Beware! GJGOLD is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
GJGOLD is a forex company trading in forex, CFDs and precious metals.
The first negative impression we get from this company’s website is that the English version is full of language mistakes. That fact does not inspire confidence in the company’s legitimacy!
GJGOLD Regulation and safety of funds
Nowhere in the company’s website did we find information about the company’s address or its registration. The fact that such an essential information is missing again leads us to think that this company is scam.
Looking at the ‘contact us’ section, we find phone numbers starting with +44 which is the country code for UK. Also, in the email addresses provided for contact with customer support and others, the domain is FurtonFX.com. But where is this company from is anybody’s guess. The only thing we understand here is that trading with this company is a high risk undertaking for your funds.
You must be aware that there thousands of legitimate and regulated forex companies to choose from instead of this shady one. We advise you to look into the well-established jurisdictions around the world when selecting a forex broker. You should look for companies that are first registered and regulated, and second, that provide a guarantee for your funds. If you look at forex brokers that registered and regulated in EU and UK, you will see that they have a lot to offer. First of all, to prevent scammers from sneaking in, the licenced brokers must have an initial operating capital of no less than 730,000 EUR. Do you think scammers will cough this much money just to look legit? We don’t think so! Second, legit forex brokers are obliged to contribute to compensation schemes. If a scammer declares bankruptcy or shuts down the website, your money is gone! But if a legit forex broker goes bankrupt, then the clients will be compensated by 20,000 EUR per client if the company is regulated by CySEC or 85,000 GBP per client if the company is regulated by FCA. Sounds good, right? But that is not all! To provide transparency for their deals, legit brokers must also report their transactions on a daily basis to prevent shady deals.
As you can see, with legit and regulated brokers it is much safer to trade than with forex companies, such as GJGOLD!
GJGOLD Trading software
GJGOLD claims on its website that its trading platform is MetaTrader 4. Created about 15 years ago, MT4 is an oldie but goldie. Forex brokers around the world still swear by it for its many advantages, such as code base with scripts, an app market, a financial calendar, VPS and auto trading option, trading signals, different charts designs, demo account, etc.
We would have been very pleased to check out the GJGOLD branded MT4 except that we were unable to open either the demo account or the live one. Why? Because the system has broken links that kept us going in circles of registration, verification, download the platform – and nothing!
The only information regarding the forex trading is that the leverage can reach 1:500.
GJGOLD Deposit/Withdrawal methods and fees
There is crucial information missing from this company’s website. For example, there is no information provided about the live account and the minimum initial deposit. There is no Terms and Conditions document either, so we are not able to find out how deposit and withdrawal are set and if there are any restrictions or fees.
A company that is not transparent about this is clearly a scam and is out there to get your money!
How does scam work?
Scam works in different ways. It could be either that you receive an unsolicited telephone call or you see one of these flashy ads on the Internet or the social media promising you a quick and easy profit. Scammers will promise you the sky and the earth until you give way to temptation and deposit money. Once you give them money you get caught in the scammers’ mouse trap and the cheese in the shape of a big fat money fall is gone! It may take some time before you realise that you are being scammed. Scammers are smooth talkers and they are masters of deception. They will give you some excuses as to why the big profit hasn’t come yet and will try to lure you to make even a bigger investment because according to them, the more you invest, the more you profit. After you have been waiting for awhile and you finally come to your senses, you realise that you are being scammed. All you want now is to get your money back and get out of there. However, the scammers won’t make it easy for you! They will try to delay you so that you miss the deadline for applying for chargeback.
What to do if scammed?
There are a few things that you must do immediately – file for chargeback if you have paid using a VISA or MasterCard. Those two payment providers allow you 540 days time frame within which you may file for chargeback.
However, the chances are grim if you have used bank transfer or Bitcoin as a payment method. There is no chance you’ll be able to recover your money.
In such desperate situation, some so-called ‘recovery agents’ may approach you with offers to recover your money for a fee. Be cautious as you may be dealing with another type of scammers. Always check the information about the recovery agency – make sure it is legitimate and transparent in the public eye. Also, some scammers publish personal comments after our review about how they have been scammed and how they found a recovery agent who helped them get their money back. Do not trust such comments and do not use the published contact info in them as it will lead you to another scammer!
And lastly, a reminder to cancel your credit card if you have given your CVV code to the scammers and erase any software from you PC that gives scammer access to your personal data.