GCITrading.com Review

1.737 · 85 REVIEWS

GCI Financial

Updated: Jan 27, 2021 · Visit site  · Is this your company?

GCITrading is a forex broker. GCI Trading offers the MT4 and ActTrader forex trading top platform. GCITrading.com offers over 35 forex currency pairs, stocks, indices, futures, commodities, gold, silver and oil for your personal investment and trading options.

GCITrading.com
December 16, 2013:  The French AMF has issued a warning about unauthorized forex brokers.  GCITrading.com is on that list.  CLICK HERE to verify.

January 24, 2013 Update:  The FPA has lifted the Scam Finding agaist GCI.  The client who made the complaint and GCI have reached a mutually satisfactory agreement.  The FPA considers that issue to be fully resolved.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 400:1
Minimum to Open Live: $500
Established: 2002
Address: Griffith Corporate Centre Kingstown, Saint Vincent And Grenadines
Contact: info@gcitrading.com, + 1 800 604 2457
Regional offices:
Regulators:
Prohibited countries:
Trading platforms: MT4, ActTrader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (40+)
Cryptocurrencies:
CFD: (205+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Neteller, PerfectMoney, Skrill
Withdrawal Methods: Bank Wire, VISA, MasterCard, Neteller, PerfectMoney, Skrill

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1.737 · 85 REVIEWS
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Traders Reviews

Munich, Germany,
Dec 24, 2020,
Registered user

Not reliable broker

Service use: Live

Length of use: over 1 Year

I think. GCI is a scam. I asked them some days ago about sending me a statement about deposits and withdrawals, but they simply don't answer. I think, they are not even interested in answering any mails.
You should not give them there money or you will have only problems!

When you try to write to GCI, they say, that their mailboxes are full! Very interesting ;-) This seems not to be a very trustful broker :-) -------- I'm sorry to have to inform you that your message could not be delivered to one or more recipients. It's attached below. For further assistance, please send mail to postmaster. If you do so, please include this problem report. You can delete your own text from the attached returned message. The mail system <abuse@gcitrading.com>: host emailsrv.gcitrading.com[192.185.21.206] said: 550 Mailbox is full / Blocks limit exceeded / Inode limit exceeded (in reply to RCPT TO command) <ib@gcitrading.com>: host emailsrv.gcitrading.com[192.185.21.206] said: 550 Mailbox is full / Blocks limit exceeded / Inode limit exceeded (in reply to RCPT TO command) <trading@gcitrading.com>: host emailsrv.gcitrading.com[192.185.21.206] said: 550 Mailbox is full / Blocks limit exceeded / Inode limit exceeded (in reply to RCPT TO command)
 
Milton Keynes, United Kingdom,
Dec 4, 2020,
Registered user

So far so good

Service use: Live

Length of use: over 1 Year

I have been using this broker for just over a year now. I started trading with them in September 2019. I must say that at the start I was worried about the reviews i saw here but Jacques was kind and very professional in answering my questions and was very honest. In short, I will admit they have other areas they need to improve on, but overall I am happy and have even recommended them to my brother, who is also a good trader. They have one of the best feeds, no commission, and quick execution. So here is my review in detail...
Pros:
1. In my opinion, like someone else said, you will hate GCI if you are not a genuine, true trader. By this I mean someone who can read charts, interpret indicators accurately and take trades with confidence and not scared to lose on some trades. Their platform is designed mainly for positional/medium/long term trades. Strategies such as scalping are not allowed. You must speak to your account manager and seek clarifications if you are not sure of anything. Secondly, if you are into manipulative trades such as swaps trading, latency arbitrage etc you should also not consider using GCI (In fact you will hardly get any broker who allows that anyway). They allow indicators BUT no EAs. This is where i think a few of people are also missing it. Again, given scalping is not allowed on their platform, it makes sense to know that EAs are a no no. Personally, my trading strategy looks at Supply and demand interplay, with few good indicators and a look into how futures market is playing out. For me, I think they have a very amazing price feed and conditions if you really know what you are doing as a trader.
2. They pay. I have withdrawn thousands of dollars from GCI in the last year i have been with them. I have prove for this. Yes, I mean thousands, not hundreds. This is no way to brag but to let you know that if indeed you are into genuine, manual trading, you shouldn't have problem with GCI when it comes to payment. I haven't had any issues so i wont know but i suspect gci refuses payment because of some of the issues i have raised above

Cons:
1. I am in the UK but for some reason, deposits and withdrawals cannot be done with any of the popular gateways such as PayPal, skrill etc. This used to make depositing and withdrawing very difficult. Lately, I have been using bank transfer which appear to make it better. Currently, i am able to deposit and withdraw in roughly 3 days which for me, is ok. My only problem is that the bank rate used in the exchange appear to be higher than i expect and there are no indications of any extra charges. I have sought clarifications on this and still waiting to know why their bank charges/exchanges so high?
2. Their online support is not great but so far my account manager has answered all my questions.

