Gatebits appears to be an unregulated forex broker and may not be a reliable option. The lack of oversight from a governmental regulator is typically a red flag, and the clause preventing withdrawals of profits and making it difficult to cash out raises concerns. It is important to thoroughly research and choose a reputable and regulated broker to ensure the safety and security of your investments. Read this complete Gatebits review to know more about the TradeMax scam.
Address: St. Vincent and the Grenadines
Warning: Not recommended by review websites like Enverra Capital
Is Gatebits legit or a scam?
The company’s website fails to disclose its location of operation. Moreover, there is no mention of licensing or any evidence of regulatory compliance.
According to the agreement, the legal regulations between you and Gatebits will be determined by the laws of St. Vincent and the Grenadines. However, it is worth noting that St. Vincent is an offshore nation that has earned a reputation among forex traders for its lack of regulation over its FX markets.
Although it has some useful TA tools, it cannot compete with the industry-standard MetaTrader 5 when it comes to sophisticated automated trading. Offshore firms may have excellent software, but there is always a possibility that it has been manipulated to showcase trading activity that isn’t taking place.
This broker offers unfavorable trading conditions, with high leverage of up to 1:100 and spreads of 3 pips for FX majors. These conditions not only expose retail clients to high risks but also result in overpriced trading. This is because many companies limit their leverage to avoid causing undue margin calls, and they keep their spreads well under 1 pip to make trading more affordable for their clients.
Deposit and Withdrawal Methods
It has been reported that in order to make a deposit, customers must go through the broker’s customer service. This raises concerns, as it suggests that the company cannot ensure the safety of deposits. Regardless of the payment method Gatebits accepts, if you have made a deposit with them, consider seeking a chargeback if possible.
To begin trading with GateBits, a minimum deposit of $250 is required. The company permits deposits via debit/credit card, wire transfer, and bitcoin, as outlined in their policy. However, we were unable to confirm this information.
Upon attempting to make a deposit, we were directed to contact the brokerage. This suggests that GateBits may prefer clients to use cryptocurrency and may attempt to influence their choice of payment method.
GateBits Demo Account Unavailable: Try Risk-Free Alternatives with Legitimate Brokers Unfortunately, you cannot use a GateBits demo account to place trades, which means you will have to put your own money at risk to test the system. Reputable brokers usually offer risk-free accounts with reliable software such as MetaTrader. We suggest looking into these secure alternatives to protect your investments.
If you’ve lost money with GateBits broker, it’s crucial to act quickly and seek help from professionals who are experts in chargebacks and cryptocurrency recovery.
Our experienced team understands the intricacies of the process and can assist you in recovering your funds. We are experts in tracking and recovering lost or stolen cryptocurrency deposits.
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