GstRel Review Is A Legit Or Scam Forex Broker

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How to Avoid Forex Trading Scams in 2020

Forex markets trade trillions of dollars a day. Traders around the globe are always looking for the best broker to trade forex, CFDs, binary options, stocks, cryptocurrencies, etc. With new forex brokers popping up constantly, determining the legitimacy of a broker can be a real challenge. As a consumer, it is vital to research a company before depositing money to trade. At, it’s our mission to assist you as much as possible with that research.

Most Trusted Forex Brokers Comparison

Taken from our forex broker comparison tool, here’s a comparison of the must trusted forex brokers.

Feature IG
Visit Site
Open Account
CMC Markets Saxo Bank
Visit Site
Trust Score 99 99 99 98
Year Founded 1974 1996 1989 1992
Publicly Traded (Listed) Yes Yes Yes No
Bank Yes Yes No Yes
Tier-1 Licenses 6 4 4 6
Tier-2 Licenses 3 1 2 1
Tier-3 Licenses 1 0 0 0
Authorised in the European Union Yes Yes Yes Yes

Questions to ask to avoid a forex trading scam

  • Is the broker regulated?
  • If regulated, how trustworthy is the regulatory body?
  • Is the broker offering profits or rewards for opening an account?
  • Is the broker offering a cash bonus for opening an account?
  • Is the broker offering automatic trades or signals to guarantee profits?
  • Is any credible information about the company included on its website, such as company history, financials, headquarters’ address, or similar?
  • If awards are cited, can I verify their authenticity?
  • If a big corporate sponsorship is promoted (e.g. athlete sponsorship), am I doing my due dilligence to ensure the company can be trusted?

1) Is the broker regulated?

Unregulated brokers do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing sever slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.

How do I check if a broker is regulated? The easiest way to check a broker’s registration is to look for it at the bottom of the website. The picture below is the bottom of 12Trader, a broker we recommend avoiding. You’ll notice that nowhere in this picture is a regulatory body mentioned. The “about us” pages on the site link to an account login prompt. Nowhere on the site is there any mention of regulation or company history. All of these warning signs should make you cautious.

Now let’s look at the bottom of the homepage of City Index, a trusted and regulated broker.

You will notice 1) the company specifically warns of the risks involved in trading CFDs, 2) the company is registered in England and Wales and has posted an address, and 3) the company is authorized and regulated by the Financial Conduct Authority, and has posted a registration number.

Conclusion: A regulated broker is required to include proper risk disclaimers and regulatory information at the bottom of all their website pages. To make it easy for investors, includes a Trust Score for each broker, which assesses overall trustworthiness based on where the broker is regulated and its history as a firm.

2) If regulated, how trustworthy is the regulatory body?

Some scam brokers claim to be regulated and registered by a governing body that does not monitor or regulate forex companies.

For example, let’s look at Evolve Markets.

The disclosures at the bottom of the homepage give the appearance of a regulated broker. There is a warning of the risks of trading CFDs, and there is a legal section. Upon further examination of the legal section, you’ll notice that while the firm is registered as an international broker company in St. Vincent & the Grenadines, it is not regulated.

This statement from St. Vincent & the Grenadines shows there is a warning against false claims of registration or license.

How do I know what regulatory bodies are legitimate?

Forex brokers that are regulated in a major hub are always more trustworthy. Brokers in emerging hubs can also be trustworthy, but caution is warranted. Based on our annual study of regulatory trustworthiness, here is a list of the regulatory bodies we track and how trustworthy each one is:

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  • FCA Regulated – Financial Conduct Authority – United Kingdom – (Great)
  • CySEC Regulated – Cyprus Securities & Exchange Commission – Cyprus (OK)
  • ASIC Regulated – Australian Securities & Investment Commission – Australia (Good)
  • SFC Authorized – Securities Futures Commission – Hong Kong (Good)
  • MAS Authorized – Monetary Authority of Singapore – Singapore (Good)
  • FSA Authorized – Financial Services Agency – Japan (Good)
  • IIROC Authorized – Investment Industry Regulatory Organization of Canada – Canada (Good)
  • FINMA Authorized – Swiss Financial Market Supervisory Authority – Switzerland (Good)
  • FMA Authorized – Financial Markets Authority – New Zealand (OK)

Conclusion: Double check the authority of the governing body that regulates the broker you are looking at. You can go to the website of the governing body to search for the registration number and verify its legitimacy. To help investors find a trusted broker where they live, we have created country-specific forex broker guides.

