GMA Pros Review – Is This Unlicensed Forex Broker a Scam?

As of May 2023, the broker (GMAPros.co) has ceased operations. But you can read the article to avoid falling for similar scammers.

GMA Pros is a Forex and Crypto Trading Scam

You will find that GMA Pros is operating fraud from Saint Vincent and the Grenadines if you look at their Terms and Conditions. This is a red flag immediately as we all know why SVG firms register. Their Financial Services Authority declared themselves unauthorised for Forex and CFD broker, and pointed brands to obtain a license in their country.

As you can already assume, GMA Pros regulation doesn’t exist. We don’t know the identity of the owner and can’t confirm their location. We were given a phone number with the UK country code. However, the brokerage is not listed in the FCA database.

Scam brokers often present false license numbers and names to us. We have nothing but the bold claim that “We are regulated in five countries.”

They may also solicit investors from the EEA without following ESMA rules. The MiFID II directive states that brokers must keep retail traders’ leverage at 1:30. However, GMA Pros enables up to 1:150.

It’s obvious that your money isn’t safe. If you have had bad experiences with this company, let us know. We use your story to help others and fight online scammers.

GMA Pros, a new broker in the financial market, has already received a bad reputation. GMA Pros onboards clients without a proper license.

Are GMA Pros Scam Victims Living in Canada?

According to what we have learned, the GMA Pros trading fraud targets mostly German-speaking customers. Their victims are mostly from:

• Germany
• Austria
• US

We are surprised that none of these authorities have noticed fraud, given their solid regulatory systems.

Gmapros.co is a relatively new domain, having been registered in the GoDaddy WHOIS database on the 18th July 2022.

Trustpilot has recently alerted customers about fake reviews that were detected and removed. The firm now has only four comments, each of which gives 1-star ratings.

We believe license providers will soon be subject to enough complaints for an investigation. Yours could be the one that changes the scale.

First, we invite you to review our Maddex Capital AdarCapital, and SureInvest fraud broker reviews. They are putting your funds at risk!

What trading platforms are available?

Although they advertise “groundbreaking web-based GMA Pros xStation,” reality is a little different. The GMA Pros trading platform does indeed have a WebTrader but it is very basic.

It doesn’t have anything revolutionary, innovative, or beneficial. The software lacks all other features, including Stop Loss and Take profit. It is also missing MetaTrader’s TAs, which makes it even more difficult to compete with.

GMA Pros does not offer third-party software such as MT4, MT5, and cTrader. These are proven software that has millions of users on both mobile and desktop.

GMA Pros software cannot be used on mobile devices because it is browser-based. You must log in through a browser to access your account. It is quite primitive in today’s trading environment.

What trading assets does GMA Pros offer?

GMA Pros allows you to trade many assets including:

• Forex (currency pairs – EUR/USD. GBP/NOK. ILS/ZAR
• Commodities – gold, silver, corn
• Indices – NIKKEI225, AU200, BE20
• Shares Alibaba, Nvidia and BMW
• Cryptos (Cryptocurrencies) – BCH, LTC, XRP

But, it’s important to remember what’s obvious. This broker is not authorized to provide financial services. You cannot expect the authorities not to help you or reimburse you for losses if something goes wrong.

Spreads and Fees

This is the worst lie. The company claims that there are no hidden fees and that they offer spreads starting at 0.4 pip. We discovered that the spread for EUR/USD was 20 pips when we looked at the platform. This is absurd, considering that the industry average is 1.5 pips.

Why would anyone pay for a scam?

Comparing Trading Accounts – What is the Difference?

Let’s look at GMA Pros account types to see what else is wrong.

• Silver 10001 EUR
• Gold 20,001 EUR
• Platinum 100,001 EUR
• Diamond – 200,001 EUR
• VIP- 500,000+ EUR

According to some reports, the faster your withdrawal approval is, the higher your upgrade. The company also offers bonuses ranging from 20-120% to 1:20-1:50.

According to their FAQ section the minimum deposit required is $250. It seems that it does not bring any benefits until you upgrade your account to 10,000 EUR.

GMA Pros: Video

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