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GTCM Review - Is it scam or safe?

GTCM Review - is gtcm.com a good forex broker or a scam?

RATING: 3 / 0 REVIEWS GTCM
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Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Standard $200 0.01 lot 1:200 3 pips, fixed

 

GTCM offers its clients a single account type with leverage up to 1:200 and fixed spreads. Micro lots are available for trade.

               

Account holders with deposits above $30,000 get reduced spreads of 2 pips on EUR/USD.

 

In addition, this broker places a special focus on education –each live account holder gets free e-book, free training and personal account manager. Besides, GTCM has a rich knowledge center on its website, and provides Live Rates & Charts, as well as Traders Trends that show trader sentiments:

 

 

The Company. Security of Funds

 

Company Country Regulation
Depaho Ltd Cyprus CySec

 

GTCM offers online trading in wide range of products, such as currencies, commodities, stocks and indices via CFDs on MeTatrader 4 and its web-based PROfit platform.

 

Depaho Ltd, which operates the GTCM site and brand, is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). In addition, the company also operates the FXGM brand.

 

Cyprus is becoming more and more popular destination for forex and binary options brokers. CySEC applies certain rules and requirements to Cyprus Investment Firms and sees to their compliance. Brokers must hold at least €730,000 in order to prove their good financial standing and have to keep customer funds in segregated accounts, separated from the company’s operating funds.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.

 

Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with GTCM, traders have to invest a minimum of $200. Such minimum initial amount is average; however, leading Cyprus-based broker FXTM require just $5 from its clients as a start. Other brokers, such as FCA-licensed XTB, require none.

 

Spreads & Commissions

As most fixed-spread brokers, GTCM does not charge commission, it gets its remuneration through the spread. Unfortunately, we find its spreads comparatively high, as they amount to 3 pips for the EUR/USD pair. Most fixed-spread brokers provide spreads of 2 pips on EUR/USD.

 

In comparison, XTB provides fixed spreads of 1.6 pips on EUR/on its Basic commission-free accounts. For further information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by GTCM is 1:200, which is average. If you need higher leverage levels, many Cyprus-based brokers offer such - for example, FXTM provides leverage up to 1:1000. You may check out a list of brokers, providing leverage equal to or exceeding 1:500 here.

 

Do keep in mind, however, that higher leverage also means higher risk of losses, which may exceed initial investments.

 

Trading Platforms

 

GTCM supports the most popular trading terminal, MetaTrader 4 (MT4), as well as its web-based platform, PROfit.

 

MT4 is s fully customizable for just about any trading situation, skill level and preference. With this broker it is available as desktop and mobile version. MT4 provides all the tools and resources a trader needs: a number of technical indicators, advanced charting package, one-click trading option, Expert Advisers (EAs) and extensive back-testing environment.  MT4 also provides a built-in social trading service - Trading Signals. Using this service, you can copy deals of other traders directly in your terminal. 

 

The web-based PROfit platform provides user-friendly interface and easily customizable trading environment, as well as enhanced functionalities and tools to help traders manage their positions easily and efficiently through their internet browser. Mobile applications are also available.

Methods of Payment

 

GTCM supports the following payment methods: credit/debit cards, bank wire transfer and e-wallet payment systems Skrill, Neteller, Safecharge, Trust Pay, Payvision, EcoPayz, Emerchant Pay and Powercash21.

 

Keep in mind that according to the brokers, terms and conditions withdrawals are processed up to ten business days.

 

Conclusion

 

GTCM is a Cypriot FX and CFD broker that offers online trading in a number of financial instruments. According to us, its main disadvantage is that it provides fixed spreads only, which are comparatively high. To cut things short, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated High spreads (fixed ones only)
Choice of trading platforms, MT4 available No ECN environment
Commission-free trading No demo accounts

 

Latest news about GTCM
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Traders` reviews for GTCM

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

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Customer service

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Summary

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