February 4, 2024

Gales Bank FX Reviews -Why galesbank.com Is Scam

galesbank.com

Are you a FX trader? Consider trading on Gales bank FX? Kindly read to know about this broker Galesbank.com.

This article promises to share helpful review to support clients/traders in making the right decision.

Gales Bank FX

Gales Bank FX is an offshore brokerage company with a lot of promises for traders. The address of the broker shows London, United Kingdom. Also, the broker offers different account packages such as Standard, Silver, Prayed, VIP and Black.

What is more, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.

To clarify, traders must know they are dealing with an unknown broker which does not have a regulation over its head.

Deposit and Withdrawal

Gales Bank Minimum Deposit:

Gales Bank minimum deposit is indicated at $250 according to the account type. The good thing about a genuine FX broker is that minimum deposit is made known to traders, and clients can start trading as low as $100 or less.

As for the payment methods, the broker allows deposits via Visa, Mastercard, Maestro, Bank transfer and others.

Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!

Withdrawal process:

Gales Bank FX does not specify any withdrawal fee made on withdrawal request. As for processing withdrawal, It can take anywhere from 48 hours.

GalesBank Platform:

Gales Bank platform is not indicated for clients. Many scammers have trading software to fool their victims that their money is being invested. The good thing for traders is that, this broker does not have one. So beware.

As for the leverage, there is nothing. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

Won’t you rather trade with a licensed and legit broker? 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, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

Why Galesbank.com Is A Suspicious Broker

First of, Galesbank.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities. On our search, We could not find this broker on Financial Conduct Authority, UK register let alone licensed by FCA, UK.

Another red flag we noticed in this broker is that there is no demo account for traders. If traders can’t test the broker on a free account, how then can we know its viability in the forex market.

More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

Gales Bank Licensing and Regulation

It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

COMPARE WITH A TRUSTED BROKER

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

Verdict:

Gales Bank FX located at Galesbank.com claims to be a trustworthy trading broker, however, that cannot be ascertained. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.

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