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Forex Broker Killer: Is it a Scam?

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

WikiFX

| 2022-08-30

Abstract：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.

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of GSM based on the facts.

What is WikiFX？

WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry.

WikiFX is able to evaluate the safety and reliability of more than 36,000 global forex brokers.

WikiFX gives you a huge advantage while seeking the best forex brokers. For more information, such as the review and exposure of brokers, please visit our website (https://www.WikiFX.com/en)

1. Evaluate the reliability of GSM based on its general information and regulatory status

To understand GSM better, we explore this broker by analyzing two main perspectives:

A. General Info of GSM

B. Regulatory Status

A. General Info of GSM

About GSM

According to its website, GSM financial group is founded in 2015 and headquartered in Canada, it is a financial derivatives broker providing online forex, futures, options, stock and CFDs transactions and related services for retail and institutional customers around the world, but according to WikiFX, GSM, also called Grand Signal Markets, is an online forex broker established in the UK. It offers financial service to its Chinese clients.

GSM and Winter Snow Limited

Recently we find out that Winter Snow Limited has changed its name on its Twitter account to “Grand Signal Markets”. We suspect that GSM and Winter Snow Limited are the same company. Please be careful of the risk as we consider Winter Snow Limited a scam.

B. Regulatory Status

What is a Legitimate License？

The legitimate license is the business license issued by the financial regulatory institution of each country/region.
Holding a license means that the broker is recognized and regulated by the regulatory authority, therefore your money is under the protection to some extent.
Whether a forex brokerage firm holds a legitimate license or not is one of the important factors to evaluate the reliability of forex brokers.
The content of the regulation and the difficulty of obtaining a license vary with the country and agency issuing the license.

The legitimate license of GSM

GSM is not regulated by any regulatory authority. WikiFX has marked it as “No License”.

2. Exposure related to GSM on WikiFX

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

As of August 18, 2022, WikiFX has received 2 complaints.

According to the above, we can see that this broker rejects clients‘ withdrawal requests. Based on what the victims said, GSM took traders’ money away fraudulently.

3. Special survey about GSM from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

The Scoring Criteria of Brokers on WikiFX

License index: reliability and value of licenses

Regulatory index: license regulatory strength

Business index: enterprise stability and operational capability

Software index: trading platform, instruments etc

Risk Management index: the degree of asset security

GSM has been given by WikiFX a decent rating of 1.71/10.

4. Conclusion:

GSM is an unregulated broker with a low WikIFX score. You need to be aware of the potential risks. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself. If you have any problems with this broker, please do not hesitate to contact WikiFX. The global customer service of WikiFX is +234-706 777 7762 on WhatsApp. Or you can call +65-31290538. We are willing and ready to help you out.

Click on GSM' WikiFX page for details

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

Broker Forex trading Forex Broker

Forex Broker Killer: Is it a Scam?

Related broker

Unverified

GSM

Grand Signal Markets Limited

https://www.gsmfx.net

1.55

Score

5-10 yearsSuspicious Regulatory LicenseSuspicious biz areaHigh potential risk

1.55

Score

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