GXCM Review: A Closer Look at Their Services
GXCM is an anonymous brokerage in an unknown country, trying to present itself as a trustworthy company. Yet, if you’ve ever heard about online trading, you’ve heard that your broker must be regulated. Therefore, we’ve checked everything in regards to the GXCM broker for our review.
Let’s start and see if you could be scammed by GXCM!
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||FCA|
|Owned by:||GXCM Ltd|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
GXCM Regulations and Security
GXCM is a brand allegedly owned by GXCM Ltd. Yet, it’s not uncommon for unregulated brokers to add a fake company name and use their brand name with an LLC or LTD suffix. We’ve tried to find GXCM Ltd in a couple of offshore registers, such as GLOFSA, FSC, FSA. Also, we’ve checked Tier1 regulators – FCA, ASIC, BaFin, and found nothing.
Therefore, we’re not sure if the company exists and who’s behind the GXCM scam. Beware, you will get involved with an illicit operation and do not accept any offers.
GXCM Warnings From Financial Regulators
GXCM, as an illegal operation, came to the FCA blacklist thanks to numerous warnings against the brokerage. According to the FCA, everyone involved with GXCM will have difficulty being reimbursed since they are not entitled to the FSCS compensation fund.
However, all of the defrauded clients should report a scam immediately and get their money back alternatively.
Fund Withdrawal Issues
GXCM brokerage changed its website domain since they defrauded too many clients. Along with this change, many clients stayed with no access to their old accounts and money. Of course, this is the number one complaint in any GXCM review you will see. However, new clients in the new domain didn’t get any better treatment.
Similar stories about withdrawal issues can be heard up until now. You can invest money, but once you submit a withdrawal request, it will be declined — another reason not to start investing with this broker.
Checking eminent review websites such as Trustpilot, we’ve discovered that the broker is rated as poor. Clients report numerous issues, from withdrawals to bad trading platforms and fake profits the broker adds, to lure you to invest more money. Here are just one of the examples:
shocking stay away…the take your money and do not return…if you don’t believe me go ahead and invest a small sum of money and then attempt to withdraw….I will be taking legal action
These are master manipulators and experts at lying to you. They will convince you it is a normal process to withdraw funds and 6 months later still no funds in your account.
How Does Online Trading Scam Work?
Online trading scams start with an ad showing incredible amounts of money made overnight. The problem occurs when you understand that you need to invest a vast amount to make such an amount. And that’s something nobody will tell you. Once you add money, if you’re dealing with a scam such as GXCM, you won’t be able to withdraw anything. The broker will show some profits on the web trader, but all that money will simply be wiped out when you ask for a payout.
Scammed by GXCM?
If you were scammed by GXCM, let us know. Our support department will book a free consultation regarding the chargeback procedure.
But what is a chargeback?
This is a way for your bank to reverse the transaction and get your money back if you were scammed. So why do you need assistance? Because the process requires evidence submission, it’s always better to do it professionally. Get in touch now and let’s get your money back.
What is GXCM?
GXCM is an online trading brokerage without regulations and official headquarters listed.
Is GXCM a scam?
This is a fraudulent broker that doesn’t hold any financial license or regulation.
Is GXCM regulated?
Broker is not regulated and provides financial services illegally.