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Financial Gates Review | Opens the Door to the World of Trading or a Scam?

by Kevin Berry
Rating: 
  1.3/5   Reviews: 5
Financial Gates - logo

If you want to trade forex, you first need to find a broker that will provide such an opportunity. One such firm is Financial Gates, which opens the door to the world of trading. Reviews on the internet show an average rating of 4 stars, which is actually very suspicious, as the broker operates without a license. We need to figure out whether the company shows any signs of being a scam. Or is it, after all, a safe brokerage organization where clients can trade forex and other asset classes?

Highlights

🏛️ Country St. Vincent and Grenadines
⚠️ Regulation
🖥️ Website https://financialgates.io/
🎲 Demo Account No
⏳ Start Time 2022
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage 1:100-1:500
⚙️ Trading Platform WebTrader
📨 E-mail support@fgates.io, support@financialgates.io
📞 Phone

First Impression of Financialgates.io

The official website of the broker is full of motivational phrases and flashy offers. It’s worth noting the overall unique approach of Financial Gates in designing their resource. It’s clear that the company has tried to create something of its own, but it didn’t turn out very well. The site is done in white and blue tones, but follows a standard template that we have often seen with other firms. On the main page, there is a motivational video that encourages you to seize the opportunity and start making money trading. Throughout the site, there are pictures of skyscrapers and urban landscapes, gatherings of people in suits, traders sitting in front of monitors and charts.

Financial Gates - site

The site lacks specificity and details. The text often contains meaningless sentences that provide no useful information to the reader. For example, the section about Financial Gates’ activities doesn’t have any data about the founding date, licenses, business model, or the company’s founders. The broker has made a full-fledged resource but forgot to add useful and necessary information, instead offering a mountain of meaningless text. For the effort to create something unique, we could give it 2 points out of 5, instead of 1.

Partnership and Bonuses

Financial Gates offers various bonuses to clients. However, it can only be known by the presence of a document explaining the bonus conditions. We want to remind you that such promotions and offers from the company are not free and beneficial, as they come with specific conditions. You cannot withdraw the bonus, as well as the profit made from its use, until certain conditions are met. The trader needs to reach a trading volume 50,000 times greater than the bonus received. Additionally, only amounts less than 20% of the balance can be withdrawn; if it is more than 20%, then the bonus funds and profits are nullified.

Judging, there appears to be no affiliate program in Financial Gates, as no mentions are found on the site.

Account Opening on Financialgates.io

The procedure for creating an account starts with providing your full name, country of residence, phone number, email address, and password. Financial Gates also asks you to agree to their terms of service and confirm that you are not a U.S. citizen. Optionally, you can choose to receive promotional information.

Registration

After submitting the request, the system displays a message: “We have received your request, see you soon!” Presumably, you need to confirm your email to activate the account, but the email doesn’t arrive. Logging into the Financial Gates account with the provided information is also not possible. What to do? It’s unknown.

Sign up

Verification

At Financial Gates, verification is mandatory as the broker adheres to the Know Your Customer policy. The company requires you to upload documents to confirm your identity and place of residence. Additionally, the firm reserves the right to request audio and video verification.

Financial Gates required documents:

  • Color copy of photographic ID: Passport, Driver’s License, or National ID card.
  • Credit/Debit cards: A color copy of the front and back of the credit/debit card(s) used to fund your account. For security purposes, you should cover the middle six digits on the front of the card and the 3-digit security code on the back of the card.
  • Proof of address: a utility bill or a Bank/Card Statement. It should be a document which approves your updated personal details from the last six months.
Pros
  • None.
Cons
  • Requires you to take a photo of your bank card.
  • May require audio and video verification.

Trading Software

Financial Gates offers a basic browser-based trading platform – WebTrader. The terminal is a primitive piece of software that gives traders the ability to use technical analysis, indicators, graphical elements, 9 timeframes, and five types of charts. It’s impossible to try the software in practice since we were unable to open an account with the company. We have to rely on the information provided on the website, although that may be an unwise action as the broker can write anything they please.

Platform

There is no demo account available at Financial Gates. For those who like to trade from smartphones, the firm provides mobile apps for Android/iOS. Links to the official stores are available on the official website, however, clicking on them leads nowhere. Most likely, the official stores have removed the mobile app for unknown reasons.

The platform’s functionality is severely limited. There are no professional tools and many features are missing, for example, auto-trading, uploading custom indicators and pre-set templates, copy trading, order book, and others. Financial Gates could have provided some alternatives to give clients a choice.

Features Financial Gates LumineTrade  ModMount Ltd
Demo Account ✔️
Mobile App
Own Development ✔️

How Can I Trade With Financial Gates?

