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GCI Introduces Binary Options, Interest on Deposits and Fake Promises

Nov 26 2012
Last week the financial services provider GCI Financial announced that it is adding binary options trading to its forex and CFD offering. With binary options, traders need to predict the direction of the price movement for a particular instrument, then place a bet with that prediction.
Binary options returns vary depending on the broker - the average return for EUR/USD for example ranges between 75% and 85% - so GCI’s promise of 88% return does indeed seem lucrative; if only it were true. I checked and the return on EUR/USD was 85%.  That’s still a good percentage – but I’m not impressed with GCI’s false advertising.
Binary options aside, GCI has news for its forex traders: expanded trading instruments offering and interest on deposits.
Dow Jones, Gold, Silver and Crude Oil are the new trading instruments the broker has added to its offering. Up until now, traders could only transact with currencies. Trading is possible through ActTrader Forex, ActTrader CFD or Metatrader 4 (MT4).
“Our clients tell us that our spreads, customer service, and broad breadth of instruments help make GCI their preferred broker and we aim to exceed their expectations every day. Our clients can trade on spreads as low as 1 pip in major currencies 24 hours a day, and very low spreads in Gold, Crude Oil, and other products,” said Ella Fuller, Head of Marketing at GCI.
Sure. Because offering precious metal trading is so cutting-edge. Then again, low expectations are easy to exceed, aren’t they?
I bet you didn’t expect to get interest on deposit with GCI, right? And yet, as of now the broker pays 2% annual interest on USD deposits and 3% - on deposits in Euro. The interest is calculated based on the traders’ average daily balance and is paid out at the end of every month. Wait, didn't we report about that back in September? That's right - we did! Nice try, GCI, nice try. 
As you might have guessed already, I’m not a big fan of GCI but if you wish to sign up with them for any reason, you can get a bonus of 20% on any deposit by the end of November. Also, a link on GCI’s site promised me that if I like their Facebook page, I can win an iPad 3. I liked the stupid page. There was no info about that. I feel scammed.

About GCI Financial

GCI Financial ("GCI") is a securities and commodities trading firm, specializing in online Foreign Exchange ("Forex") brokerage. In addition to Forex, GCI is a primary market maker in Contracts for Difference ("CFDs") on shares, indices and futures, and offers one of the fastest growing online CFD trading services. Becoming a GCI client means dealing with one of the most established and well-recognized firms in the industry. GCI Trading was founded in 2002 by Mitchell Vazquez and is one of the pioneers in online currency and CFD trading.
TAGS: GCI Financial  forex trading  binary options  interest  iPad3  forex bonus  Dow Jones  Gold  Silver  Crude Oil 

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