On its website, GT365 boasts of a plethora of accolades it has received. In this review of GT365, we’ll tell you if those claims are accurate or if they’re just GT365’s way of trying to trick you.
License and Rules for the Use of GT365
Examining a forex broker’s license and physical location should be your initial step. You may have noticed that GT365 lists a UK address on their website. To operate in the United Kingdom, GT365, a foreign exchange broker, is required to obtain a license from the Financial Conduct Authority (FCA).
But if you try to look them up in the FCA’s database, you won’t get any hits. If you attempt one of the other names for them that are listed on their website (such as “Global Trading 365″), you will get the same result.
This is conclusive evidence that GT365 is not a legitimate broker. They are undoubtedly a scam because they are providing their services in violation of the law.
If you want to trade, make sure your broker is regulated. To protect their client’s best interests, regulated and licensed brokers must adhere to the stringent rules and regulations set forth by their license provider. If the broker turns out to be a scammer, reputable regulators like CySEC and the Financial Conduct Authority (FCA) would pay any losses incurred by the client. If a broker who is regulated by the Cyprus Securities and Exchange Commission disappears with a client’s money, the client may be entitled to up to 20,000 euros in insurance compensation.
With an unlicensed broker, you won’t have access to these features. Because of this, we won’t endorse any transactions with GT365.
No Workplace
A forex broker’s regulatory authority is determined by its physical location. In the website’s footer, you may find GT365’s address in the United Kingdom.
Other companies are operating out of the Hoxtonmix virtual office space, not just GT365.
This means that GT365 doesn’t even have an official headquarters. You should avoid doing business with a broker who operates out of their home. In most cases, such brokers are con artists.
Trading Terms for GT365
You can learn a lot about a broker’s reliability by looking at its trading terms. Check out this broker’s trading terms and see if they suit your needs.
Market Place
The process of signing up for GT365’s website was simple. I was able to open an account and begin trading with minimal difficulty. GT365 employs a bespoke trading platform, both downloadable and accessible via the web.
You won’t be warned that the platform file is malicious when you download and run it.
The web-based interface was basic and lacked key capabilities. Not much can be said about this broker’s interface, however, the ‘unsafe alert’ did raise some eyebrows.
If you want to trade successfully, find a broker who supports Metatrader 4 or 5. Metatrader’s extensive features and benefits have earned it a stellar reputation among industry professionals. Because of this, more forex brokers use Metatrader than any other trading platform. Those concerns would be unnecessary if you were using Metatrader.
Lowest Acceptable Down Payment
Traders can open several accounts at GT365. Bronze is their entry-level account, and it requires a minimum deposit of $2,000. That’s much above average!
Brokers who are likely to engage in fraudulent activities will have prohibitively high minimum deposit requirements. To give customers a chance to evaluate the quality of their services, regulated brokers maintain very low minimum deposits. However, untrustworthy brokers typically demand significant initial investments from their clients.
If a broker requires a large initial deposit before you can make any trades, go elsewhere. Minimum deposits typically range from $50 to as little as $10.
Influence and Exposure
The leverage ratio of GT365 is a high 1:100. The fact that GT365 offers leverage ratios higher than 1:30 demonstrates that it is operating without the proper authorization and is therefore operating illegally.
High leverage ratios are risky for novice forex traders and should be avoided. Brokers in Canada and the United States are prohibited by law from providing leverage ratios of more than 1:50 to their customers. That’s because getting into deep debt while using a high leverage ratio will instantly drain all your deposited funds.
For the EUR/USD pair, the spread offered by GT365 was 0.8 pips. This is significantly better than average, and maybe the sole positive aspect of this broker.
Money in the Markets
Multiple trading accounts are available on GT365, as previously mentioned. Unsavory brokers frequently employ this tactic to extract as much money as possible from their victims. The various GT365 accounts are outlined below.
Access Level Bronze
The lowest-tier “Bronze” account has a minimum deposit of $2,000. You will have access to a personal account manager, an in-depth help center, and several platform explanations.
Money in Silver
A minimum deposit of $5000 is needed to open a Silver account. Here, you get trade notifications in addition to everything you get with a Bronze account.
Elite Membership
You must deposit at least $10,000 to open a Gold account. In addition to the features available to Silver account holders, Gold account holders gain access to more sophisticated training options.
Premium Membership
The minimum deposit to open this account is $25,000. Risk-free trades, increased leverage, free and instant withdrawal, and a financial plan are all included in the Gold account’s perks.
Gold Star Member
The minimum to open this account is $50,000. Having a Premium account gives you access to their “Premium Platform,” as well as VIP events and a separate contract.
Premium Seating Area
They don’t disclose much about this account beyond the fact that it’s exclusively available via “Group Invitations” and requires an opening deposit of at least $100,000.
Chief Executive Officer-Led
Like the VIP Section, this account requires a minimum deposit of $500,001 and a group invitation.
Costs and Accepted Payment Methods for GT365
Methods of Exchange
GT365 misrepresents the payment options it actually supports. The gt-365.com homepage displays several different payment options, including Skrill, credit card, American Express, and QIWI. However, when you go to fund your account, you’ll find that you can only use a credit card or a bank transfer.
This further demonstrates the untrustworthiness of GT365.
You can make a withdrawal to any of the following: an e-wallet, a credit card, Skrill, a bank wire, or Bitcoin.
Fees
There is utter silence regarding pricing. The website does state that withdrawal fees apply, but does not go into detail about how much.
It’s quite dishonest of them to hide the costs from you. The broker may then deduct arbitrary fees from your trading account. These agents ought to be ignored in all circumstances.
Bonuses
GT365 is typical of the many dubious brokers who shower their clients with bonuses.
Bonuses offered by forex brokers are not a good reason to sign up with them. There is no monetary value associated with these bonuses. Instead, they throw more hurdles in the way of your withdrawals, making it difficult to get your money. That’s why brokers licensed by the FCA (Financial Conduct Authority) can’t give their customers bonuses.
Likewise, GT365 employs this strategy. To withdraw any bonus money, you’ll need to trade 10 mini lots for every $10 in bonus money. Attempting to withdraw at this point is a really difficult undertaking.
How Legit Is GT365? Yes!
The foreign exchange market is home to a wide variety of con artists. Untrustworthy FX brokers frequently utilize enticing freebies and bonuses to draw in new customers. They target inexperienced traders specifically so they may take advantage of them.
By signing up with such brokers, you’re agreeing to their unfair terms and conditions. The money their customers deposit with these brokers is then stolen using various hidden fees.
This is one of the main reasons we don’t advise dealing with brokers based in offshore jurisdictions. No effective monetary authorities like CySEC or FCA exist in these regions. Clients of such brokers are vulnerable to several financial and privacy hazards if they are not adequately regulated. Before signing up with a forex broker, you should always do your homework.
Final Thoughts on the GT365
GT365 operates illegally and without official offices. You should avoid dealing with this unlicensed broker. They have an unreliable trading interface and an excessively high minimum deposit requirement.
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