The company provides access to a wide variety of asset classes: forex, commodities, cryptocurrencies, indices, metals, and stocks. The size of the leverage, spreads, and the set of additional services in Financial Gates depends on the type of account chosen.

All Info About Accounts

The broker has 6 different types of accounts. The first type starts at $250 and includes spreads from 1.5 pips, leverage up to 1:100, 200+ assets, daily market reviews, 2 ebooks, and video tutorials. Standard conditions, except for the high minimum deposit. Financial Gates has a high entry threshold, especially noticeable for beginners. Why not lower it to at least $100? There are many firms, more famous and popular, where you can start trading with $10.

The second tier differs significantly from the first regarding the minimum top-up. It requires an insane $5,000, which is tens of times higher than the first. Where does the firm get such astronomical sums? Owners of the second tier get leverage up to 1:200, professional trading tools, prioritized withdrawals, 1 on 1 sessions with analysts, and weekly briefs. The third type of account in Financial Gates requires a staggering $10,000 and differs in that there is an asset index list, dedicated personal manager, tier 3 room analysis, over 20 ebooks, and others.

Account types

The fourth tier allows trading with zero spreads, leverage up to 1:300, and ultra-low commissions. Webinars, a professional glossary, expedited processing on all transactions, prioritized access to video content, market news and updates, and an economic calendar are also provided. Additionally, Financial Gates offers diamond and VIP status with minimum deposits of $50,000 and $100,000, respectively. VIP, in turn, is further divided into three levels. Who would be willing to invest such huge sums in a broker without a license?

What can be said about the conditions? A lot. Firstly, Financial Gates operates on the principle of extorting money, offering a larger set of opportunities for accounts with high minimum deposits. Secondly, leverage of 1:100 and above suggests non-compliance with rules set by regulators. It hints at the absence of a license. If there were a license, the broker could not offer leverage greater than 1:30. Thirdly, we did not find an Islamic account, ECN, or other types of accounts that any modern brokerage company has.

Pros
  • None.
Cons
  • Requires a high minimum deposit amount.
  • There are no demo and Islamic accounts.
  • The principle “pay more money to get more services” is followed.

Market Analysis and Education With Financialgates.io

The company provides beginners with educational resources: e-books, articles, guides, and a glossary. There is also an FAQ and an asset index. Additionally, Financial Gates shares useful strategies, for example, how to make money on Nonfarm Payrolls, and the best strategies for trading.

Deposit, Withdrawal, and Fees

Financial Gates supports transfers via Visa/Mastercard, bank wire transfers, and Bitcoin. The minimum withdrawal amount is $100, but in Bitcoin, you can withdraw from $250. At the same time, the broker charges a withdrawal fee of 1%, but not less than $30 and not more than $300. There are no fees for replenishing the balance.

Features Financial Gates CauvoCapital Fusion Markets
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers ✔️ ✔️ ✔️
Deposit Fee
Withdrawal Fee ✔️ ✔️

How Can I Contact It?

The firm allows you to contact managers via email, and two similar addresses are provided: support@financialgates.io and support@fgates.io. Also, there is a form for creating a request for feedback.

A phone number is missing, as is an online chat for quick communication. Financial Gates doesn’t even maintain social media accounts. By the way, a specific legal address is also missing. We checked the emails. Both turned out to be fake.

Email

Pros
  • None.
Cons
  • There is no phone number and no online chat.
  • No legal address is provided and social media accounts are not maintained.
  • Fake emails.

Is Financial Gates Dangerous?

It’s unlikely that the broker operates safely and reliably. After all, fake contact information, uncompetitive trading conditions, and other shortcomings that we’ve previously found don’t give us reason to think positively about Financial Gates. Next, we’ll consider important factors such as operating time and licenses. Only then will we make our final verdict.

How Long Does The Broker Work?

The company’s operating duration is something that can’t be taken away from it, and the longer the firm operates in the industry, the more trust it gains. However, when a broker deliberately hides its founding date, while not uploading registration documents, it raises serious concerns. Financial Gates is silent about its founding date. Therefore, we can only guess when the platform was launched by the date of domain registration. This happened in January 2023, meaning less than a year ago. However, we found another domain that belonged to this company – financialgates.net. And here it was registered in February 2022. It will be the presumed date of the broker’s foundation.

Domain

How Is Financial Gates Regulated?

So, let’s move on to regulation. Here, the firm also tells us nothing about whether it has licenses or not. Besides, Financial Gates hides its legal address. However, in the user agreement, you can find a mention of the jurisdiction of Saint Vincent and the Grenadines. Therefore, we go to the SVGFSA register to check the presence of the subject of our review there.

