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Gann Markets Review - is it scam or safe?

Gann Markets review - Is gannmarkets.com scam or good forex broker?

RATING: 1.1 / 0 REVIEWS Gann Markets
Gann Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Gann Markets is a forex and CFD broker based in Podgorica, Montenegro, which claims to be regulated by the Financial Services Commission (IFSC) in Belize. Unfortunately that turned out not to be true – we diligently checked the registers of the Commission and were unable to find Gann Markets or the company behind it there.

 

Trading account  Min. deposit Max. leverage Spread

Fixed Account

$100 1:400 1,7 pips
Variable Account n/a 1:400 n/a
MAM Account n/a 1:400 n/a
Scalper Account n/a 1:400 n/a

 

Gann Markets Advantages:

 

Over 40 currency pairs and lots of CFDs

 

We always credit the brokers we review with any positive sides, we are able to come up with about their offer. In the case of Gann Markets that can be the comprehensive selection of trading instruments, including over 40 currency pairs, lots of which crosses, minor or exotic like USDZAR, USDSEK, USDPLN, USDNOK, USDMXN, USDDKK, USDSGD and USDTRY, as well as the variety of CFDs, ranging from precious metals like gold, silver, platinum and palladium to oil, natural gas and 7 indices. 

 

As no crypto assets were directly available, however, here we may offer you our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:400

 

Currently such leverage levels can be seen only with unregulated brokers like Gann Markets or brokers licensed in Australia – the last major regulatory hub where high leverage trading is still available, after the authorities in Europe, Canada, Japan and the US caped the maximum leverage allowed at 1:30, 1:75, 1:25 and 1:50 respectively. Besides, here you may check our list of brokers regulated in Australia:

 

>>Brokers regulated in Australia<<

 

MetaTrader4 supported

 

MetaTrader4 is definitely the most popular and also one of the most reliable trading platforms on the market. It features nearly 100 market indicators and numerous customizable trading robots, which can easily help you run automated trading sessions.

 

The layout is user friendly and there is also a nice set of advanced charting tools, so here you may also check our list of brokers supporting the MetaTrader4 as well:

 

>>MT4 Brokers<<

 

You can start trading with 100 USD

 

This is another positive point for Gann Markets. Their minimum deposit requirement is in line with what most brokers would usually require as an initial investment. Still have in mind that with some big, well established brokers like FBS and IG you can star trading with just 5 USD or so.

 

Gann Markets Disadvantages:

 

Gann Markets falsely claims to be regulated in Belize

 

The Financial Services Commission (IFSC) in Belize do regulate forex and CFD brokers, despite the fact that their regulation is deemed “light” and definitely can not be compared to the rigorous oversight imposed by such respectable institutions such as the he Financial Conduct Authority (FCA) in the UK, the Cyprus Securities Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) – the three most popular regulatory destinations in the industry, where nearly 90% of legit brokers have flocked.

 

And yet, Gann Markets is not regulated anywhere, not even in Belize. Bear in mind that unregulated brokers are completely unaccountable for the way they handle your money so basically this whole story feels like a scam. 

 

Besides, here you may check our list of brokers, regulated in the UK, where your trading account will be insured for up to 85 000 GBP:

 

>>FCA Regulated Forex Brokers<<

 

Be aware of trading bonuses

 

Unfortunately we were not able to open the Gann Markets Terms and Conditions as the link to that key legal document was not functional. So currently if you open a trading account with them and deposit your money, you will have to agree with something you have not read.

 

And be aware of trading bonuses. The practice of offering trading bonuses is highly controversial and recently was banned throughout Europe altogether. 

 

The problem is that all trading bonuses always come with strings attached – most probably some minimum trade volume requirement, which too often proves too challenging to fulfill. 

 

High spreads

 

When we tested  Gann Markets trading platform with a demo account the benchmark EURUSD spread floated about 1,7 pips, which is somewhat higher than what traders usually consider attractive. Starting spreads are considered attractive only below 1,5 pips with a standard account, so here you may also check our list of brokers offering better trading conditions:

 

>> Lowest spread forex brokers<<

 

No detailed information about the payment methods accepted

 

Just have in mind that most brokers accept payments with major credit or debit cards like VISA and MasterCard, bank wire and popular e-wallets like NetellerSkrill and PayPal. Some even accept payments with crypto coins, so here you may also check our list of brokers where you can pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

Gann Markets is not a broker we can recommend. They deliberately are trying to mislead traders that they have a license, while in reality they are just another unregulated, offshore broker with rather low credibility. 

 

On top of that their trading conditions are nothing special, so here we will repeat our usual advise to trade only with brokers with legit licenses from respectable institutions such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

Latest news about Gann Markets
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Traders` reviews for Gann Markets

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