Updated on January 17, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding GWIT due to the issues we've identified.
Is GWIT Scam or Legit Broker? ▲
Trading with GWIT is not recommended and is considered unsafe. Despite claims on their website of being regulated by the US National Futures Association (NFA) under supervision number 0513937, our investigation revealed discrepancies. The Giant Wave Information Technology Limited is indeed registered with the NFA, but notably, it has no affiliation with the GWIT brokerage service. This misleading use of another entity's regulatory information is a tactic often employed by fraudulent brokers to falsely gain the trust of potential clients. Consequently, we advise against engaging with GWIT, as the use of such deceptive information is a hallmark of scam operations.
GWIT, short for Giant Wave Information Technology, markets itself as a provider of online leveraged Forex trading services. The firm, claiming ownership and operation by Giant Wave Information Technology Limited, states it is based in Hong Kong with representative offices purportedly in London and Shanghai, significant global financial centers. However, the regulatory status presented on GWIT's website does not match the actual regulated status, indicating misinformation. Further doubts arise with the Securities and Futures Commission (SFC) of Hong Kong's recent prohibition of the broker, citing use of a name similar to legitimate companies to mislead investors. Additionally, the accolades listed on the broker's website have been found to be largely fictitious. Given these factors, it's clear that traders should steer clear of GWIT and instead opt for brokers who are well-regulated and trustworthy.
To sum up, GWIT is not recommended for trading. While they claim regulation and present themselves as a legitimate broker, the evidence suggests otherwise. The misuse of regulatory information and the listing of unattainable awards are significant red flags. It's important for traders to seek out brokers that are regulated by reputable authorities such as the UK's Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC), which ensure the protection of client funds and provide compensation schemes in the event of broker insolvency.
GWIT Update
Upon further review, it has come to our attention that the GWIT website is no longer active. This indicates that the broker has ceased its trading services. Despite this, we urge caution and advise against engaging with any offers that may appear from GWIT, as the concerns previously identified render it an unreliable choice for trading.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
GWIT Review 2024