3) Is the broker offering profits or rewards for opening an account?

Scam brokers often make claims such as “make $50 a day from a $250 investment” or “make 80% returns on profit signals” or “96% success rate.” These claims are a scam, regardless of whether they are being made for forex, CFDs, or binary options. Forex brokers should not promise returns at all, small or large. Simply put, if a broker is promising to make you money, it is a scam. Other common scam practices include advertising pictures of expensive cars that are given away to lucky investors.

This Wikipedia page on binary options does a great job of summarizing risks related to binary options:

“Many binary option “brokers” have been exposed as fraudulent operations. In those cases, there is no real brokerage; the customer is betting against the broker, who is acting as a bucket shop. Manipulation of price data to cause customers to lose is common. Withdrawals are regularly stalled or refused by such operations; if a client has good reason to expect payment, the operator will simply stop taking their phone calls. Though binary options sometimes trade on a regulated exchange, they are generally unregulated, trading on the Internet, and prone to fraud.”

Conclusion: If a binary options or forex broker promises you big returns on your money, this is a clear sign of a scam. You will not make $100,000 on a mega-trade; you will not make a 96% profit in 30 seconds; and you will not win a $40,000 car by depositing $2,000. Save your money and STAY AWAY.

4) Is the broker offering a cash bonus for opening an account?

When a broker offers an abnormally high cash bonus, is not regulated, and does not show offer details for the bonus, then you are likely dealing with a scam broker. For example, 1000Extra hints at a bonus of $1,000 with their vague promotional offer. If you click around trying to gather more information you are redirected to sign up for an account.

1000Extra is not regulated, has minimal information about the company, and has scam reports across the web.

Conclusion: In most regulated regions around the world, promotional bonuses for opening a new account are not allowed. The two exceptions are the United States, which is for US citizens only, and Asia.

ClickTrades Review

Minimum deposit


Maximum leverage

Year founded


Trading platform

ClickTrades is a newly established brokerage firm that was opened only in 2020 and is just establishing its name. The broker got the attention of many traders as they have a wide selection of the assets to trade with. ClickTrades is regulated by Seychelles Financial Services Authority and is operating worldwide, although, the broker does not establish accounts do not establish accounts to residents of certain jurisdictions including Japan, Canada, and the USA, on the other hand, the broker offers Islamic accounts. The minimum deposit with the broker is higher than average and is $1000, however, it suggests high leverage and commission-free transactions with a wide variety of payment methods. In this ClickTrades review, we will go through the company details, regulations, offerings and trading conditions to see if the broker is trustworthy or a scam that should be avoided.

Is clickTrades legit?

As mentioned above, ClickTrades Forex broker is the new brokerage on the Forex Market but it has already driven the attention of many traders. The company is registered in Gibraltar and has the operational address in Gibraltar as well. The broker is operated by the company KW Investments Limited, which is authorized and regulated by Seychelles Financial Services Authority. The company license number can be found on their website and checked with the Financial authority, the fact that the broker has a regulator and a valid license is always a big plus, especially today when there are many brokers who are unregulated or simply put the license number that either does not exist or is stolen from another brokerage firm. The company history so far is also clean as there have not been cases of any violations of regulations from ClickTrades side. This makes us confident to say that there are no possibilities of ClickTrades scam and the broker is trustworthy. review

The website is an important part of the broker review as it gives us an idea of how serious is the broker when it comes to business and customer satisfaction. Mostly the scam brokers do not invest much in the website as they are not interested in delivering the good trading experience. It is not the case for ClickTrades FX brokerage. Although we have seen better-designed websites the taste is not what we need to pay attention to. The website overall looks average, but is fast, has very intuitive navigation and many pages that provide the information necessary for the customer.

On the website, one can find information about the broker, its regulation, terms, and conditions for trading, legal documentation and more. There is full information about the assets one can trade with, trading tools and news. We are always glad to see when the brokers are trying to keep their customers informed about the news that is happening on the Forex market. Hence were happy to see that while making the review the new articles were added meaning that the news section is always fresh and up to date. Another plus of the website is that it can be viewed in five different languages English, Spanish, Arabic, Russian and Indonesian.

What can you trade with ClickTrades?