I will be updating this review as things go but as things stand, this is my fair, honest experience with this broker. Thank you
 
Mianwali, Pakistan,
Mar 19, 2020,
Registered user

king of cheater broker gci

Service use: Live

Length of use: 3-6 Months

i open an account and refer my friends, they also open their accounts, when we go in positive equity they cancel our positive equity and next day they empty our accounts, they didn't come on live chat, they remove our account's history, very cheap and third class broker, they are not giving us even our initial funds, no one can ask them.
 
LEUSHUN,
ONTARIO, Canada,
Feb 6, 2020,
Guest

GCITRADING = SCAMMERS

Service use: Live

Length of use: over 1 Year

THEY ARE A BUNCH OF SCAMMERS. I DEPOSITED MONEY IN THE ACCOUNT THEY MENTION ON THEIR WEBSITE. IT WAS NEVER DEPOSITED IN MY ONLINE ACCOUNT. THESE PEOPLE ARE CROOKS. THEY TOLD ME THEY NEVER RECEIVED THE FUNDSAND STATED THAT THEY CLOSED THE ACCOUNT AFTER I ALREADY SENT IT

DO NOT TRUST THEM. THEY DONT HAVE A REGULATORY BODY AND WILL NOT HESITATE TO SCAM YOU
 
Toronto, Canada,
Jan 23, 2020,
Registered user

Gcitrading is a SCAM

Service use: Live

I sent them funds to add to my account and they claim they never received it. My bank already confirmed that it is in possession of the gcitrading's bank and showed me documents from gci's bank (Santander bank in poland) but they refuse to acknoledge that they have received the amount. It has been 3 months now. DO NOT TRADE WITH THEM. THEY ARE SCAMMERS AND WILL PRETEND THEY NEVER RECEIVED YOUR MONEY EVEN IF IT IS IN THEIR BANK'S POSSESSION !!! The Account manager Jacques Debruyne is part of these scammers. I could see a review dtating his name. He too is part of them and will refuse to reply to your emails !!!
 
Germany, Germany,
Jul 1, 2019,
Registered user

Is GCItrading SCAM? Does GCI Financial operate a SCAM platform?

Service use: Live

Length of use: 0-3 Months

Yes. At least they scammed me in those dimensions:
- They tricked me into business with unrealistic swap rates.
- They used last minute swap rate change as extra fee, while their frequency and amount of swap rate change was out of normal.
Those are my conclusions. I by hard encourage you to draw your own conclusions.
Ok, let’s get started with what happened:
GCI Trading offers ECN and non-ECN-currencies to be traded and a good months ago I realized that their swap rates are quite different. I became curious, if this allows for swap arbitrage trading. So, I coded some tooling to export all swap rates and did a full export to file on 2019-May-02. Here are two examples:
Pair Currency1 Currency2 SwapLong SwapShort
AUDUSD AUD USD 3.25 -8.5
AUDUSD.s AUD USD 3.5 -7.5
EURGBP EUR GBP -2 0.2
EURGBP.s EUR GBP -5.95 3.5

This was really exciting. This says, if you buy a lot EURGBP and sell a lot EURGBP.s, you will pay 2% swap, but get 3.5 %. So, you end up net-getting 1,5 % swap by just opening that kind-of-hedge-position. Since the base for swap is not any margin but 100.000 USD or Eur per lot per year this is quite some money. I was really astonished and wondered if I made a thinking mistake and how GCI trading is financing that on their side. So I extra checked and confirmed that my swap export correlates to what Metatrader is showing in specifications and I did a little test and opened those positions on a Thursday:
Open Time Type Size Item Price
02.05.2019 15:18 sell 0.01 eurgbp.s 0.85771
02.05.2019 15:18 buy 0.01 eurgbp 0.8580

And really, swap for eurgbp.s increased slightly faster than it decreased for eurgbp. The three days swap for eurgbp.s comes in on Wednesday and for eurgbp Friday. That said after Friday there was a dip in that swap arbitrage net gain which got healed on Wednesday.
On Thurday I was really thrilled. My test was successful. It showed me, that after 20-30 days that extra swap would over-compensate my initial investment to open those positions with paying a good amount of spread. Another learning was how to open positions to play on the save side in terms of adding own margin on top of the CGItrading margin. Also – since the test was successful – I made up myself some explanation how GCItrading is financing that. The explanation for myself was, that they just ordered on different markets in the backend. I mean, I tested that. What else can I do?
Already while the test was running (and while it looked more confirming from day to day) I captured swap rates another time on 2019-May-06 (Monday). I was wondering, if there was another currency set with an even more profitable swap difference. Here is another extract from that day:
Pair Currency1 Currency2 SwapLong SwapShort
AUDUSD AUD USD -3.85 -0.25
AUDUSD.s AUD USD 3.5 -7.5
EURGBP EUR GBP -2 0.2
EURGBP.s EUR GBP -5.95 3.5

