Galaxy Trade Review: Introduction
Galaxy Trade may sound like an enticing investment opportunity at first glance, but it’s essential to exercise caution and refrain from making hasty judgments. Taking the time to conduct thorough research can potentially prevent significant losses in your trading account.
GalaxyTrade promotes a range of trading options, including forex and various Contracts for Difference (CFDs) encompassing indexes, commodities, precious metals, stocks, and cryptocurrencies. The broker presents itself as a gateway for clients to potentially “earn big money.”
However, it’s crucial to exercise caution as GalaxyTrade operates as an offshore and unregulated broker. Given this status, any claims or promises made on their website should be approached with skepticism. Furthermore, there are additional reasons for skepticism that will be thoroughly discussed in this GalaxyTrade review.
Website – http://galaxytrade.cc/
Website Availability – No
Address – 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica
Warning – Not recommended by review websites like Report Scam
Regulation – Unregulated, Offshore
Is Galaxy Trade legit or a scam broker?
GalaxyTrade operates under the banner of Plethora Group Ltd, a company purportedly registered in the Commonwealth of Dominica, a jurisdiction known for its lack of transparency and status as a non-transparent tax haven. Notably, the local financial regulator in Dominica does not license Forex brokers, which raises significant concerns about the legitimacy of operations in such a region.
The opacity of this jurisdiction extends to the companies registered there, where ownership information is entirely undisclosed, making it impossible to verify the legal existence of Plethora Group Ltd. Consequently, GalaxyTrade emerges as a broker carrying substantial risks for traders’ funds.
Adding to the alarming picture, we discovered that the Romanian regulator ASF has blacklisted GalaxyTrade, effectively exposing the broker as a scam. Depositing funds with this broker poses a serious threat to your financial assets, as the broker’s credibility and integrity have been severely compromised.
Galaxy Trade Review: Trading Platform
The broker provides a simple web-based platform to its users, which is a decision that offshore brokers are making more and more of these days. It does not have any unique characteristics, which is why we must stress again how important it is to work with reliable brokers who provide trading platforms like MetaTrader 4 or MetaTrader 5.
Galaxy Trade Review: Deposit and Withdrawal Methods
The minimum deposit of $250 is acceptable, but it’s worth noting that many legitimate companies now accept clients with deposits as low as $100 or even less. This places GalaxyTrade in the category of demanding brokers.
In terms of funding, the sole accepted method is Credit/Debit cards, but the transaction process is routed through an unusually suspicious website, xpayz.net, which raises significant security concerns. The funding procedure appears to be questionable, marking another noteworthy red flag. However, it’s important to mention that direct funding through bank cards is generally considered the safest option, as it allows for transaction disputes and the potential for refunds.
Galaxy Trade Review: Bonuses
Galaxy Trade advertises the availability of bonuses, but it’s essential to understand that clients are required to trade the combined sum of the bonus and their deposit 25 times before becoming eligible for withdrawal. In any scenario involving bonuses, caution is advised.
Firstly, it’s crucial to recognize that bonuses do not constitute client funds; they belong to the company. Meeting the often onerous requirements associated with bonuses can be an arduous and challenging endeavor. It’s important to keep in mind that regulated and legitimate brokers typically do not offer bonuses to their clients.
Galaxy Trade Review: Conclusion
If you fall victim to a scam, your initial priority should be to assess the secondary risks involved. Take immediate action by deactivating your credit card and reaching out to your bank for guidance and advice.
Moreover, file a complaint against Galaxy Trade scam or any other scam by using our complaint form and get free consultation from our experts in the fund recovery procedure.
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Note: The Galaxy Trade review written above is totally influenced by the other Galaxy Trade reviews already present on the web. We are not liable for any legal action from the Galaxy Trade company. In case of any query please mail us at info@reportscam.tempurl.host.
