Our Gales Bank review exposes the clone and the previous scam going by Wales Bank. Furthermore, we can see that galesbank.com uses the exact website design as Wales Bank, another exposed broker.
Here’s our candid galesbank.com review.
Gales Bank is a scam, and there’s no doubt about it. But, unfortunately, those signed up with the broker know the issues too well. The biggest one is the lack of withdrawal.
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The broker claims to show how traders can turn their dreams into reality. In addition, Gales Bank claims to furnish members with cutting-edge technology and world-class trading terminals. And that’s why we insist on having the best out of trading.
Claiming to reside in St James’s, London, United Kingdom, there are no records to prove it. We even checked with the Company Register to try and confirm the broker’s business records. And that turned up empty.
We have a clone broker that claims to target Spaniards living in the UK. What’s weird is the platform’s default language is Spanish. And that makes it appear the actual residence of the store is in Spain.
Not to throw attention away from the broker, but Spain doesn’t have many reputable brokers. However, UK brokers are regulated by a strict regulator, the Financial Conduct Authority.
And it’s best to sign up with a broker regulated by a reputable institution. Gales Bank, on the other hand, fails even to give a hint of compliance. And that’s one of the many red flags we will exploit.
Before investing in any broker, we recommend researching more on the broker. Try and find out the experiences of other traders on the platform. You can also request we conduct a review on your behalf.
Instead of looking at the best trading platforms, the broker opted to offer a custom-built terminal. Unfortunately, the available platform is dismal at best, volatile, and devoid of valuable trading tools. No sane broker can even provide such a platform for a demo version.
The trading terminal they offer is essential when looking at an online broker. You need to use a broker offering world-class trading terminals. These include MT4 and MT5, regarded as the best in class.
With either of the two, you get several trading tools, including automated robots. In addition, these terminals come with 21 timeframes and over 50 technical indicators. You also get fundamental tools to help improve your trading skills.
Newbies can also use the demo account on MT4 and MT5 to increase their trading skills. And that gives traders a chance to get their trading skills to jump from novice to expert. Take advantage of the educational materials on offer.
We fault the web trader found on galesbank.com due to its unstable nature.
There’s no profiting from a broker who blatantly blocks withdrawals from members. And that’s one of the many reasons we must flag down the broker. Gales Bank is not profitable as no one gets to withdraw funds.
The broker also puts your trading positions at risk with unfair trading conditions. These include credit lines the broker claims to offer. The broker changes from a liquidity provider to a loan issuer.
You have to set the standards right when it comes to online trading. The best way to trade is by ensuring no one gets to take advantage of you. And that means having fair trading conditions and withdrawal capabilities.
A genuine broker offers same-day withdrawals.
Members who sign up with galesbank.com can choose from a pool of five plans. Each of the plans promises a different outcome. Let’s take a closer look at each account;
Standard
There’s a minimum deposit requirement of $250. Nothing’s available with this plan, as it only promises social trading and market analysis.
Silver
You have to deposit a maximum of $5,000 to get started. Additional features include access to credit lines and skype exclusive club.
Prayed
With a deposit of $20,000, you can get started with this tier. The different feature of the silver account is one-on-one interaction with an expert.
VIP
For the VIP account, members must deposit $50,000. The broker promises fees and special discounts.
Black
Seen as the account for institutional clients, there’s a minimum required deposit of $50,000+. In addition, members get exclusive trading assets and account and risk management analysis.
These accounts hide that the broker is not keen on listing important trading features. For example, there’s no mention of acceptable leverage or set spreads on the platform. Does the broker offer fixed or variable spreads?
We suspect the broker uses backend access to change the leverage position for members. And by doing so, they increase the risk of traders losing a large chunk of their investment. Remember, high leverage puts your trading position at risk.
The discounts the broker claims to offer are bonuses for second and third-time deposits. Midway through your initial trading, the broker will send an email with deposit bonus claims. However, once you make the mistake of adding more funds, the broker shows their true intent.
Social trading is not in the cards despite the broker’s assurance. The platform doesn’t even mention copy trading tools. Even their trading terminal doesn’t have such tools available. We see a broker promising heaven and delivering hell.
With five classes of trading instruments, the broker assures traders of a good time. The assets include commodities, cryptos, forex, indices, and stocks. Commodities include energy and food items such as coffee, wheat, and sugar.
Cryptocurrencies on this platform include Bitcoin, Ethereum, Litecoin, and Ripple. Forex assets are the main trading instruments on the platform. Sadly, members can only spread risks using major currency pairs.
Indices on the platform include those from Asia, Europe, and the United States. Stocks listed on the platform include those from the manufacturing and tech industries. You will likely find the FAANG group of shares available.
Don’t believe a word posted on the website as client testimony. These are not independent comments, as the broker has failed to offer much accountability. No one has come out with solid proof the platform accepts withdrawals.
There’s no live chat support, as you would expect. In addition, the broker fails to offer much in terms of accountability. These are the issues members ignore and end up paying a considerable price. Test a broker’s communication aspects before signing up.
The best broker will offer direct means of communication. These include live chat and phone numbers for members to engage with brokers or support directly. Unfortunately, that’s not the case with galesbank.com.
Gales Bank is not a licensed or regulated trading platform. There’s no record from the FCA indicating the broker’s compliance status. An unregulated broker will infuse any trading conditions they deem necessary.
The broker accepts bank and wire transfers. Crypto is also another avenue the broker uses. Withdrawing funds will be a major hustle for members.
Please stay away from Gales Bank.
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