GSL Markets Review – Don’t Let Gslmarkets.com Fool You
In the GSL Markets Review, you’ll learn the truth about this malevolent cyber fraud that’s nowhere near a transparent and reliable brokerage.
A vague website that lacks key information about this business indicated that we were dealing with a scammer. After some more digging, we found evidence and warnings to support that claim.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FMA, CNMV, FSMA|
|Owned by:||Fizaliya EOOD|
|Minimum Deposit:||250 USD|
|Cryptocurrencies:||Yes – BTC, ETH, BNB…|
|Types of Assets:||Forex, Crypto, Indices, Commodities, Shares|
|Free Demo Account:||Unavailable|
|Accepts US clients:||Yes|
Is GSL Markets a Scam Forex and CFD Broker?
Without a doubt. At first, we were unsure where this broker came from but later found that the answer is Bulgaria. Yet, the Bulgarian financial market regulator – the FSC, has nothing on GSL Markets in its database.
Therefore, this alleged broker is not licensed to provide services. If that isn’t enough, we also found several warnings against GSL Markets.
GSL Markets is an anonymous scam broker that allegedly offers Forex, crypto and CFD trading. This investment scam is aimed at traders from Austria, Australia, Switzerland, Norway, Ireland and the US.
Arguments For Trading With a Licensed Broker
If you’re looking for a decent European broker, know that providers from the EEA zone have to abide by strict rules and met certain conditions set forth by the main regulator ESMA in order to operate.
A European-based broker should possess a minimum operating capital of 730,000 EUR, provide clients with a segregated account, leverage restriction (1:30) & negative balance protection, including a compensation scheme worth up to 20,000 EUR and transaction reporting.
Warnings from Financial Regulators
This is the final nail in GSL Markets’ coffin. Namely, we found three warnings issued against the phony broker. The Austrian FMA, Belgium FSMA and Spanish CNMV all put GSL Markets on their blacklists.
This should be enough to deter you from trusting this fraudster. Check out the warnings, especially the one from FMA for the nasty details about the scam:
Customer Reviews of GSL Markets
After reading the warnings, we decided to hop over to Trustpilot and see what traders had to say about GSL Markets. Unfortunately, there were some awful experiences with this broker.
At the time of this writing, the shady broker had a total of 30 reviews with an average score of 2.1 (poor). The page is full of scorning comments similar to this one:
Had the service for over a year and half. All my money was gone within a week, and I am not doing anything that should is illegal. Found out it’s the CEO that is fraud…Trustpilot user, December 20, 2022.
Overview of GSL Markets’ Trading Platform
Meta Trader 5. Yes, the famously renowned trading platform and the beloved choice of the most experienced traders. It’s truly cutting-edge software that enables algorithmic trading, branch optimization, API integrations and more advanced tools.
However, there’s a huge problem with the version that GSL Markets provides. The software actually belongs to Stockton Ltd, a controversial Bulgarian company that rents platforms to traders. This MT5 isn’t legit.
What Financial Instruments Does GSL Markets Include?
Let’s take a look at the trading offer. According to the website, GSL Markets offers the following instruments:
- Forex pairs – EUR/USD, GBP/JPY, AUD/CAD…
- Indices – IBEX35, NIKKEI225, DOW30…
- Commodities – silver, gold, crude oil…
- Shares – Tesla, Netflix, Google…
- Crypto assets – BTC, BNB, ETH…
We have to say it’s quite a nice list. But, after everything that’s been said about GSL Markets, we wouldn’t trust this fraudulent broker.
Areas Of GSL Markets’ Scam
It’s important to outline where this fraudster engages in its illicit activities. It seems that GSL Markets is quite busy targeting traders from various countries:
- The US.
It’s important to put as many regulators on alert as possible. Only one from the list has issued a warning against GSL Markets. We could use all the info we get here.
GSL Markets And The Types Of Accounts Offered
Here’s a quick overview of the account types that GSL Markets offers:
- Bronze – 10,000 $;
- Silver – 20,000 $;
- Gold – 50,000 $;
- Premium – $100,000;
- Platinum – 250,000 $.
The minimum deposit requirements listed above are atrociously high. It’s insane that you need 10,000 $ to open a live account.
The leverage caps at 1:500, which is illegal and absurdly higher than the restriction (1:30). As for the spreads, GSL Markets claims to offer 0.1 pips but didn’t disclose commissions.
GSL Markets’ Deposit and Withdrawal Policies
GSL Markets wasn’t so clear in terms of withdrawals. This implies that there won’t be any withdrawals made. The minimum deposit is 250 $. Once the fraudster gets that money, it will probably cease all communications.
The deposit methods include credit/debit cards and wire transfers. The former has a 5% withdrawal fee attached.
GSL Markets’ Deposit Bonuses
Here’s where it gets tricky. GSL Markets included a 100% welcome bonus. However, it’s not rainbows and butterflies as the scammer put it. There’s a clause that requires you to trade up to an insane volume (100,000 $) to be able to withdraw funds. That way, GSL Markets prevents you from getting your money.
GSL Markets’ Terms and Conditions
The whole T&C section is one big lie. Given GSL Markets’ illicit status, there are no AML and KYC policies active. There’s also no regulation or jurisdiction. Just remember that there are warnings against this fake broker.
GSL Markets Broker Scammed You? – Please Tell Us Your Story
If you’re among those who’ve been defrauded by GSL Markets, we feel for you. That’s why we want to help you.
There are ways of getting a refund. Here, we’ll describe them briefly but if you need further help, don’t hesitate to give us a call.
What Is the Chargeback Procedure?
- Credit/debit card transactions can be reversed via chargeback.
- This process should be requested at the issuing bank within 540 days.
- Wire transfers can be reversed with a recall.
- If the transaction is complete, the recall will not be possible.
If this broker steals your money, you can contact us for help!
What Is GSL Markets?
This is an outrageous investment scam on the Internet. Don’t trust this phony broker.
Is GSL Markets a Scam Broker?
Of course. The broker is unlicensed and has been blacklisted by three renowned regulators.
Is GSL Markets Available in the United States or the UK?
Yes. Traders from both the US and the UK can open accounts with GSL Markets.
Does GSL Markets Offer a Demo Account?
No. There’s no demo account available. In fact, there’s no “Sign Up” option, only “Log In”.