GSL Markets – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
GSL Markets - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
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://gslmarkets.com
Founded: 2022
Regulations: None
Languages: English, German
Deposit Methods: Credit Cards, Debit Cards, Bank Transfers
Minimum Deposit: $10,000
Free Demo Account: No
Number of Assets: Not Specified
Types of Assets: Forex, Cryptocurrencies, Indices, Spot Metals, Commodities, Energies, Stocks
Trading Accounts and Conditions
GSL Markets offers their clients the following trading account types:
- Bronze: The minimum deposit is $10,000.
- Silver: The minimum deposit is $20,000.
- Gold: The minimum deposit is $50,000.
- Premium: The minimum deposit is $100,000.
- Platinum: The minimum deposit is $250,000.
- VIP Club: The minimum deposit is $500,000.
There is no mention of trading conditions.
GSL Markets – Advantages
There are no advantages to trading with GSL Markets.
GSL Markets – Disadvantages
Given below are the many disadvantages that have convinced us that we are dealing with a scammer:
-
Lack of Regulation
The first indication we have that this broker is not honest is the fact that they are not regulated.
On GSL Markets’ home page, in the footer, the broker claims to be based in Bulgaria. The company name provided is Fizaliya EOOD. There is a company number provided (2953/1996 530). The broker goes on to provide an address in Bulgaria. Furthermore, this broker also claims to be regulated in multiple jurisdictions, but does not specify which ones.
In their About Us section, the broker is very generic – there is nothing specific about their company identity. In their Terms and Conditions, there is once again, no mention of the company that operates this brokerage.
We checked GSL Markets’ claim of being based in Bulgaria. It is false. To operate from this country a broker needs to be registered with the Bulgarian Financial Supervision Commission. We checked this regulator’s online database to see if GSL Markets was listed with them; the broker is not listed with the Bulgarian financial authority. And since there is no other mention of regulations on their website, we can say for certain that we are dealing with a broker that is not only unregulated, but also most probably anonymous. Which makes this broker a scammer and needs to be avoided.
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.
-
No Trading Software
Despite going through GSL Markets’ website in detail, we could not find any link to download a trading software. And the broker isn’t exactly forthcoming about the kind of trading software they actually offer their customers. The only thing we could gather was that there is some kind of a web trader software available for their clients.
Since we were unable to even open an account with them, we were unable to check if this broker actually did have a trading platform or not.
Therefore, based on the fact that account opening was an issue and there isn’t any link for a software download on their website, and the fact that the broker hasn’t even advertised about the kind of trading software they offer, we are pretty sure that GSL Markets does not have a trading software at all.
-
Issues with Trading Conditions
We also need to mention that this broker has not bothered about giving information about their trading conditions. We do not know anything about the spreads, leverage ratios, order execution methods, fees or commissions, and so on.
The only thing we do know is that the minimum deposit amount is $10,000. This is just a ridiculously high amount, especially when the market average ranges from $100 to $250, and there are a large number of excellent online brokers who will let you open an account with them for less than $50!
-
Issues with Withdrawal Policy
We also noticed that GSL Markets imposes a 5% withdrawal fee for all card withdrawals. Added to that, the broker also charges a withdrawal commission for bank transfers; you need to pay a $10 fee, and a rest fee of $25. We do not know what this rest fee is since the broker has not bothered to specify what it is. All of these charges seem to apply not just for withdrawals, but also for deposits, which is rather unfair.
We cannot comment on the payment methods since we were unable to access the client area and see for ourselves whether what this broker offers (bank transfers and card payments) is true or not.
-
Managed Accounts
GSL Markets also offers managed accounts. Which means that this broker offers to manage your investments and trades for you. This is a clearly illegal tactic as it constitutes a conflict of interest.
This is what a conflict of interest means: a broker typically makes money when you, the trader, lose money on your trades. Therefore, if a broker offers to manage your account for you, then the chances of them ensuring that you end up with more losses than wins are high. This is why a managed account becomes a conflict of interest.
Thus, a broker that offers to manage your accounts is doing something illegal, which means that they are out to scam you.
-
Bonuses Offered
This broker also offers their clients bonuses, which is another huge red flag. Bonuses of the kind offered by GSL Markets have been banned in most jurisdictions because of the very unfair terms of withdrawal they come attached with. And sure enough, this broker talks about added funds in their Terms and Conditions section. Here, the broker states that if you wish to withdraw your funds (after having availed the bonus), then you will need to carry out trading volumes of 1 lot for every $1 you get in your bonus. And since the bonus is 100% of your deposit amount, and that a minimum deposit is $10,000, you are looking at a massive turnover target! And if you attempt to withdraw your money before you reach this target, your withdrawal request will be cancelled.
These bonuses are actually just another scam tactic to extract more money from unsuspecting traders.
Conclusion
GSL Markets is another scammer and is not a broker that you should deal with.
GSL Markets
Pros
- None
Cons
- No Regulation
- No Trading Software
- Issues with Trading Conditions
- Issues with Withdrawal Policy
- Managed Accounts
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 investment platform. The value of your investments may go up or down. Your capital is at risk.