What is GCM Forex？
GCM Yatırım Menkul Değerler A.Ş, based in Turkey is a broker that currently has no regulations. The official website is in Turkish.
Pros & Cons
Pros:
Cons:
Conservative Leverage: GCM Forex offers a maximum leverage of 1:10, which is considered a bit conservative compared to industry standards, limiting potential returns.
English Not Supported On Its Website: The official website is in Turkish, and the absence of English language support on the website will pose a barrier for international traders who prefer to access information in English.
No Regulations: GCM Forex operates without regulatory oversight, which will concern users about the security and reliability of its brokerage services.
Is GCM Forex Legit or a Scam？
Regulatory Sight: GCM is currently functioning without any regulation, meaning it does not fall under the supervision of any financial regulatory bodies and does not possess any licenses to operate in the financial market. The absence of any such oversight raises concerns about the firms adherence to financial standards and regulations, increasing the risk for investors.
User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
Security Measures: So far we haven't found any information about the security measures for this broker.
Market Instruments
GCM Forex provides a wide range of market instruments. These include:
Forex: Offering currency pairs for trading, totaling 51 pairs.
Commodities: Access to 20 different commodities for trading.
Stocks: A selection of 271 stocks available for trading.
Stock Market Indices: Trading opportunities on 14 different stock market indices.
Bonds and Bills: Options for trading bonds and bills, totaling 3 instruments.
Options: Various options contracts are available, including foreign exchange options, commodity options, stock options, and index options.
VIOP: A leveraged market where futures and options contracts established in Borsa Istanbul are bought and sold.
Leverage
GCM Forex offers a maximum leverage of 1:10 across all instruments, which is relatively conservative compared to the industry standard. Though users can find it a bit limited, this conservative leverage option can also reduce risks, making it suitable for those seeking a more cautious trading approach.
Trading Platforms
MetaTrader 4 (MT4) and MetaTrader 5 (MT5): These are widely recognized and popular trading platforms known for their user-friendly interface, advanced charting tools, and customizable features. Traders can access a wide range of financial instruments, execute trades, and implement various trading strategies efficiently using MT4/5.
GCM Opsiyon Trader: This is GCM Forex's proprietary trading platform tailored specifically for their clients. It likely offers similar features to MT4/5 but may also include additional tools and functionalities designed to enhance the trading experience on GCM Forex's platform.
Deposit & Withdrawal
GCM Forex supports money orders and electronic transfers through contracted banks. Traders can deposit funds into their investment accounts with a minimum limit of $1/€/TUR. GCM Forex does not charge any commissions for withdrawals or deposits, so traders can efficiently manage their funds without incurring additional fees.
Customer Support
GCM Forex offers several customer support channels. They provide 24/5 support, so users can contact them at any time during weekdays. Traders can reach out through various channels including live chat, contact form, telephone(0212 345 0 426), email(bilgi@gcmyatirim.com), and fax(90 212 345 04 02). Besides, GCM Forex maintains a presence on social media platforms like Facebook, YouTube, LinkedIn, and Instagram, so traders can stay updated on relevant information and announcements.
Conclusion
As a broker, GCM Forex provides a certain range of market instruments, a relatively conservative leverage, and several trading platforms. However, it has no regulations currently. We do not recommend users trade with this broker.
Frequently Asked Questions (FAQs)
Question: Does GCM Forex support MT4/5？
Answer: Yes. GCM Forex supports both.
Question: What leverage does GCM Forex provide？
Answer: GCM Forex provides leverage up to 1:10.
Question: Is there a commission charged for withdrawals？
Answer: No.
Question: Is GCM Forex regulated or not？
Answer: No, it is not regulated.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
