GTCFX Review: Is an Offshore Regulation Actually a Regulation?
GTCFX is an offshore branch of GTC Global Capital Trade Co. Limited. The company is registered in three different offshore jurisdictions with two licenses. But does it mean that GTCFX is legit?
Let’s go through this together. Our unbiased GTCFX review will bring all the details you need.
|Regulated by:||FSC Mauritius, VFSC|
|Is This Company Safe?||It’s an offshore-based firm|
|Have Warnings from:||N/A|
|Registered in:||Mauritius / Vanuatu / Saint Vincent and the Grenadines|
|Trading Platforms:||MT4, MT5, cTrader|
|Trading Assets:||Forex, commodities, indices, shares|
|Free Demo Account:||Yes|
|How to Withdraw from This Company?||You can request a withdrawal from GTCFX representatives or contact us in case you face any issues regarding this question|
Legal Information and GTCFX Trading License
As mentioned, GTCFX is an offshore branch. The owner is registered in three different countries: Saint Vincent and the Grenadines, Mauritius, and Vanuatu. The company is incorporated in SVG under the name GTC Global Trade Capital Limited (SVG). However, since FSA is not issuing licenses for Forex brokers, this means nothing to you.
In 2022, the company registered in Mauritius as GTC Global Ltd, while in 2023, they obtained a VFSC license trading as GTC Global Trade Capital Co. Limited. Both of these branches are authorized by Tier 3 regulators. As’s the case with 77markets, this broker only has a loose overview.
In addition, there’s a branch in Dubai, trading as GTC Multi Trading DMCC. However, this one has a separate domain, gtcmtd.com. Therefore, it won’t be the subject of today’s review that focuses on the GTCFX brand.
Where Does the Broker Find Customers and Who They Are?
The GTCFX website was registered in the GoDaddy WHOIS database in June 2015. Ever since, the company has been promoting its trading services through Google and social media. They entice investors through seemingly legitimate offers and extensive offering of trading platforms.
According to the traffic report, the majority of their clients come from:
GTCFX Trading Features – What Can I Get?
You have a wide variety of trading platforms and accounts. Of course, this all looks great on paper. Until you remember that offshore regulators don’t have insurance protection or a compensation fund.
However, let’s review what you can get if you trade with a GTCFX broker.
Trading Platforms Choice – What Can I Trade and How?
This company really went a step ahead when it came to available trading platforms. You can choose from all the most popular apps, including MT4, MT5, and cTrader. Each of these has millions of users and a vast range of functionalities, including EAs, social trading, and high customizability.
Available trading assets mainly depend on the account type. You can get access to Forex pairs, commodities, indices, and shares, depending on which one you choose.
In addition to web software, all these apps have mobile versions for Android and iOS. You can find the link to download the suitable app on the broker’s website. With it, you can trade on the go and never miss any market opportunities.
Account Types On Offer
There are two groups of account types, those being Standard and Professional. As you can guess, the choice depends on your trading skill level. Standard accounts are:
- Standard – $30
- Standard Cent – $30
Professional accounts are:
- Raw Spread – $3,000
- Zero – $3,000
- Pro – $3,000
Standard accounts are available through MT5 and are commission-free. Professional accounts are available through MT4 and MT5 and feature somewhat different trading terms.
Leverage and Trading Fees
The main page advertises leverage of up to 1:1000. However, all account types display a maximum of 1:500. Whatever the case, here’s the thing. Major Tier 1 regulators such as FCA and ASIC have a limit of 1:30, while the NFA allows up to 1:50. Only offshore can you get this high leverage due to extreme risks.
As mentioned, Standard accounts have no commission, while Professional ones do. It ranges from $0.2 to $3.5 per side per lot. The spread for Standard accounts starts from 0.3 pips, while the Professional ones have no spread, except the Pro one with a starting spread of 0.1 pips.
GTCFX Withdrawal System – How Can I Get My Profit?
There’s a wide variety of payment options, including:
- Bank transfer,
- Debit/credit cards,
- E-wallets – Skrill, Neteller, FasaPay, CashU, Perfect Money,
However, user feedback and the reviews we found indicate potential withdrawal troubles. This is why you ought to be careful with offshore brokers, considering that they don’t have an investor compensation fund to reimburse you in case of any issues.
Customer Support – Who Can I Contact?
Suppose you need to contact GTCFX support. The broker’s website has the phone number, email, and PO box. Additionally, you can find links to their social media profiles, WhatsApp, and Skype. In case you need an answer quickly, you can also try FAQ. There’s a pretty detailed list of questions you might want to know.
While the support seems pretty available, reviews indicate otherwise. Plenty of clients have reported that support is unavailable when the issue is severe, such as missing withdrawal or GTCFX login issues.
I Have a Problem With My GTCFX Account, What Can I Do?
If you have trouble with your GTCFX account, you can contact the regulator. However, since these are offshore, you might not get the expected assistance.
This is where our chargeback experts come into play. We’re offering you free, non-obligatory consultation regarding any issues you may have. Our specialists will evaluate your case and find a solution for your unique situation.
Trading is time-sensitive, so we urge you to contact us as quickly as possible.
What Is GTCFX?
GTCFX is an offshore trading brokerage under FSC and VFSC regulations. In case of any issues with the firm, let us know, and we might be able to help.
Is GTCFX Available in the United States or the UK?
The company offers services in the UK but not in the US.
Does GTCFX Offer a Demo Account?
Yes, GTCFX offers its customers a risk-free Demo account.