GateBits Review – Avoid This Unregulated Scam Broker at All Cost

As of May 2023, Gatebits.com has ceased operations. But you can read the article to avoid falling for similar scammers.

GateBits scam without a trading license?

Yes, it is. GateBits Ltd. is said to be the GateBits broker. The Terms and Conditions also indicate that the business is subject to the laws of Saint Vincent & the Grenadines. The Forex market is not regulated on this offshore island, which makes it a hub for fraudsters.

FSA SVG directive states that GateBits regulation must be sought from local authorities such as ASIC, FCA or CONSOB. We did not find any results when we searched these.

We also found a problem with trading conditions. The ESMA and local license providers have established policies in place for limiting leverage. This is the case in the EU, Canada, USA, Australia and other regions. This cap states that the maximum leverage can not exceed 1:30 in the EEA and UK, or 1:50 in Canada (or the US). This broker offers up to 1400, which is directly in violation of regulatory rules.

This is why if you are a victim to the GateBits scam you can’t count on the Financial Ombudsman’s assistance or reimbursement from compensation funds.

GateBits is an anonymous financial service provider that has no regulations. This, along with criticisms related to withdrawals should dissuade investors from investing.

Is GateBits a Scam?

In the following countries, GateBits scam trading has been exposed numerous times:

• Canada
• Australia
• Serbia
• UK

We believe that the broker is active since July 2022 and it will soon be blacklisted. We can use your report to pressure the authorities into making it happen.

Avoid scammers like Ecap24, Vital Markets and GMT Trading. There will be problems when withdrawing funds.

How does this broker scam contact victims?

Broker GateBits, and others similar, lure victims with fraudulent marketing campaigns. They often post fake promotional materials, promising clients thousands of dollars overnight with very little risk. They don’t deliver and it’s bait.

Clicking on the ad will send your email and phone directly to the broker company, which allows employees to contact you without delay. They will contact you at any hour of the day and night, and they can also send messages via WhatsApp or Telegram. They will do whatever it takes to get your onboard.

Social media is a powerful tool that scammers use today. GateBits offers a 10% discount or up to $25,000 for those who recruit others. People are more likely to reach out to you via Facebook, Instagram and LinkedIn than YouTube. LinkedIn is a popular method of communication, and it’s a business network that should increase the broker’s credibility.

GateBits WebTrader Platform- Web-Based Platform

The link to GateBits’ trading platform is easy to access. It’s a bit disappointing. It is a simple TradingView chart that has several attached indicators, but no other special features. EAs and social trading are not supported by the software, even primary tools like Take Profit or Stop Loss.

Although fully functional, one platform cannot compare to third-party platforms such as MT4,MT5, and cTrader. Unfortunately, GateBits Forex broker does not offer any of these.

What trading assets does the broker offer?

Trading assets are not so bad. It includes the following:

• Cryptocurrencies – UNI/USD, LTC/USD, LINK/USD
• Commodities Gold spot, Palladium, Wheat
• Stocks – Bayer, Hugo Boss, Relx
• Indices – NIKKEI225, AEX25, BE20
• Currency pairs – GBP/AUD USD/SGD NZD/JPY

GateBits Spreads and Fees

Spreads are quite high at 3 pips in FX majors. Other assets also have high trading costs, which can be a disadvantage. Fees such as trading commissions and swaps are not included.

Scam brokers are focused on one goal: to disappear with your deposit. It doesn’t really matter how much they charge; you won’t receive a cent back.

How to Deposit Money – Deposit Methods

GateBits requires a $250 minimum deposit. The policy of GateBits allows deposits to be made using the following options:

• Credit/debit card
• Wire transfer
• Bitcoin

This cannot however be confirmed. We were told to contact the brokerage if we wanted to proceed with our deposit. This is because GateBits wants to control clients who enter the company, and possibly pressure them to use crypto to pay.

How do I withdraw money from my GateBits account?

This is the tricky part: GateBits withdrawal. We aren’t sure if you have any options to get your money back. You won’t be able to get your money back if you look at the negative GateBits reviews.

According to the company, withdrawals can be approved using the same process as depositing. Your request may not be granted. You will need to trade the bonus amount plus your deposit amount at least 50,000 times before you can submit a request.

GateBits Affiliate Program: Another trick to lure you

The minimum referral amount is $1,000. The maximum earnings you can make are up to $25,000 and the referral link entitles you to an additional $500.

Remember the bonus story. By inviting anyone to join you and you receiving a bonus, neither party can withdraw the funds. You must deposit until you reach a ridiculous amount.

What is a chargeback?

Chargebacks are a way for your bank to recover funds from the merchant. We recommend that you contact us immediately to begin the process. We will have a free consultation to discuss how we can recover your money right away!

GateBits: Video

Below you will find a short video about GateBitse. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about GateBits!