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GTP Capital Review - Is it scam or safe?

GTP Capital Review - is gtpcapital.com scam or safe forex broker?
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Trading Accounts & Conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average Spreads
Trial $500 0.1 1:200 3.9 pips
Basic $5000 0.1 1:200 N/A
Trader $10 000 0.1 1:200 N/A
Pro Plus $50 000 0.1 1:200 1.8 pips

 

GTP Capital offers its clients several account types, depending on their initial deposit. All of them provide commission-free trading with leverage up to 1:200 and variable spreads on the brokers proprietary web-based platform. Micro lots are not available for trade and social trading services are offered solely on Trader, Pro Plus and VIP accounts.

 

GTP Capital says on its website that its spreads on EUR/USD are averaged 1.8 pips, however, when we tried out its services via a demo account, the spread was above 3.5 pips. Taking into account that most brokers provide spreads within the range of 1.0 – 1.5 pips for this pair, we wonder GTP Capital cares about forex trading at all. Don’t waste your time with this broker, because the offensively wide spreads are not its biggest disadvantage – it is not authorized to provide brokerage services.

 

The Company. Security of Funds

 

Company

Country

Regulation

Oasis Capital Ltd.

UK, Bulgaria

N/A

 

GTP Capital is a forex and binary options broker, offering online trading in a number of currency pairs, stocks, ETFs, bonds and precious metals on its proprietary web-based platform.

 

According to the information on its website, the brand is operated by Behind the brand is Oasis Capital Ltd. As two addresses provided, we are not sure whether the company is headquartered in Bulgaria or in the UK. One thing, however, is certain - GTP Capital is not licensed to provide financial services by any authority.

 

Non-regulated and offshore regulated brokers should be avoided as a general rule, no matter what their claims are. Many of them are scams and probably this is also the case with GTP Capital, as all user reviews we found in various forex forum and sites were negative and traders complained they have lost their money.

 

That is why we would advise you to select a forex broker licensed in UK, or Cyprus, for instance, where regulation is strict and there are compensation schemes, which will protect your money if your broker becomes insolvent.

 

Trading Platform

 

Unlike most brokers, GTP Capital does not support the popular MetaTrader 4 (MT4). Instead, it offers its web-based proprietary platform that has two trading modes – binary and forex.

 

We tried it out and found some useful features, such as the Biggest Gainers/Losers section which shows trader sentiment. However, there is no way to automate your trades (similar to EAs on MT4), the technical analysis indicators are quite limited, and overall the platform lacks many useful tools and functions.

 

 

Methods of Payment

 

GTP Capital offers its clients multiple types of payment methods: the more traditional bank wire transfer and credit/debit card, as well as e-wallets, such as WebMoney, China UnionPay and Neteller.

 

Conclusion

 

GTP Capital is a forex and binary options broker, which is not regulated and likely a scam. Besides, its spreads are very wide, MT4 is not supported and we cannot find a single reason why would anyone decide to invest his or her money with it. To sum up the above:

 

Pros Cons
  Not regulated
  High spreads
  High minimum initial requirement
  MT4 platform not available

 

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Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for GTP Capital

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