GstRel Review Is Gstrel.com A Legit Or Scam Forex Broker

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GstRel Review: Is Gstrel.com A Legit Or Scam Forex Broker?

Gstrel.com Review: this is the name of Forex and binary options broker that claims to be located in the US. Is GstRel a legit Forex broker or a scam?

On the website, we found the address of the company places it in New York, USA. Many who are conversant with brokers in the US know that they are regulated by the NFA and the CFTC. All legit brokers in this location are to hold licenses from these authorities. Investigation showed that GstRel is not registered under either the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC).

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The find above is a red flag because it clearly shows that what we have here is an unregulated Forex broker. Trading with this kind of brokerage is risky as funds are not assured any authorized safety. They are also not under any obligation to trade following the rules of Forex trading in a particular region.

Not much is provided by way of information on the page. We find about 6 indicators mentioned and videos which they claim are from clients. The company claims to make an average daily profit of $5,487.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

GstRel Trading Platform

We are not told the kind of trading platform that is available for clients trading with GstRel Forex broker. But it seems to be some web-based that does not support auto-trading as the MT4 does.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are not mentioned in details. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

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Maximum leverages offered is not mentioned. And while may seem generous they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are not stated as well.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on GstRel

The means of making payments are: Bitcoin, Perfect Money, Money transfer, Neteller, Skrill, and Western Union.

We find the mention of some e-wallets encouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is not also mentioned and it makes it difficult for us to know if it is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

There is a payout offer of 90% on the popular EURUSD pairs. Despite not being the best offer, it is quite attractive among binary options brokers.

Is GstRel Licensed?

No. like have been mentioned above, the broker is located in US which is a region regulated by one of Europe’s top Forex commissions. Yet, when we checked the list, we did not find GstRel among the list of brokerages that have license from the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC).

Trading with this kind of brokerage is risky as funds are not assured any authorized safety. They are also not under any obligation to trade following the rules of Forex trading in a particular region.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To reach the broker or get help from the customer support service, interested traders can send emails to: [email protected]

Conclusion

Since we have uncovered that GstRel is unlicensed, we find that its image is damaged and makes it look untrustworthy. Other issues we have with the company is the lack of important details like; minimum deposit, trading platform and others pointed out in the course of this review.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

GstRel review – Is gstrel.com scam or good forex broker?

GstRel says to be a binary options and forex broker based in the United States. The website unfortunately turned out to be virtually anonymous, not to speak of a license, which is obligatory for any financial company operating on U.S. soil. So if you are considering depositing any funds with them be sure to read the following lines.

Account type Min. deposit Max. leverage Spread s/ Payout
Standard Account n/a n/a 90%

GstRel Advantages:

As we always try to come with any positive side about the broker we investigate in the beginning of our reviews, here with GstRel that could be the payout they promise – up to 90%, which with binary options is considered attractive. Still, here you may also check our list of forex broker offering tighter spreads:

No license, anonymous website

The GstRel website is virtually anonymous – we are not told the name of the company that runs it, nor can we be sure about where they are incorporated. And as we already noted if the company operates from the U.S., as they claim, it should be licensed and authorized by the local financial authorities – the U.S. Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), of which the broker should be a member. And besides, to obtain a U.S. license a broker should maintain no less than 20 000 000 USD in operational capital – more or less the same amount as required for the bank license in Switzerland.

We should mention as well that in their Terms and Conditions GstRel says that they are regulated under e-gaming in the British Isles by the Isle of Man GSC. That however, even if true, is not a legit forex license, so basically what we are dealing here is a unregulated, virtually anonymous website, which most probably operates as scam.

As for legit brokers regulated in the UK, you may check our list of brokers licensed and authorized by the local Financial Conduct Authority (FCA):

What is worse, as it turns out GstRel is offering managed accounts and that is a pretty worrisome sign. The problem here is that as most other brokers GstRel acts as a market maker, which basically means they make money whenever traders lose. So if a market maker offers to manage your account, that by definition, means that the broker is in a conflict of interest. See for yourself:

On GstRel homepage there are even video testimonial of people claiming to have made several thousand dollars a week by trading with GstRel. Juts remember that if a broker promises you that by trading the markets you will have guaranteed returns, that is a clear sign that something is not right.

GstRel may offer you trading bonuses and that is another worrisome point. Bear in mind that trading bonuses always come with some strings attached as for example some minimum trade volume requirement, which scammers usually use as a pretext to cancel your withdraw requests.

Skrill not accepted as a payment method

Although on their homepage GstRel displays the logos of various e-wallets like Neteller and Skrill, as we proceeded with our registration it turned out they accept payments only with Western Union, MoneyGram, Bitcoin, Perfect Money and bank wire. The absence of Skrill is notable, because of the new anti scam policy of the money transfer company, according which Skrill partners only with properly licensed brokers. As we already noted GstRel does not have a legit financial licenses. In any case here you may check our list of brokers, which do accept Skrill payments:

GstRel is an anonymous website, which has no legit license to provide financial services whatsoever. Our research shows that most probably they are involved in scam, so we strongly advise you to avoid them.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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