GalanTrade: reviews on trading, analysis of the website and legal framework
Evaluation of GalanTrade’s Performance: Myths and Reality
Company GalanTrade strives to attract investors with promising statements about a client-oriented approach, however, genuine user reviews are difficult to find. It is important to understand how secure operations are on this trading platform and whether it is worth considering for investments.
Analysis of GalanTrade Website
The GalanTrade website looks like a standard template, devoid of details about the company, its history, and plans. The lack of Russian translation makes the information less accessible to Russian-speaking users.
It is claimed that brokerage activities have been conducted here since 2020, however, the facts indicate otherwise – the site was launched only at the end of 2021. The absence of reviews can be explained by the relatively recent start.
Contact information includes a feedback form, email addresses, and a phone number with a British code, which, upon verification, was previously used by the company OniroFX associated with negative reviews. Both companies, including GalanTrade, operate under the management of the offshore company Vigo and Co LLC, which also owns other financial structures.
Legal Aspects and Licensing
Company Vigo and Co LLC, the owner of GalanTrade, is based in Saint Vincent and the Grenadines, a country with a reputation attractive to financial fraudsters. Registration and licensing documents for GalanTrade are not provided.
The local regulator SVGFSA does not control brokers’ activities, leaving traders unprotected. The Russian Central Bank has blacklisted GalanTrade due to questionable activities, however, Roskomnadzor has not yet blocked access to the platform.
Collaboration with such organizations, especially offshore ones, as experience shows, can lead to serious financial losses and leave traders without state protection.
Trading Conditions and Account Structure
GalanTrade promises access to a wide range of trading instruments, educational materials, bonuses, competitive conditions, and a demo account for practice. However, all of this hides the company’s true intentions – to attract unprepared traders and dispose of users’ investments in its own interests.
The offered tariff plans include basic, gold, and platinum, with minimum deposit amounts and various advantages for traders. The ability to use leverage of 100-400 times is considered a sign of fraud.
The affiliate program offers additional sources of income for bringing new clients to the scam.
Review of Feedback and Operation Scheme
Currently, reviews about GalanTrade are scarce on the internet, however, as the customer base grows, presumably evidence of the company’s fraudulent activities will emerge. GalanTrade’s predecessor has a rich negative reputation.
The GalanTrade firm employs a standard deception scheme, namely: promises of support and education, manipulation of quotes, and withdrawal of funds when attempting to withdraw investments. The platform should not be expected to act honestly and fairly towards users.
Conclusions
Do not fall for the illusions created by GalanTrade! Such enterprises play on the trust and ignorance of traders, seeking to drain them as much as possible. Do not count on a refund after falling into the trap of such offshore schemes – latent losses may prove to be irreparable.