GCM Forex is a young Turkish Forex broker established in 2012. It is headquartered in Istanbul. The company is following quite aggressive marketing policy. Founders and management of the company have hard-driving ambitions and avow their determination to achieve leading position in online forex trading.
The broker’s commitment to its goals is proven in deed – over a short period it shaped the organizational structure with a professional and strong staff, developed internal standards and set priorities.
The systematic approach coupled with a thorough selection of trading tools and active cooperation with largest market makers allowed the company to quickly achieve good results.
Today GCM Forex is among the leading Asian brokers. It has offices in Russia and a number of Asian countries.
The broker’s customer base is constantly growing and the number of customers long ago exceeded 50 000. Clients of the broker can trade not only currency pairs but also stocks of large European and Asian companies, CFD contracts, options and futures, commodities and precious metals.
The scope of services and their quality as well as high level of security of operations and deposits are the best proof of the company’s well-grounded aspiration for the top of Forex Olympus.
Deposits and Withdrawals
GCM Forex can use the following financial instruments to fund the deposit or withdraw funds from the trading account:
- Bank transfer;
- Credit cards.
All payments are made within specified time frames:
- payments through the bank – 3-5 banking days;
- payments by credit cards – 1 banking day.
In a “classical” meaning, GCM Forex is unregulated broker. Its financial activity is regulated by the Capital Markets Board of Turkey (SPK) and CMB Monaco, which do not belong to widely known financial regulators.
Bonuses and Promotions
To attract new customers, the company introduced a referral program. Under the program, the registered trader gets a bonus for every new customer it invited (referral). The bonus is a certain percentage of the referral initial deposit.
Bonus money should be used in trading operations and can be withdrawn from the trading account only after meeting trade volume requirements.
Trading Accounts Types
GCM Forex customers can trade on the following types of trading accounts:
|Account type||Minimum deposit, USD||Minimum traded volume||Spread type||Spread size (pips)|
|Platinum||10 000||0.01||variable||from 1 to 3|
A live trading account can be opened in the following currencies:
- Turkish Lira (TRY);
- US Dollar (USD);
- Euro (EUR).
Premium account is a special type of account for VIP clients with an investment from $100 000 USD. Owners of these accounts get a number of advantages: free professional training, analyst advice, discount terms each Wednesday, free service of signal sending through SMS and possibility of trading on ECN accounts.
Trading Platforms Types
There are two trading platforms available to customers of GCM Forex: MetaTrader 4 and Leverate Web Trader, which is an upgraded version of MT4.
When transforming MT4 into Leverate Web Trader, the company specialists improved a number of algorithms and added unique indicators and trading advisors. Thus, the platform functional was substantially enhanced.
There is a wide range of trading platform versions, which let customers manage their trading accounts from PC or mobile devices. Web based versions allow to manage assets through Internet browser and do not need to be downloaded.
GCM Forex customer service cannot boast of linguistic diversity. Currently support services are provided in two languages: English and Turkish.
Communication channels are quite common:
- Multiline phone;
- Live chat.
The company experts developed training courses aimed at not only teaching the basics of the economics but also improving skills of medium qualified traders.
Besides, there are regular webinars (general and topical ones) and video conferences held on the website. Trainings are provided by highly qualified company specialists and guest experts of online forex trading.
Pros of Trading with GCM Forex
Undeniable advantages of GCM Forex are as follows:
- Convenient and multifunctional trading platform;
- Accurate order execution;
- High level of safety;
- Wide choice of trading tools.
Disadvantages are as follows:
- high spreads;
- poor choice of customer support languages;
- no licenses of authoritative regulators.
GCM Forex Reviews
Farhad Azi: I became a customer of this broker by invitation of a friend, who wanted to get a bonus. It worked for the friend. But I was not impressed. I have no complaint about the quality of services and the range of trading tools, but spreads are high. GCM Forex is developing quite rapidly. So maybe I will return to this broker, but for now I’m not ready to work with a “developing” broker.
The word “promising” best suits GCM Forex. While it is developing, the broker is trying its best to meet the requirements of every customer. These efforts are so great that the broker is already thought to be the one that allows its customers everything. It is hard to definitely say whether it is good or bad. One thing is sure that such “status” is acceptable for the broker, which is developing so rapidly and aggressively.
Whether the promising broker will meet expectations remains an open question.