Review of Galingo: Security and Reliability
Galingo is a company registered on the island of Cyprus and positioning itself as a European broker. There is no Russian version of the company’s website, and there are no representations in Russia. However, our traders’ reviews indicate that the company actively promotes its services in the Russian market. What are the risks of working with Galingo and how are clients’ rights protected? Answers are in our review.
Key Company Information
According to the legend, Galingo is registered in Cyprus (registration number RY 821420) and licensed by CySEC, but it is not an independent legal entity, but part of Crowd Tech Ltd. The broker has been operating in the market since 2013, offering traders from different countries the opportunity to earn substantial amounts. How accurate is this claim?
A check of the registration fact in Cyprus revealed no information about the existence of the organization Galingo. Nothing was found in the trade register under the name and number.
Crowd Tech Ltd does exist and operates an online broker, but it is Trade360, not Galingo, that is registered and approved by the CySEC regulator. Galingo has no connection to Crowd Tech Ltd.
Company Experience and History
Information about the broker’s experience also does not match reality. However, the galingo.com domain was registered in 2015, belonged to a Turkish construction company, and was acquired in recent months for use as a pseudo-broker. The actual experience of this company is limited to a few months, as confirmed by reviews published only this year.
Regulation and Security
Galingo claims to have a CySEC license, but in reality, no such document exists. No other European regulators have issued permits to operate on their territories. The Central Bank of Russia, whose license is mandatory for providing brokerage services to Russians, has not issued permission for Galingo’s activities.
Galingo has been added to the blacklist of organizations engaging in illegal activities. Cooperation with this broker is at risk of losing funds, as the chances of getting money back through legal means are extremely low.
Attractive Conditions for Traders
The Galingo website presents a general earnings scheme, but the details are not specific enough. The company offers trading in the Forex market with a minimum deposit ranging from 500 to 100,000 euros, investments, and participation in contests. However, there is no information about trader education, liquidity providers, and investment managers.
Reviews of Galingo
Within a short period of Galingo’s existence, it has gathered numerous negative reviews. Dissatisfied clients share their experiences of working with scammers.
Phone Scams by Galingo
According to reports, scammers actively use phone scams, while the website only covers up their true intentions. Personal managers carefully control the registration and account replenishment process, directing all funds to fraudsters.
Galingo in the Blacklist
In reality, Galingo is a scam without documents and licenses. The Central Bank of Russia has added the company to the blacklist and blocks its sites, but scammers continue to operate. It is important not to engage with Galingo representatives and not disclose your information to them, as it is dangerous.
