Self-advertised as the world’s most powerful trading app, this total scam of an online trading portal has an insatiable appetite for Forex novices.
At that, these miscreants claim to be a group of professionals, passionate for profitable trading. Why is that just a bunch of gibberish and how to protect your funds from such traps is revealed in our GBFX review.
| Regulated by: | Unregulated Broker |
| Is This Company Safe? | No, this company has been flagged as a scam! |
| Known Websites: | gbfx-intl.com |
| Have Warnings from: | FCA |
| Registered in: | UK (alleged) |
| Operating since: | 31.10.2023. |
| Trading Platforms: | None |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | 100 BUSD |
| Deposit Bonus: | 1% on daily deposits |
| Trading Assets: | Forex, Shares |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Get in touch with our experts by using the live chat on our site. |
FCA Exposes the Con
Being the diligent regulatory body they are, the Financial Conduct Authority quickly discovered a petty fraudster that’s trying to pass as legit as a firm. This mess of a company was previously claimed to be FCA authorized. Their supposed license number was 717714, which belongs to another firm, GB Finance UK Ltd, that has nothing to do with the GBFX regulation.
Now they’ve come up with a fake ASIC license number, which is 000123/456, according to the swindler’s homepage. All their tries to appear credible are pathetic failures and this company is undoubtedly a sham.
If you want to enjoy proper fund protection, access to compensation plans and risk-reducing measures, make sure you choose a regulated firm!
That doesn’t just mean that any license would do, like we saw in the case of the unscrupulous Wiolin broker.
Fraudsters’ Deception Strategy
The GBFX scam, allegedly dating back to 2019, was actually created in October 2023. With the gbfx-intl.com domain being so young, it’s still early to see any GBFX reviews online.
Mostly, it works through the boiler room agents to attract new clients. They do this through unsolicited phone calls, chat messages and emails, similarly to how Mayrsson TG operates.
Here’s where their main targets lie:
- United Kingdom
- United States
Following a pre-written script, these agents make all sorts of extraordinary promises, with the get rich quick scheme being among the favored ones. Any invested money, unfortunately, ends up lining the swindlers’ own pockets. If you had a run in with these cybercriminals, contact our experts for help with recovery.
Trading Conditions Unavailable
The lack of transparency is painfully obvious with this one. Links to the legal documents are all inactive and just force the current webpage to refresh. The absence of legal papers isn’t the only red flag.
If the company was so advanced and client-oriented, they’d be open with their real trading terms, but only fictitious values are given. For example, undefined commissions are 0.8% and leverage is 1:500.
Loyalty and Referral Bonus
The presence of bonuses is another sign of fraud that you can’t ignore. A so-called Loyalty program awards clients with 1% on daily deposits.
The other incentive is given in the form of a referral bonus: 5% of what your direct referrals deposit, plus 2% for the indirect referrals and an additional 1% for affiliates up to 5th generation.
Inadequate Trading Environment
It’s difficult to call GBFX International a forex trading broker. To be one, you’d have to have certain facilities that permit online trading, such as a functional trading app, for instance. You’ll find nothing of the sort here, and any idea of trading is simply an enticement for more investments.
No Trading App Available
Many of these con sites revolve around presenting an idea of trading to their victims, with the lie becoming obvious only after a deposit. There is no GBFX app to speak of, nor is there any trading amenity.
The charts you’ll see in the client dashboard don’t even relate to any trading information, or instruments. Instead, they showcase “annual sales” and “members count”, certainly not something expected from a broker.
Are There Any Instruments?
Mostly you will see some instruments sprinkled around in a few separate tickers or crawls, without any full disclosure. The information in these widgets is copied from TradingView, but it’s not exactly up to date, and lags significantly.
Here’s the information that appears on the site:
- Forex – EUR/USD, AUD/NZD, CHF/GBP, USD/JPY
- Shares – Apple, Tesla, Google
Of course, this is all a trap for your investment. Without a discrete trading app, you won’t be able to use any of these.
Unknown Account Parameters
The advertisements on one of the web pages say that you need to select your preferred type of an account prior to creating a GBFX login. This is simply not true, since there is no selection dialog, nor is there any information about different account types. You just create one, and that’s it.
This is more than you can say about GBFX demo – while there is a button that should lead you to the demo creation screen, it returns you to the top of the page instead.
Lackluster Education Materials
The provided education is about as informative as reading a wikipedia page, maybe even less. The different topics are arranged in a number of categories, or “classes” as they are called. These don’t address anything in depth, of course, since they aren’t really intended to teach you anything.
No Withdrawal Option
Although the cons promise swift and fast withdrawals with no fees charged, there’s no way to validate these foolish claims. Once we managed to get access to the user panel, there was only an option to deposit funds, without the possibility to even request a withdrawal.
The only funding channel available is crypto, and you have to link your wallet upon signing up. All in all, GBFX withdrawals simply do not happen!
Support Doesn’t Care
Responding to the users’ appeals seems to be something not in this service’s job description. Besides the email, the only way to reach out to the so-called support team is via the online form. Neither is ever used or opened, so you can be sure your requests will be left ignored.
We Deal With Cyber Thieves!
If you want to fight back cyber cons and get back what has been stolen from you, you should get proper legal support in the process. Our chargeback professionals can advise you and guide you through the procedure, while supporting you every step of the way. Contact our chat agent and book your free consultation at any time!
FAQ Section
What is GBFX?
It is a potential clone of a FCA authorized company, trying to piggyback on the success of their legitimate competition.
Is GBFX Legit?
No, the company is completely illicit. It functions as a fraud call center, with no actual trading happening on the site.
How to Get Money Back From a Scam Broker?
Contact our chargeback experts! With our help, you can start a recovery procedure and get your stolen money back.
Source:
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