Scammed by GCG Asia Broker?
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IS GCG Asia a scam broker?
The offshore FX broker Guardian Capital Asia is also known as GCG ASIA is the main provider of online FX trade, CFDs, and related administrations. The broker asserts that there are various account choices, including PAMM, MAM, ECN and that’s only the tip of the iceberg. However, its website doesn’t highlight any account types, nor reveals any trading conditions. What is more awful, GCG ASIA doesn’t hold a legitimate forex dealer permit.
About GCG ASIA:
The brand named Goldland Capital Group (GCG) is the inspiration behind GCG ASIA’s logo and appearance. This broker offers its customers access to the MetaTrader4, the favored trading terminal of more than 80 percent of forex traders. One of the key advantages of trading with MT4 is the incredible charting condition.
There is a decent choice of trading alternatives at GCG ASIA, which is likewise a bit of leeway for traders. Almost everything associated with the trading product and service is incorporated in GCG ASIA’s portfolio. These are thirty plus currency pairs, CFDs on variable assets including cryptos.
GCG ASIA is owned by Guardian Capital AG, an organization situated in Zurich, Switzerland. This broker said to be controlled by the FINMA a local financial regulator. Anyway, this isn’t valid. The worrisome fact about GCG ASIA is an unregulated broker and such brokers with false terms and conditions are considered a scam.
On its site, GCG ASIA likewise claims to give Negative Balance Protection, just as customer finance protection of €2.5million, which is allowed to all traders. Taking into account that the broker isn’t authorized, we presume that these are simply bogus clams. We additionally discovered that Switzerland’s FINMA has boycotted GCG ASIA for conducting unapproved exercises in the nation. FINMA watches out for the unregulated brokers under its jurisdiction.
Another obvious indication of scam with respect to GCG ASIA is the absence of any pertinent data on the trading environment. Con artists would not share a lot of fundamental data about their activity and trading conditions. The purposes behind this are quite self-evident.
When we opened the provided demo account on MT4 the spreads on EUR/USD found were around 0.1 pips without any commission at all. Trading coast that low is simply unrealistic. We guess that the spreads on the live environment are high and with the applied commission. One more conceivable clarification about the broker’s scam nature.
Is GCG ASIA scam or legit?
This broker misses on terms and conditions and provides false trading environments. This means that potential customers with GCG ASIA might be potent to significant hazards. Also, the broker isn’t controlled and blacklisted by Swiss authority questions broker’s legitimacy. In our view, traders should avoid this potential scam broker.