Is the trading platform GXCM a scam?

Is the trading platform GXCM a scam?

Image source: Shutterstock / Screenshot

Teodor Stig-Matz

teodor.matz@trijo.co

In this article, Trijo News examines the trading platform GXCM. The FCA has issued a warning regarding the company.

Trijo News has several times written about the various scams that deceive people with promises of big profits through trading in, among other things, cryptocurrency.

We have previously warned of scams, such as Cash FX and Jubilee Ace.

Now we want to draw the attention of our readers to another company that makes the alarm bells ring.

British authorities warn

The company in question is called GXCM. On their website, they claim to be a platform for trading cryptocurrencies as well as CFD:s and other securities.

However, a couple of things point to the possibility that the company may in fact be a business with the purpose of cheating people out of money.

Firstly, the British Financial Authority (FCA), warns of GXCM. This is because the company markets itself to customers in the country without being registered with the authority.

This means that Britons who are deceived by GXCM are not entitled to get help from the FCA if something goes wrong.

sIn addition, warnings issued by financial authorities are something that most of the frauds that Trijo News has investigated have in common.

Negative reviews

The other thing that points to that GXCM could be a scam is reviews of the company on the website Trustpilot.

In these, several people testify that they have had difficulties withdrawing money that they have deposited on the platform.

“Fraudsters! You can not withdraw money, but they continue to ask you to deposit more money”, one user writes.

Finally, it is difficult to be 100 percent certain that GXCM is a fraud.

But why take a chance? After all, there are a number of platforms for trading in both cryptocurrencies and stocks that are definitely not scams.

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