Unsurprisingly, Financial Gates is absent from the SVGFSA register. It means that the company is operating illegally.

Financial Gates - SVGFSA

Features Financial Gates Fusion Markets IC Markets
European Zone ✔️ ✔️
Asian Zone ✔️
American Zone
African Zone
Offshore ✔️ ✔️

Frequently Asked Questions (FAQ)

How to Trade With Financial Gates?

The client needs to register an account on the official website, providing personal information. After that, they can deposit funds and start trading. The broker will require account verification. We could not register as the confirmation email did not arrive in our inbox.

Is Financial Gates Legit?

The company is not regulated in any way, as it lacks a license. No specific legal address is provided, only the country. Moreover, the organization is not listed in the SVGFSA registry.

How Risky Is It?

Financial Gates is an unregulated broker, so trading with them is unsafe. Such companies engage in fraud, and withdrawing money is impossible.
Kevin Berry
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Expert Opinion

It’s no surprise that Financial Gates turned out to be a scambroker. This became clear even during the failed attempt to create an account. I’ve been in the forex industry for a long time, and such companies immediately go into the “scam” folder. Notice that any registration documents and data are missing, as are licenses. And these are the most important elements that any safe and honest company should have. Trading conditions are a separate red flag for the broker. Huge minimum deposit, high leverage, deposit bonuses, unknown commissions – you won’t find such terrible conditions anywhere, only in such fraudulent organizations. So don’t even think about transferring money to a fake broker.

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Financial Gates rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

5 reviews about Financial Gates

Trader12345 September 4, 2023 - 02:11
I advise you not to cooperate
The level of trust
Quick withdrawal of funds
Efficiency of technical support

As an experienced trader, I advise you to steer clear of this fraud company. We are dealing with fraudsters who scam people out of their money. If you deposit funds, you won’t be able to withdraw them.

Reply
IronFish September 10, 2023 - 07:49
I can't even register with Financial Gates yet....
Efficiency of technical support

Couldn’t even register… sent an email about this and have been waiting for several days now… naturally, I won’t be making any more deposits here… I’m just curious if they will respond to me at all or not… but considering the legal aspect, Financial Gates is operating illegally, so maybe they won’t even respond to me…

Reply
Go3 Dwar2 September 12, 2023 - 14:13
It's best not to take any chances
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Where do the positive comments about the firm come from? It’s illegal! There’s no license, and I found no legal documents on the website. Where’s the accountability, the registration? There’s also nothing good to say about the trading conditions. These are the most typical conditions for scammers and fraudsters. I’ve seen similar fake brokerage companies several times, with exactly the same types of accounts, platforms, and other aspects. And all of them operated for a short time, scammed people, and then closed. I see nothing good in Financial Gates and recommend that you stay away from scammers. It’s better to cooperate with a reliable place that has licenses, several decades of operation, and the necessary documents.

Reply
Heiz September 19, 2023 - 23:01
You can't work here
The level of trust

If you’re offered to trade with Financial Gates, confidently decline. Did you know that scammers use fake positive reviews about themselves for advertising? Only true fraudsters and criminals act in such a way. No verified and honest company would buy fake reviews; they’d rather invest in legitimate advertising.
Have you checked the email provided by the broker? It’s fake. And licenses? The company has no licenses whatsoever. How can you trust a broker without licenses? I don’t know. One should always trade only with firms that have licenses.
Financial Gates is a scam broker of tricksters and fraudsters, complete with fake charts and a platform. Rest assured, they will cheat you out of your money here.

Reply
Klim Rash September 21, 2023 - 13:32
I've lost over $1,000 here
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Hello. I want to warn about the danger posed by Financial Gates. It is not a gateway to earnings; it’s a gateway to losing your deposit. Trouble befell me about six months ago when I chose this scambroker for forex trading. I invested over $1,000, which was a gross mistake, as I should have first tried with the minimum amount of $250. In short, I invested the money and started trading. The platform is nonsense, terrible, rubbish. Trading on Financial Gates was unbearable due to massive delays, constant lags, and other technical issues. Also, the spreads were higher than stated in the rates, and commissions had to be paid on top of that. Due to the unfavorable conditions, I started to lose rather than earn. Eventually, after draining my account down to $700, I decided to save my money. So I submitted a withdrawal request, which has still not been processed. It’s as if the scammers have fallen off the face of the Earth. I can’t get in touch with them because there’s no phone number, and the email is fake. I know that all of this should have been checked before making a deposit, before creating an account, but back then I was a real newbie and didn’t know I could be cheated. In short, Financial Gates is a fraud broker that steals money and ignores its users. Here’s the truth from a real trader who lost over $1,000 here.

Reply

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