GMBanc.io is a new brokerage that offers trading products ranging from Forex to Commodities, Stocks and Indices.
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The broker claims that smart traders choose GMBanc.io because it is the “largest financial market” now, hosting 250 000 clients worldwide and 147 employees across 4 offices.
Now, in the real sense, this is just marketing hype. When looking to invest, it’s in your best interest to find a service with a reputation such as this one.
Keep in mind that this broker registered its website in August 2020.
Where they got this number of clients is a mystery and somehow too good to be true.
Moreover, they want us to join them because “their client numbers are increasing”.
This is not what traders should make their decisions based on.
In addition to this, they claim to offer support from “true company specialists” and even boost deposits via their bonus program.
Currently even the best Forex brokers with a strong track record are offering a bonus program. So we do not see why this should motivate us to join GMbanc.io.
GMBanc feel that choosing the right broker with good trading conditions and quality of service is the prerequisite for successful trading and generating of income.
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They claim that their brand meets these qualities because it is reliable, credible and the team is experienced in addition to being trustworthy.
All Forex brokers on the internet make these claims but not all of them actually do what they say.
Furthermore, it appears that GMBanc.io has a dirty history involving a ponzi scheme business before they rebranded to a Forex broker.
So even if you’re going to skim through this review, we advice that you at least read the most important aspects of this broker and why we are already discrediting them.
This broker is currently offering 3 account types. Details of their account types are as follows:
The broker is also claiming to offer trading signals on a daily basis.
They currently offer between 2 to 5 signals per day. The traders involved are anonymous and the strategy plus win rate is equally not known.
This aside, GMbanc.io is also attracting traders with a bonus from 25% to 75% depending on the choice of the account.
Standard and Advanced accounts are eligible to insurance which is something we saw when reviewing Octofinance.io and several other doggy brokers.
GMBanc claims to offer MT4 and WebTrader platforms respectively.
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MT4 is definitely loved for its robustness in terms of charting capabilities, technical analysis and compatibility with some of the best trading tools.
However, since choosing a broker is something that takes more than considering the trading platform, we wish to talk about other aspects as well.
Deposits and withdrawals
GMbanc is currently accepting deposits in MasterCard, Visa and Wire Transfer.
Initially, they were only accepting deposits in Cryptocurrencies.
We didn’t see any other supported funding methods apart from the ones mentioned in their deposit and withdrawals page.
Also, withdrawal processing time is between 2 to 5 business days which is unacceptable.
This means that the finance department is not efficient in its work and it makes this broker less competitive in the marketplace.
Fees and levies charged by GMbanc.io
First of all, this broker is making 10% deductions for accounts that have not been active for at least 3 months.
We have no idea why these fees are levied though. Regulated brokers with a strong reputation don’t make money through these illegal means.
This proves that Gmbanc is a greedy broker that is desperate to make money through every means possible.
Is Gmbanc.io regulated?
They are allegedly operating from St. Vincent and the Grenadines.
This offshore location is a safe haven for scammers that run Forex brokerage companies.
Forex brokers who choose to setup base in this offshore location have a hidden agenda.
In addition to this, the brokers wo operate from this region don’t have a strong regulatory oversight authority.
In fact, regulations are non existent. So this is why GMbanc is not a regulated broker.
We do not recommend greedy brokers and definitely unregulated ones are a big resounding No!
Furthermore, a broker like Gmbanc has no reputation to inspire our confidence.
Not only is their minimum deposit very high, but their fees are unfavorable.
If they are not charging any spreads, then commission must be levied. The broker does not talk about commission in their website.
Overall, we feel that this broker is a scam.