GGtrade – Is This a Safe Broker?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
GGtrade - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
GGtrade has given very little information about its trading accounts and conditions. All we were able to glean from this broker’s website was that it offered a Silver Account to its traders, which had a minimum deposit requirement of $100, and a maximum leverage of 1:300.
We were unable to find any information about the spreads this broker offered. It did claim that if offers a payout of 88% on binary trading options, however.
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.
Website URL: https://www.ggtrade.vn/en
Founded: 2003
Regulations: Non-Regulated
Languages: English, Vietnamese, Thai
Deposit Methods: Not Given
Minimum Deposit: $100
Free Demo Account: Not Given
Number of Assets: Unknown
Types of Assets: CFDs on Gold and Silver, Oil, Indices, Stocks, Digital Coins / Forex
Trading Accounts and Conditions
GGtrade has given very little information about its trading accounts and conditions. All we were able to glean from this broker’s website was that it offered a Silver Account to its traders, which had a minimum deposit requirement of $100, and a maximum leverage of 1:300.
We were unable to find any information about the spreads this broker offered. It did claim that if offers a payout of 88% on binary trading options, however.
GGtrade – Advantages
There was nothing positive we could find to say about GGtrade. There are just too many gaps that lead us to the conclusion that this is not a safe broker to do business with.
GGtrade – Disadvantages
Here are the reasons why it would be disadvantageous for you to trade with GGtrade:
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Lies About Being Regulated
When you go to GGtrade’s home page, it is prominently displayed that this broker is an FSP (Financial Services Provider) regulated by New Zealand’s FMA (Financial Markets Authority). However, that is absolutely not true.
GGtrade claims that it is owned and operated by a company by the name of Gtrade International Ltd, which is registered in New Zealand. So, we online to check the FMA’s registry for its regulation status. We found out that this broker and its parent company are not regulated by the New Zealand financial authority.
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.
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.
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Blacklisted by New Zealand FMA
During our investigation of this broker’s regulatory standing, we found out that not only is GGtrade not regulated, it has also been blacklisted by the FMA in New Zealand for lying about being an FSP in that country.
According to the warning issued by the FMA, GGtrade has not been registered as an FSP with the country’s financial services authority.
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Lies About Having a License in the US
GGtrade further claims on its website that it is licensed by the United States’ National Futures Association (NFA). So, we checked the NFA’s online register.
As we expected, we found no company or broker by these names in the NFA’s registry. The NFA maintains extremely high regulatory standards which most brokerages are unable to meet. Which is why the US market is controlled by a select number of brokerages. There is no way a broker like GGtrade can match the registration requirements of the NFA.
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Anonymous Website
There is literally no information about where GGtrade’s parent company, Gtrade International Ltd, is based. What this means is that this website is completely anonymous.
Combined with the lies this broker has told about its licensing status, and the fact that it is blacklisted by the FMA in New Zealand, we can safely say that GGtrade is a scammer that you need to stay from.
However, this is not where the list of negatives end. Do read on to find out more.
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No Client Agreement
Our investigation into this broker only raised more red flags. The next issue – after we uncovered all the broker’s lies about its regulatory status – is that GGtrade has no client agreement on its website.
The Client Agreement, also known as the Terms and Conditions, is a critical document that outlines the agreement between the trader and the financial services provider.
When we tried to open an account with GGtrade, it gave the link to the Terms and Conditions. But when we tried to click on that link, we got nothing. This basically means that if you decide to trade with this broker, you will not have any idea about what you are agreeing to when you sign up.
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Web-Based Proprietary Trading Platform
GGtrade claims that its trading platform is a proprietary design. However, when we checked, it was nothing but a basic web-based platform, lacking basic functionalities required to carry out effective trades.
There are no advanced analytics tools for charting, market indicators or even trading bots such as those available on the world’s most used platform – the MT4 software.
This is a huge negative, since a good trading platform is critical for successful and effective trades.
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No Demo Account Provided
A demo account offers traders the opportunity to check the trading conditions for themselves and also to assess the quality of the software provided. So, the fact that GGtrade does not provide a demo account is another negative.
However, considering the fact that this broker has already lied about and hidden critical information, we are not surprised by the lack of transparency.
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No Information on Withdrawal and Deposit Methods
Most brokers clearly state how traders may deposit or withdraw their funds. This is a basic requirement that all brokers must provide.
Once again, GGtrade has omitted to provide its clients with this basic kind of information. There is an astounding lack of information on this broker’s website.
Traders are essentially walking blind into a trap.
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Unclear Trading Conditions
While the leverage and minimum deposit amount is mentioned, we do not know the types of accounts available for traders to choose from. We also do not know the spreads offered by GGtrade.
Spreads are important information that will tell traders whether it would be profitable to trade with a particular broker or not. Considering that this broker has hidden all relevant information from its clients, it is not surprising that the lack of transparency continues here too.
Conclusion
We strongly advise all traders to bypass using this broker. All the information we have found points to two simple facts – GGtrade is a scammer and your money is not safe with them.
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.