GCM Forex

GCMForex LogotypeOne of the first steps to evaluating a new broker is to find out how if their services are reliable. GCM Forex is a broker that was initially established a few years back in 2012. Being relatively new to the industry is one of the biggest challenges faced by brokerage. Plus, since they are based in Turkey that’s an additional problem since it’s not known for being a hub of international trade and finance.

However, many people probably don’t know this, but Turkey is one of the members of the G20. Turkey ranks amongst the world’s top 15 for having the largest GDP. So, for all intents and purposes, Turkey is no so-called financial backwaters like some assume it to be.

Financial Regulation In Turkey

TSPB TrophyThe Capital Markets Board or CMB as well as the Sermay Piyasasi Kurulu or SPK in Turkish is the country’s regulatory body. It monitors, supervises and reports on the country’s financial markets. So, any business that wants to operate its financial operations in Turkey like GCM Forex will have to get a license and apparently approval from the CMB.

Traders who are not familiar with the Turkish FX industry will probably not be aware of the challenges that need to be overcome to get a license. Businesses like GCM Forex have been threatened by the CMB with legal action over the years if they didn’t meet the stringent requirements that the regulatory body has imposed.

The CMB has over the years shuttered as many as 32 Forex brokers and their websites for being in breach of regulation. Some of the leading brokers were also not spared. So, it’s pretty evident that to operate in the country brokers have to meet some of the most stringent regulations by the CMB. The fact that GCM Forex is still operating and even thriving means that they have overcome this challenge.

When doing business with GCM Forex traders shouldn’t have to worry about their legal rights. The company is well protected and regulated by the CMB.

GCM Forex – Operational History

Since the company was established in 2012, they don’t have much of an operational history for now. But a lack of history does not mean that they are a broker that will shut down operations at the drop of a hat. One big reason being that the capital invested is tremendous.

Forex Prizes and Awards

GCM Forex has been the recipient of many different awards

To start with GCM Forex has one of the largest and most comprehensive learning resources. But that’s just the tip of the iceberg. You can visit their website for a complete list.

MT4 Platform ExampleThe Trading Platform

At present traders using the GCM Forex broker have access to four of their primarily trading platforms:

The popular MetaTrader 4 platform

The platform is one of the most popular and used by professional and amateur traders alike. It is known to be customizable and powerful.

WebTrader Platform

This is a full-featured trading platform that can be accessed through a web browser. It also shares and syncs the wallet with other GCM Forex platforms.

Webtrader Platform ImageMobile Trader

It is mainly a trading platform that’s developed with HTML5 for iOS and Android operating systems. It offers traders the ability to execute and manage their trades from any device and any location.

Tablet Trader

It is a special trading platform which combines the mobility of their mobile trading platform and WebTrader. It offers the best of both worlds to traders.

Trading Account Types

A trading account can be opened with a minimum of $100. GCM Forex does not place too many restrictions on traders that use their mini account. Unlike other forex brokers, their accounts are a lot more flexible. The broker allows for traders to use techniques like scalping as well as features allowing traders to quickly and easily execute withdrawals from their accounts.

Trading Account TypesTrading accounts can be funded via a wire transfer. Plus, traders have the option of running a demo account before deciding to open a real account. The demo account offered comes equipped with such features as:

  • The customer support works 24 hours a day and 5 days a week (Monday-Friday)
  • Traders can access their transaction platforms
  • They offer a free training manual
  • Free Market Analyses
  • Traders can participate in Webinars
  • All data provided is in real time
  • A virtual purse funded with $100,000

GCM Forex’s Commission and Spreads

Since GCM Forex is an ECN broker, they don’t charge a fee or a commission for that matter. Traders pay a slightly wider spread per trade instead. However, a list of spreads payable is not provided though they try to assure clients that they will benefit from the best spreads in the industry.

Customer Support

GCM Forex provides customer support in mainly two languages Turkish and English. Support can be contacted via live chat, or they can call the customer support number: 0212 345 0 426.

Reliability

Judging by the amount of capital invested as well as their memberships to various institutions we can safely say that GCM Forex is here to stay. The company is making a genuine effort to provide the highest level of professional trading services evident from their professional conduct with traders. Plus, since they are regulated means that there is added safety.

Conclusion

ApprovedOur review clearly shows that GCM Forex is, in fact, a trustworthy and reliable broker. However, we think that there is a lot of room for them to improve one of which is fund transfer. By offering more methods of transferring funds, they will be able to attract more traders.

It goes without saying that some traders want to use faster means of transferring funds. Customer support is yet another area that needs improvement especially by adding more languages.

Pros:

  • The customer support works 24 hours a day and 5 days a week (Monday-Friday)
  • Traders can use all 4 Trading Platforms
  • Free and regular Market Analyses
  • An ECN Broker
  • Traders pay Zero Commission Payable
  • They stream financial data in real time
  • Scalping is Allowed
  • The platform supports Automated Trading and EAs
  • Tight Spreads

Cons:

  • The customer support only caters to English and Turkish speakers
  • Accounts can only be funded via Wire TransferStart trading

7 Binary Options review: GCM Forex: 4 stars

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