GP Finance Review: Do Not Deal With This Scam Broker
GP finance review will show how deceiving can a legitimate-looking website be. At first glance, this trading company may seem alright. But the first reason why you should be aware is their location – Saint Vincent and Grenadines. This country is known as a scam paradise.
GP Finance offers a variety of financial instruments like forex, commodities, indices, shares, NFTs, and crypto. There is just no way that doing so is worth it with the wide spread of GP Finance. The leverage of the broker is also wildly unsafe and its trading software leaves a lot to be desired.
|Address||Saint Vincent and Grenadines|
GP Finance Regulation and Fund Security
GP Finance doesn’t provide any sort of contact information on its website. You can find the broker’s email but that is about it. No phone number, information about the owner, or license number was provided. This makes this trading company an anonymous enterprise. You would only be able to reach the broker when it is convenient for them.
No legitimate company would keep this essential data hidden. You should at least be able to find what kind of licenses it holds. A credible firm’s interest is to keep everything transparent. That’s what makes them look trustworthy. But GP Finance doesn’t seem legit.
As we’ve mentioned earlier, they are located in Saint Vincent and Grenadines. St. Vincent and the Grenadines is one of the most infamous places in the Forex world. If you are wondering what’s the issue with this fact, here are some answers.
The Forex market isn’t regulated in this Caribbean country at all. Its government has made that clear on multiple occasions. That allows many dangerous scammers to set up there and do what they please. Of course, dealing with unlicensed firms is dangerous, no matter the particular scam haven they might come from.
Focus on doing business with regulated companies and you shouldn’t worry about these things.
GP Finance Trading Software Overview
GP Finance claims to provide MetaTrader, even though it doesn’t specify which MT it offers. However, once you open the account you will get nothing similar. The broker only provides access to a web-based trading platform that can hardly be compared to either MT4 or MT5. These over-simplified platforms are common for fraudsters.
Metatrader is a kind of software that connects to different trading platforms and allows you to trade in them through a computer or smartphone. The first thing you should know about Metatrader is that it is free and lightweight software, which you can download directly from its official website.
This allows you to perform operations quickly, which is a great advantage when operating in volatile markets. You need to be able to take action swiftly.
MetaTrader 4 is the most popular online trading platform used by Forex traders. It was released in 2005, giving millions of users easy access to the financial markets. Although MT4 was specifically built for Forex trading, the platform can also be used to trade other assets such as stocks, indices, and commodities via CFDs.
Both beginners and experienced traders appreciate MT4 because it is multi-functional, user-friendly, and allows users to customize the interface to their needs. It also offers advanced trading tools that allow traders to implement their favorite strategies.
MetaTrader 5 is a multi-asset trading platform that enables you to trade stocks, forex, and futures. It offers advanced tools for price analysis, algorithmic, and copy trading. Launched in 2010, five years after the launch of MetaTrader 4, MT5 is considered more improved and diverse with better charting, exclusive indicators, and its widespread ability to trade over 500+ markets.
Deposits and Withdrawals Procedure
The firm accepts crypto deposits and credit card payments. If you deposited the funds with a credit card you can seek a chargeback. Unfortunately, that’s not possible with crypto payments.
GP Finance asks for a high minimum deposit of $250. This is much higher than what legit brokers ask for. However, there is a huge added price – the spread the broker offers is as high as 3 pips on EUR/USD. This means that for every lot you trade, you would have to pay $30 to the broker.
This is an unreasonably high price because most legitimate brokers try to keep their spread around 1.5 pips. The leverage we found ourselves trading with was 1:100 on forex majors.
This kind of high leverage could lead to significant losses. That is why every legitimate broker would allow you to choose your leverage yourself. That’s yet another sign that GP Finance is a shady business.
How Is Fraud Carried Out?
All scam brokers have the same technique. They target inexperienced people and sell them the story of making a fortune overnight. They usually promise some bonuses that are tied up to minimum trading volume requirements.
First, they ask their customers to deposit some funds. But be careful. These dishonest people are always pushing you to invest more and more money. Justifying it with bigger returns.
Of course, there are no returns, since your money never gets to the market. As soon as you place the trade, they will tell you that the direction of the market reversed, and not in your favor. This means your money is lost for good.
GP Finance Summary
GP Finance is offshore investment fraud. You can’t find license data or any contact number on their website. They are unregulated, which they are trying to hide with a decent-looking website. However, you shouldn’t be fooled by this.
GP Finance asks for a high minimum deposit amount without even having a real platform. Investing in them is testing your luck.
FAQs About GP Finance Broker
How Secure is the GP Finance Trading Platform?
GP Finance offers some mistrustful web-based platforms. It’s far from the MetaTrader software they claim to be offering.
Does GP Finance offer a Demo Account?
GP Finance doesn’t offer a demo account. Scam brokers rarely offer these kinds of accounts.
Are Payouts Subject to Taxes at GP Finance?
GP Finances allegedly doesn’t charge these kinds of fees.