FXGT and GlobalGT are offshore retail brokers specializing in clients in Asia and are operated by 360 Degrees Markets Ltd, which the FSA Seychelles regulates as a Securities Dealer. FXGT is part of GT Group, which comprises CySEC-regulated investment firm and liquidity provider FintecGT. The payment processors we discovered for FXGT are Cyprus-based Payabl and Unlimint. Here is the initial review of the broker scheme.
|Legal entities||TEC International (Cyprus) Ltd (Cyprus)|
ISPASS Technologies Ltd (Cyprus)
360 Degrees Markets Ltd (Seychelles)
GT IO Markets (Pty) Ltd ( South Africa)
|Authorization||CySEC for FintecGT with license no 382/20|
FSA Seychelles for FXGT with Securities Dealer’s License Number SD019
FSCA South Africa with FSP no 48896
|Leverage||up to 1:1000|
|Payment processors||Payabl, Unlimint|
|Related individuals||Panikos Georgiou (LinkedIn)|
Scott James Waite (LinkedIn)
Alexia Patouris (LinkedIn)
Anthia Christodoulou (LinkedIn)
Iosif Kapoulas (LinkedIn)
We have found that Panikos Georgiou is both a Compliance Manager for FXGT and GlobalGT registered with the FSA Seychelles and the Chief Operating Officer for CySEC-regulated FxNet Ltd. At least, that’s what’s stated on his LinkedIn profile.
If and how the connection between GT Group and FXNet is, we do not know at the moment.
Our review on February 6, 2023, noted that the GT Group offshore retail brokers do not accept clients from Europe or North America. In this respect, we cannot identify any regulatory issues for the jurisdictions of these regions. However, the regulatory situation in Asian countries seems questionable to us.
Nearly 100% of FXGT‘s 4.6 million website visitors came from Japan in the 28 days before our review. At GlobalGT, about 85% of the 900,000 website visitors came from Thailand. Neither in Japan nor Thailand does the operator, 360 Degrees Markets Limited, have a permit we are aware of.
If you have any information about FXGT and FintecGT, please share it with us through our whistleblower system, Whistle42.