Since South Africa is not considered quite a Tier1 regulatory zone, we’ve checked whether Global GT broker could be rated as good or not. Thanks to their offshore entity, the company can provide financial services internationally, so that this matter might be of interest to many.
Read our Global GT review and find out if your funds are safe with the broker or not.
|Regulated by:||FSCA, FSA|
|Blacklisted as a Scam by:||No Info|
|Owned by:||GT IO Markets (Pty) Ltd|
|Headquarters Country:||South Africa|
|Cryptocurrencies:||Yes – BTC, ETH, XRP|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Global GT Regulations and Security Details
Global GT is owned by GT IO Markets (Pty) Ltd from South Africa. The company holds FSCA regulation number 48896. Besides, the same brokerage also has an entity in Seychelles under the name 360 Degrees Markets Ltd, holding FSA regulation.
However, none of these regulations are reputable, so we searched a bit more to uncover the truth about Global GT and their scam. The brokerage itself stated it doesn’t belong under ESMA regulatory jurisdiction, the one that ensures your funds are kept in segregated accounts, so the broker cannot use your money to pay off their own debts. This puts a big question for Global GT operations.
Fund Withdrawal Issues
Since the broker has only Seychelles regulation outside of South Africa, it doesn’t give much of a guarantee that you will get your money back if you are scammed. The FSA doesn’t make brokers form any kind of compensation fund, so whatever money you decide to invest goes under your own risk. Therefore, we were not surprised to learn about Global GT withdrawal issues.
As per clients’ reviews, the broker is not easy to make money from. Once you invest, you have a chance to make a profit. However, when you ask for a payout, you’re risking seeing your account suspended.
Traders About Global GT Scam
Despite this broker’s desperate attempt to present itself as a reputable broker and write tons of fake reviews, you can still see some patterns if you really look. According to Trustpilot, all the clients have to say is that their withdrawals are too long or impossible. Then, the broker replies something about the bonus conditions that clients didn’t even know they agreed to once they accepted it.
It’s a common scam among illicit brokers – they will offer you a bonus without telling you that it will block your withdrawals for a certain period of time. Then you will be caught up trying to figure out what you need to do to get your money back, the time will pass, and you will just give up. And that’s precisely what Global GT hopes for.
If you experience something similar, contact us immediately.
How Does Online Trading Scam Work?
Depending on the brokerage, a scam might start from a contact via social media, some trading ads showing luxury life, etc. As you saw, many brokers, including Global GT, are using bonuses to lure clients and make sure they will not get a payout for at least a couple of months since the requirements are not reasonable.
Since the broker’s minimum deposit is $10, if you accept a bonus of $100 only, it’ll take you 3-4 months to release your money. Therefore, lots of people just give up.
Also, you may discover that your account is suspended once you are eligible for withdrawal and you can no longer access your funds.
Scammed by Global GT?
If you were scammed by Global GT, let us know. Our support department will book a free consultation with chargeback experts to guide you on filing a dispute immediately.
But what is a chargeback?
It’s a way for your bank to reverse the transaction if you can prove you were scammed. That’s why having professional assistance is of utmost importance. Contact us before it’s too late, and let’s get your money back!
What is Global GT?
As per our research, this is an online trading brokerage regulated in South Africa and Seychelles.
Is Global GT a scam?
Probably, Global GT is not a Tier 1 regulated broker and has no compensation funds for reimbursing clients.
Is Global GT regulated?
Yes, Global GT has regulations from South African FSCA and FSA from Seychelles.