GCI Brokers – Are They Trustworthy?

Website URL: https://gcibrokers.com/

Founded:  2018

Regulations: Unregulated

Languages: English, Chinese (Simplified), Dutch, French, German, Hebrew, Hindi, Indonesian, Italian, Kurdish (Kurmanji), Latin, Malay, Persian, Portuguese, Panjabi, Russian, Spanish, Thai, Turkish, Urdu, and Zulu

Deposit Methods: Debit/Credit card (Master and Visa), PayPal, and Maestro

Minimum Deposit: $1000

Free Demo Account: Yes

Number of Assets: No information found on the website

Types of Assets: Forex, Precious metals, Energies, and CFDs

Trading Accounts and Conditions:

The GCI Brokers has four types of trading accounts to offer to its customers for trading. However, it does not provide much detail on the conditions of these trading accounts:

•   Micro/Mini Account: Minimum deposit amount is $1000.
• Standard Account: Minimum deposit amount is $5000.
•   Platinum/Executive Account: Minimum deposit amount is $10,000, and the leverage level is 1:100.
• Swap-Free Islamic Account: this account is offered specially for those who cannot earn or pay the interest due to their religious restrictions.

Wenchuan International – Advantages:

GCI broker offers no bonuses or other forms of incentives to the traders.

Wenchuan International – Disadvantages:

• An Unregulated Broker:

When choosing a forex broker to trade with, it is imperative to check the legitimacy of the broker and nothing will prove it other than a valid license of a renowned jurisdiction. The GCI brokers claim to be allegedly registered in and operated from the Island of St. Vincent and Grenadines, which is a notorious offshore area that lacks forex market regulation. It is considered a tax haven and one of the most famous and favorite destinations for dodgy forex entities and shady companies.

Moreover, St. Vincent and Grenadines authorities themselves have announced that they do not regulate this broker at all. As declared on their website in a publication, the Caribbean Island authorities have explicitly stated that the forex companies based in their area would be considered unregulated in the foreseeable future. It means that the GCI brokers are operating as a shady entity solely on their own discretion and without anyone’s supervision.

Consequently, if you choose to trade with this scammer, you will surely lose your money, as any government authority does not regulate them who can ensure the safety of funds. Instead, you should always seek to trade with legit brokers supervised by the strictest financial regulators who impose many stringent rules and regulations for forex brokers to ensure their profitability.

Plus500

$100

Minimum Deposit

Start Trading

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Fake and Fishy Trading Software:

GCI brokers provide a trading platform with the name of VertexFX which is custom-made web-based trading software of their own development.

We recommended to use Metatrader4 and Metatrader5 using the services of legit brokers because they are the best trading software platforms with the latest and updated features and charting tools which makes them the most famous and widely used software.

• The High Leverage Level:

GCI brokers provide a leverage level up to 1:300 which is a quite high level to trade with and even more shockingly you cannot change it according to your own preference which is a major red flag on the legitimacy of this broker. Only scammers operating without a legit license offer high leverages to lure in more customers. Additionally, trading with such high leverage figures is too risky for the traders as it worsens the trading performance and turns trading into gambling. It is only a trick to trap more customers to invest money with scammers. Due to this fact, the regulatory authorities have set much lower leverage caps that brokers can offer to customers as a customer protection measure.

• The High Minimum Deposit Amount:

The minimum deposit amount that GCI brokers require you is $1000, which is insanely high as compared to the rest of the forex market industry. Whereas, with legit forex brokers, you can open a micro account with a cost that is 100 times less than this. Even you can open a standard account with only a $200 minimum deposit with an authentic legitimate broker.

• No Proper Information Available:

It is the most common practice of unregulated brokers that they provide incomplete information to hide their identities. Likewise, GCI brokers have not provided the details related to their minimum withdrawal amount policy, withdrawal fee policy, dormant account policy, and the fee of inactive accounts. Even when you will examine their terms and conditions section, you will find many scam clauses in the withdrawal section. To hide their profile from the law, GCI brokers have not provided such crucial and important information to the customers, which is the major evidence of fraud.

Conclusion

GCI brokers, a fishy enterprise that operates in an offshore zone without any kind of supervision and oversight. Apart from this, you will find many other red flags in the business practices of this broker that undoubtedly will prove that this scammer is unreliable and should be avoided. For example, to sign-up or register with them, the GCI broker requires an ID or passport copy of the customer which is clear evidence of deceit. Additionally, when you will submit your details to open an account with it, they send no confirmation email. Whereas, they have also a poorly designed and slowest website that even does not function properly.

Therefore, due to such shady aspects of this broker, your money is not protected if you choose this broker to trade with them. It is an offshore non-legit broker with many fraud-warning signs. Hence, it is suggested that always choose legit brokers that are regulated by renowned regulatory bodies who are quite zealous with the regulation of the forex markets. For example, the UK’s regulator FCA has posed many rules and regulations on the forex brokers that they have to fulfill before offering their services to the British customers such as minimum capital requirement, account segregation policy, and many other customer protection measures.

GCI Brokers

2.4

User Experience

3.2/10

Payment Options

2.3/10

Security

2.2/10

Support

2.1/10

Reputation

2.3/10

Pros

• None

Cons

• An unregulated broker
• Fake and fishy trading software
• The high leverage level
• The high minimum deposit amount
• No proper information available