- 0.1 GCG Asia Review
- 0.2 Pros
- 0.3 Cons
- 1 GCG Asia Review
GCG Asia Review
GCG Asia is an unlicensed Forex and CFD broker targeting traders from Switzerland, and is supposedly a world leading trading provider for Forex and CFD. For beginners, their platform will appear legit and they might make the mistake of trusting them with their money.
GCG Asia is owned and operated by Guardian Capital AG, a company based in Zurich, Switzerland. This broker is silent about their trading conditions, plus they are not regulated as well.
During our investigation, the facts we found were disturbing and the creators of this platform have many filthy agendas. To know more about this swindle which is creating a lot of hype on the internet, continue reading our full GCG Asia review.
GCG Asia Review
GCG Asia is another fake Forex and Cryptocurrency broker that we must address. Being an offshore broker, we decided to investigate it due to numerous complaints floating around the web. Claiming to be licensed by FINMA, this was the first red flag we noticed.
They also claim to offer multiple account options, including PAMM, MAM, ECN and more. As you already know, we are very picky when it comes to analyzing the best Forex brokers, and it takes high scores in order to make that list.
They are offering the MT4 platform which is a popular trading solution among traders today. This platform is praised by the trading community because of its ease of use and the ability to accommodate any type of Forex expert advisor and indicators including charting options.
The ability to customize this option to make it even more user friendly is also something that has attracted traders very much.
GCG Asia offers this trading platform but this does not stop them from giving you a raw deal if they wanted to.
Minimum deposit: N/A
Assets: Forex pairs, CFDs on indices, precious metals, energies and several cryptocurrencies
The website of GCG Asia does not show the account types present, despite claiming to have multiple account option.
We could not see important investment specifications like minimum deposits, live spread and leverages. However, when we tested their demo account, we noticed that the benchmark spread on EUR/USD is 0.1 and there are no commissions. Now, this can be a huge trap set by scammers. They rig the demo spread in order to push you to deposit. Trading costs that are low are just too good to be true. We suppose that the spreads on live accounts are higher, or commission applies.
This broker isn’t disclosing their account types and trading conditions in an upfront manner. This is a huge red flag. If they are a decent brokerage, they should make this information available without subjecting traders to the task of digging around in order to try finding what their trading conditions are. So this is actually not a professional broker.
Read also: The best Forex broker, FXTM Review by the Forex Broker Expert.
GCG Asia License
Firms which offer investment opportunity to the retail investor have to hold all the necessary legal documents. Moreover, since this specific firm is operating from Zurich, they should be overseen by the FINMA.
There is a license claim shown on their website which might manage to deceive a lot of newbies. However, in reality they are not legit by any means whatsoever.
Recently, the Switzerland’s financial markets and services regulator FINMA issued a warning to GCG Asia claiming that the brokerage had not sought a license from them and was therefore illegally operating. They concluded the warning by saying they should not continue targeting citizens from Switzerland with their unregistered products.
They are not recognized by the FINMA which means by definition, they are violators of law and will face severe consequence in the near future.
Our best advise for you
There is a demo facility available, so we know how it looks like to trade forex and crypto currency on the chart, but there is no real proof to show that our money will be safe when we deposit with them. GCG Asia needs to monster courage and grab a reputable license from FINMA. They need to insure their clients funds, and then upload their license certificate for us to verify. Getting a license from a Local financial authority is not an impossible request. It’s much easier to do than risking a chance of going to jail when caught.
IQ Option is a popular Forex and cryptocurrency broker licensed by CYSEC in Europe. IQ Option have grown to more than 14 million accounts in 2016. From around 200,000 trades per day in 2014, they now handle more than 3 million. From a monthly trading volume of $10 million in 2014, more than $11 billion flows through the brokerage on a monthly basis, right now. Minimum deposit is only $10. Try it now at IQOption.com.
GCG Asia Review Conclusion
The broker does not present their account types and trading conditions in a clear and concise manner which is a confidence killer. Therefore, stick with our recommended brokers here.