GCI Brokers Rating - Is GCI Brokers a Scam?

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GCI Brokers rating

Licenses: none
Minimum: $1000
Headquarters: Saint Vincent

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From the first glance we can see the danger of trading with GCI Brokers, as soon as you enter their website you will encounter a lack of professionalism and that this entity is not here for serious business. From a rudimentary WordPress theme without any protection that likely was made in minutes to no licenses and some history that has no effect, find out everything you need to know about this broker in our full GCI Brokers review.

GCI Brokers Rating - Is GCI Brokers a Scam?GCI Brokers Regulation and Trust

On their website, GCI Brokers claims to be registered in Saint Vincent and the Grenadines, which effectively means they operate without any kind of licence. As we have repeatedly mentioned Saint Vincent is an offshore region notorious for not regulating the forex market, a tax haven and one of the preferred destinations for shady forex brokers. However, the island's government has stated explicitly that the brokers located there will remain unregulated and that it does not plan to regulate and legalize the forex market in the near future.

GCI Brokers Rating - Is GCI Brokers a Scam?

There is another entity mentioned on the broker's site - Businext. The broker claims that Businext was founded in the year 2000 in the United States of America. However, he did not provide any other information or address. We didn't find anything really about Businext and we don't think it exists. The broker's site itself Not more than six months old. Therefore, we believe that everything that the broker mentioned about his alleged history is from the author's imagination, in fact Businext that we found is the name of a template used by web designers, although we searched the sites of US regulators, we found no evidence of the existence of a company called Businext.

Trading at GCI Brokers

The broker offers the GCI Brokers MetaTrader 5 and VertexFX trading platforms while the popular MetaTrader 4 is not available. VertexFX is a dubious platform, and we do not recommend it to our readers. The name of the broker is also different from the GCI Brokers in the MetaTrader 5 server.

The spreads on the major currencies are so low that it raises doubts, the leverage is up to 1:300, but it is interesting that you cannot change it because each type of account has a leverage, which raises many questions and a practice that legitimate brokerage companies do not do.

Withdrawal and Deposit at GCI Brokers

The minimum initial deposit is $1000!!! Of course, we do not recommend depositing any balance with the broker at all - but most legitimate brokers do not put this exaggerated limit. Funding methods are bank card and PayPal. The minimum withdrawal amount is also not specified, there are no specified withdrawal fees. However, there are some fraud clauses related to withdrawals in their terms and conditions.

Without mentioning the specific dormant account policy or setting a fee for inactivity. The broker states that if you do not trade within 30 days, you cannot withdraw and you must trade with 10% in order to be able to withdraw your balance.

Is GCI Brokers a scam?

Considering all of the above, we warn our readers to stay away from GCI Brokers because they are an unregulated broker and definitely a scam! There are no clear policies, and you cannot be sure of the history of the alleged broker, while their website is a primitive site that does not provide the lowest levels of protection, and it was recently created. -Image-2020-05-28-at-2.48.54-PM-1), all of this is evidence of a hobbyist's work and using their website only in financial matters is considered dangerous alone.

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