Updated on March 12, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Gemliteassetsltd due to the issues we've identified.
Is Gemliteassetsltd Scam or Legit Broker? ▲
Trading with Gemliteassetsltd is deemed unsafe. Despite the broker's self-proclaimed reliability on its website, stating that it engages in utterly legal operations, it fails to present any tangible evidence to support its claims. The absence of regulation is a significant concern. Gemliteassetsltd does not possess any form of licensure, neither from reputable authorities nor from lesser-known offshore entities, representing a clear indication to traders to refrain from investing with them regardless of the seemingly appealing offers they may present.
Gemliteassetsltd promotes itself as a premier financial investment service, offering access to a vast array of over 4,000 funds and assets. These include investment banking, stock broking, fund escrow services, forex, gold and cryptocurrencies, ETFs, and more. The broker was founded in 2001, formally incorporated in 2020, and began its cryptocurrency offerings the same year. According to its website, Gemliteassetsltd is based in England, yet it conspicuously lacks a UK FCA license, a mandatory requirement for financial service providers in England. Furthermore, the broker's claim of possessing an FSO license No. CHE-399.474.466 is dubious as our investigation revealed that this license number is shared with BinuxFx, suggesting that they might be the same entity operating under different names. Client feedback further exacerbates concerns, with numerous complaints regarding withdrawal issues and allegations of scam operations. The aggressive recruitment of new clients through various social media platforms, a tactic commonly associated with fraudulent brokers, raises additional red flags about Gemliteassetsltd's legitimacy.
Overall Gemliteassetsltd Ranking ▲
Given the significant concerns regarding Gemliteassetsltd's operational security, the broker receives a negative ranking from us. Our comprehensive analysis, based on over a decade of expertise in Forex trading and a comparative study across 1000 brokers, results in a disappointing score of 0.4 out of 5 for Gemliteassetsltd. This rating reflects the broker's unregulated status and the plethora of negative feedback from its users.
Gemliteassetsltd attempts to simplify the funding process for its clientele by offering various deposit methods. Deposits are reportedly instantly reflected in the account once confirmed on the blockchain network, with no restrictions on the number of deposits a trader can make. Upon receiving a withdrawal request, the broker claims to process it immediately, directing the funds to the specified wallet address. For cryptocurrency investments, the minimum deposit is set at $100 for the Beginner’s plan, scaling up to $10,000 for the Business plan, and reaching $50,000 for the Executive plan. However, given the broker's unregulated status and the issues identified with withdrawals as reported by clients, caution is advised when considering these deposit and withdrawal processes.
The safety and security of trading with unregulated or offshore brokers cannot be overstated. Hence, we strongly advise against engaging with such entities. Investors are encouraged to only consider brokers that are regulated by reputable authorities, such as the UK’s FCA or Australia’s ASIC, which offer compensation schemes and enforce strict regulatory standards. In light of our findings and the overarching concerns regarding Gemliteassetsltd, our overall assessment and experience with this broker are decidedly negative, underscoring the importance of proceeding with caution and prioritizing the selection of a regulated and reputable broker for your trading needs.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Gemliteassetsltd Review 2024
