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The WikiFX Score of this broker is reduced because of too many complaints!

GSM

United Kingdom|5-10 years|
MT5 Full License|Regional Brokers|United States Common Financial Service License Unauthorized|Suspicious Overrun|High potential risk|

https://www.gsmfx.net

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

1
Server Name
GrandSignalMarkets-Live MT5
Server Location Hong Kong

Contact

+44 2084 323 088
info@gsmfx.net
https://www.gsmfx.net
41 DEVONSHIRE STREET, GROUND FLOOR OFFICE 1
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+44 2084 323 088

Other ways of contact

Broker Information

More

Company Name

Grand Signal Markets Limited

Abbreviation

GSM

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away! 5
Previous Detection : 2024-07-18
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 34 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • United StatesNFA (license number: 0550880) The regulatory status is abnormal, the official regulatory status is Unauthorized. Please be aware of the risk!
  • This broker exceeds the business scope regulated by United States NFA(license number: 0550880)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!
  • The AustraliaASIC regulation (license number: 001281851) claimed by this broker is suspected to be clone. Please be aware of the risk!

WikiFX Verification

GSM · WikiFX Survey

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Expose
Unable to Withdraw

Close call

GSM held my $56,000 money hostage without showing any regret, and nobody will told me what to expect. They requested more money as a deposit to help me increase my investment, but when they rejected it, I requested a little withdrawal of my profit. Even though I had completed all of my paper work correctly, the withdrawal did not happen. of AssetsClaimBack . (Without their services, they would have kept my money forever). Instead, look for a different legitimate broker most online investment firm are scam

2022-10-24 12:23
Unable to Withdraw

fraud is group of people

I was contracted by Viber to register the group as they have over 200 people crowed group everyone talking about it how great platform is it . girl calm Wendy contract me and talk to her lots of time over the phone also I was convince to invest over all for Rocket project I hav invested £50000 and start trading with company call Wintersnowx . after few weeks is Chnage to GSM company still trading with MT5 and few weeks later it’s Change to OBFX and traded for month made 508 usd total . in return of withdraw they clear my account and block my account without access . all the money was vanish from account also . need support and help to recycler the funds as well as warn to people about fraud . this company and group of people play some game to take your money . simply they are farud . Wintersnowx WintersnowFX . GSM OBFX this all Company are same and they all fake and fraud . I have full pack of evidence for communication , emails , MT5 account details and account details . also evidence of company and money deposit through BInace . I hope I will get some help .

2023-01-22 12:49

    GSM · Company Summary

    Note: GSMs official site - https://www.gsmfx.net/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

    Risk Warning

    There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.

    The information presented in this article is intended solely for reference purposes.

    General Information

    GSM Review Summary in 10 Points
    Founded 2019
    Registered Country/Region United Kingdom
    Regulation unregulated
    Market Instruments Forex, Metals, Energies, and Digital Currencies
    Demo Account N/A
    Leverage 1:200
    EUR/USD Spread 1.6 pips
    Trading Platforms MT5
    Minimum deposit $100
    Customer Support Phone, email

    What is GSM?

    Registered in the United Kingdom, Global Signal Markets (short for “GSM”) is an online forex broker offering its clients trading services on Foreign Exchange, Metals, energies, and Digital Currencies. GSM offers three types of trading accounts to choose from, with the maximum leverage available up to 1:200. GSM is not authorized or regulated by any regulatory authorities, please be aware of the risk involved.

    Pros & Cons

    Pros Cons
    • Offers a variety of trading instruments including forex, metals, energies, and digital currencies • NFA license reported to be unauthorized
    • Offers competitive trading conditions • Limited information available about the company
    • Offers the popular MT5 trading platform • Website currently unavailable
    • Offers multiple account types • Lack of transparency and oversight

    Note that these pros and cons are based on the available information and may not be representative of the actual experience of trading with GSM. It is recommended to conduct additional research and due diligence before deciding to work with any forex broker to ensure that your trading needs and funds are protected.

    GSM Alternative Brokers

      There are many alternative brokers to GSM depending on the specific needs and preferences of the trader. Some popular options include:

      • IG: IG offers a range of trading platforms and competitive trading conditions, making it a popular choice among traders.

      • XM: With a variety of account types and trading platforms, XM is a good choice for traders looking for flexibility and accessibility.

      • Forex.com: Forex.com offers a user-friendly trading platform and a range of educational resources, making it a solid choice for novice traders.

    It is important for traders to carefully evaluate their options and choose a broker that meets their individual needs, preferences, and risk tolerance.

    Is GSM Safe or Scam?

    There are several red flags and concerns that have been raised about GSM. Firstly, GSM's NFA license is reported to be unauthorized, which could indicate that they are operating outside of regulatory guidelines. Additionally, there is limited information available about the company, including their history, ownership, and management team. The unavailability of their website could also raise concerns about the reliability and stability of the company. Furthermore, the lack of transparency and oversight could potentially expose traders to higher levels of risk.

