GLE Markets Review: Reasons You Should Not Trust This Broker
In today’s spotlight, we are dealing with a potential broker scam, GLE Markets. We advise traders to be very cautious about investing with this shady brokerage firm since it has all the hallmarks of cyber fraud.
First, it states that it is a UK-based broker but with no evidence. Also, it doesn’t comply with the strict UK regulations on forex brokers since it lacks a must-have FCA license.
Considering that, it can’t be relied upon. So, continue reading our GLE markets review to find out the reasons why you should not trust this broker.
Contrariwise, you should avoid doing business with suspicious brokers such as Nerostrade, Ranytrade, and Profitly Trade.
|Minimum Deposit||300 USD|
License for GLE Markets and Security of Funds
We already mentioned that the GLE Markets broker is headquartered in the UK; however, after checking the UK Companies House, there are no details about this company, indicating that it is an unregistered entity (so typical of scam brokers).
Further, suppose it is a UK-based broker, in that case, it must be authorized by the British financial market regulator (FCA—Financial Conduct Authority) to provide services legally. However, the FCA registry doesn’t contain any info about GLE Markets, implying that it is an unlicensed brokerage firm.
Being an anonymous and unauthorized business in a heavily regulated industry is a clear warning sign. GLE Markets can be involved in fraudulent trading activities without consequences. That is why this phony broker carries significant risks.
Trading Platform Available at GLE Markets
Trading with an untrustworthy forex provider doesn’t make much sense since you don’t know what to expect. Unlicensed brokers don’t abide by any laws, and no one supervises and vouches for them. Likewise, any promises by these kinds of companies should be taken with a pinch of salt.
Thus, we are very suspicious of GLE Markets’ offer of advanced trading platforms, especially when it is based on unproven statements (it is impossible to access so-called cutting-edge programs).
Despite GLE Markets professing that it provides MetaTrader 4 (MT4) and MetaTrader (MT5), it is fabricated to draw people’s attention since these platforms are considered one of the best but certainly not available at GLE Markets.
Options for Deposit/Withdrawal
When it comes to methods for deposits and withdrawals, GLE Markets reportedly accepts credit/deposit cards and bank wire transfers.
Although these two means of payment are the most secure since chargebacks are possible with them, it is dubious if they are really available at GLE Markets. Obviously, it is because this unscrupulous broker doesn’t want to allow victims to reverse deposits.
It is more likely that GLE Markets supports only crypto wallets since crypto payments are difficult to track back and undo. That is why this method is preferred by fraudsters. In addition, the minimum required deposit at GLE Markets is 300 USD, which is a needless risk because you can start trading with a credible online financial trading company for as little as 10 USD.
GLE Markets Offers Bonuses and Promotions
Another characteristic of a fraudulent broker is the offer of bonuses that are prohibited in many jurisdictions, especially in the UK. Despite this fact, as an allegedly UK broker, GLE Markets entices traders with generous rewards and promotions.
For instance, if you deposit money here, you get a welcome bonus that depends on an account type/deposit amount (ranging from 10-100%). Likewise, there is a referral bonus, e.g.,
if your friends also invest with this broker, you get up to a 100% bonus. However, all bonuses come with preconditions and can’t be withdrawn.
How the Scam Is Executed
In order to avoid the GLE Markets scam, you must understand how it works. Like any other trading scam, it takes advantage of unsuspecting victims believing that they are investing with a valid brokerage firm.
This financial swindler pretends to be a safe business; however, that is not possible to ensure it without being regulated, licensed, registered, and transparent. Thereby, there are no money withdrawal guarantees since this kind of illicit broker operates on its own.
If you take the bait, you won’t see your money again. Although chargebacks are possible with secure transactions (it is questionable if this fraud uses them), it is far safer to take precautions (better safe than sorry)—which means that you should avoid trading at GLE Markets at any cost.
Forex Brokers Suggestions
It is a way better to trade safely and successfully with the following reliable forex providers that, unlike negative GLE Markets reviews, enjoy a great reputation.
That is not by chance but because of their outstanding services including state-of-the-art trading platforms, a range of tradable assets, transparent fees, and beneficiary terms of exchange.
Not only that, each of these options is good both for beginners and experienced traders due to offering a lot of learning materials and professional customer service.
In terms of regulation, these brokers are regulated by some of the most respected financial market authorities such as the British FCA, Cyprus CySEC, and Australian ASIC. That means your funds are protected, and you are covered by indemnification programs (e.g., ASIC compensates for up to 100,000 AUD). In a nutshell, everything you can possibly want from a broker, they have.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
GLE Markets Summary
In conclusion regarding the broker review, we just want to give the crucial facts about why you should reconsider trading with bogus brokerage firms like this one.
It is reportedly registered in the UK but no proof of it. Even if it is, it still violates UK law since it isn’t licensed under the British FCA. Other than this, GLE Markets offers bonuses (banned in the UK) and 1:500 leverage (restricted to 1:30 in the UK).
By doing so, it is just a matter of time before FCA will blacklist this dishonest scam broker. Also, GLE Markets deceives people by falsely promising advanced platforms (MT4, MT5).
Lastly, trade only with companies you are 100% sure are safe. If you need assistance with any related issue, contact our company.
FAQs About GLE Markets Broker
Is My Money Safe with GLE Markets?
It can’t be safe since this broker operates without regulations, credentials, and insurance.
Is GLE Markets a Regulated Broker?
Although it is supposedly a UK-based broker, it lacks the necessary license.
What Is The GLE Markets Minimum Deposit Amount?
It is 300 USD, which is higher than what legitimate businesses require, e.g., 5-10 USD.