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GStockLegal Review – Signs That Is a Scam

GStockLegal Review

GStockLegal Forex provider is a textbook example of a fraudulent online trading firm. The brokerage has listed numerous regulations and a UK address, while the T&C suggests that the governing law is the law of Vanuatu.

Before investing any money in this cyber fraud, we advise you to read our trusted GStockLegal broker review. It’ll help you make an educated decision and avoid being defrauded.

Apart from the above-mentioned, we want to invite you to read our updated GSL Markets, TrustGates and GainMetaFX scam broker reviews.

Broker Status:Unregulated Scam Broker
Broker Regulation:Unlicensed Forex Provider / No Regulation
Scammers (site is active, verified 09/26/2022)
Operating Status:Active Forex Trading Scam
Blacklisted as a Scam by:FSMA
Broker Owner:N/A
Headquarters Country:UK (Allegedly)
Foundation Year:2022
Trading Platforms:WebTrader
Mobile Trading:Not Available
Minimum Deposit:250 USD
Deposit Bonus:N/A
Crypto Trading:Available (BTC / ETH / XRP)
CFD Trading:Yes, you can trade CFDs
Trading Instruments:Forex / Commodities / Indices / Stocks / Cryptocurrencies (Cryptos)
Maximum Leverage:1:500
Islamic Account:Maxi Trade account – $1,000
Demo Account:No, only live trading accounts
Accepts US Clients:US traders are accepted
Global Fraud Protection Team:Don’t Invest in This Scam Broker!

Is GStockLegal a Scam Trading Provider?

According to its website, GStockLegal regulations come from at least two Tier1 authorities – Australian ASIC and Maltese MFSA. However, this seems to be false. Upon checking numerous Tier1 registers looking for the broker GStockLegal, we confirmed that it’s an anonymous scheme.

Furthermore, we have no details about the company owner. The alleged London address is probably fake, there to lure you into thinking that you’re dealing with an actual financial brokerage. Since the company has no FCA license, a must for any UK-based broker, we don’t need to add more.

All in all, beware not to become the next victim of a GStockLegal scam.

GStockLegal is not a legal Forex and CFD trading provider. The company hides basic information, such as legal jurisdiction and the owner.

Furthermore, the brand has been blacklisted in Belgium due to scam activities.

False Claims About Regulation Are a Bad Sign

Besides the aforementioned regulations provided by ASIC and MFSA, GStockLegal broker claims to have an offshore license from the IFSC of Belize.

Additionally, they claim to be verified by:

  • Association of Certified Financial Market Participants
  • Quotix Aggregator
  • JP Morgan
  • MiFID
  • CIB

Note that MiFID is an EU body ensuring that no firm is laundering money and that the brokers follow specific directives, but it doesn’t verify brokers. CIB, or Commercial International Bank, is a private sector bank in Egypt, unable to issue licenses.

Finally, ACFMP, JP Morgan, and Quotix Aggregator have nothing to do with recognizing Forex and CFD platforms.

If you were wondering about the GStockLegal trading scam, now you know how it’s conducted.

What is more, beware of scammers, such as DuvaroTrading Score and FinuTrade. If possible, please tell us about your scam experience.

Scam Warnings Against GStockLegal Broker

GStockLegal Warning

A couple of days ago, the Belgian regulator FSMA issued an official warning against the brokerage. According to it, this regulator has received numerous GStockLegal complaints and has decided to end it.

Customers are urged to avoid this website and do due diligence before investing money. Therefore, you now have official proof for the claims stated in this and other GStockLegal reviews.

Where Do GStockLegal Scam Victims Live?

The website has been active since January this year and has already earned a bad reputation. According to complaints, the majority of victims come from:

  • Netherlands
  • Sweden
  • Denmark
  • Belgium

GStockLegal Trading Platforms

One thing that made us quite suspicious is the GStockLegal trading platform. Usually, trading firms advertise their software to attract customers and show their offers. Here, we found nothing.

