GTTC Trade: Details of Fraud
Using fake reviews and fabricated testimonials is a standard practice for scammers to manipulate public opinion. Unfortunately, GTTC TRADE has fallen into such networks. The company claims that trading with them and London in one click is easily accessible through the trading terminal. But in reality, things are different: they don’t even approve deals in the interbank market. Let’s delve into why this company deserves to be on the list of “black” brokers.
Information about GTTC TRADE
According to the provided data, the brokerage company GTTC TRADE has been operating since 2017. Their figures are impressive:
- Over 10,000,000 active accounts,
- Over 22,000,000 trades per month.
However, despite such impressive data, GTTC TRADE has not yet earned a decent rating among other brokers. Information about the registration of the domain gt-tc.trade indicates that the project started its activities just six months ago – on 12/17/2020. The figures provided by the company cannot be taken seriously, as within such a short time, GTTC TRADE could not have achieved such outstanding results.
The project creators attempted to deceive the public by acquiring a large number of positive reviews, many of which were signed retrospectively and dated to 2017, a time when GTTC TRADE did not yet exist. A similar trend is observed with testimonials.
GTTC TRADE has completely failed in terms of its legal documentation. Their website states registration in an offshore zone in Saint Vincent and the Grenadines, as well as the use of a legal address that coincides with the addresses of many other scammers.
There is no scan copy of the platform license at GTTC TRADE. According to information, the broker’s office is located in the UK at Paddington Central, 2 Kingdom St, Paddington, London. However, even if we assume these are the actual coordinates (though there is an office space rental agency located there), the company should have FCA authorization for its activities. However, a check of the main regulator’s registry showed that GTTC TRADE is not licensed in the United Kingdom.
In the Russian Federation, GTTC TRADE is also operating illegally. The company has ignored the requirements of 460-FZ for registration in the Unified State Register of Legal Entities, membership in self-regulatory organizations, and obtaining a license from the Central Bank of Russia.
When registering on this platform, keep in mind that the Bank of Russia has no influence on offshore brokers.
Trading Opportunities at GTTC TRADE
GTTC TRADE promises a wide range of trading opportunities. The company emphasizes high quotes, fast trading, and stable platform operation. However, actual customer reviews indicate that GTTC TRADE does not even execute trades in the real market. They simply simulate trading on the controlled MT4 platform (regardless of whether you use the desktop or mobile version of GTTC TRADE).
GTTC TRADE offers access to more than 1,000 instruments, including currencies, stocks, commodities, metals, indices, futures, and cryptocurrencies.
Let’s look at the types of trading accounts GTTC TRADE offers:
- “Silver”. Minimum deposit – $500. Characteristics: spreads from 0.5 points, leverage 400x, stop-out 30%, maximum trade volume – 100 lots,
- “Gold”. Initial deposit – $25,000. Differences from the “Silver” account: spreads start at 0.3 points, daily market reviews and financial research available,
- “Platinum”. Minimum deposit required $50,000. Differences from “Gold”: spreads from zero, priority fund withdrawal, maximum position volume – 200 lots,
- “Exclusive”. This account is available by invitation only. Features: credit leverage 1:1000, maximum order volume – 500 lots. It is really hard to imagine which traders can take advantage of such conditions, as they seem unrealistic.
Reviews about GTTC TRADE
Sharaga attempted to create an illusion by stocking up on positive reviews, but an error in dating was discovered:
There are already numerous negative reviews about GTTC TRADE online. Users complain about phone spam, extortion, and refusal to pay profits:
Deception Methods at GTTC TRADE
Based on reviews, the fraud scheme at GTTC TRADE is simple. The fake broker targets novices who don’t know what to look for when choosing a broker. It creates an illusion of profitable trading, but when clients try to withdraw funds, it blocks the account or drains the deposit, justifying it with the trader’s carelessness, technical failure, or other circumstances. GTTC TRADE does not bear financial responsibility for losses, as firmly stated in the “User Agreement”.
Conclusion
GTTC TRADE is another case of this kind, its claims of operating since 2017 are fake. Entrusting your money to this counterfeit company from offshore jurisdictions risks losing all your funds. The only way to recover funds is through a chargeback. However, the success of the attempt to recover funds is uncertain. In this situation, assistance from professionals in this field is required.
I had a truly disappointing experience with GTTC TRADE. From the outset, navigation on their website was painstakingly difficult, further exacerbated by the lack of an intuitive interface. Their trading conditions left much to be desired, with unclear instructions and unexplained fees which seemed to appear from thin air. Communication with their support team was another nightmare itself – unresponsive and lacking the needed knowledge to address my concerns. The overall opaque operation led me to question their credibility. I urge fellow traders to be cautious when considering GTTC TRADE. It’s not worth wasting time where supposedly professional guidance turns into a path of confusion.