Gulfbrokers

Gulf Brokers provides a MetaTrader 5 trading platform that allows you to trade from any device. The broker offers the following working conditions: minimum deposit – $500, a minimum lot – 0.01, floating spreads from 3 pips, leverage up to 1:500, market order execution, and account bonuses. There is no information on the types of trading accounts on the broker’s website. There is 24/5 technical support and a demo account. Also, the company provides insurance for the client’s money in case of an error or an unforeseen situation. A trader must go through the registration and account verification procedure to start working with a broker. To do this, you will need to provide copies of an identity document.

The essence of the project

The Gulf Brokers website offers brokerage services to individuals. But does he have the right to do so? We will talk about this now. The resource claims that Gulf Brokers Ltd owns the site. The organization is registered in Seychelles and located at Office 2, Suite C2, Orion Mall, Palm Street Avenue, Victoria, Mahe, Seychelles. A shopping center is located at the same address.

However, as practice shows, the address indicated in the registration means absolutely nothing for foreign companies. The company can indicate any address, for example, the law office with which it cooperates. The site claims Gulf Brokers is regulated by the Financial Service Authority and even licensed. But these data tell us little about the company.

First of all, because there is no way to check them, the fact is that offshore zones, like Seychelles, do not disclose the register of registered companies. This allows scammers to invent licenses for themselves out of the blue. The site’s domain name was registered in 2012. But at that time, there was no such company. The domain was immediately put up for sale.

It was redeemed at the end of 2017. Then this brokerage company appeared. It is impossible to know the exact date of registration of the company. The site does not provide such data. By the way, the license indicated on the site was issued in 2018. And in August of this year, the permit expires. It turns out that earlier, the company worked without a license. That is, in fact, illegal!

Gulf Brokers Ltd has a highly negative reputation and is considered a scammer. He steals money from clients and blocks accounts without explanation. Employees of the company do not seek to help the trader; their main task is to lure funds. After the most significant possible replenishment of the account, the consultant stops communicating. He can be rude to his client and block his account.

What should you pay attention to when evaluating?

If you go to the company’s website, you should pay special attention to the footer. For those who don’t know, a footer is a small piece of text at the bottom of a page that is usually written in small print and includes a part of short information. After reviewing the text, it is worth concluding that gulfbrokers philippines only perform intermediary functions for traders to enter various world exchanges. However, nothing will depend on the broker if a trader encounters difficulties. And support may not respond for months until your deposit is completely burned out.

Let’s take a simple example. If you didn’t know, many brokers prefer to operate on the market, but only on paper. How it works: the client replenishes the deposit by a certain amount and starts trading. The broker, in turn, pretends to perform operations, although, in reality, it is just a dummy. Thus, the client’s money is in the company’s turnover. In addition to everything, the client may be given falsified quotes, due to which the dealing center will earn on the price difference.

In addition, professional traders understand that Forex trading is associated with high risks, which is why most clients often lose their deposits in the early stages of trading. And instead of earning a percentage of the trade, many companies bypass the system, that is, buy when the client sells and serve when the client accepts, whereby the amount automatically becomes the broker’s property.

The essence of the scam

Brokerage houses such as Gulf Brokers should not be trusted. First of all, because you will not be able to demand a refund from them. In addition, their activities in your country may be illegal. In this case, you will not be able to sue them. In general, you can sue them only in the Seychelles, where, supposedly, the company is registered.

It should be noted that the site has a client agreement which states in black and white that the company is not responsible for: “any loss resulting from the actions of Gulf Brokers Ltd.” (c) They say that they can do whatever they want. And if you lose your money, they are not to blame. And how to work with such a broker office?