FinancialGates Review – Should you be Worried?

FinancialGates Review

It is a well-known fact that financial markets have a lot of opportunities to offer to those interested in making money. Yes, there are risks, but the payoffs can also be great and the best part is that thanks to online trading, you do not need to go anywhere.

Nowadays, you can trade from the comfort of your home and everything is right at your fingertips. All of this is possible when you sign up with an online broker and open a trading account. But, you have to find a quality brokerage to do that because not all of them are the same. This FinancialGates review can give you more details on how different they can be.

Just like in the offline world, no two companies are the same and there is always a difference in their features and services. The same applies to online brokers as well, but the key fact to remember here is that many of these online platforms can also be fake.

A number of scammers often masquerade as online brokers in order to get people to part with their money. Therefore, you have to be extremely careful, or else you could also end up losing your money.

The problem with these scam platforms is that they disguise themselves really well and this can often make it difficult for people to find out the truth.

Nonetheless, this does not mean it is impossible to do so. No matter how much a scam tries, they can never be legitimate and a close look at their offerings will always give them away. This is exactly what happens in the case of FinancialGates that claims to be a reliable forex broker.

According to the FinancialGates website, you can expect it to offer you a profitable and safe trading experience, but this is not even remotely close to the truth.

There are a lot of problems you will find that should be considered warning signs. Even if FinancialGates does not aim to defraud its clients, it is certainly not reliable or professional. Why? Let’s find out.

An anonymous company

There is a great deal of trust required when you sign up with an online broker and open an account with them. You are sharing a great deal of your personal and sensitive information that can be misused if it ends up in the wrong hands. Furthermore, you will also deposit your money in order to trade and this also requires trust because you cannot just hand over your money to anyone over the internet.

It is a given that you want to get to know the company first and this is where FinancialGates turns out to be a disappointment. Why? This is because you will find no information on their website about the company itself.

It has offered you no information about where it is operating from and there is no mention of a license or regulation either. This should be considered an admission that the company is certainly not licensed because if it were, it would mention so and also provide you the proof.

However, the fact that there is no corporate background, or address available on the FinancialGates website is enough to tell you that you are dealing with a shady entity that has not bothered to disclose any information about itself. This is likely because it may be operating from one of the numerous offshore jurisdictions where many scam companies are based.

Malicious bonus policy

Another step you should take before signing up with an online brokerage is to go through their policies, or Terms and Conditions. This tells you what you are getting into and everything you can expect from them in the future. It ensures that you will not get any surprises down the road. When you do the same with FinancialGates, you will find that they have a malicious bonus policy.

First and foremost, the fact that FinancialGates is offering bonuses should already be a concern because most regulated regions have banned trading bonuses, as they are not fair for the most part and are used as a tactic to prevent withdrawals, or exploit traders in one way or the other.

This does not appear to be very different in the case of FinancialGates because when you go through their bonus policy, you will discover that it is meant to do the same.

It clearly outlines that traders will have to meet a specific trading volume before they can make withdrawals from their FinancialGates account. The problem is that the required volume is too high and most traders will never be able to achieve it.

This means their funds will be locked and they will not be able to access them at all. It is exactly what scam brokers want to accomplish because they can then take your funds.

Oversimplified trading platform

The key feature of an online broker is their trading platform because it is to be used for all your trading needs. You have to use it for opening and closing transactions, as well as for performing analysis with the various tools, keeping tracks of markets and more.

In order to do all these tasks, the trading platform has to be a good one, but FinancialGates is offering a very basic and oversimplified trading platform that does not have anything special to offer. It lacks the bells and whistles that advanced platforms like MT4 and MT5 can offer to their users.

Terrible trading conditions

As trading conditions directly affect your costs and profits, you should always do your homework and check them carefully. A look at the trading conditions offered by FinancialGates show that they are not competitive at all. The spreads they offer for FX majors start from 3 pips, which is almost three times higher than most professional brokers.

Likewise, the leverage that FinancialGates is offering is 1:100 and even this is considered high. Lots of regulatory authorities have capped leverage for retail traders at 1:30, or 1:50 because it comes with a great deal of risk.

Final Answer

Yes, you should be worried when it comes to FinancialGates and it is best to not use it for your trading needs.