Gainful Markets claims to provide traders with the best technology available. However, we need to verify whether this broker is a scam or not. To do so, we will take a closer look at its features, licenses, and customer reviews.
Table of Contents
Highlights
| 🏛️ Country | Netherlands, Singapore |
| ⚠️ Regulation | — |
| 🖥️ Website | https://gainfulmarkets.com/, https://gainful-markets.com/ |
| 🎲 Demo Account | No |
| ⏳ Start Time | 2023 |
| 💲 Minimum Deposit | $250 |
| ⚖️ Minimum and Maximum Leverage | — |
| ⚙️ Trading Platform | WebTrader |
| support@gainfulmarkets.com, support@gainful-markets.com | |
| 📞 Phone | +31303690673, +6531258960, +442030972750, +31154550508, +6531590862, +442080976477 |
First Impression of Gainful-markets.com
The Gainful Markets website kills us with its simplicity. We would expect something more solid from a broker with such a name, but there are only a couple of sections on the menu. It’s clear that too much attention is given to self-promotion, while information about the company is scarce. Moreover, the broker has obvious problems with disclosing information. For example, we couldn’t find a disclaimer stating how many traders lose their deposits on this platform.
Partnership and Bonuses
Gainful Markets offers bonuses to traders, at least according to the description of trading accounts. However, the specific amount of bonuses is not disclosed by the broker in the open access. Also, there seems to be no partner program on the platform. We could not find any mention of rewards for inviting referrals.
Account Opening on Gainful-markets.com
Opening an account with Gainful Markets is a relatively simple process. All you need to do is provide your personal information, phone number, and email, and come up with a password. However, the broker has a very lax attitude toward protecting client accounts. It does not verify emails and phone numbers, so you can use practically any data and immediately gain access to the client portal. Furthermore, the Personal Area is combined with the trading terminal, which is not very convenient, and the platform is slow to load. We will also attribute the lack of a demo account to the disadvantages. You don’t have the opportunity to try your hand. You will have to open a real account right away.
Verification
Opening an account with Gainful Markets is a confusing process regarding submitting documents. It’s unclear where to upload them in the personal account. However, the company still requires traders to go through the verification process, which includes providing proof of identity, address, and payment.
- None.
- Lack of clarity regarding document submission
- No information is given about the timeframe for the verification.
Trading Software
The trading platform offered by Gainful Markets is very dubious. Firstly, it only exists as a web trader. Secondly, it is unclear who developed it. Thirdly, we have already mentioned its poor performance, but we believe that it is important to mention it again. With such a slow terminal, you are guaranteed slippages and delays in opening and closing orders.
| Features | Gainful Markets | Kiplar | IC Markets |
|---|---|---|---|
| Demo Account | ️ | ||
| Mobile App | |||
| Own Development |
How Can I Trade With Gainful Markets
Well, for now we cannot call Gainful Markets a broker worth our attention. Rather the opposite. The official website and platform are repelling. Let’s see what the broker can offer to traders.
All Info About Accounts
Gainful Markets offers a wide range of account types, but their value is questionable as they differ little apart from the minimum deposit. There are some additional services, such as insured trades. However, they are useless and only prove that this broker doesn’t send trades to the interbank market. The more money you deposit, the more useless services you’ll get, such as market analysis, signals, full manager support, and other nonsense. The team’s qualifications are not confirmed, so it’s not recommended to trust signals from anonymous sources. The lack of important trading conditions is also a concern.
- Low minimum deposit.
- Not enough information on critical trading conditions.
- Silly additional services.
Market Analysis and Education With Gainful-markets.com
Forex brokers often offer a variety of additional services to their clients, ranging from educational materials and trading signals to market analysis and more. However, it’s important to be skeptical of these services, particularly with lesser-known brokers and smaller companies. Gainful Markets is no exception, and the quality and value of their additional options are questionable.
While some brokers may provide helpful educational resources, it’s unclear what quality of training and signals Gainful Markets offers. As we’ve mentioned before, the qualifications of their team are not verified, and the efficacy of their services is unproven. It’s important for traders to do their own research and seek out reputable sources of education and analysis.
Deposit, Withdrawal, and Fees
Gainful Markets offers limited options for depositing funds. You can transfer money to the platform using a credit, or debit card, as well as a bank transfer. The same methods are available for withdrawing funds. The company warns that it may process requests within 1-5 days, but there is no specific deadline. Moreover, withdrawals may be canceled, and they will let you know about it.
| Features | Gainful Markets | IC Markets | Axi |
|---|---|---|---|
| Debit/Credit Cards | |||
| Electronic Payments | |||
| Crypto Transfers | |||
| Deposit Fee | |||
| Withdrawal Fee |
How Can I Contact It?
Gainful Markets offers customer support via phone and email. However, we have read in reviews that traders complain about the difficulty of reaching customer support.
- Contact details provided.
- Difficult to reach customer support.
Is Gainful Markets Dangerous?