ClickTrades offers a wide selection of the assets, there are more than 2100 CFDs available for the customers of the broker to trade with:

  • currency pairs that are divided into the three popular groups: majors, minors, and exotics.
  • Shares of one of the most popular companies one can find on the global financial markets, including Australian, European, Asian or the US markets. The list of companies includes Apple, Google, Facebook, Alibaba, Netflix and more.
  • CFDs on Indices that covers more than 26 global indices.
  • Commodities from two categories – soft commodities such as wheat or rice and hard commodities such as gold gas or oil
  • Cryptocurrencies
  • bonds
  • ETFs

The variety of assets is always a good thing and it definitely raises the ClickTrades rating to us. The leverages are different depending on the assets you trade with, maximum leverage that the broker customers can have is 1:300 which can be very attractive for all kind of traders.

ClickTrades Account types review

ClickTrades offers three kinds of accounts for the customers depending on their needs. The three types of ClickTrades accounts includes the Essential account with the minimum deposit of – $1000, ClickTrades Original – $5.000 and ClickTrades Signature – $ 25.000.

The deposits for the accounts overall are really high compared to the other brokers. Although ClickTrades is not the only broker to have the high minimum deposit for the premium accounts. Many of the brokers prefer to have limited number of the customers, the users that can have the ability to hold the premium accounts are usually well-experienced traders. Other traders can have an essential account and still enjoy the trading with the high leverage.

All of the accounts come with the features, such as:

  • Support from Monday to Friday 6:00 AM GMT to 01:00 GMT
  • Demo accounts
  • Daily marker reviews
  • Daily analyst recommendations

Customers that have Essential and Original accounts have limited access to the ClickTrades video library and have dedicated account representative 2 and 3 days a week respectively. Original accounts also come with open access to research and special trading conditions. In addition to all these traders with the Signature accounts of ClickTrades FX brokerage have a trading central and one-to-one meetings with an account representative.

Overall the accounts are pretty expensive but they come with the features that are helpful for both beginner traders and well-experienced ones.

ClickTrades trading platform

The broker offers its own WebTrader platform that is available with the desktop, tablet, and mobile versions. As the Forex trading is now fully digitalized it is very important for the users to have access to their trading accounts from any device. ClickTrade webTrader has a wide range of instruments, analysis tools, economic calendar and many other features that guarantees the better trading experience. Overall the design of the trading platform is very nice, it is fast and simple to use which is always a plus

Withdrawal & payment methods

There is no extra fee applied when depositing or withdrawing the money, the transactions can be made via several provides, not many brokers offer several payment methods and it is always nice to have a wide choice. The methods one can use with the Clicktrades includes Visa, MasterCard, Maestro, Neteller, Trustly and Skrill.

For the security reason, the Clicktrades withdrawal will be done with the same payment method which was used for depositing the funds. The withdrawal itself is an easy procedure and requires filling up the withdrawal request form.

ClickTrades customer service

Last but not least let us review the customer service which is a very important aspect of trading with the broker. Customers of every broker should know that there is always someone from the broker side that is ready to assist. The ClickTrades support is available via the chat service that is always the best way to go as the direct chat with the company representative is fast and easy to reach. The Clicktrades support can be also acquired by the email, phone number or contact form that is available on the website. Fast response rate and the various possibilities to reach the broker adds points to ClickTrades rating.

So can ClickTrades be trusted?

Since the broker is regulated there is not a reason to think of ClickTrades fraud, the broker is legit and offers the products and services that are fully authorized and regulated. As the minimum deposit fee is higher than average on the Forex market, we can assume that the broker is for the well-experienced traders. The customers of the ClickTrades have a big variety of the assets to trade with, high leverage, commission-free transactions and many features that come with the trading account and makes trading smooth, intuitive and more enjoyable.

How do Forex brokers scam Forex traders?

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Brokers can scam clients pretty easily. They control the platform software and they can play all kinds of games with your account. They can freeze the account during important news events so you can’t trade if the brokers risk level is too high, they can freeze your account when you have a big loss or big profit so you can’t close the trade, but they can close your trade anytime they wish. The broker can add pips onto your trade by manipulating the software so you get stopped out easily and your profit targets don’t get hit and your winning trade doesn’t close out when it should and turns a.

Slippages and terminal freezing may be a way, but it’s not the fact yet and better ask your broker in such situations.

I had a similar one the last year, when my platform was suddenly frozen and I couldn’t control my deal, I lost money because of that. There weren’t much money, but it was not pleasant , as I trusted my broker. I’ve been working with them more than a year for that moment. What the hell!! – I thought and rushed to contact support while looking reviews of other users. I couldn’t believe that it was a scam.

The support told me that there were problems with the server, and it caus.

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