GP Finance Review – Exposing Scamming Schemes

As a trader, you might come across the GP Finance broker. At a first sight, its offer might seem appealing and valid; however, after closer observation, you will soon realize that it is a sophisticated scam.

In short, GP Finance is a forex provider registered in Saint Vincent and the Grenadines as Effervescent Group LTD. It lacks the necessary licenses and regulations, which makes it an illegal broker. More disturbing is the fact that the Spanish watchdog, CNMV, has issued a warning against this bogus brokerage firm. Generally, GP Finance fraudulently promises the provision of education, state-of-the-art technology, quality services, and reliable support.

Also, remember the names of the DotBigTopInvestTrader and LTD FX trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

Broker status: Unregulated Broker
Regulated by: Unlicensed Scam Brokerage
Scammers Websites:
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

report a scam.

Is GP Finance Trading Company Legal?

As with any other broker scam, GP Finance talks big. It declared itself a global leader in the foreign exchange market, allegedly trusted by 90K customers from all over the world. But how is it even possible when this fake broker is not authorized by any financial market regulator?

To operate legally, all brokers must be licensed under a respective financial supervisory agency. Not only that GP Finance is an unlicensed brokerage firm but is based in a safe haven for fraudsters, SVG—which doesn’t control its forex providers and attracts offshore-based scam brokers.

Why Is Trading On a Licensed Broker’s Platform Preferable?

In terms of regulation benefits, there are numerous reasons why you should always trade with a legitimate company. First, your funds’ safety depends on it. Licensed brokers abide by legislation and are constantly overseen to protect traders.

For instance, top-notch FCA, BaFin, and ASIC cover traders against brokers’ insolvency, offering compensation of up to 100,000 USD. On top of that, accredited brokerage firms are trustworthy due to keeping your money in tier-one banks separated from theirs (segregated funds), maintaining enough operating capital (several millions of dollars), and implementing risk management measures (negative balance protection).

Is GP Finance a Legitimate Broker Or A Scam?

GP Finance it is a pure investment scam, which the Spanish financial authority CNMV has warned against; other than that, it provides inadequate services and is full of empty talk. Better avoid this shady company.

What Platform Does GP Finance Provide Access To? – Software Functionality

GP Finance Trading Software

When it comes to the GP Finance trading program, it is a basic web trader. Despite the company’s assurance of being an advanced option for training, this software merely has some generic functions. Thus, it can’t be compared to the latest platforms enabling social trading, stop loss, unlimited pending orders, and automated trading. If you want these features and many more, opt for brokers providing Sirix, cTrader, MetaTrader 4, or MetaTrader 5.

Trading On the Web and Mobile Devices

In addition to trading on desktops, GP Finance impersonates a real broker and allegedly enables its own mobile trading app. However, it is not even possible to download the application from Google Play Store or Apple Store. So, it is one of many dirty tricks to lure you. For actual trading on the go, select leading brokers offering proprietary mobile apps available on Android and iOS.

AnyDesk and TeamViewer

We must warn you not to install any program from the GP Finance website, especially not AnyDesk and TeamViewer. These two programs serve for remote control of desktops and aren’t related to trading. That means that if you give this fraudster consent, it will be able to access your device and steal your credit card information. This is called social engineering employed by today’s hackers.

GP Finance Accounts Overview

GP Finance Account Types

Speaking of trading accounts available at GP Finance, there are several types outlined below.

  • Silver: 250 USD minimum required deposit, 1:20 leverage
  • Gold: 1,000 USD minimum required deposit, 1:50 leverage
  • Platinum: 5,000 USD minimum required deposit, 1:80 leverage
  • VIP: 10,000 USD minimum required deposit, 1:100 leverage

Regarding tradable assets, how convenient it is that full access to all trading instruments is available only for VIP account holders. In other words, to trade with all products, you have to invest 10K USD. Thanks but no thanks.

On the other hand, you can start trading with legit brokers for as low as 10 USD and have unlimited access to all markets.

Does The Broker Offer A Demo Version?

As expected, a demo account option is not available at GP Finance. This option allows a trader to test trading platforms and conditions without risks and costs. Since there are no profits, fraudulent brokers usually don’t offer practice accounts. Anyway, even if GP Finance had a demo version, it still would be a bad choice.

Bonuses and The Terms of Their Receipt

Concerning bonuses, they are forbidden by financial authorities in many countries due to being used for manipulation. They are also one of the hallmarks of trading scams. From time to time, GP Finance offers a range of rewards such as welcome bonuses for new customers. Remember that promotions come with strings attached, e.g., to claim a bonus you must meet a predetermined stipulation that even advanced traders can’t achieve. Anyway, bonuses can’t be withdrawn and are used to entice traders.

GP Finance – Countries Of Service

In this GP Finance review, we deal with a broker scamming traders from

  • UK
  • Spain
  • Portugal
  • Belgium
  • Germany

Although it claims it allegedly serves clients in over a hundred countries worldwide, including the most stringent ones (the UK and the USA). This would mean that GP Finance is licensed and regulated by UK/US supervisory agencies (FCA, NFA/CFTC) and meets minimum capital requirements, i.e., 1M GBP/UK and 20M USD/USA. Nevertheless, GP Finance is not permitted to provide services anywhere nor does it comply with the laws of any jurisdiction.

What is more, we strongly advise you not to invest in XTB GlobalInvest Kingdom and BullGeko fraudulent brokers.

What Is Known About GP Finance’s Trading Conditions?

While on the subject of the law, GP Finance breaks regulations by misrepresenting terms of exchange. Its assurance of funds’ safety goes in vain due to being an exposed scam by CNMV. Meaning that promise of segregated funds and negative balance protection is a bunch of lies. Likewise, no reputable bank institution keeps the money of fraudulent brokers.

Too High Leverage and Spreads

GP Finance provides 1:100 leverage when leverage is capped at 1:30/UK & EU and 1:50/US for retail traders. It is a helpful tool as it allows for multiplying profits; the higher it is, the more you can gain.

However, it is risky at the same time. That is why it is limited in certain jurisdictions but not for professional traders; leverage is much higher for them. Anyhow, GP Finance attempts to attract you with high leverage and ultra-low spreads.

GP Finance Minimum Deposit, Withdrawal Terms, and Fees

Apropos of acceptable payment methods, GP Finance claims that deposits come with no fees, and it reportedly supports credit cards, bank transfers, and Piastrix (a Russian e-wallet). However, all these means of payment can be canceled, therefore, they are safe to some extent. So, it is less likely that GP Finance actually accepts them. More likely is that it supports only crypto payments since they are hard to trace and reverse.

About withdrawals, according to the GP Finance website, they come with no costs and take up to five business days. However, keep in mind that there are no money withdrawal guarantees with a dishonest scam broker. Therefore, think twice before investing money with bogus brokerage firms.

Scammed by GP Finance Broker? – Let Us Hear Your Story

If being defrauded by GP Finance, you should act immediately. First, you must inform the relevant authorities. Then you can contact cyber security experts to help you with chargebacks. If wonder what they are, we will give more details on this matter in the following section. But before moving forward, we just want to remind you to warn others by sharing negative GT Finance reviews.

But What Is A Chargeback?

In connection with a chargeback, it is a process of money retrieval. So, yes, getting your money back is possible. However, it depends on the payment methods. For example, VISA and MasterCard offer cashback if you apply for it within 540 days. Wire transfers are reversible until you confirm a transaction. A preferred method employed by con artists is a crypto wallet since it is anonymous, and as such, it is most challenging to reverse. However, with chargeback specialists, it is doable. So, contact our company with reference to this, our professionals are at your disposal.

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