Think of trading with itgtcm.com platform? Really want to find more details before choosing the broker? You can carefully read the GTCM reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Table of Contents
What is GTCM?
GTCM FX otherwise known as flourisiltd.com is an offshore brokerage with a lot of promises for forex traders. The forex company is headquartered in London.
What is more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
GTCM offers different account packages such as —-
What We Found about itgtcm.com Broker Regulation
First of, GTCM presents its registered address to be in London, the UK and also displays a phone number and email. It shamelessly claims to be regulated by FCA and posts a link that is supposed to prove this statement.
In order to clear our suspicions, we searched its registers and there is another warning which states that GTCM not only isn’t authorized but that it’s also a clone of another legitimate broker. See for yourself:
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
GTCM Minimum Deposit
GTCM deposit is pegged $5000 based on the account type. This is far too much for a blacklisted broker.
Just to put a comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, we do not find any information on the GTCM platform regarding available payment methods and transaction fees.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
GTCM withdrawal says nothing on specific information regarding withdrawal fee and processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
GTCM doesn’t mention anything about its trading software. There isn’t any download link either, so there really is no way to find out what platform this broker uses before you register.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
GTCM leverage is said to be 1:50. Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
GTCM Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
GTCM FX located at itgtcm.com appears like a reliable trading platform, howbeit, you should not take the words they say and their attractive looking website layout. By all appearances, we would advise traders to steer clear from this broker as it has been pegged red flag. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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