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Trade GC Review - is it scam or safe?

Trade GC (Media GC) Review - is mediagcltd.com scam or good forex broker?

RATING: 1 / 0 REVIEWS
Trade GC is not regulated. We cannot guarantee your money is safe.

 

Trading Accounts & Conditions

 

Account type

Min. deposit

Min. trade size

Max. leverage

Spread

Mini

€500

0.01

1:200

1.4 pips

Premium

N/A

0.01

1:200

1.1 pips

VIP

N/A

0.01

1:200

0.7 pips

 

Trade GC (Media GC) offers the above account types, all of which provide variable spreads, leverage up to 1:200, and the option to use micro lots on the MetaTrader 4 platform.

 

If such trading conditions seem attractive to you, please read all the details below, as we have serious concerns regarding this broker.

 

 

Trade GC Advantages

 

Seemingly low-cost

The spreads offered by Trade GC seem rather competitive and line with the industry’s average. As commission fees are not mentioned on the broker’s website, we assumed there aren’t any.  

 

MT4 trading

Trade GC offers its services on the good old MetaTrader 4 platform (MT4). MT4 hasn’t achieved its popularity without reason. It is really a reliable and fast platform, offering solid charting, a number of technical indicators, automated systems (Expert Advisors), and the MQL Marketplace, among other advanced features.

 

>> Find a better MT4 Broker <<

 

Micro lots available

Although most forex broker offer such, it is always a nice option to be able to trade in micro lots, especially if you are a beginner. Smaller trade sizes like this make risk management easier.

 

 

Trade GC Disadvantages

 

Registered offshore

Like thousands of other brokers, Trade GC is registered offshore (St. Vincent and the Grenadines). Forex brokers incorporated in offshore zones don’t have to meet strict requirements, if any at all; they are not being monitored by the governmental authorities. That basically means that your money is in risk, and if something goes wrong, you can’t do much about it.

 

Unrealistic spreads on demo accounts

We tried out Trade GC’s MT4 in demo mode and found the spreads on EUR/USD floating around 0.3 pips, with no commission fees applicable. If trading costs are the same in live trading environment, there is no way for the broker to be profitable. Hence, we assume that the lack of commission fees and the tight spreads on demo accounts are just a trick to attract customers.

 

 

>> Compare real-time spreads of the best FX brokers <<

 

 

High initial deposit

Traders must deposit a minimum of 500 in order to open an account with Trade GC. This is a high initial investment, especially considering that the broker is not regulated. By comparison, many reputable and tightly regulated brokers require less. For example, you can open an account with FXTM by depositing a mere $5.

 

 

Conclusion

 

Founded in 2016, Trade GC offers trading in currency pairs and contracts by difference (CFDs) in 4 active classes, including Forex, Stocks, Indices and Commodities.

 

Overall, the offerings of this broker seem bad. You can trade in wide range of financial instruments on its MT4, and the spreads are good. However, the main problem with Trade GC is that it is registered offshore. What is worse, Spain’s financial markets regulator, the CNMV, has issued a warning against it for illegally targeting local investors.

 

In case you are not familiar with the forex industry, we must warn you there are a lot of dishonest companies, most of which are registered in offshore destinations like St. Vincent and the Grenadines.  That is why we advise our readers to choose tightly regulated brokers. Some of the most reliable financial regulators in Europe are the Cyprus Securities and Exchange Commission (CySEC) and UK’s Financial Conduct authority. They both apply strict rules on licensed companies with regards to capital adequacy, client account segregation, transaction reporting, etc. Besides, in both countries there are compensations schemes in place in case a regulated broker becomes insolvent.

 

Here is a summary of the weak and strong sides of Trade GC:

 

 

Pros

Cons

Seemingly low-cost trading

Offshore broker, CNMV warning against it

MT4 supported

High initial deposit required

Micro lots available

Unrealistic spreads on demo accounts

   

 

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Traders` reviews for Trade GC

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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