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GCMASia Review – is it scam or safe?

GCMASia Review - Is gcmasia.com scam or safe forex broker?

RATING: 2 / 7 REVIEWS
GCMASia is an offshore broker. Your money is not safe.

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 Trading accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Standard $100 0.01 1:200 2.5 pips 

 

GCMAsia offers one type of live trading account with relatively average conditions, plus a free demo account with free $100 000.

 

There is also the option to open a VIP account by depositing $100 000. It comes with benefits like professional trading courses, risk analysis and investment advice from the broker's experts.

 

Besides forex and CFDs, GCMAsia offers trading in gold, oil, commodities and stock indices.

 

The company. Security of funds

 

 

Company Country Regulation
GCMAsia Hong Kong None

 

GCMAsia operates as a “marketing affiliate” of Fortrade Ltd – a UK forex broker regulated by the country's Financial Conduct Authority (FCA). As per Fortrade's affiliate program site, it offers CPA fees or flexible payment plans, commissions, marketing support, etc.

 

According to its site, the brand GCMAsia is owned and operated both by GCMAsia and Fortrade. The broker is mostly aimed at clients in the Asia Pacific region and is based in Hong Kong. Our check, however, revealed that it does not have a license with Hong Kong's Securities and Exchange Commission. This means the broker cannot offer its services in Hong Kong and it explicitly says it doesn't.


 

On its website GCMAsia says that as per the FCA requirements, it keeps the client funds in segregated bank accounts. Furthermore, eligible claimants claimants are entitled to the Financial Services Compensation Scheme (FSCS) to seek compensation.

 

Those claims suggest that GCMAsia is a stable and relatively safe broker, despite the lack of own regulation and license, but we could not verify them.

 

Trading Platforms

 

Unlike Fortrade, which offers its proprietary trading platform Fortrader and nothing else, GCMAsia makes a safe bet and offers the eternally popular MetaTrader 4 (MT4). There is also the Sirix Webtrader

 

 

One of the main reasons for the popularity of MT4 is that it is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.

 

On the other hand, Sirix Webtrader does not require installation and offers roughly the same funciotnalities as the MetaTraders. It also has a social trading option.

 

 Click image for larger view.

 

Methods of payment

 

GCMAsia accepts client deposits through credit/debit cards, bank transfer and the electronic payment systems Neteller and Skrill. The funding options of the broker are the same as that of its partner Fortrade.

 

Conclusion

 

GCMAsia does not have its own license and is not regulated as an entity, but claims to offer the same protection as the license of its partner, the UK broker Fortrade. This definitely does not mean that GCMAsia can offer its services in Europe under the MiFID passporting rules, but it does not seem to seek clients from Europe anyway. Judging by the language options on the site, its main targets are China, Indonesia and Malaysia.

 

Nevertheless, the potential clients of GCMAsia could benefit from the safety provided by the FCA license, as its requirements impose strict rules on client money segregation, membership in compensation schemes, capital requirements, etc.

 

GCMAsia offers relatively average trading conditions, even though the max leverage of 1:200 is relatively low.

 

Pros Cons
MT4 No regulation
  Low leverage

 

 

Latest news about GCMASia
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Traders` reviews for GCMASia

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Summary

Pros

Cons

 

 

Scam Broker

Run away if you heard about this company... Once depo never come back the money

Hazwan 06/29/2018

Slow response

GCMASia should have an effective and quick-service assistant so new customers do not feel deceived

Hashimah Md Yusoff 06/28/2018

Request Withdrawal

For a long period I request for a withdraw but no reply. Even the broker which I contact also no reply. Just like every thing sink to the bottom of the sea !!!

Ko Teck Ken 06/27/2018

Dont give GCMASia the money!!

I was looking around the internet for comments and review about this company and no one mentioned these. If u want to withdraw back ur 100usd, they will ask for ur front n back of ur ID n bank card, bank account name n number, ur driving licence, transaction record of ur 100USD to them, so that they "activate" ur account to give u back the money. And they wouldn't told u that in the first place, but would only told u that u can take back ur money anytime, but without telling u the activation part on purpose, So u will be left with 2 choices that either u give them all the info to get back the 100usd or u just give up on the 100usd, tricky huh!That's how i end up here. The person who call u will cheat u step by step into their trap, just shut them off, don't listen to whatever they said even if they sound nice and polite, they are leaving out the key information purposely. Be alert and don't be greedy. REMEMBER, DON'T BE GREEDY.

Lisa 05/10/2018

Most difficult part is to withdraw the money - scam!

you loss alot also and then they won't return ,,, it's gambling .. and most difficult part is to withdraw the money ... you loss from your own money all of it and then on profit they will charge more than 35% ...
all lies

be careful all

shine 03/27/2018

Account Manager berada di Sunway

berhati- hati semua untuk yang baru belajar. duit tidak jatuh dalam market... duit jatuh ke dalam company itu sendiri...

Translated by Google:

be careful of all the new ones. money does not fall in the market ... money falls into the company itself ...

Ahmad Syakir 02/27/2018

Scam broker

Very hard to withdraw, not friendly user..not recommended for serious trader

Breal 01/10/2018
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