Beware! Geo Trading 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.
Geo Trading is a highly obscure Forex broker. In fact, upon entering you can see a shiny website displaying the highest building in the world, but the more you explore, the greater the ambiguity becomes. They say to offer safety and security, also claim that the traders are covered by insurance and that segregated funds protection is available.
But is all of it true in reality? We shall only say that the T&Cs link is redirecting to non-existent page and this fact should be enough for you to reconsider before making a deposit with Geo Trading. The sign-up process is also broken, we tried many times to register, but it always would give an error code saying “Invalid Email and Password”. Find more details about this Forex broker in the full Geo Trading review.
Geo Trading REGULATION AND SAFETY OF FUNDS
Geo Trading enlists only a contact number which suggest that it is based in India, and that is the only hint about its legitimacy. No other legal information is provided in any way, there is no company mentioned, no registration number, no licenses, even their Terms and Conditions are not available. A sign-up is impossible, and also many other of the links on the website are not working, as well. On the other hand they claim to be regulated across multiple jurisdictions, which is a lie, Geo Trading isn’t regulated anywhere. Our research in the databases of FCA, CySEC, NFA and ASIC gave no results.
Geo Trading is an unlicensed, unauthorized and unregulated Forex broker and you should avoid dealing with it! Such enterprises are risky and unstable and might disappear at any given moment, leaving the traders with losses that are almost impossible to recover.
You need to make sure that you trust companies which are legit, transparent and regulated in EU, UK, USA or Australia. These Forex brokers put the customer protection on top of their priority list and will treat your funds with an utmost care, not because they want to, but because they have to. In EU, for example, complying with the product intervention measures that the European Securities and Markets Authority has agreed, which further CySEC and FCA have implemented, the Forex brokers are required:
- to limit the leverage to between 1:30 (Forex majors) and 2:1(cryptocurrencies);
- to close out a customer position when the funds fall to 50% of the margin needed;
- to provide negative balance protection on a per account basis, meaning that losses cannot exceed the total funds;
- to restrict or completely obliterate the incentives offered to trade Forex and CFDs;
- to provide a standardised risk warning to the customers.
Failure to do so will result in disciplinary action such as salty fines or license being suspended/revoked. In contrast, the people behind Geo Trading will most probably not hesitate, if they see the chance to rip you off, stay away!
Geo Trading TRADING SOFTWARE
Geo Trading’s trading software is a similar story, there is no platform to download, and also, as already mentioned, no registration possible. The only thing we know about their conditions comes from the Account types page, but again the presentation is well below the standards. No MT4 or MT5 accounts accessible.
The leverage level is said to be 1:500 on all of the accounts. The spread is said to be tight, at 0.4, but the information about it comes from a different source on their Main page. On the other hand the stop out level is repeated three times in three different rows, set to be 70%. It is a strange level, given the fact that they also claim that the margin call is 100%, which in reality does not make any sense, this website is designed by incompetent amateurs. The lack of professional touch is more than obvious and we actually asked ourselves what the purpose of this is.
Demo trading is also unavailable, there is an option listed (Request A Demo), but the link isn’t functioning, as well, do not waste your time with this website.
Geo Trading DEPOSIT/WITHDRAW METHODS AND FEES
No minimum deposit requirements are to be found. There are three different funding methods listed on their Main page including wire transfers, debit and credit cards, but we cannot confirm that the information is correct.
No minimum withdrawal, processing time or methods are known. Also no fees are specified in size and scope, no dormant account policy available.
No bonuses or other similar trading incentives, no referral or affiliate programs introduced.
HOW DOES THE SCAM WORK
We were perplexed by the appearance of Geo Trading and its website. We still cannot grasp what the idea is, there isn’t anything working, even a way to deposit money is not available. It is really strange for a Forex broker which claims for itself to be among the best in the industry. We can only guess, but it’s true that the website is still in existence. Avoid making any deposits with Geo Trade even if you have the means at your disposal to do so, it is an exceptionally shady and mysterious entity, which shouldn’t be trusted.
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
WHAT TO DO WHEN SCAMMED
Anyone can become a victim of scam, the scammers are perpetually changing their strategies and no one must feel safe. If become a victim of scam the first thing you should do is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what have happened to you, file a complaint, contact the financial regulator, contact other government institutions dealing with trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Avoid Geo Trading, it is an incompetent Forex broker, which you shouldn’t trust.
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