Upon registering an account, we were given access to a basic WebTrader with several chart types and indicators. Several tabs on the side allow you to switch between assets, see pending orders, and your trading history.

You have displayed market prices for your chosen assets on the right side. But the software doesn’t support EAs or social trading.

Instead of risking your funds and wasting time with GStockLegal, you can find a legal financial services provider offering advanced software such as MT4 or MT5.

There’s a good reason why MetaTrader is a preferred choice for 80% of retail traders.

Mobile Trading App – iOS and Android Trading

Since there’s no mobile app, the only GStockLegal login solution is through a web browser. Whether you use an Android or iOS device, you won’t be able to trade on the go.

If you were to find a broker offering MetaTrader, you’d get a mobile app, too, featuring all the same trading tools. Thus, the choice is clear.

What Can I Trade With the GStockLegal Broker?

Customers can access the following markets:

  • Currency pairs (Forex) such as EUR/USD, GBP/CAD or USD/ZAR
  • Indices – IBEX 35, BEL 20, ATX
  • Shares – BOA, Tesla, Meta
  • Commodities – Silver, Copper or Brent Oil
  • Cryptocurrencies (Cryptos) – SHIBA, SOL, ADA

Fees and Spreads

The spread is advertised as 0.8 pips for EUR/USD pairs, but the platform suggests otherwise. Additionally, the website shows that the swap for a 0.01 lot is $0.04. 

GStockLegal is definitely not the cheapest broker we’ve seen. You can do much better by finding a reputable firm, transparent about its commissions.

Trading Accounts Types Overview

GStockLegal Accounts Types

Customers can choose from one of the following GStockLegal trading account types:

  1. Opti Trade Trading Account – Minimum deposit $250, leverage 1:100
  2. Standard Trade – $500, leverage 1:200, crypto trading enabled
  3. Maxi Trade – $1,000, leverage 1:500, deposit insurance

In addition, the Maxi account allows opening of a PAMM account, personal account manager, and no swaps.

Can I Trade With a GStockLegal Demo Account?

GStockLegal Demo account is not enabled. You can register an account and access the WebTrader, but if you want to feel the market and place any trades, you’ll need to use your money.

We’ll go back to legitimate brokers offering lower initial deposits, fund safety, and Demo accounts. The choice is easy.

GStockLegal Withdrawal Issues and Withdrawal Fee Scam

GStockLegal’s minimum deposit is $250, but the minimum withdrawal amount has not been specified. Therefore, the company can give you all kinds of excuses, including that you don’t have a sufficient balance for a refund.

According to GStockLegal’s Withdrawal Policy, customers can withdraw their funds using:

  • Wire Transfer
  • Debit / Credit Card

The method must match the deposit method. The broker has a clause stating that if you wish to withdraw funds deposited using your credit card, you should wait at least 15 days for a legality check if you’ve made a profit, or 30 days if you have not traded with the funds.

According to reviews, during this “check,” customers were prompted to pay non-existent fees and cover alleged bank costs.

I Was a Victim of GStockLegal Scam, Can I Get a Refund?

Don’t get desperate if you find yourself defrauded by the GStockLegal broker. This financial swindler got ahold of many, and you’re not alone.

Please, contact Global Fraud Protection team, and we may assist you with the chargeback procedure and fund recovery. Don’t wait for the firm to vanish. Act now!

All In All, Don’t Let the Scammers Get Away for Free!

FAQ Section:

What Is GStockLegal, and Should I Invest Money In It?

GStockLegal is an online financial services provider without a trading license. If you find yourself scammed, do contact us for help with the recovery procedure.

Does GStockLegal Offer a Demo Account?

GStockLegal broker doesn’t offer a Demo account. Instead, customers must pay an initial deposit of $250 before testing the platform.

Does GStockLegal Give a Deposit Bonus?

No, GStockLegal broker has never mentioned any bonuses. If offered one, make sure to inform yourself about the terms.

What Is GStockLegal Minimum Deposit?

This brokerage’s minimum deposit is $250 for the basic account with no perks.