GambitChain Review: This is a Dangerous Broker
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Gambitchain.com
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Regulation
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Withdrawal of Funds
Summary
The lowest minimum deposit is €250. In the VIP account, the spread is zero pips. However, the leverage of up to 1:500 raises many questions. It exceeds the maximum allowed by the FCA of 1:30. Thus, GambitChain cannot be under the regulatory body. Additionally, the FCA forbids retail trading of cryptocurrencies, which GambitChain offers.
GambitChain promises to upgrade your trading and outperform other brokers. However, this is a typical scammer, and their promises are false. In this business, the best approach is to work with honest and trustworthy crypto brokers. This is the only way to achieve sustainable results. Never trust shady brokers who offer unrealistic deals.
One of the trends in the modern financial landscape is the deceptive practices of forex scam brokers. These unscrupulous entities have increased in recent years, driven by a blend of technological advancements, human psychology, and gaps in regulatory frameworks. At the heart of this surge is the allure of quick riches.
About Gambitchain.com
From our investigation, we noted that you can trade currencies, stock indices, or cryptocurrencies. The broker offers four different accounts. One of the things we noted about the accounts is that they offer bonuses of up to 100%. This is a red flag. While such bonuses are not inherently problematic, when they come from a shady broker, you must be cautious.
According to whois.com, the broker recently registered their website domain on March 18, 2024, and it is set to expire in 2025. Therefore, the firm will only be in business for one year. This is another red flag indicating that the broker is a scammer. A business that has been operating for a few months is unlikely to inspire confidence.
Founders and Team
GambitChain claims to be an international broker. However, there is no information about their history or who runs the company. In today’s business world, revealing a company’s founders and current team is fundamental. It fosters trust among customers, investors, and partners. People are more likely to do business with a company that’s transparent about its leaders.
Showcasing the founders and team members can enhance the company’s credibility. The backgrounds, experiences, and achievements of these individuals can significantly influence how the company is perceived.
GambitChain Contact Details
The broker claims to have offices in the Netherlands and the United Kingdom. They have also provided an email and phone numbers. However, they have omitted details about the physical locations of the offices. Therefore, if a trader had an issue that required physical correspondence, they wouldn’t know where to start.
Scammer brokers often don’t provide accurate location details to avoid the legal consequences. We could also not verify the validity of the email address because they did not respond when we emailed them. To reach them, you can also send a direct message. However, you will be required to provide your phone number and email address.
Regulation
Since the broker claims to have offices in the UK and the Netherlands, they should be under the Financial Conduct Authority (FCA) and the Authority for the Financial Markets (AFM), respectively. However, we did not find them in the FCA’s database or the AFM’s. This broker is not registered, and hence you should not trust them. Working with an unlicensed broker carries various risks.
Scam brokers might lure you with promises of unparalleled returns and sophisticated trading platforms, creating an illusion of legitimacy. However, behind the curtain, there’s often little to no transparency. Without a regulatory body to audit their activities, these brokers can manipulate trading conditions, alter prices, and execute trades that benefit them at your expense.
Licensed brokers operate under strict regulations. They ensure that they maintain certain standards of conduct, transparency, and financial stability. If something goes wrong, regulatory oversight and investor protection measures can help. This is however not the case with an unregulated firm.
GambitChain Trading Conditions
The lowest minimum deposit is €250. In the VIP account, the spread is zero pips. However, the leverage of up to 1:500 raises many questions. It exceeds the maximum allowed by the FCA of 1:30. Thus, GambitChain cannot be under the regulatory body. Additionally, the FCA forbids retail trading of cryptocurrencies, which GambitChain offers.
Final Verdict
Despite all its hype, GambitChain is a scam broker. Their goal is to scam unsuspecting forex traders. As a trader in this lucrative market, you must be wary of such shady brokers and instead, trade with honest and transparent crypto brokers only. These are regulated firms you can trust.
