There is absolutely nothing special about GB-Expert.com, no matter which way you see it. In the best case, you miss it by a long shot, and in the worst, you invest in it. Most of the information on the website of this shady broker is complete bull, and this review will reveal everything important of this broker in a very realistic light. Be sure to read the review before you do anything that you will ultimately regret doing.
Registering an account was incredibly easy and fast, in fact too easy for comfort. However, once we entered the user area we learned of the reality of things. In order to access any of the user dashboard areas we must provide a couple of ID documents. We won’t be ding this because we would be putting ourselves in danger.
However, we did get enough information from the user area to conclude that there is no sense in talking about trading conditions for the simple reason that there is no trading platform used by GB-Expert.com. There is one in the client dashboard, but its usage is not intended for users of GB-Expert.com. We will explain this in a later section of the review.
For now, our reader must be aware that there are no applicable spread values, no leverages, and no trading assets. Everything the website talks off is a lie!
The website is available in English and Russian.
GB-EXPERT.COM REGULATION AND SAFETY OF FUNDS
We located a licensing claim that is as laughable as it is intriguing. The firm claims to be holding a certificate of incorporation by one FEBRA. Further down this shady document, we read that GB-Expert.com is an official member of the Financial Commission. Neither of these two companies exists. FEBRA seems to have been shut, while the Financial Commission is too arbitrary a name; there are probably hundreds of commissions bearing this name.
The certificate even claims to cover users up to £20 000 per compliant. This is outrageously false!
The terms and conditions mention something about the broker abiding by the laws of Saint Vincent and the Grenadines, but this is fake news. This nation does not regulate FX brokers.
There is no other information to work with. Even if there was it would still work towards the conclusion that GB-Expert.com is NOT LICENSED. Therefore, the broker is a risk to all funds and to any ID details provided!
Never rely on unlicensed brokers. They are scams and will steal from you! Put your money where the real FX trading happens, with any FCA or CySEC regulated broker, or any other brokerage licensed by a legit overseer. All watchdogs demand safe and integral conduct and do not tolerate unlawful behavior. Moreover, the FCA and CySEC offer compensation schemes applied to users whose brokers cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
GB-EXPERT.COM TRADING SOFTWARE
The reason why we concluded that there is no trading software is that the MT4 on the user area of GB-Expert.com has servers under a completely different name from that of GB-Expert.com. Thus the trading servers presented here do not represent the trading conditions of the broker being reviewed. Both companies don’t seem to have anything in common. Thus, the brokerage does not offer the MT4, and there seem to be no other trading platforms promoted anywhere!
GB-EXPERT.COM DEPOSIT/WITHDRAW METHODS AND FEES
According to the deposit declaration legal document, users can only invest by means of credit and debit cards. However, the deposit-dedicate sup-page reveals other payment methods: wire transfers and e-wallets. The minimum deposit is $500, which is quite high, considering that the average minimum deposit requirement is $250.
According to the website, credit/debit card withdrawals take up to 10 days to reach an account, bank transfers take up to 5 days, and e-wallet withdrawals take 1 day tops. All requests are processed within 24 hours. According to the terms and conditions, the minimum deposit is $50. We find it very suspicious that there is no information on withdrawal fees. Scammer brokers tend to launch unsuspecting fees!
In conclusion, we cannot recommend this broker. It’s unlicensed and a risk to all!
How does the scam work?
The scam really works when the reps of the broker contact the user, either through a phone call or an email address. They will start asking for deposits all the while promising super profit gains. Those that deposit might even get a taste of false gains, whose true purpose is to compel the client to deposit more. These scammers know very well how to manipulate users. Their catalog of psychological trickery is vast, and their patience is unbreakable.
An initial deposit leads to a second one, a third one and so forth.
As for the methods of these fraudsters getting a hold of your phone numbers or email addresses, they are many, and most of them follow simple steps. It takes a false ad to convince a user to give her contact details. These false ads are very promising but ultimately misleading and very manipulative. You might have already seen them: luxurious cars and villas, carefree lifestyles, expensive items, and beautiful vistas. All are stock images to start your imagination and propel you to give away your contact address, and in the perfect scenario, to invest.
Once the client wishes to withdraw, either because she feels suspicious, or because she wishes to take out some cash from her profit, the broker will apply a number of very cheap techniques to make withdrawals impossible. For one, the scammer will close down the account, shut the entire website, or just not return phone calls and emails.
What to do if scammed?
If a user has lost funds by means of a credit or debit card, then the first thing to do is file for a chargeback. MasterCard and VISA have a chargeback period of 540 days.
Bank account swindles are harder to get bank but not impossible. First of all, change your bank account user name and password, and then call the bank to find a plan of action together.
Never invest with cryptocurrencies sin an unregulated broker. All such deposits are lost, and cannot be recuperated.
Also, don’t trust the self-proclaimed recovery agents. These are also scammers and will ask you for a fee, and in return they promise to recover all your lost funds. Obviously, once this commission is paid you will never hear from them again!
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