Geetle is a dubious offshore broker. The firm claims to offer reliable and transparent trading services but these are all lies. Many offshore brokers operate under loose regulations and hence they are risky to deal with. To anyone looking for a broker, please only consider honest and trustworthy forex companies.
The buying and selling of currencies on the foreign exchange market are referred to as forex trading. It is the largest financial market in the world. The market is decentralized and open 24 hours a day, five days a week. Its daily trade volume is more than $5 trillion.
Retail forex traders are those who trade for their accounts. There is a growing popularity of forex trading among private investors. Many professional forex traders work for banks, hedge funds, and other financial institutions. These professional traders account for a sizable share of the entire forex market and add to the high amount of trading that occurs every day.
There are a variety of reasons why the number of people dealing in forex has increased. The expansion of online forex brokers and trading platforms, which has facilitated better market access for ordinary investors, is one of them.
Only banks and significant financial institutions had the resources and knowledge necessary to engage in FX trading in the past. However, with the development of online trading platforms, anyone with access to the internet and a computer can now trade.
About Geetle.com
Geetle is a forex broker. At least that is what they claim. However, although they may offer such services, they do so using unscrupulous methods. From their website, we found a few bold claims. One is that they offer fast trade executions, zero commission charges, and no hidden deposit fees.
All these are attractive features of the broker. They say so because they want to earn the trader’s trust. However, it is imperative to confirm every claim a broker makes. Most of it is just baseless hyperbole to deceive potential clients.
Some of the firm’s products include currencies, indices, stocks, metals, digital currencies, and commodities. The broker allows you to manage your account remotely through platforms like WebTrader and MetaTrader apps.
The funny thing is that the broker is very vague and does not specify which iOS and android apps it is using. There are also indicator tools to help with the technical analysis aspect of forex trading. All these claims are however subject to verification.
Founders and Team
A broker should disclose information on the company founders for several reasons, including:
Transparency: Giving prospective investors information about a company’s founders aids in fostering trust. It enables people to learn about the organization’s founders, motives, and objectives.
Expertise: A company’s founders frequently hold positions of authority in their industry and possess insightful knowledge that might be useful to prospective investors. A broker can aid potential investors in understanding the firm and its potential by disseminating this information.
Reputation: A company’s brand and reputation are frequently inextricably linked to its founders. Potential investors may benefit from knowing more about them to evaluate the leadership and track record.
Risk evaluation: Learning more about a company’s founders might assist prospective investors to evaluate the risk associated with participating in the enterprise. For instance, if the founders have a history of building successful businesses, this may be viewed as a sign that the company will succeed.
Geetle has however not given any information about its founders. They have deliberately omitted this information because they are shady. They have not even stated when they started their operations. This would have helped to understand whether the company has been in the industry long enough.
Geetle Contact Details
A broker should give reliable contact details so that investors can easily reach them when necessary. This broker has given a phone number, email, and physical address. From the physical address, the broker is based somewhere in Taipei, Taiwan.
In the forex market, there are a lot of uncertainties. It is hence vital to stay updated about the industry and how a trade is doing. A broker should therefore be at your beck and call. If you cannot reach them by phone, an email should suffice.
Shady brokers understand these requirements very well. Thus, they sometimes give false information about their contacts. When you access the physical offices, you find that they never existed. In today’s world, many of these brokers do not need a physical office. Since they are unlicensed, they just start a website and start offering financial services.
Before trusting a broker, it is essential to test their contact details by reaching out to them. If they fail to respond or delay, it is a red flag you should take seriously. Money is very sensitive and you should invest it only with reliable people.
Regulation Status of Geetle
The biggest danger of non-regulation for retail FX traders is that they can suffer due to unlawful behavior or blatant fraud. Financial institutions are subject to specific criteria, limitations, and standards under financial regulation.
Regulating involves more than just putting laws into place; it also entails monitoring them closely and upholding them. The forex market has been less regulated than other financial markets. This is due to its decentralized and international nature. This makes it more vulnerable to fraud.
The vast, round-the-clock currency market is not governed by a single global authority. Instead, several governmental and non-governmental organizations oversee currency trading globally. The supervisory organizations control the forex market by establishing requirements that all brokers operating under their purview must meet.
Is Geetle regulated? The answer is no. That is worrying. In Taiwan, the Financial Supervisory Commission (FSC) regulates the forex market. We checked the FSC website and just as we had suspected, Geetle was not in their database. The firm is therefore dubious, to say the least.
The company has also not provided enough financial information about its clients. A legit broker should show transaction history, showing how people have been withdrawing money, if at all. Also, they should tell how many people are currently trading with them. This information is missing and hence the broker is untrustworthy.
Trading Conditions
The broker offers six accounts for traders. The worrying thing about these accounts is that they have some unrealistic conditions. One is the $2,500 minimum deposit for a beginner account. It is weird that they even refer to this account as a basic-level account.
Many legit traders even require as low as $10 to start trading. This broker is not out to support retail traders. Something else that is also worrying is the leverage.
The 1:400 leverage is way beyond what most regulators recommend. For a trader using the VIP account, that has a minimum deposit of $250,000, trading with high leverage is risky. All it takes is one wrong trade to blow an account.
Deposit and Withdrawal Methods
The broker claims to allow transactions via bank transfers, credit & debit cards, and digital currencies. From our experience, many scam brokers prefer cryptocurrencies because they are hard to trace in case something goes wrong.
Legit brokers allow chargebacks or refunds. They also use reliable methods like Neteller, PayPal, Skrill, and Bank transfer. Even though they may use cryptocurrencies, customers do not worry about losing their money since the transactions are all transparent.
Final Verdict
Geetle is a scam broker. You should not even consider them as an investment option. To trade the forex market, you need trustworthy honest brokers. This is not a guarantee that you will make money, but at least you can be sure you will not be scammed.
As the internet continues to create more opportunities for making money, it is good to be cautious. Many scammers plague the market and each day they are more enticing. It is critical to do proper research before investing with any broker even though they are legit. You should also consider their conditions.
Don’t let the mistake of investing in an unauthorized platform like Geetle.com ruin your financial future. We can help you take the necessary steps to recover your funds and move forward. Our team is available 24/7 to answer any questions you may have and to provide the support you need.
