GCC Brokers Review
GCC Brokers Review
Clients of GCC Brokers are offered a choice of several account types. The Micro accounts provide fixed spreads and leverage up to 1:400, while the Standard and Swap-free (Islamic) accounts offer floating spread and leverage up to 1:200.
While a minimum initial deposit of $50 may sound an attractive offer, the spreads offered on GCC Brokers’ Micro accounts are very high, fixed at 3 pips on EUR/USD. Most fixed-spread brokers offer spread of 2 pips for this pair and some even less. CySEC-licensed brokerage easyMarkets, for example, offers spread is fixed at 1 pips on EUR/USD.
There is also a Pro account type with raw spreads available, however one has to invest at least $50 000, which is not recommendable, as GCC Brokers is not regulated by a reputable financial authority.
The Company. Security of Funds
GCC Brokers Limited
This broker offers trading in many currency pairs and various Contracts for Difference (CFDs) on the MetaTrader 5 platform. It claims to be a pure NDD broker and obviously targets customers from Middle Eastern countries, as its name suggests (GCC – a political and economic alliance of six Middle Eastern countries).
Headquartered in Hong Kong, GCC Brokers is not licensed by the Hong Kong Securities and Futures Commission (SFC), but by the Vanuatu Financial Services Commission (VFSC) instead. Doing business with offshore brokers is extremely risky as there is limited client protection, if any. Therefore, we advise traders to avoid such companies and to select among brokers licensed by the respective authorities in the UK, or Australia for example.
Besides, GCC Brokers appears to be newly-launched – many sections of its website contain no information, only “Coming soon”. Worse still, opening a demo account is not a simple procedure – one must apply, and communicate with a representative of the broker for approval. This does not sound good, as most brokers allow you to open a demo account and test their services in a couple of minutes. In addition, we got a lot of negative feedback about this broker lately – its clients complain mainly that they have been sweettalked to deposit more and more, while their withdrawal requests are ignored.
Instead of the industry’s standard MetaTrader 4 (MT4), this broker supports the MetaTrader 5 platform.
The main advantage of MetaTrader 5 (MT5) over the MT4 is the option it provides for trade on different financial markets, including stock markets, through a single account. In addition, MT5 already features hedging and MetaQuotes keeps making other enhancements to it in an effort to outphase its predecessor.
Methods of Payment
GCC Brokers offers its clients the following payments methods: bank wire transfer, credit/debit cards, e-Wallet Skrill and Neteller.
GCC Brokers Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about GCC Brokers Review.