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GateBits -

Score

1.34 /10
Danger

GateBits

Australia

2-5 years

Suspicious Regulatory License

High potential risk

https://gatebits.com

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Score

Regulatory Index0.00

Business Index5.70

Risk Management Index0.00

Software Index4.00

License Index0.00

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Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

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1G

40G

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Broker Information

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Company Name

GateBits

Company Abbreviation

GateBits

Platform registered country and region

Australia

Company website

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2024-11-11
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

GateBits · Company summary

Note: GateBits's official website: https://gatebits.com/ is currently inaccessible normally.

GateBits Review Summary
Founded2022
Registered Country/RegionAustralia
RegulationUnregulated
Market InstrumentsForex, etc.
Demo Account/
Leverage1:100 - 1:400
EUR/USD SpreadAround 3 pips
Trading PlatformWeb-based
Min Deposit$250
Customer SupportPhone: +61 870713966
Email: support@gatebits.com

GateBits is an Australian-based forex broker that was established in 2024. GateBits offers the spreads around 3 pips and flexible leverage ratios ranging from 1:100 to 1:400. However, GateBits operates without regulatory oversight from any reputable financial body.

GateBits Review Summary

Pros and Cons

ProsCons
Flexible leverage ratiosNot regulated
Inaccessible website
High minimum deposit

Is GateBits Legit?

GateBits is not regulated and their website is not available.

Leverage

GateBits offers the leverage of 1:100 and spreads of around 3 pips on EUR/USD for the cheapest accounts. The more expensive accounts seem to offer leverage as high as 1:400 and supposedly tighter spreads.

Trading Platform

GateBits claims it offers a web-based platform for their traders. The platform offers a decent charting and analysis package and is generally quite easy to use which would probably be a plus for beginner traders.

Trading Platform

Deposit and Withdrawal

GateBits offers the high minimum deposit of $250 and states that any request to deposit has to pass through the customer service of the broker.

Traders would be able to deposit with a credit or debit card, wire transfer, or with Bitcoin.

GateBits offersquite outrageous withdrawal fees – “1% with a minimum withdrawal fee of $30 and the maximum withdrawal fee of $300”.

The inactivity fee is also huge – $99, after just 30 days of no trading activity.

News

ExposureBeware: A Very Attractive New Player In FX Trading GATE BITS Is Not Regulated

The FCA has warned the public about this new player in online trading GATE BITS, advising them to avoid investing and to be cautious when selecting a broker, as the ratio of scammers is much higher than that of legitimate brokers.

WikiFX
2023-01-16 14:39
Beware: A Very Attractive New Player In FX Trading GATE BITS Is Not Regulated

ExposureWikiFX Alert: Newly Added List Of Unregulated Brokers Tagged As "Unauthorized" By FCA

Jan 16, 2023 - FCA releases a batch list on Friday about unauthorized firms, to protect the public from investing in the said firms and avoid being get scammed.

WikiFX
2023-01-16 11:40
WikiFX Alert: Newly Added List Of Unregulated Brokers Tagged As "Unauthorized" By FCA
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FX1450513582
more than one year
GateBits was a total letdown. I tried trading with them for less than two weeks, and it was a disaster from the start. They promised low spreads, but the oil spread was over a hundred freakin' points! That's just ridiculous. I mean, who in their right mind would trade with that kind of spread? I was seriously considering quitting trading altogether because of how bad it was.
GateBits was a total letdown. I tried trading with them for less than two weeks, and it was a disaster from the start. They promised low spreads, but the oil spread was over a hundred freakin' points! That's just ridiculous. I mean, who in their right mind would trade with that kind of spread? I was seriously considering quitting trading altogether because of how bad it was.
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2023-03-28 09:41
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Nghĩ Nguyễn
more than one year
I deposited to test the platform, support and reliability and it worked fine. And then I asked for withdrawal in the same way I did the deposit, they refused my request without any reasonable explanations...
I deposited to test the platform, support and reliability and it worked fine. And then I asked for withdrawal in the same way I did the deposit, they refused my request without any reasonable explanations...
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2023-02-28 17:55
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