Gainful Markets Reviews

Below we will explain to you why you should not open an account with this broker. Gainful Markets is not a regulated broker. This means that it is not licensed to provide financial services in any country. Unlicensed brokers are not supervised by government bodies therefore they are not trustworthy. So you better stay away from this broker because it is anonymous and can disappear with your money at any time. We also checked online forums and found only negative comments from users who were unhappy with this broker. Users have complained that they cannot withdraw money. Based on these user reviews, it looks like Gainful Markets is a broker that is trying to scam people out of money, which is why we once again warn against investing through their brokerage platform.

How do such brokers work?

Usually they call clients and persuade them to make a deposit. They are really good at this - promising unrealistic investment returns just to get you to deposit money. If they succeed in getting you to make your first deposit they will then call you all the time and ask you to deposit more money. Do not believe anything they say it is all a lie. Such brokers employ several people, usually foreigners, to make it cheaper. They obtain the phone numbers of potential victims and then the employees have the task of calling as many people as possible. They swindle them out of their money and then disappear without a trace. They cannot be contacted by phone, email or chat. Often the broker's website also stops working after some time.

If you want to start investing, we recommend that you open an account with a legitimate broker. You can check the list of regulated brokers here.

Best Brokers 2024

One of these regulated brokers is RoboForex which is licensed to provide financial services in the European Union. Here is why you should choose RoboForex broker:

ECN Broker
20+ Industry Awards
12000+ Trading Instruments
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Licensed and Regulated Broker
Tight Spreads as Low as 0 Pips
No extra fees apply
Minimum deposit - $10
Leverage up to 1:2000
Bonus $30 / 120%
Negative balance protection
Fast withdrawals with no extra fees
99% of orders executed in less than 1 sec.
Over 800000 clients from 169 countries
Over 500000000 trades executed with zero requotes or rejections, ever
Retail client funds are insured up to €20,000 by the Investor Compensation Fund
Social trading - CopyFX system gives copiers the option to copy all of the currently open trades of the copied trader

For example, brokers regulated in the European Union are required to provide all clients with protection against negative balance and keep their money in segregated accounts. They should also regularly report open and closed trades to the relevant financial regulators. But most importantly, clients are covered by compensation funds - so even if a licensed firm becomes insolvent, its clients can claim compensation - usually up to €20,000 per person.

How can you get your money back?

If you have already deposited some money with Gainful Markets, you should request a withdrawal immediately. However, it may turn out that the broker will not want to return your money to you. Don't worry, if you made your deposit with a Visa or Mastercard there is still hope. Credit cards provide you with the option of a refund, or chargeback. For example, Visa and Mastercard allow chargebacks within 540 days of a deposit to people who have been victims of investment fraud. Chargeback is a complaint procedure initiated by the bank upon receipt of a report from a payment card customer. So if you want your money back you should contact your bank as soon as possible. The same applies to transfers of money via online payment systems. Some of them allow chargebacks and some do not. Regardless of which online payment system you used to make your deposit, you should contact customer support immediately and ask if there is a possibility of refund. If you have made a bank transfer there is no possibility to make a chargeback. All you can do is write an email to Gainful Markets making it clear that if they don't refund your money you will go to the police. There is a chance that they will get scared and you will get your funds back. You can also write a complaint to the government agency that regulates financial institutions and brokers. They will take appropriate action. We also warn against paying in cryptocurrencies. Firstly, your payment will remain largely anonymous - you never know exactly who you're sending cash to, but more importantly, your transaction will be final - once you've made your payment, there's no going back.

Do not pay any taxes. When you want to withdraw money, the broker may ask you to pay taxes before you can withdraw funds. Do not do this under any circumstances. This is just another attempt to scam you out of even more money. Even if you pay this tax, which is not really a tax, you still may not be able to withdraw your funds.
Do not install AnyDesk or TeamViewer. Sometimes, you may be asked to install some software on your computer, usually AnyDesk or TeamViewer. This software is used for spying, and someone can have remote access to your computer and have access to your files and passwords. Such a person can see everything you do on your computer and can easily steal your bank passwords and confidential personal information.
There are many fake comments online. Often, positive reviews about a particular broker appear on sites such as Trustpilot, Sitejabber, or REVIEWS.io. These reviews are often written by people who work for the broker. Therefore, do not believe all the reviews you read online.
There are also many websites that publish false information. Extensive articles are posted with false information about a particular broker. Dishonest brokers often commission someone to write a positive article about them on some website. This is how they mislead people.

Conclusion

Gainful Markets is not a broker we can recommend because they are not licensed to provide financial services. We also found some negative comments on internet forums. Your money is not safe so it is better to stay away from this broker. Remember to always check reviews and comments about a company before you send money to someone, no matter if it is a forex broker, cryptocurrency exchange or any other company.

If you have been scammed leave a negative comment below to warn other users against investing with this broker.