GainGround Review: More Details About The Forex Trading Scam

At the time of this writing, this broker’s website was unavailable, i.e. shut down. This is most likely a consequence of the regulatory warnings recently issued by the FCA and CBR against the platform.

Although the site is down, it does not mean that the fraudulent provider will not reemerge in a different form, which is why you should read our GainGround Review and learn how to identify online trading scams. Find out how to recover funds from such schemes.

Is GainGround Regulated?

This cyber con artist was exposed by the UK’s Financial Conduct Authority (FCA) on October 2, 2023. The reputable regulator issued a warning against the platform, which most likely resulted in the bogus website getting shut down.

The FCA states that the “firm is not authorised by us and is targeting people in the UK.” In case you trade on an unregulated platform, you won’t be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong, meaning you won’t get compensated if the firm goes out of business.

In addition to the UK regulator, the Bank of Russia (CBR) also blacklisted GainGround for violating regulatory rules. When financial market watchdogs put a certain platform on their warning lists, as was the case with Oro Markets, know that it is a scam.  

If you want a reliable trading platform, we suggest you find a brokerage firm that legally operates under the supervision of renowned financial market authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), MAS (Singapore), IIROC (Canada), FINMA (Switzerland), etc.

Why Financial Market Regulations Matter

In order to obtain a regulatory license in renowned jurisdictions, brokerage companies need to meet certain requirements. Firstly, a firm doing business in the European Economic Area or the UK must maintain a minimum operating capital of 730,000 EUR/GBP.

Furthermore, its clients must receive negative balance protection, a segregated bank account in a top-tier bank, a safe leverage cap (1:30), and a compensation scheme contract (up to 20,000 EUR or 85,000 GBP). 

Trader Reviews – Sharing Experiences

What do traders think about this platform? On trustpilot.com, GainGround received 27 reviews and an average score of 3.7 (average). However, Trustpilot says it “removed a number of fake reviews for this company,” which is a huge blow to the shady broker’s reputation.

Several traders expressed their frustration that stemmed from withdrawal issues. One user cited issues with the GainGround login page. Another stated that the trickster “wanted me to download and install Anydesk which is app to control your screen.” 

AnyDesk is a useful app that allows one user to view the PC of another. As such, it can easily be manipulated and used for no good. It is crucial to not allow fraudulent platforms such as GainGround or PolaxGroup to gain access to your desktop.

If you need help getting your money back, we offer our services.

Who Were the Fraudster’s Targets?

According to godaddy.com/whois, the Gainground.live website domain was created on February 2, 2023. Since then up until it got shut down, the financial swindler has primarily been targeting unsuspecting traders who reside in the following countries:

• United Kingdom;
• Japan;
• Latvia;
• Poland;
• Germany.

The webparanoid.com page shows that GainGround’s website received an embarrassingly low trust score. Illicitly providing services to UK traders resulted in the platform getting flagged as a scam by the FCA and ultimately vanishing from the Internet.  

Which Trading Platform Is Available?

GainGround used to offer a web-based trading platform with limited features and tools. It supported basic charts, graphs, and indicators, but none of the advanced options such as automated trading or multiple timeframes.

In general, online trading terminals are not up to par with credible and well-known software that can actually facilitate and enhance trading. 

If you’re looking to improve your trading experience and make the whole process enjoyable, you should definitely find a licensed broker that supports recognized third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.

Available Account Types

Leverage, Spreads, Commissions

GainGround offers different levels of leverage depending on the account type, with a maximum leverage of up to 1:2000. However, it’s important to note that while high leverage can amplify potential profits, it also significantly increases the risk of substantial losses.

Commissions were not disclosed. In terms of spreads, the provider promised competitive spreads, with examples such as 0.3 pips on EUR/USD, 1.4 pips on GBP/USD, and 1.1 pips on USD/JPY. 

But, as previously mentioned, it’s crucial to consider other factors such as the broker’s legitimacy and regulatory status when evaluating trading conditions.

Deposit and Withdrawal Process

GainGround accepts payments via credit/debit cards only. Hence, a chargeback is the most likely solution to get a refund. Since the website was down, deposit and withdrawal fees remain unknown.

Nevertheless, if you deposited funds via MasterCard and VISA credit/debit cards, you can request a chargeback. It can be done at the issuing bank within 540 days of the transaction. We can guide you through the process but first, you must book a consultation with us.

What Should I Do If I Have Issues With GainGround? 

To sum up, GainGround is an anonymous Forex trading scam that was recently exposed by the FCA and CBR. The main targets of this fraud were traders from the UK, Germany, Latvia, Poland, and Japan.

We stressed the importance of regulations and why it is better to trade under jurisdictions where Tier 1 financial market watchdogs operate. It’s imperative that you avoid unregulated platforms such as Ascending Bull.  

If you cannot withdraw your funds from GainGround, please book a free consultation with Scam Brokers Reviews. We have a team of skillful professionals who can assist you with the chargeback procedure and expressly get your money back.

Book your free consultation today and start the chargeback process.

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