    Therefore, it is crucial for traders to do their own research and due diligence before deciding to work with any financial institution, including forex brokers like GSM, to ensure that their funds are protected and their trading needs are met. It is recommended to consider alternative brokers that offer more transparency, regulatory oversight, and a proven track record of reliability and customer satisfaction.

    Market Instruments

    GSM advertises to offer a diverse range of trading instruments including Forex, Metals, Energies, and Digital Currencies.

    Forex trading involves the buying and selling of different currencies, which allows traders to profit from the fluctuations in exchange rates.

    The metals market includes precious metals such as gold and silver, which are popular investments due to their ability to retain value and act as a hedge against inflation.

    Energies refer to commodities such as crude oil and natural gas, which are traded based on supply and demand factors and geopolitical events.

    Digital currencies, such as Bitcoin and Ethereum, have gained popularity in recent years due to their decentralized nature and potential for high returns.

    Accounts

    GSM offers three trading accounts to suit different traders trading needs, namely Classic, Pro, and VIP accounts. The Classic account is suitable for all types of traders, with an initial deposit of acceptable $100. The Pro account is more suitable for professional accounts, and to open this account, only $100 is enough. The VIP account is ideal for institutional clients, and traders who want to try this account need to fund at least $5,000. The Swap-free Islamic account option is applicable with all these three trading accounts.

    Account Types

    Leverage

    Problematically, GSM permits traders to use the leverage of up to 1:200, which is higher than the levels regarded as appropriate by many regulators. Although leverage is considered an amazing tool for clients to increase their potential profits. However, it can also cause serious fund losses, especially to inexperienced traders. Thus, it is important for clients to choose the proper amount that they feel most at ease.

    Spreads & Commissions

    Spreads and commissions are determined by what trading accounts you are holding. The Classic account is offered a commission-free trading environment, accompanied by average spreads from 1.6 pips. Spreads start at 0.0 pips and commissions are $2 per side for every $100,000 traded on the Pro and VIP accounts, respectively.

    Below is a comparison table about spreads and commissions charged by different brokers:

    Broker EUR/USD Spread Commissions
    GSM 1.6 pips None
    IG 0.6 pips None
    XM 0.6 pips None
    Forex.com 0.8 pips None

    Note that the spreads and commissions can vary depending on market conditions and account types, and the above figures are meant to be indicative only. Additionally, it's worth noting that while some brokers may not charge commissions, they may have other fees such as swap fees or inactivity fees that traders should be aware of.

    Trading Platforms

    GSM provides its clients with access to a popular MT5 trading platform that can be available for PC and Mobile devices. Traders can quickly analyze market activity, place trades, and integrate automated systems thanks to this powerful platform's convenient workspace (Expert Advisors). Everything you need to begin trading on the financial markets, including all of the above features, is available in a single, convenient interface.

    MT5

    See the trading platform comparison table below:

    Broker Trading Platforms
    GSM MetaTrader 5 (MT5)
    IG IG Trading Platform, MetaTrader 4 (MT4), MetaTrader 5 (MT5), L2 Dealer
    XM MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader
    Forex.com Advanced Trading Platform, MetaTrader 4 (MT4), FOREX.com Web Trading, mobile apps

    Note that the availability of trading platforms may vary depending on the region and account type. Additionally, some brokers may offer additional platforms or tools, such as social trading or algorithmic trading, that may be of interest to certain traders. It is recommended to carefully evaluate the available trading platforms and features to determine which broker best meets your individual trading needs and preferences.

    Deposits & Withdrawals

    Unfortunately, without access to GSMs website, it is difficult to provide a comprehensive review of their deposit and withdrawal options. The only available information from the Internet is their minimum deposit requirement ($100).

    GSM minimum deposit vs other brokers

    GSM Most other
    Minimum Deposit $100 $100

    Customer Service

    Traders can reach out to GSM about any questions or concerns they may have about their accounts or their trading through the following methods: Telephone: +44 2084 323 088 and Email: info@gsmfx.net. Registered Company Address: 41 DEVONSHIRE STREET, GROUND FLOOR OFFICE.

    Reliable and responsive customer service is an essential aspect of any reputable forex broker. Traders may wish to consider the availability, responsiveness, and quality of customer service when evaluating different brokers. Additionally, it is recommended to research customer reviews and feedback to gain a better understanding of the level of support provided by a particular broker.

    Conclusion

    Overall, it is concerning that GSM is reported to have an unauthorized NFA license, as this may indicate that they are operating outside of regulatory guidelines. Additionally, the unavailability of their website could also raise questions about the reliability and stability of the company. However, the fact that GSM offers multiple account types and competitive trading conditions, along with the use of the MT5 platform, may be attractive to traders looking for variety and flexibility in their trading. It is important for individuals to do their own research and due diligence before deciding to work with any financial institution, including forex brokers like GSM, to ensure that their funds are protected and their trading needs are met.

