Gelios Trade Reviews Is gelios.com a Scam or Legit Broker

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Gelios Trade Reviews: Is gelios.com a Scam or Legit Broker?

Gelios Trade Review: Scam or Genuine Broker? gelios.com is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, currency pairs and cryptocurrencies. According to the information gathered on the homepage, this broker is allegedly owned and operated by Belize company, a company registered offshore.

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GELIOS TRADE TRADING PLATFORM

This broker claims to use the Metatrader4 platform.

DEPOSIT AND WITHDRAWAL METHODS

This broker accepts Payeer, Litecoin, Visa, Master card, Bitcoin and Ethereum.

IS GELIOS TRADE LICENSED?

NO! Gelios.com broker is not licensed, though they claim so. The truth is that no regulatory body is acting as a watchdog overseeing that they comply with best practices in the financial market.

SUPPORT

This broker offers live chat. However, the live chat service is low.

CONCLUSION

Gelios Trade is an unregulated broker, this is a source of major concern. We are convinced that gelios.com is run by a bunch of scammers, this is why they are anonymous. The way these scammers work is simple- First, they get registered offshore. Offshore brokerages are notoriously known for flaunting set industry regulations and rule s.After sharing your personal information, you will begin receiving calls from brokers, compelling you to invest with them and win big. After hearing their sale pitches, you become convinced to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit. That is not how to become a broker. Not how real brokers work.

OUR VERDICT- GELIOS TRADE IS A SCAM !

Though the website looks legit and might entice unsuspecting traders, the truth is that the platform was designed in such a way that it would easily scam people into believing they are the real deal. Below are other reasons why Gelios.com is not worth your time or money;

  • They claim that they use the Metatrader4 platform but when we tried downloading it, we discovered it is highly unstable which is bad news for any trader.
  • No registration documents to prove they are regulated by a financial body.
  • Unresponsive Live chat.
  • This broker does not segregate accounts. This means that they are pooling funds in one account which is very dangerous.
  • High demo spreads.
  • No clarity on trading conditions

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When trading forex, cfd and cryptocurrency we always recommend you use a regulated broker that is licensed to trade financial instruments.

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Gelios Trade Review – is gelios.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard $100 1:100 4 pips, fixed

Gelios Trade is a forex broker that uses the MT4 trading platform. It does not seem to offer its clients different trading accounts and has not presented clearly the trading conditions. What is worse, its legal situation is somewhat unclear, and that rises some serious issues, which we will discuss in the following review.

Gelios Trade Advantages

Gelios Trade may not score highly in our review due to a number of reasons we have listed below, but the platform they offer isn’t one of them. The MetaTrader4 (MT4), along with the MT5 is among the finest and most popular trading solutions on the market.

The MT4 is highly praised for its ease of use, reliability, and useful features and functionality. Tha platform has excellent charting tools, and numerous market indicators and trading bots, designed to help you run automated trading sessions.

Gelios Trade Disadvantages

Not licensed, despite the claims

Gelios Trade is a trademark of Gelios Trade Ltd, a company based in Dublin, Ireland, which, however is not regulated in this country. Instead, the broker claims to be registered as an International Business Company (IBC) in Belize and authorized by the International Financial Services Commission of Belize (IFSC). Gelios Trade has even uploaded its certificate of incorporation on the website. However, our check in the IBC register of IFSC revealed that the above-mentioned company is not present there.

The lack of legit license is our main concern with Gelios Trade, as most unregulated brokers, especially those making false regulation claims, are usually engaged in some sort of fraudulent practices.

Zero clarity on trading conditions

Another worrisome sign regarding Gelios Trade is the broker doesn’t provide much details about the trading environment they provide. It has not disclosed what leverage levels it provides, nor any reference spreads on its website, which is the good practice of all decent forex brokerages. This is an obvious disadvantage that is actually very common among shady brokerages.

Very high spreads on demo

When we tested Gelios Trade’s MT4 in demo mode, we found out that actually the cost of trading with this broker is very high.

Gelios Trade’ MT4 demo. Click for a larger view.

As you can see from the above image, the benchmark EUR/USD spread is fixed at 4 pips, which is twice the industry’s average. For further information and comparison on spreads, check out the below link:

Another thing we noticed while trying out Gelios Trade’s MT4 is the four-digit quoting. Nowadays, almost all forex brokers provide a fifth symbol after the decimal point. In case you are not that familiar with currency trading, this is actually very important, especially for those using short-term trading strategies.

No CFDs on indices and cryptocurrencies (on demo)

Last but not least, judging from the demo account offering, the broker’s product portfolio is not very diversified. It includes around 25 currency pairs, as well as CFDs on gold and several stocks. Probably many traders will miss popular trading instruments such as Bitcoin and other digital cryptocurrency CFDs, as well as CFDs on indices like UK100, US30, and more.

Conclusion

Gelios Trade is an MT4 forex broker whose offering isn’t very attractive for a number of reasons, which we covered above. The costs of trading with this broker are very high, and what is worse, Gelios Trade is not present in the register of Belize’s regulator, as claimed.

Even if the broker is indeed licensed in Belize, this is still an offshore destination, where the regulation and licensing requirements are not as strict as in other jurisdictions. Many forex brokers choose to register in Belize, since they are obliged to meet fewer and softer requirements and to comply with less strict rules than if they were regulated in the UK or US for example. In fact, IFSC rather relies on self-regulation of forex brokers.

To sum up the above:

Pros Cons
Not licensed, despite the claims
No clarity on trading conditions
High demo spreads
Four-digit quotes
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.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

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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