GCI Financial Review (2023)

Is GCI Financial a scam or legit broker?

GCI Financial is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

GCI Financial LTD is an international Forex and CFD broker incorporated in St. Vincent & the Grenadines that as claimed by their focus on offering superior trading conditions and customer service through an advanced software and lowest trading costs (forex brokers with low spreads). In addition, the company operates over 15 years and received some awards that recognize them as the Best Forex Broker Europe or Most Innovative Forex Broker Europe by the International Finance.

Despite this, the St. Vincent and the Grenadines in a known offshore zone, while the company operates without any license to perform its services.

Notwithstanding the state of the broker that the client fund safety is assured by the secure kept of funds at highly rated banks and depository institutions with risk management implemented.

However, there is no guarantee how exactly these procedures are performed since the company is not overseen by any of the reputable Forex industry watchdogs that can truly claim the following of the necessary procedures.

Besides, the company was previously regulated by the Belize IFSC, yet withdrew its license and is not regulated by any authority. Moreover, there were warning against the company by some of the authorities, as well as the negative feedback from many of investors with cases to withdraw the money.

“GCI Financial LLC is not registered to engage in the business of trading in securities or advising anyone with respect to investing in, buying or selling securities.”

Ontario Securities Commission

Conclusion

Generally, we do not advise to invest with unregulated brokers for that reason, as even though the offering and the trading capabilities may offer a very attractive package, safety always go first.

Therefore, it is much more secure to start trading with the reputable regulated broker that follows the strictest performance operation that was designed to deliver the highest level of safety to the investors.