    Frequently Asked Questions (FAQs)

    Q 1: Is GSM regulated?
    A 1: No. Their National Futures Association (NFA) license is unauthorized.
    Q 2: Does GSM offer the industry-standard MT4 & MT5?
    A 2: Yes. GSM supports MT5.
    Q 3: What is the minimum deposit for GSM?
    A 3: The minimum initial deposit to open an account is $100.
    Q 4: Is GSM a good broker for beginners?
    A 4: No. GSM is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website.

    News

    WikiFX Review: What you should know about GSM?

    ExposureWikiFX Review: What you should know about GSM?

    2022-09-28 16:28

    The exposure on WikiFX about the broker is a red flag. It may be alerting you that the broker is dangerous!

    WikiFX
    2022-09-28 16:28
    Exposure
    WikiFX Review: What you should know about GSM?
    WikiFX Review: Why does GSM catch many traders’ attention recently?

    NewsWikiFX Review: Why does GSM catch many traders’ attention recently?

    2022-08-30 10:46

    Recently GSM has become a trending topic in forex markets. What is the relationship between GSM and WinterSnow Limited? WikiFX made a comprehension review on it to help you better understand this broker. we will analyze the reliability of this broker from specific information, regulation, exposure and etc. Let’s get into it.

    WikiFX
    2022-08-30 10:46
    News
    WikiFX Review: Why does GSM catch many traders’ attention recently?
    Wintersnow Ltd Changed Its Name to GSM Ltd After Being Exposed?!

    ExposureWintersnow Ltd Changed Its Name to GSM Ltd After Being Exposed?!

    2022-08-19 19:00

    It was just last week when WikiFX reported that Wintersnow Ltd could have bought fake followers to boost its Twitter account. Unbeknownst to many, now the Wintersnow Ltd's Twitter account is gone within a week since our article. Keep reading to see what could have happened.

    WikiFX
    2022-08-19 19:00
    Exposure
    Wintersnow Ltd Changed Its Name to GSM Ltd After Being Exposed?!

    User Reviews

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    11

    Comments

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    半杯浊酒,半碗茶
    more than one year
    I wasn't able to withdraw from GSM for 3 months. My deposit arrived in their system in no time but taking out my profit has been a big problem. I believe they intentionally manipulate the system not to allow withdrawal, they are just another unregulated con.
    2023-02-22 14:13
    Reply
    0
    0
    FX1194475069
    more than one year
    A fraudulent platform in disguise, laying a net just waiting for you to fall into their trap. I deposited 5,000 Hong Kong dollars on the platform, and then they blocked my account. Now the entire platform has run away, and the official website cannot be accessed. . .
    2022-12-27 14:01
    Reply
    0
    0
    ginksenk
    more than one year
    Withdrawal is denied. I've been trading with them for a month, and I've finally made some money and can't wait to apply for withdrawals. As a result, they rejected my application, saying that my profits were too much and needed to be taxed, but I did not see on their website that there were still profits that needed to be taxed before the transaction. Are they lying to me?
    2022-11-30 17:47
    Reply
    0
    0
    小水人
    more than one year
    What a fraud! They scammed me, and I lost a big sum on this platform. Their customer support is so terrible. They cannot even get what are you talking about…
    2022-11-30 13:35
    Reply
    0
    0
    Agrama
    more than one year
    I am being scammed by the Grand Signal Market platform where I deposited my money because they are making it difficult to withdraw my money. When I asked for a refund of 4150 dollars, they demanded to pay 622 dollars in taxes 15% in favor of the Central Bank of Saudi Arabia, then after that they asked to pay 290 dollars, a difference of 7%, then for the third time they demand to pay 830 dollars, 20% cybercrime insurance Please Help me
    2022-11-04 21:09
    Reply
    0
    0
    Abby9157
    more than one year
    I registered my account with this company ‎(GSM)and made a large deposit for them. ‏I started trading in the mt5 ‏platform. ‏When I wanted to withdraw my money, ‏they started inventing stories for me, ‏and every time I sent them an amount they asked me with a new story and they kept doing this. ‏I finally realized that it is a fake, ‏fraudulent and deceived company. ‏Until today I don’t get my money. ‏From them, ‏I do not know if you can help me withdraw my money from fake company, ‏if you ‎
    2022-10-31 14:04
    Reply
    0
    0
    Gary145
    more than one year
    another scam company .. same scammers as wintersnowfx
    2022-10-25 03:48
    Reply
    0
    1
    mengleng
    more than one year
    GSM
    2022-09-28 20:09
    Reply
    0
    1
    Tay1
    more than one year
    they scammed me my hard earn money, withdrawal was so impossible, my name here aided and did it.
    2022-09-24 00:28
    Reply
    4
    1
    Koko DäLûx
    more than one year
    10000 koko
    2022-09-23 15:23
    Reply
    0
    3
    34
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    United States
    ※ The content of this website abides with local laws and regulations.
    You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
    consumer hotline:006531290538
    Official Email:support@wikifx.com;
    Mobile Phone Number:234 706 777 7762;61 449895363
    Telegram:+60 103342306
    Whatsapp:+852-6613 1970;
    License or other information error corrections, please send the information to:qawikifx@gmail.com
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