pips and variable spreads start from 0.5 pips.
• VIP: The minimum deposit is from $25,000. Fixed spreads start from 0.4 pips and variable spreads start from 0.3 pips.

The maximum leverage for the first three account types is 1:400, but the ratios are available only upon request for the Gold and VIP accounts. Bonuses are offered, and there are some serious charges – which we will discuss later in our review.

GalanTrade – Advantages

There are no advantages to trading with GalanTrade. This broker is a scammer and is not safe.

GalanTrade – Disadvantages

Here is the list of disadvantages which make it clear that this broker is a scammer:

• Unregulated Broker

From the Terms and Conditions section of this broker’s website, we find that GalanTrade is owned and operated by Vigo and Co LLC, a company that is supposedly based out of St. Vincent and the Grenadines. There are two things that are of note here.

Firstly, we checked the online register of SVG’s financial regulator – the FSA (Financial Services Authority). We did not find any company by the name of Vigo and Co LLC listed there. We also did not find any broker by the name of GalanTrade listed there. This means that this broker is not registered in SVG. Therefore, its claim of being based out of this jurisdiction is false and that this broker is actually an anonymous entity.

Secondly, even if this broker were listed with SVG’s regulatory authority, it would not mean that GalanTrade is appropriately regulated. This is because the FSA has publicly stated that it does not offer regulatory oversight to Forex brokers.

This information clearly tells us that GalanTrade is a scam.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Parent Company Blacklisted as Scammer

We also discovered that GalanTrade’s parent company, Vigo and Co LLC has actually been blacklisted by the Italian regulator, the CONSOB (Commissione Nazionale per le Societa e la Borsa). Scam brokers such as OniroFX and Rise4ex have also turned out to be owned by Vigo and Co LLC. Therefore, what we have here is a serial scammer that keeps launching new website in an effort to hoodwink unwary traders.

• Very Basic Trading Platform

We also found out that this broker only offers its clients the use of the WebTrader software, which is a very basic trading platform, the likes of which we have repeatedly seen being used by numerous other scam brokers.

While this software actually works, it has only some basic features – enough to fool novice traders who don’t know any better.

Furthermore, this broker claims to offers a desktop version of this software. However, when we checked it, it turned out to be an unlicensed, anonymous software. We did not proceed with the download and would strongly advise all our readers never to download such software as they can be very dangerous.

• High Leverage

On its website, GalanTrade offers its clients a maximum leverage of 1:400, and when we checked the WebTrader, it was set at 1:200. Either way, both these values are much too high considering that this broker targets European customers.

The UK, Europe and Australia have set a limit of 1:30 as a maximum allowed leverage due to the danger of severe financial losses. The US and Canada have set their limits at 1:50 and other strongly regulated countries have placed similar limits on their brokers.

Therefore, a leverage of anything above 1:30 is basically illegal, a sum offered only by scammers.

• Extremely High Fees

If you check the comparison chart and the Terms and Conditions sections, you will see that this broker charges its customer high fees. There is a $25-per-month charge for an Auto Chart List, another $200 per month for Market Signals, and so on. These charges are ridiculous – besides being unnecessary.

• Lies About Payment Methods

On its website, GalanTrade has listed all the most popular payment methods – Visa, MasterCard, Neteller, Skrill and so on. However, when you check their payment portal, you will find only two payment options listed – Wire Transfer and Cashu.

• Bonuses Offered

Just like other scammers, this broker offers its customers bonuses. However, once you avail of these bonuses, then you are stuck with trying to meet their ridiculous trading turnover target before you will be allowed to withdraw your money. At the end of the day, that target is so difficult to meet that you might as well give up trying to withdraw your funds once you have taken that bonus! 

Conclusion

GalanTrade is a scammer and trading with this broker would only incur losses. Therefore, it would be best to avoid them completely.

GalanTrade

2.2

User Experience

2.0/10

Payment Options

2.2/10

Security

2.5/10

Support

2.2/10

Reputation

2.2/10

Pros

• None

Cons

• Unregulated Broker
• Parent Company Blacklisted as Scammer
• Very Basic Trading Platform
• High Leverage
• Extremely High Fees