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We were really hoping for Gelios. The website is incredibly versatile, with a demeanor of a professional broker. Yet there is one drawback that saddens us. Read on to find out more.
Gelios Trade Limited claims to be regulated by the International Financial Services Commission (IFSC) in Belize. Their main goal is to promote Belize as a financial offshore center while also providing the appropriate regulatory measures to support said endeavor. In recent years the regulatory agency has tightened its grip and has taken a more serious approach towards license issuing. For one, it requires proof of at least $500 k capital before granting a license. Their efforts have resulted in them being known as the best offshore regulatory entity. Needles to say we couldn’t find the broker in their registry. Even if the broker is registered in the International Business Companies Registry of Belize, it does not render them regulated by the country's financial regulator.
Furthermore, Gelios claims to be a member of the Financial Services Compensation Program which allows for client compensations of up to £85 000 if the broker cannot meet its obligations to the trader. However, only brokers licensed by the FCA can be members said compensation fund; Gelios Trade Limited is not. To conclude, all fingers point to the fact that Gelios is UNREGULATED and presents a risk to all traders’ investments.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions. The most notable one are the FCA and CySEC which oversee operations and require regular reports from brokers registered with them. Also those under their jurisdiction are members of compensations funds that cover the losses of clients victimized by a firm’s insolvency.
We are unable to give you a spread value, because, even though we successfully registered, the broker never gave us any platform login details. Furthermore, the website provides no live quotes nor any other kind of source of information from which to grasp the spread. Disappointingly the same can be said for the leverage. But seeing that Gelios is unregulated it can technically give any leverage they want.
Assets for trading are very limited and are named only once:
Languages offered by the broker are surprisingly very diverse: English, Japanese, Turkish, Russian, French, Italian, Chinese, German, Arabic, Spanish, Polish, Korean, Vietnamese, Indonesian, Hindi, Portuguese, Mongolian, Uzbek.
GELIOS Trade LOGIN
The broker has included the MT4 platform. But don’t get your hopes up.
As one of the leading platforms in the world MetaTrader4 offers its full services to traders in the form of scrupulously detailed functions. MetaTrader’s design and interface is by now well known. The platform is abundant in trading options and possibilities, and attractive to users both rookie and pro.
However, the MT4 featured with the broker, as far as where concerned, is inaccessible.
Our attempts at login in the trader failed, thus we cannot give you any spread or leverage values.
We were able to install a desktop version of the terminal. Any browser/mobile version are missing.
GELIOS Trade MINIMUM DEPOSIT
The minimum deposit is $100. There are multiple accounts, with the second lowest minimum deposit being $600, which is a step too far we think. Usually standard deposits are $250.
Deposit methods found on the Personal Account page are
With that said we believe that this unregulated broker is not to be trusted since it lacks a regulation, hence we advice against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a proper license from the FCA/CySEC and since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information. Even the International Financial Services Commission in Belize has become the top offshore regulatory entity by applying more strict rules and requirements for brokers.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
GELIOS Trade WITHDRAWAL TIME AND FEES
There is no minimum withdrawal amount. Considering the fact that this broker will probably not return you funds, it’s logical that they haven’t included this information.
Withdrawal process times are contradictory to one another. Both statements are mentioned in the FAQ section. One says that the process takes up to 24 hours,
while the other says that it takes up to 3 days, and up to 15 days for Wire Transfers
There are no withdrawal fees.
ADDITIONAL FEES AND TAXES
Even with no fees were have to warn you that unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception: they find or creating loopholes in the T/C; they reassure traders that the more they postpone withdrawals the better the chance of quadrupling their initial investment; or just ask for more deposits.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case. For safe and secure investments please refer to any FCA/CySEC regulated brokers.
HOW TO RECOVER
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won't ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Gelios Trade may sport a superb interface, but behind all the glamour hides an unregulated broker that does nothing but ask for deposits that it will not return. Stay back!
Gelios compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines