The cryptocurrencies trading oriented broker GMT Crypto is claiming to be operational from the United Kingdom. This broker provides the five different trading accounts, but it does not share information on trading conditions. Also, GMT Crypto provides what trading platform is a mystery. Besides, we are concerned about its non-regulated nature. To know the reason behind broker’s poor rating, please follow this GMT Crypto review til the end.
About GMT Crypto:
The five offered trading accounts are called Explorer, Basic, Silver, Gold, and Platinum. The minimum initial investment required are $500, $2500, $5000, $10000, and $50000 respectively. As mentioned earlier, the website does not shed light on the values of maximum leverages, spreads provided, lot size, and more. The broker GMT Crypto offers its clients a variety of cryptocurrencies. It includes 200+ crypto coins. The broker GMT Crypto allegedly mentions in its terms and conditions section about Partner Communication LTD. The company mentioned claims to be regulated by Cyprus based financial body CySEC. When we fact-checked the broker’s claims, we found that the financial regulator CySEC does not regulate this broker. In addition to this, the United Kingdom’s local financial regulator Financial Conduct Authority has blacklisted GMT Crypto for conducting illegal brokerage in the country. Meanwhile, Belgian financial watchdog Financial Services and Markets Authority Red-Flagged this broker as well. So it is evident that the broker is unregulated and provides false information on its registry. Such scam brokers must be kept away for the safety of traders hard earned investments. Another worrying fact about GMT Crypto is it mentions several awards on its official website including Best Affiliate Program, Best forex broker and several others. We certainly do not the validity of GMT Crypto’s claims. Also, the initial investment at GMT Crypto is high compared to the market average, and the broker also refuses to share trading information. It is a clear cut sing of a scam broker. We urge our readers to do trading business with legit brokers who are regulated by financial institutes like FCA, UK; CySEC, Cyprus; FSMA, Belgium or AICS, Australia for the safety and security of investments. Also, in the time of the scam, these regulators help traders to recover investment at ease.
Is GMT Crypto scam or legit?
The broker is offshore based and falsely claims to be regulated. Many financial regulators have issued a scam warning against GMT Crypto. The initial investment is high, and the broker is non-informational. In our view, GMT Crypto is a potential cryptocurrency scam broker.