GP Finance Broker Review
You may come across the GP Finance broker as a trader. At first glance, the offer may appear enticing and legitimate; but, upon deeper inspection, you will quickly find that it is a smart scam.
GP Finance, or Effervescent Group LTD, is a currency dealer licensed in Saint Vincent and the Grenadines. It is an unlawful broker since it lacks the essential licenses and rules. Worryingly, the Spanish watchdog, CNMV, has issued a warning against this phony brokerage business. In general, GP Finance falsely offers education, cutting-edge technology, high-quality services, and dependable assistance.
Broker status: Unregulated Broker
Regulated by: Unlicensed Scam Brokerage
Scammers Websites: gpfinance.pro
Blacklisted as a Scam by: CNMV
Owned by: Effervescent Group LTD
Headquarters Country: SVG
Foundation year: 2022
Supported Platforms: Web Trader, Mobile App
Minimum Deposit: 250 USD
Cryptocurrencies: No
Types of Assets: Forex, stocks, indices, commodities
Maximum Leverage: 1:100
Free Demo Account: No
Accepts US clients: Yes
Regulation and Security
GP Finance, like any other broker fraud, makes grand claims. It branded itself a global leader in the foreign exchange industry, with 90,000 consumers from all around the world trusting it. But how is this even possible given that this fraudulent broker is not licensed by any financial industry regulator?
To operate lawfully, all brokers must be licensed by a financial regulatory organization. Not only is GP Finance an unregistered brokerage business, but it is also situated in SVG, a sanctuary for fraudsters that has no oversight over its forex suppliers and draws offshore-based scam brokers.
Numerous factors support trading with a reputable organization at all times, especially in terms of the benefits of regulation. First, it’s essential for the security of your money. To safeguard traders, authorized brokers follow the law and are regularly inspected.
For instance, the elite FCA, BaFin, and ASIC pay traders compensation up to $100,000 USD in the event of broker collapse. Additionally, authorized brokerage companies are reliable because they use risk management strategies like negative balance protection and segregated funds to safeguard your money in tier-one banks separate from theirs. They also keep enough operational capital, such as many millions of dollars, and maintain enough capital.
GP Finance is a genuine investment scam, as warned by the Spanish financial body CNMV; aside from that, it delivers poor services and is full of hollow promises. Avoid this dishonest company at all costs.
GP FinanceTrading Platform
The GP Finance trading tool is a straightforward web trader. Despite the company’s claims that it is an advanced training alternative, this program only provides a few generic capabilities. As a result, it cannot be compared to the most recent systems that provide social trading, stop loss, unlimited pending orders, and automated trading. If you desire these and more capabilities, look for brokers who provide Sirix, cTrader, MetaTrader 4, or MetaTrader 5.
Trading On the Web and Mobile Devices
In addition to trading on PCs, GP Finance purportedly impersonates a legitimate broker and offers its own mobile trading software. However, the program cannot be downloaded from Google Play or Apple Stores. As a result, it is one of several nasty tricks used to entice you. Select prominent brokers who provide dedicated mobile applications for Android and iOS for actual trading on the move.
AnyDesk and TeamViewer
We strongly advise you not to install any programs from the GP Finance website, particularly AnyDesk and TeamViewer. These two apps are not linked to trading and are used for remote desktop control. That implies that if you let this scammer any access to your device, it will be able to steal your credit card information. Social engineering is a technique used by today’s hackers.
GP Finance Accounts
There are numerous types of trading accounts accessible at GP Finance, which are detailed below.
Silver: a minimum investment of $250 USD is required, with a leverage of 1:20.
Gold: a deposit of $1,000 USD is required, with a leverage of 1:50.
Platinum: 5,000 USD minimum deposit, leverage of 1:80
VIP: minimum investment of $10,000 USD, leverage of 1:100
In terms of tradable assets, how handy that complete access to all trading instruments is restricted to VIP account holders. In other words, you must deposit $10,000 USD to trade with all items. Thank you, but no thank you.
Conversely, you may begin trading with legitimate brokers for as little as $10 USD and have unrestricted access to all markets.
GP Finance does not offer a demo account, as expected. This alternative enables a trader to evaluate trading platforms and circumstances without incurring any risks or expenditures. Because there are no profits, unscrupulous brokers rarely provide practice accounts. In any case, even if GP Finance offered a sample version, it would be a poor pick.
Bonuses and The Terms of Their Receipt
Bonuses are prohibited by financial regulators in several nations due to their potential for manipulation. They are also one of the distinguishing features of trading scams. GP Finance occasionally offers a variety of incentives, such as welcome bonuses for new customers. Remember that promotions have strings attached; for example, to claim a bonus, you must reach a predetermined criterion that even experienced traders cannot meet. In any case, bonuses are non-refundable and are designed to entice traders.
- GP Finance Countries Of Service
GP Finance is a broker who is defrauding traders from the following countries:
- UK
- Spain
- Portugal
- Belgium
- Germany
Although it claims to service clients in over a hundred nations globally, including the most stringent (the United Kingdom and the United States). This would imply that GP Finance is licensed and regulated by UK/US regulatory bodies (FCA, NFA/CFTC) and fulfills minimum capital requirements, which are 1 million GBP in the UK and 20 million USD in the US. Nonetheless, GP Finance is not licensed to provide services in any country and does not comply with any legislation.
Trading Conditions
While we’re on the issue of the law, GP Finance violates it by misrepresenting the terms of exchange. Its pledge of the safety of funds is rendered ineffective due to CNMV’s exposure of the scam. That is, the guarantee of segregated funds and negative balance protection is a sham. Similarly, no reputable bank institution preserves the funds of dishonest brokers.
GP Finance offers 1:100 leverage when leverage is limited to 1:30 in the UK and EU and 1:50 in the US for retail traders. It is a useful tool since it enables for profit multiplication; the greater it is, the more you can get.
However, it is dangerous at the same time. That is why it is restricted in some jurisdictions but not for professional traders, whose leverage is much bigger. In any case, GP Finance tries to entice you with enormous leverage and ultra-low spreads.
GP Finance Minimum Deposit, Withdrawal Terms, and Fees
In terms of approved payment methods, GP Finance states that deposits are free of charge and that it accepts credit cards, bank transfers, and Piastrix (a Russian e-wallet). However, because all of these methods of payment may be canceled, they are safe to some extent. As a result, it is less likely that GP Finance will accept them. It is more probable that it exclusively accepts crypto payments because they are difficult to track and reverse.
Withdrawals, according to the GP Finance website, are free and might take up to five business days. However, keep in mind that there are no assurances of money withdrawal with a dishonest scam broker. As a result, consider twice before spending your money with sham brokerage services.
