GSTrade Review – Scam Exchange With Warnings From Regulators

What is GSTrade?

GSTrade exchange enables trading of its native token, G999, in conjunction with various other cryptocurrencies. The company asserts that it has initiated a revolutionary transformation in blockchain technology.

GSTrade is an offshore or unreliable broker that lacks regulation from any reputable regulatory authority in its jurisdiction. Despite GSTrade attempts to look legit and trustworthy, we can’t disregard the alerts about GSTrade.

The owner of GSTrade, Josif Heit, claims that investing in their native token can lead to potential multiplication of investments in the future as the coin gains market value. However, it should be noted that the highest price of the token was recorded in July 2022, at $0.0075 per token. Since then, significant fluctuations have not been observed, with the current value standing at $0.0041 at the time of writing.

Who is Josip Heit?

Josip Heit is the owner and operator of GSTrade and GSPartners (scam). He is an experienced operator of Ponzi schemes and has spent a significant portion of his life navigating between different countries, deceiving authorities in the process.
He has resided in Germany, Canada, and the Republic of Croatia at various times. The motive behind his constant relocations is to obscure his dubious business dealings and create complexities.

Mr. Heit has earned a reputation for being a master deceiver. His Ponzi schemes predominantly target individuals from the United States, although citizens of countries like the UK have also been affected.

This fraudster has meticulously orchestrated his schemes to hoodwink both the SEC and the FCA. These regulatory bodies seem essentially powerless, unable to impose penalties or fines on this illicit operation.

Interestingly, Mr. Heit has also elected to distribute his fraudulent shares to residents of the UK.

From our perspective, such activities qualify as securities fraud.

Is GSTrade Legit or Scam?

GSTrade is owned by GSB Gold Standard Pay Ltd, a company registered in Kazakhstan. The company is listed on the register of the Ministry of Economy and has obtained accreditation from the Agency for Regulation and Development of the Financial Market. This accreditation allows them to offer payment processing, foreign exchange, and cryptocurrency services. In other words, they are regulated by AIFC (Astana International Financial Centre) in Kazakhstan.

Additionally, GSTrade has a branch in Sweden known as GSB Gold Standard Pay KB. This branch is registered with the Stockholm Country Administrative Board and is intended to serve as a digital crypto storage facility. However, it is important to note that this branch is not authorized by the Swedish Financial Supervisory Authority (FI) to provide financial services.

It is worth mentioning that the regulatory approval obtained by GSTrade is applicable only in countries that recognize and accept the license within their legal jurisdiction.

What Warnings Are Issued by the Financial Authorities for GSTrade?

It appears that GSTrade, like GS Partners, has attempted to offer services in jurisdictions where it is not authorized to do so. Specifically, the Alberta Securities Commission, a regulatory body in the Canadian province, has issued a warning regarding GSTrade and the domain gstrade.exchange.

According to the notice, the website does not possess the necessary approval to engage in activities that require a license, such as securities trading. This situation is concerning as it indicates that the company is operating beyond its legal boundaries.

Analysis of The Domain Gstrade.exchange

Scamadviser claims a domain rating of 67 out of 100. But this score was achieved mainly for technical reasons, such as the presence of an SSL certificate, the age of the domain is more than one year, this website is safe according to DNSFilter, this website does not contain phishing or malware. But more important for evaluating a broker is this:

• The website owner uses a service to hide his identity in WHOIS.
• According to Tranco, this site has a low rating.
• The registrar has a high % of spammers and fraudulent sites.
• This site has received mostly negative reviews.

GSTrade registered its website in October 2020 and has been operating globally, disregarding license restrictions. Based on the traffic report, the majority of its customers are from the following countries:

1. South Africa.
2. US.
3. Canada.
4. Japan.
5. United Kingdom (GREAT BRITAIN).

Choose only trustworthy and reliable brokers. You can read about the best ones in our article Best online brokers in 2023.

What Steps Should I Take If I Fall Victim to the GSTrade?

We understand your concern and distress. The detrimental effects of scams can significantly impact individuals’ financial stability. It’s crucial to take proactive measures to prevent the fraudster from profiting from your loss and to strive to recover your misappropriated funds. We recommend contacting us as soon as possible for effective assistance.

Our committed teams of legal experts are ready and willing to assist individuals in your situation. You can reach out to us at any hour, and we’ll utilize our resources to listen to your concerns and offer expert advice.

GSTrade is not the only platform accused of scamming users. It’s important to remember infamous scams like TradesPeck, Grotfinance, 7Tesler and others, to better protect oneself in the digital trading space.

GSTrade: Video

You can also write a comment under the video on our YouTube channel to tell other traders about your experience. But if you’ve already been a victim, contact us for a free consultation by filling out the form at the top of the page.
Below you will find a short video about GSTrade. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about GSTrade!