GateBits Review: Be Careful With This Scam Broker
In this GateBits review, you will see why this is one of the most outrageous fraud endeavors. The broker may have decent trading software and a solid UI on their website.
However, this is the only positive thing you will find about this broker scam. This fake, anonymous firm offers ridiculous trading requirements and exorbitant fees.
Regulation and Security of GateBits
The first thing you will notice is the absence of details about any location. GateBits broker did not say where it is headquartered or if it is authorized. Of course, this is enough reason to believe they are not. Most regulated brokers will provide you with a bunch of business data. These companies will provide valuable details to assure you that you are dealing with a trustworthy company.
This broker resists some regulatory requirements in many jurisdictions by offering high leverage and bonuses. Investing in such a deceptive business would not be of much good for you as a trader.
It’s always advisable to rely on legitimate and licensed brokers. Licensed brokers are always protected by multiple requirements. Several of them use financial payment schemes and anti-fraud rules. They are the contrary of what this trading scam and others like it stand for.
Trading Platform at GateBits
The trading venue GateBits shows is web-based. Surprisingly, this platform looks relatively satisfactory. This software includes powerful charting and analysis tools.
Moreover, it is rather easy to use, which would likely be an advantage for newbie traders. Nonetheless, regarding the fact that this broker seems to be a fraud, investing with them just because of this does not seem to be worth the risk.
Bear in mind that MT5 is one of the most widely used platforms in the forex industry.
It includes all typical features, such as a complete set of trade orders. What’s one of the most appealing elements of MetaTrader 5? Well, algorithmic trading is undoubtedly the most effective option. It allows you to execute automated trading sessions with robots.
Apart from that, the MT5 venue offers a cutting-edge Market Depth feature. Furthermore, individual orders and trades are accounted for, along with netting and hedging.
GateBits Trading Instruments
This broker allegedly supports the following trading instruments:
GateBits has a spread of 3 pips. This is quite awful, as the industry standard is 1.5 pips.
A leverage of 1:100 demonstrates that this broker could not be licensed in multiple jurisdictions such as the US, EU, UK, Australia, or Japan.
Keep in mind that trading with high leverage can result in huge profits, but it can lead to even more severe losses. This applies mainly to newbies or in situations of extreme market volatility. So, always be cautious about your leverage settings.
GateBits Account Types
GateBits claims to provide the best trading conditions possible. They show multiple accounts to ‘better suit the requirements of different traders’. This broker has the following account types:
- Self-Managed – $250+
- Basic – $5,000+
- Gold – $10,000+
- Platinum – $25,000+
- Diamond – $50,000+
- Libra – Invitation
Yes, these bonuses may look tempting. Yet, you should find a legit broker with even better benefits. This is for your safety. The leverage runs against regulatory laws, and most administrations also have embargoes on incentives. Apart from that, these bonuses will cost you withdrawals down the road.
GateBits Offers Bonuses and Promotions
There is nothing regarding bonuses on their page. However, here’s something quite interesting! GateBits offers a 10% bonus on each referral deposit. Apparently, you can make up to $25,000 per referral.
Everything about this broker is deceitful. In the end, you should stay away from it, no matter how compelling this offer may seem.
Tip: It’s beneficial to leave negative GateBits reviews online. This prevents the spread of brokers implicated in scammy trading activities. Furthermore, seeing complaints about the broker helps narrow the list of fraud victims.
Deposit and Withdrawal Methods
You won’t find any luck in seeing the deposit options on their page. Apparently, there’s a note that any request for a deposit has to go through customer support. That is not okay and signifies the company admits it cannot supply you with a secure setting for your funds!
If you have given it any cash, you should seek a chargeback if it is possible! This is particularly critical when the minimum deposit with the firm is as big as it is – $250. Note that most of the licensed companies have a maximum of $10!
Offshore Brokers’ Techniques
It goes without saying that scammy forex brokers have many deceitful patterns. You will see a lot of withdrawal issues and negative reviews. Besides, you will come across overly high fees. Beware that these fees frequently go beyond 20%.
Likewise, they will combine some sort of profit fee. Deceitful websites will want to rip you off of these fees before initiating a withdrawal. You should know that this is virtually always the case!
Be that as it may, there are always huge gains that they swear by. This is another standard fraud scheme that you should keep in mind. These fraudsters promise guaranteed profits. Trading with leveraged instruments carries risks. Never skip this!
Any broker deception will keep telling you that the profits are guaranteed.
Trade with real and regulated brokers only. Licensed brokers come from the EU, USA, UK, as well as Australia. These need to post a notice about the percentage of customers who suffer losses on their websites.
Best Performing Forex Brokers
Let’s take a look at some of the best-performing forex brokers at the moment. By choosing some of these, you cannot go wrong.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
As you can see in this GateBits review, this broker is not authorized. This goes without saying! They show no address on their site, and they lack many crucial details as well.
Rather than wasting your precious time here, stick to the legit brokerages. You will save your time as well as your money.
FAQs About GateBits Broker
Is GateBits Legitimate Broker?
GateBits broker is not legitimate and not regulated at all. Try to stay away from it!
What is the Minimum Deposit for GateBits?
The minimum deposit amount for GateBits is $250. This is a relatively high amount.
How Long Does it Take to Withdraw from GateBits?
This question has no answer as nobody was able to withdraw money from this broker.