GateBits promises to take care of your future. You just have to open an account on this platform. However, you shouldn’t trust such promises. Very often, a real scam is hidden under the mask of friendly brokers. Let’s check which category this company belongs to and what reviews traders leave about it.
- GateBits General Information
- Registration and Client Portal Review
- GateBits Trading Conditions
- Account Types Review
- Trading Platform
- GateBits — Deposit and Withdrawal of Funds
- Additional Options
- Is GateBits a Scam?
- Legal Information and License
- Gatebits.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
GateBits General Information
|Leverage||Up to 1:400|
Registration and Client Portal Review
The broker’s official website looks pretty standard. There is very little useful information. Practically nothing is written about the company. The main content is a listing of the advantages of GateBits, and a description of trading accounts and services. Besides, the broker ambitiously calls itself famous all over the world. However, the site is translated only into English. Moreover, traders on Trustpilot about it left only 15 reviews.
You can open an account to use a platform on the main page. The registration form includes the following fields:
- Last name
- Phone number
The Personal Area is combined with the WebTrader. Here you can fund your account, view the history of all deposits and other transactions, and apply for money withdrawals. You also have the option to choose the currency of the account. It can be USD, EUR, or GBP. Later it will be impossible to change the currency.
There is no demo account on Gatebits. So you can immediately follow the link to the platform. There will already be a real account opened for you.
GateBits Trading Conditions
GateBits offers CFD trading for different types of assets. Although the broker calls it next-level trading, there is nothing special about the conditions.
Account Types Review
|Name||Minimum Deposit (USD)||Leverage|
If you choose an account for beginners, you will only have access to a market overview. In the Basic account, which needs to be deposited 5 thousand dollars, you will be assigned a personal manager and given a bonus.
If you fund your deposit by 10 thousand dollars, then you will receive:
- Trading signals
- An invitation to VIP events
- Priority withdrawal
- Private sessions with an analyst.
These conditions are valid for any of the account types above Gold. Therefore, we do not understand this classification at all. For example, you need to fund your Platinum account by 25 thousand dollars. Then, you will get the same services as in the Gold account, only the leverage will be higher and the spreads lower. By the way, they don’t even specify the size of the spreads. In general, account types are completely absurd. GateBits forces you to pay for dubious additional services that all licensed brokers provide for free.
GateBits offers clients WebTrader. The company does not have a downloadable app for a PC or smartphones. The terminal is pretty standard. Of course, this is not a broker’s personal development. It is purchased software. Because it does not have a downloadable version, it is quite cheap. Therefore, this platform is popular with many scammers. There are quite a lot of indicators in it, including graphical ones. You can trade on it, but sometimes the terminal takes a long time to load.
GateBits — Deposit and Withdrawal of Funds
On the main page of the site, it is written that you can make deposits and withdrawals using a credit or debit card, or by wire transfer. However, none of these methods are supported in the Personal Area. To find out how you can fund your account, you will need to contact the manager. The withdrawal minimum is $100.
GateBits insists that every client has to pass verification. To do this, you will need to send color copies or scans of the following documents:
- Passport, ID card, or driver’s license
- A bill, bank statement, or other documents that contain your name and address (no older than 6 months).
Additionally, if the broker allows you to deposit via the card, it will also require card verification. You’ll need to shoot the card front and back sides, covering the numbers. GateBits reserves the right to request additional documents.
GateBits offers market analysis to all clients, but the qualifications of the broker’s analysts are not confirmed by anything. Besides, you can earn on the affiliate program. However, it is quite strange. First, your referrals need to fund the account with at least $1,000. Then you will receive 10% of their deposit. Secondly, your referral will receive another $500 to the account. Obviously, it will be a bonus. Its detailed conditions are not described.
Is GateBits a Scam?
The broker does not look like a reliable one. Its trading conditions do not correspond to those allowed in the European zone. Besides, we found several signs of a scam.
Legal Information and License
The broker does not tell anything about its management company. It is completely unclear in which country it is registered. In the contact details, you can only find an Australian phone number. However, the terms and conditions state that all disputes are resolved according to the law of the offshore Saint Vincent and the Grenadines.
It was not difficult for us to check the register of this state. GateBits is not included there. That means that the broker is not even registered as a legal entity. Of course, in this case, it does not have a license for financial services. By the way, Saint Vincent and the Grenadines offshore regulator does not license international brokers at all. So GateBits works absolutely illegally.
Gatebits.com Domain Info
To be honest, we didn’t hear anything about this project until 2022. The first reviews about it began to appear on the Internet only in August. Therefore, we decided to check the broker’s domain. It turns out that the site was created on July 6, 2022. It means that GateBits is not a “world-known brand” like a company wants us to think.
Contact details are incomplete. Since GateBits is not registered as a legal entity, it does not have an office address either. It is not possible to meet with the project staff in person. Only an email address and an Australian phone number are specified. In any case, support does not answer any emails, either.
Pros and Cons
- Many assets.
- No real address.
- Ridiculous additional services.
- No license.
- Negative reviews from clients.
- No official registration.
- Refusal of any responsibility.
Frequently Asked Questions (FAQ)
It is a website where you can trade CFDs on different assets.
According to the broker’s terms and conditions, the minimum deposit is $250.
No, it’s not. GateBits has no financial license. Its website is less than 6 months old, and there is no way to contact the company.