GMT Crypto Review
The cryptocurrencies brokerage provider GMT Crypto claims to be operational from the United Kingdom. The broker offers 5 variations of trading accounts that are sufficient for every trader’s trading style. The official website of GMT Crypto only displays account names and minimum deposit required. The information on maximum leverages and spreads provided is missing. Also, we could not find relatable information about the trading platform provided. Nevertheless, the broker falsely claims to be regulated. In this GMT Crypto review, we will share the necessary information you need to know before investing in this broker.
About GMT Crypto:
To derive a unique and unbiased review, we shall discuss all the possible advantages and disadvantages of GMT Crypto. Here we will talk about the advantages first. The presentation on the website of this broker suggests that it offers over 200 trading assets. Most of them are cryptocurrencies. However, we could not open an account with it and not sure about the brokers claim.
Furthermore, there are several disadvantages of GMT Crypto and we will discuss them one by one in the following lines. The broker falsely claims its regulation. While going through GMT Cryptos terms and condition we found that the firm Partner Communication LTD from the UK owns the trading name GMT Crypto. It also claims that this firm is registered under Cyprus based local regulator CySEC. Nevertheless, when checked with CySEC the claim turned out to be false.
In addition to this financial regulators like the Financial Conduct Authority of the United Kingdom and Financial Services and Markets Authority of Belgium blacklisted GMT Crypto for providing illegal brokerage services to the traders in their respective administration. It is a clearcut indication of a potential scam. The broker fails to provide any trading conditions on its website and it is also an alarming fact. However, it provides a minimum deposit required for each account. The basic account needs $500 as an initial investment. This investment is more than double than the market average. The broker on its website claims to have won several international awards. In reality, they are stock images from the internet.
Is GMT Crypto scam or legit?
There are many disadvantages to this broker. It falsely claims its regulation and blacklisted by FCA and FSMA. The trading condition and trading platform provided are unknown. It also fakes winning awards and the initial investment is high. On these grounds, we claim it a potential scam cryptocurrency broker.