GSTrade Review: Possible Market Manipulation, Be Wary
GSTrade Review: Possible Market Manipulation, Be Wary

GSTrade exchange allows trading of its native token, G999, against other cryptocurrencies. The company claims to have brought revolution in blockchain technology.

However, there are some concerning aspects of the business. They will be elaborated on in our unbiased GSTrade review.

Regulated by:AIFC
Blacklisted as a Scam by:ASC
Owner:GSB Gold Standard Pay Ltd
Headquarters Country:Kazakhstan
Foundation year:2020
Supported Platforms:Proprietary platform
Minimum Deposit:N/A
Types of Assets:Cryptocurrencies
Maximum Leverage:N/A
Free Demo Account:No
Accepts US clients:Yes

Is GSTrade a Regulated Crypto Exchange?

GSTrade is owned by GSB Gold Standard Pay Ltd, registered in Kazakhstan. The company is on the register of the Ministry of Economy and has received accreditation from the Agency for Regulation and Development of the Financial Market to provide payment processing, foreign exchange, and cryptocurrency services. Simply put, it has a regulation by AIFC.

In addition, the company has a branch in Sweden, registered as GSB Gold Standard Pay KB. This one should serve as digital crypto storage and is registered with the Stockholm Country Administrative Board. However, this branch has no authorization to provide financial services as it’s not authorized by the Swedish FI.

Therefore, the only approval comes from Kazakhstan and applies to the countries accepting this license in their legal jurisdiction. The owner, Josif Heit, claims that by investing in the native token, customers can multiply their investment in the future when the coin gains market value. However, the highest price was back in July 2022, at $0.0075 per token. After that, we saw no more considerable oscillations, with the current value of $0.0041 at the time of writing.

Warnings Issued by Financial Authorities

It seems that the exchange has tried providing services where it’s not authorized to do so. Namely, the Canadian province regulator, Alberta Securities Commission, issued a warning against GSTrade and the domain 

According to the notice, this website has no approval to engage in activities requiring a license, such as trading in securities. This is quite concerning as it means the company is stepping out of its legal scope.

Where Does the Exchange Operate? – Countries Of Service

GSTrade registered its website in the GoDaddy WHOIS database in October 2020. Since then, it has operated worldwide, despite the limitations of its license. According to the traffic report, the majority of customers come from the following countries:

  • South Africa,
  • US,
  • Canada,
  • Japan,
  • UK.

As you can tell, Canadian regulators are already issuing warnings. Let’s see who will be next. Your story can help us warn others about GSTrade.

GSTrade Trading Platforms Choice

GSTrade, a.k.a. Gold Standard Trade, is pretty vague about its platform. They claim that the platform consists of “an e-wallet, crypto exchange, and a native token.” However, they don’t specify the kind of platform. And without a Demo account, we cannot discover it.

There are no desktop or mobile links, so we will assume it’s some kind of a browser-based proprietary platform. Whatever it is, it offers less security and fewer features compared to the well-known MT4, MT5, and cTrader.

Trading Assets On Offer

As explained, GSTrade is a platform offering exclusive access to trading native tokens, G999, against other coins. You can trade most against major digital tokens, such as BTC, ETH, USDT, and LYS. Besides, you can trade other pairs, such as:

  • BTC/ETH,
  • GRT/ETH, etc.

According to the website, the trade commission is 0.2% on all coins. As per leverage and other commissions, they’re not clearly specified.

Note that the G999 token has been classified as an MLM scheme. Apparently, G999 runs on its own blockchain, developed by the company. You can choose to have a dedicated crypto card connected to your wallet to store the coins and spend them. Considering that the owner is selling tokenized real estate, we wouldn’t be surprised if G999 is part of the lure.

Account Membership Types

The company offers different rewards based on your account membership type.

  • 1.75%/year – no membership
  • 3.5%/year – basic advantage membership
  • 5.0%/year – premier advantage membership

Allegedly, you’re receiving rewards in your personal wallet for every 10080 blocks. This part resembles MLM, which is why the token is under suspicion.

There is no clear explanation on how to upgrade, except that you need to exchange a voucher. Additionally, there are no minimum deposits specified for any accounts.

Can I Use a Risk-Free Demo Account?

There’s no risk-free Demo account with GSTrade exchange. Instead, you will have to deposit immediately without knowing how much. Presumably, once you register and supply the company with all your personal information, you will gain knowledge about deposits.

We can only advise you to work with reputable exchanges, preferably holding a license in your legal jurisdiction. This is the only way to ensure that your money is safe.

GSTrade Withdrawal Options

According to the FAQ, you can only withdraw funds using crypto. You have to log in to your account, choose crypto and paste your wallet address for a withdrawal. Then, the money should be transferred.

This is quite unfavorable, as it implies that you ought to have another exchange where you’d be able to convert your crypto to fiat currency and transfer it to your bank account. Additionally, crypto transactions are less secure because they’re not subject to a chargeback.

When transferring funds to unverified merchants, we always advise using your credit card. That way, you can submit a dispute with your bank in case of potential withdrawal issues.

What Should I Do If I Have a Problem With GSTrade?

Let us know if you’re experiencing any issues with your GSTrade account or a withdrawal. Our chargeback experts and CipherTrace crypto analysts will evaluate your case during a free consultation.

Don’t give up on your money. Get in touch now!

What Is GSTrade?

GSTrade is a crypto exchange regulated in Kazakhstan as FSP.

Does GSTrade Offer a Demo Account?

No, GSTrade doesn’t offer its clients a risk-free Demo account.

What Platforms Does GSTrade Offer?

It’s unclear what kind of proprietary software GSTrade offers to its customers.


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