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GBCFX Review - is it scam or safe?

GBCFX review - Is gbcfx.com scam or good forex broker?

RATING: 1.1 / 0 REVIEWS GBCFX
GBCFX is an offshore broker. Your money is not safe.

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GBCFX is a forex and CFD broker offering three account types on the MetaTrader5 platform. If you are considering investing with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Micro Account 200 1:400 2 pips
Mini Account 2500 1:200 1,5 pips
Standard Account 10 000 1:100 1,2 pips*, floating
 *as tested with a demo account

 

GBCFX Advantages:

 

Over 70 currency pairs, lots of CFDs

 

On GBCFX trading platform we counted some 78 forex pairs, some with exotic currencies like the Singapore Dollar, Swedish Krona, Danish Krone, Honk Kong Dollar, Hungarian Forint, Norwegian Krone, Polish Zloty, Czech Krona, Israeli Shekel, Mexican Peso, Russian Rubble, South African Rand, Turkish Lira and Chinese Yuan. 

 

Other assets include CFDs on stocks, nine world indices and precious metals like silver, gold and platinum. However, we did not find any crypto CFDs, so here you may check our list of brokers, offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:400

 

As part of a broader effort to curb market risks, in the beginning of August the European Securities and Markets Authority caped the maximum leverage allowed with retail forex transactions to 1:30. GBCFX however, are not regulated in Europe and they are offering leverage of up to 1:400, which is generous enough to accommodate even the most aggressive trading strategies. Still, keep in mind that higher leverage is associated with higher risk and professional traders rarely use leverage exceeding 1:100.

 

You can open a trading account with 200 USD

 

To start trading with GBCFX you should invest just 200 USD and that is considered acceptable as with most other brokers the minimum deposit requirement is about 250 USD. Still, this is for the Micro Account, while for the premium Mini and Standard Accounts the minimum deposit requirement is 2500 USD and 10 000 USD respectively. Have in mind as well, that with some big names like FBS and IG you can start trading with just 5 USD or even less.

 

Popular e-wallets accepted as payment method

 

As most other brokers GBCFX accepts major credit and debit cards like VISA and MasterCard, bank transfers and e-wallets like Neteller and Skrill. Still, as crypto assets are getting more and more popular these days, here you may check our list of brokers, accepting Bitcoins as payment:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader5 supported

 

Along with MetaTrader4, MetaTrader5 is one of the most popular trading platforms. MT5 and MT4 share similar features like the various charting tools and market indicators, as well as the option to support automated trading sessions with the help of specially designed, customizable trading bots or Expert Advisors. Both platforms are developed by MetaQuotes – a Russian software company, based in Cyprus. Here you may check our brokers, supporting the MetaTrader5:

 

>>MT5 Brokers<<

 

GBCFX Disadvantages:

 

No license

 

Unfortunately GBCFX turned out to be a unregulated, offshore broker. The company behind GBCFX is the St. Vincent & the Grenadines based Grand Bloom Capitals Ltd., while the contact section of the broker contains two addresses – one in Dubai, the United Arab Emirates and one in Malaysia.

 

Here we should note, that while it is legal to register a company on the islands, the financial authorities on St. Vincent & the Grenadines do not oversee internationally operating forex and CFD brokers. 

 

So basically GBCFX does not have a license to provide financial services in Europe, Australia or the US, where all brokers should be licensed by local financial institutions.

 

Well respected watchdogs like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC) bind all entities under their jurisdiction by strict financial and ethical rules .

 

Among other requirements FCA and CySEC for example oblige supervised brokers to insure traders capital. So basically if a FCA broker is unable to pay, traders are entitled to a compensation of up to 50 000 GBP of their investment. Similarly CySEC brokers can be compensated with up to 20 000 EUR.

 

That said our strong advise is to trade with properly licensed brokers only. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads

 

Although GBCFX advertises spreads starting as low as 1 pip with its premium account, with the opening Micro Account spreads are said to start at 2 pips, without a commission, which is higher than what traders would usually expect. 

 

Have in mind that starting spreads are considered competitive only below 1,5 pips without a commission. Here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

GBCFX is a low credibility unregulated, offshore broker, which on top of that offers rather mediocre trading conditions. 

 

Have in mind that proper regulation is crucial for the security of any investment. As we have already discussed, trading with unregulated brokers is associated with significant risk of loosing your money to scammers.

Latest news about GBCFX
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Traders` reviews for GBCFX

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