The OrbitGTM Review Has All the Answers You Need Regarding This Broker
Is OrbitGTM a trading scam? All the signs are there but we owe you an explanation of how this scam works.
Allegedly an offshore brokerage, OrbitGTM used a cunning facade to mask its true intentions. It did not stop us from exposing this scam in our OrbitGTM Review. Please read our text to learn why trading with this provider is risky!
|Broker status:||Offshore Broker|
|Regulated by:||No Regulation|
|Blacklisted as a Scam by:||FINMA, FSMA, CONSOB, FI (Norway), FI (Sweden), CNMV, Bank of Russia, AFM|
|Owned by:||Aurora Solutions LTD|
|Headquarters Country:||Commonwealth of Dominica|
|Cryptocurrencies:||Yes – BTC, ETH, XPR…|
|Types of Assets:||Forex, Indices, Commodities, Stocks, Crypto, Bonds|
|Free Demo Account:||No|
|Accepts US clients:||No|
Is OrbitGTM a Scam Trading Company?
OrbitGTM’s website states that this broker is run by an offshore company Aurora Solutions LTD, based in the offshore domain of the Commonwealth of Dominica.
However, we checked the database of Dominica’s FSU to verify OrbitGTM’s regulation but did not find such an entity. It means that OrbitGTM lied is unregulated.
OrbitGTM boasts a fake regulation – this broker is a member of the Crypto Conduct Authority. Yet, this dubious body has absolutely no credibility in the world of regulators.
Please avoid unregulated brokers such as OrbitGTM and Hota Crypto. Instead, find a licensed provider that operates under the jurisdiction of reputable financial market authorities such as the FCA (UK), CFTC (US), CONSOB (Italy), CySEC (Cyprus), FINMA (Switzerland), etc.
Onshore brokers have to possess significantly higher operating capital (i.g. 730,000 EUR in Europe). Also, they provide clients with negative balance protection, segregated funds, and even compensation (up to 20,000 EUR).
OrbitGTM Reviews and Comments
OrbitGTM reviews are vastly negative. There are many complaints against the broker on the trading forums. Clients had headaches due to withdrawal issues. Please heed these warnings and avoid this broker.
Try to make a withdrawal of a representative amount available, supposedly in a few seconds to kraken while your account is in a fully verified status, you will not succeed…– PersonalReviews user, January 13, 2022.
How they get away with this deceit is alarming I was almost gotten the better of after investing with them, they refused letting me withdraw insisting that I pay some taxes before I can withdraw which I did pay for fear of losing my funds but they still refuse letting me withdraw…– Sitejabber user, December 14, 2022.
Where Does the Broker Operate? – Countries of Service
It seems that OrbitGTM is particularly interested in scamming traders from Europe. This financial swindler’s victims reside mainly in Scandinavia and Western Europe:
All of these countries fall under one domain, i.e. jurisdiction – the European Securities and Markets Authority (ESMA).
OrbitGTM is not compliant with ESMA’s regulation, which means this broker has no right to provide services in these countries. Fortunately, many European regulators have issued warnings against OrbitGTM.
Warnings Against OrbitGTM
Speaking of warnings, we found several against OrbitGTM. It seems that this broker is not welcome in Europe at all.
As many as eight European financial market regulators have put OrbitGTM on their blacklists. These regulators include the Swiss FINMA, Belgian FSMA, Italian CONSOB, Norwegian FI, Swedish FI, Spanish CNMV, Dutch AFM, and the Bank of Russia.
No license, many complaints, blacklisted, do you need any more proof that OrbitGTM is a scam?
How Does the OrbitGTM Scam Work?
The usual method – make traders deposit as much as possible and then embezzle the money. When traders realize that something is off, it is already too late, the money is probably gone.
Withdrawal issues are inevitable with OrbitGTM and similar scammers such as TraderMinds. These fraudsters also demand that traders pay a fee upfront before performing their withdrawal, which is illegal to do.
OrbitGTM’s Products and Services
OrbitGTM offers a web-based trading platform. Since this platform is online, it can be accessed via both PC and mobile phones.
WebTrader is an oversimplified trading platform with limited features. Aside from some basic charts and graphs, there’s not much else. OrbitGTM does not support proper third-party software such as MT4, MT5 or cTrader.
Nevertheless, the trading platform includes popular trading assets such as Forex currency pairs, CFDs on popular assets such as indices, commodities and stocks, and digital assets, i.e. cryptocurrencies. OrbitGTM also promises bond trading.
While the offer may seem lucrative, do not forget that you’re dealing with an unregulated scammer blacklisted across Europe.
Choice Of Trading Accounts
Let’s make an overview of OrbitGTM’s trading account types:
- Bronze – 250 $;
- Silver – 10,000 $;
- Gold – 50,000 $;
- Platinum – 100,000 $;
- Diamond – 250,000 $;
- VIP – 500,000 $.
As you can see, these accounts are quite expensive. Even 250 $ is too much to risk here. The odd thing about OrbitGTM is the max leverage offered.
Namely, the broker’s cap is at 1:7, which is really low. Offshore brokers usually offer significantly high leverage that’s otherwise unavailable onshore. But 1:7 is really low for trading currency pairs or commodities. Spreads and commissions were not disclosed.
Is It Possible to Withdraw Profit From My OrbitGTM Account?
Judging by the complaints we posted, withdrawals are impossible. To make matters worse, OrbitGTM demands you pay an illegal fee, probably a high one at that, in order to perform your withdrawal request.
OrbitGTM’s payment methods include credit/debit cards and wire transfers. The good thing about these methods is that transactions can be reversed, but only if you act quickly.
I Am a Victim Of OrbitGTM Scam, What Should I Do?
If you have evidence that OrbitGTM violated any terms and conditions, please let us know. We will gladly report this scammer to the authorities.
Hopefully, with joint efforts, we can bring down this terrible trading scheme. If you need help getting your money back, book a free consultation with us and learn all about the chargeback procedure.
Book consultations today!
What Is OrbitGTM?
OrbitGTM is a fraudulent FX and CFD broker that claims to be based in the offshore domain of the Commonwealth of Dominica.
Is OrbitGTM a Regulated Broker?
No. OrbitGTM is actually blacklisted by eight European regulators.
Does OrbitGTM Have a Mobile Trading App?
Yes. Although OrbitGTM’s trading platform is web-based, the broker still included a mobile app for Android and iOS.
Does OrbitGTM Offer a Demo Account?
No. OrbitGTM did not include a risk-free demo account.