There are doubts about Gainful Markets’ safety based on their website and trading conditions, but we will investigate further.
How Long Does The Broker Work?
It appears that Gainful Markets is very young and is still in the process of developing its official website. Our suspicions were confirmed when we checked the domain information, which revealed that this project leased its domain in January 2023, indicating that the company is only a few months old.
The article has been updated. As of September 2023, the domain has not yet expired, but the company has already moved the site to the new name gainful-markets.com. By the way, it was registered on July 13, 2023. What is the reason for the hasty relocation? We assume it was caused by the attention of The Netherlands Authority for the Financial Markets. Just take a look.
In April 2023, AFM reported that Gainful Markets appears to be a boiler room. This is the name given to companies that engage in cold calling and push pointless investment services. It is obvious that the hero of our review continues this malicious activity.
How Is Gainful Markets Regulated?
The answer to this question can be given in one word: None. Gainful Markets didn’t provide important legal information on its website. There is no data on which management companies collaborate with traders. Only two addresses are published in contacts – one in Singapore and the other in the Netherlands. Of course, there is no real office at either of them. In other words, we are trying to convey that the company does not officially exist. Therefore, it could not have obtained a license. It means that it provides its services completely illegally.
| Features | Gainful Markets | Geetle | TheFinancialCentre |
|---|---|---|---|
| European Zone | |||
| Asian Zone | |||
| American Zone | |||
| African Zone | |||
| Offshore |
9 reviews about Gainful Markets
I can't make a choice
Can’t decide if I should open an account with Gainful Markets or not. Any advice? On one hand, the reviews are terrible, but on the other hand, they keep emailing me about their ‘amazing opportunities’. Help!
After all, they are scammers
They block accounts
As soon as I deposited money into my account, it was mysteriously blocked. Now I can’t get in touch with anyone. Stay far away from this scam!
At first glance it is clear that these are fraudsters
Can’t believe people actually invest with Gainful Markets. Did they not read the reviews or do any research? Save your money and invest elsewhere.
Scammers
I got a call from the manager today. I didn’t even know I was in the market for a scam! Thanks for reaching out, but no thanks.
Read my experience: I recommend to be EXTREMELY careful ...and stay away from Gainful Markets
A brief summary of my experience with them should make it very clear: if they are not scam, and they are – at the very least – painful harassment !!! Based on a (naïve or stupid) journalist’s artcile, I registered on the GainfulMarkets website. Extremely esay, indeed ! I was then called by someone in the UK, introducing herself as my “personal account responsible” to give me a password to activate my account. I asked a few explanations about their fees, etc… and suddenly the conversation became extremely confusing: if I want to trade by myself, they take 4-6%, if I use one of their brokers, it will cosr 6-8%…. The “account responsible” then explained that one of their brokers will be my dedicated account manager et will contact me shortly. I then decided not to go any further with them, but the so-called Account Manager called me the next day (by phone, then by mail): I said that I was not interested and asked them to remove my account and all my data. They said it was impossible for them do so and it will remain in their systems for 2 months. Since then, I receive DAILY calls from them, every time from a different number and from different countries (UK, Spain, Belgium, Slovenia, Czech Rep….). It’s a pain in the a… I have flagged all these numbers as spam, and yet new numbers appear every day… – STAY AWAY from this website !
Withdrawal request with no response
withdrawal request that I made on 6 April 2023. I have been waiting for over 24 hours for a response from your team. is this company is a scam?
My Account
Hi, I’m trying for more than 20 days to reach the financial responsable to close my account, and till now, no answer, no recall…sent emails, SMS, whatsapp message…nothing.
Scammers!
Scammers. I lost a lot of money. Unrecoverable. You deposit and you will not withdraw anything.
Thieves is what they are
Gainful Markets is a scam company.
I put 250€ to begin with University4traders. I had some emails to open an account. Then I received an email with the transaction for a course for beginners. It was on April 5th. The same day I had a phone call from Mark Newman my personal financial adviser with Gainful Markets where the 250€ were transfered ( How, this is a mystery but it seems that there are some connections between other websites). He said that I needed to put more money to see that the benefit will increase and that the investments were insured by the Singapore Crypto Exchange . So I transfer 5000€ working 9 days and giving 40% benefit. It grew up quickly. Then a bit later more money during 4 days with 70% benefit and finally more money for 50% of benefit during 10 days. The benefit grew up very quickly too. I was skeptical since the beginning, saying all was virtual and that I needed to transfer the money invested to my bank account. The promise was that I will have the amounts on my bank account on May Friday 12th . There was a big benefit, always virtual.
On Thursday May 11th I had a call telling me that all was going down because of the volatility of the bitcoin and that I needed to put 15.000€ more to save the account and Gainful Market too. Finally my eyes were open to see how stupid I was and how dangerous and bad the people were at Gainful Markets. I just can go on the website and see my income going down day after day and I am not able to stop this. Grrrr