GCI is a trading name of GCI Financial LTD that defines itself as a Forex and CFD broker, with a focus on superior trading conditions and customer service. GCI offers spreads as low as 1 pip, interest paid on your account balance, direct interbank (ECN) trading access, and the lowest margin requirements for all products, the company claims. Customers can trade from a PC, Mac, web browser, iPhone, or other mobile device through the MetaTrader or ActTrader platforms. CGI claims to pay 4% annual interest rate on client deposits. However, we couldn’t find any information about licensing and authorizing, so this is a typical unregulated offshore brokerage firm. No matter that it claims to secure customer funds as highly rated banks, at the end you may not be able to withdraw anything. The company shows several awards on its website, but we do not know if they are real or fake.
GCI offers 50 currency pairs (including all the major crosses, minors, and exotic ones), 17 global indices, 10 commodities, and over 300 US shares.
Clients can open two types of accounts depending on the platform – ActTrader and MetaTrader. The minimum required initial deposit is USD500. The maximum leverage can be up to 1:400 for currency pairs and up to 1:1:20 for shares. The spread starts from 1-2 pips for major currency pairs. Accounts differ in the value of the trading lot, which is 10,000 in the ActTrader account and 100,000 in the MetaTrader account. Shares are available only in the MetaTrader account, which offers ECN execution. Be careful because the greater the leverage, the greater the risk of complete loss.
The MetaTrader 4 (MT4) terminal offers one of the most comprehensive charts and analytics packages currently available on the market. This makes it the preferred platform for beginners and professionals. GCI offers a zero-commission ECN trading through the MT4 platform, and all the fees are built into the spread, so no commissions are added. Traders benefit from direct access to deep liquidity and interbank pricing and execution, the company claims. Accounts can be accessed from any web browser and operating system, without the need of additional software downloads or installations, only an Internet connection is required. This terminal is also available as an application on GooglePlay store and AppStore.
In addition, you can download the ActTrader terminal. It is intuitive and easy to understand. The interface can be fully customized and resized according to a user’s preferences.
Along with debit and credit cards, clients of GCI can deposit funds with the Perfect Money payment system, as well as bank transfers. Funds are returned to the original account of the credit/debit cards or to the payment provider Perfect Money and the profits above the initial deposit are returned by the bank transfer.
The only provided document is called “Terms and Conditions”, which shows that it is possible that some unfavorable situations on the market could occur, in a relatively short period of time, resulting in the total loss of your investment. The maximum loss that may be incurred by any customer is the amount of money paid by them to the company including rolling fees for day trade deals. This means that the loss is limited to the net amount deposited, or you cannot owe money to GCI. It is not clearly stated but probably due to an increase in the market volatility, orders may be subject to slippage. The last thing we want to share is that it is not clearly stated how the company executes orders. Probably it is the counterparty to each client transaction and acts as a market maker, which leads to a conflict of interest.
We can summarize that GCI is a typical offshore company that is not regulated and authorized by any serious financial institution. Although the company claims that customers’ money is protected, there is no institution to monitor and regulate it. If you want to take the maximum risk, you can do it here with a 1:400 leverage, but keep in mind you may never have a chance to withdraw.