Galileo FX: Real or Scam? Is it a Broker or a Platform? Let's explain.

In this article, we’ll explain what Galileo FX is and why it's impossible that Galileo FX is a scam.


Summary:

  • In order to trade with Galileo FX, you must have: a trading account and a trading platform.
  • Brokers let you open a trading account. When you open a trading account, your broker gives you access to the markets and a trading platform.
  • Be careful when choosing a broker. Brokers collect and custody your trading capital and deposit.
  • Choose a regulated and trusted broker that’s been in the market for at least 5 years and has impeccable history.
  • Galileo FX is not a broker and we don’t recommend specific brokers. A quick online research will yield the brokers that meet the requirements.
  • There's no need to trust Galileo FX, because there’s no way in which we could take your money, with or without your authorization.
  • Credit card payments on GalileoFX.com are securely processed by Nexi (a public company in Europe based in Italy, with 10+ billion euro market capitalization). We have no way to access your credit card information.
  • Galileo FX doesn’t collect your initial investment, trading capital or deposit. Your money is in your brokerage account. We don’t ask you to grant us any access to your capital.

If we want to understand whether Galileo FX is real or a scam, we need to define: what Galileo FX is and what a scam is.

What is Galileo FX? Galileo FX is an automated trading software that can be added to your trading platform. Galileo FX trades on your account. You have full control of what our robot does, what it trades, when it trades and how it trades. Galileo FX is not a trading platform and is not a broker.

What is a scam? A scam is a term that describes any fraudulent business or scheme that takes money or other goods from an unsuspecting person.

Is Galileo FX a Scam?

In order for Galileo FX to be a scam, it would have to be a scheme that takes money from unsuspecting people. Which is impossible, since we don't have access to your credit card information and we don't collect your trading capital.

Galileo FX can’t take any money from you because:

  • We don’t collect your credit card information. All credit card information is handled by Nexi S.p.A., which is a European public company based in Italy with over 10 billion euros in market capitalization. They handle billions of payments worldwide. When it comes to payment security, we aren't using some shady company based in a remote tropical island.
  • We don’t collect your initial investment, trading capital or deposit. Your money is in your trading account and it is held by your broker. We don’t have any access to your capital and we'll never ask you for access.

As you can see, there's not even a need to trust Galileo FX, because there’s no way in which we could take your money, with or without your authorization.

Let’s explain with an example:

In order to trade, you need to open a trading account with a broker.

For individual traders, there’s no way around it. If you want to trade, you need a trading account that is managed by the broker.

You will deposit your money into your account. Galileo FX is not a broker, so we don't collect your trading capital. We don't have access to your trading funds.

There are many brokers and unfortunately, many scams.

The internet is a dangerous place and there are criminal groups that set up fake brokers with fake websites.

This means that the first step is to avoid scams when opening a trading account.

Whether you trade with Galileo FX or manually, you’ll still need a trading account.

To avoid scams when opening a trading account and selecting a broker, this is what has worked well for us:

  • The broker must be regulated in the country where you are trading from.
  • The broker must have been in business for at least 5 years.
  • The broker must have no history of any wrongdoing, financial crime or illegal act.
  • The broker must have outstanding customer service before and after you join.

We don’t recommend a specific broker and we are not affiliated with any broker. We have put together a list of brokers on our FAQ page, but we haven't researched all of them, so you'll need to check before using any of the brokers in the list.

The right approach is to find two brokers that meet the requirements then open a demo account with both.

Brokers will provide you with access to the trading platform.

The trading platform is the actual software application that you use to place trades and it is connected to your trading account.

You’ll need to install the trading platform on your PC and log-in using your broker credentials. Then, you’ll be able to start placing trades.

Most brokers use MetaTrader 4 or MT5, which are the most popular trading platforms in the world with 3+ million users and are completely free.

And that’s why we made Galileo FX compatible with MetaTrader.

After you've used both brokers for a while, you’ll get an idea on which one is the best for you and deserves to have you as a client.

Remember, most scams happen when choosing unregulated and offshore brokers.

We hope that this article was useful for you. If you have any questions or concerns, feel free to leave a comment below.

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