GCI Financial LTD claims to be a global Forex and CFD broker registered in St. Vincent & the Grenadines. They emphasize their commitment to providing exceptional trading conditions and customer service. This is achieved through cutting-edge software and competitive trading costs.
Considering GCI Financial substantial presence in the market, it is essential to address certain aspects before considering any investment. To provide you with a straightforward and unbiased GCI Financial review, let’s delve into the key points worth considering regarding GCI Financial.
Website – https://www.gcitrading.com/
Website Availability – Yes
Address- 1st Floor, The Sotheby Building Rodney Village, Rodney Bay, Castries, St. Lucia
Warning – Ontario Securities Commission (Canada)
Domain Age –
|Date Registered||April 30, 2002|
|Domain Age||21 years, 5 months, 16 days, 5 hours, 4 minutes, 58 seconds|
Is GCI Financial a scam or a legit broker?
GCI Financial attempts to project an image of being registered in Saint Lucia under GCI Financial Limited. However, a thorough investigation into the country’s Financial Services Regulatory Authority revealed no record of the company or its brand.
Additionally, we extended our search to Tier 1 regulatory databases, including FCA, ASIC, and BaFin, only to find no traces of GCI Financial or GCI Trading being regulated. In essence, GCI Financial operates without a license, positioning itself as an unregulated offshore trading brokerage.
Despite being active in the market for nearly two decades, GCI Financial has received regulatory warnings. This lack of regulation poses considerable risks for investors, as there is no recourse for seeking regulatory assistance or reimbursement in case of any issues. It is vital to exercise caution when dealing with unregulated brokers to protect your investments.
Warning issued against GCI Financial
The Canadian regulator in the province of Ontario issued an official warning against GCI Financial and its owner, GCI Financial LLC, stating that the company is not authorized to provide financial services.
In November of the same year, the French AMF reissued their warning from July about the same company, as GCI Financial continued to solicit investors without stopping their activities. Furthermore, the Slovenian A-TVP also republished this warning to alert potential investors about the risks associated with dealing with GCI Financial.
GCI Financial Review: Trading Platform
GCI Financial provides two trading platforms for clients to choose from – ActTrader and MetaTrader. We will compare the features of both platforms along with their trading costs.
ActTrader might not be as renowned as the globally popular MT4, but it offers a wide range of functionalities, including automated trading and full customization. This platform allows you to trade in currencies, indices, and metals, with the spread ranging from 1-2 pips for Forex majors.
On the other hand, MT4 offers similar trading conditions and imposes the same interest charge on account balances. However, this platform is not available as a browser-based platform, necessitating a download and installation process.
GCI Financial Review: Trading Conditions
Both platforms, ActTrader and MT4, offer a commendable starting spread of 1 pip for EUR/USD, which is quite competitive. However, a significant drawback is the absence of crypto trading options.
Regarding leverage, GCI Financial provides relatively high leverage, reaching up to 1:400 for Forex majors. It’s worth noting that Tier 1 regulators usually impose a limit of 1:30 or 1:50 on leverage due to the increased risks associated with higher leverage ratios. This may pose additional risks for traders operating on GCI Financial’s platform.
Deposit and Withdrawal Methods
To initiate a withdrawal process with GCI Financial, you must follow a specific procedure. Firstly, you are required to use the same method you used for the deposit, up to the amount initially deposited. Any remaining sum will then be transferred through a bank wire or PerfectMoney account.
When requesting a withdrawal, you must print the withdrawal form, sign it, scan it, and subsequently email it to the broker’s payments department. Additionally, the withdrawal request must be accompanied by a valid ID for approval. Failure to provide a valid ID may result in the request being rejected.
GCI Financial Review: Conclusion
If you encounter difficulties in obtaining a withdrawal directly from the broker or experience unreasonably long delays, don’t hesitate to seek our assistance. Our team of chargeback experts is available to offer a free consultation and assess your case, ensuring you’re on the right path with evidence collection.
There’s no need to feel ashamed or hesitant; we understand the challenges you may face. Rest assured, we have assisted thousands of clients in situations like yours, and our expertise covers a wide range of scenarios.
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