And, wow, look at that: Selling AUDUSD and buying AUDUSD.s gives you 3.5-0.25=3.25. This is very compelling. Rendered break even for that is definitely <20 days. Go for it.
On Thursday, 2019-05-09 I opened following positions:
Open Time Type Size Item Price
09.05.2019 15:51 sell 0,01 audusd 0,6988
09.05.2019 15:51 buy 0,01 audusd.s 0,69904
09.05.2019 15:57 sell 0,01 audusd 0,6989
09.05.2019 15:57 buy 0,01 audusd.s 0,69905
09.05.2019 15:58 sell 1,00 audusd 0,6989
09.05.2019 15:58 buy 1,00 audusd.s 0,69908
09.05.2019 16:06 sell 17,18 audusd 0,6992
09.05.2019 16:06 buy 17,18 audusd.s 0,69946

Quite some ‘wood’. And guess, what happened. The next day there was NOT ANY positive swap in my account for those AUD-USD-pairs. This is the extract from my swap rate export on that Friday, 2019-05-10:
Pair Currency1 Currency2 SwapLong SwapShort
AUDUSD AUD USD -4,5 -0,5
AUDUSD.s AUD USD -4,5 -0,5
EURGBP EUR GBP -7,4 0
EURGBP.s EUR GBP -7,4 0

So here is the swap rate tracking for just the AUDUSD currencies:
Date Currency SwapLong SwapShort Date Currency SwapLong SwapShort
2019-05-02 AUDUSD 3,25 -8,5 2019-05-02 AUDUSD.s 3,5 -7,5
2019-05-06 AUDUSD -3,85 -0,25 2019-05-06 AUDUSD.s 3,5 -7,5
2019-05-10 AUDUSD -4,5 -0,5 2019-05-10 AUDUSD.s -4,5 -0,5

Come on! Two changes in 8 days. Really? 7.25 % difference in 8 days for AUDUSD swap long. What? Going nuts? In developed countries such as US and Australia swap rates are very much bound to reference rates from central banks. Those usually go in steps of 0.25%. A 7.25% change would indicate a century world crisis. No such thing happened in the last months. That rate change is somewhat Utopia.
I am doing also trades with another provider for the last couple of years. AUDUSD gave and gives >5% swap on the long side for as long as I can remember, but definitely for the last 6 months. Today (2019-06-03) I doublechecked: It is still 5.8% swap long for AUDUSD on their end, while GCI trading still goes for -4.5%. Again, draw your own conclusion. My conclusion is: GCI trading is raising swap for their extra income, totally decoupled from the market. Do not fall into that trap! I mean, even if you do not do swap arbitrage, but just ‘standard’ trading, they likely add extra fees on your shoes hidden under the label ‘swap’. And before doing so, they tweak their numbers to make you invest your bugs.
So that for me is swap scam. On 2019-05-10 I closed all positions and sent them a request to claim all my money back to my local bank. On the request I put the issue. There were some discussions going back and forth. In the chain of argumentation they gave me back the 26 Eur swap they charged me in the original trades. So now they are arguing about to be very customer friendly ignoring deliberately that I would not have done any deal with them if their swap rates would not have made me believe swap arbitrage would be possible there. They still hold back those 751.73 Eur, that they robbed from me as spread by tricking me into business with fake swap rates.
This article is there for helping you to conclude own decisions. Hope this helps. Do not let yourself getting tricked by the same SCAM!

More. Community discussion of this issue >>

 
Canada,
Mar 9, 2018,
Registered user

Jacques @ GCI

I also give a very positive feedback about Jacques. I have been interacting with him since March 2015. In all respects, he is a very attentive and professional GCI representative. And for the record, since this also appears to be a major concern on the forums, I confirm that I have made a few withdrawals from my trading account in 2017 and a recent one in 2018. All payments have been received.
 
Canada,
Feb 5, 2018,
Registered user

Hello,

Everything is back to normal. I have been in direct contact on live chat and over the phone with Jacques Debruyne. He could help liaising with GCI Funding Dpt so this issue with the bank (the issue was not with GCI itself) could be resolved. My funds have been returned and I will send them again shortly. I ended up being most impressed by Jacques’ professionalism and positive approach. Case solved.

Thank you,
Chris
 
Toronto, Canada,
Nov 29, 2017,
Registered user

GCI TRADING SCAM FRAUD COMPANY

GCI TRADING SCAM FRAUD COMPANY

Hello,

I've been trying to get my money back from this company for over a month now. I have emailed my account manager { Jacques Debruyne ) his email is: { jacques@gcitrading.com }numerous times, spoken numerous times on their Live Chat. They keep telling me that they are looking into it but it is all lies. The amount is $1,100 USD. Now I know that's not a lot of money but still it is my money. Can anybody help me on how to get my money back? I don't know what to do. Thank you for taking the time and your consideration in reading my post. I appreciate it. Here is more information on: Jacques Debruyne
Head of Sales
GCI Financial Ltd.
Direct Skype: gci.french
Direct Phone: + 1 800 604 2412
WhatsApp: + 507 62 51 3400
www.gcitrading.com

Best Regards
Chris
 
ZK,
DUBAI, United Arab Emirates,
Apr 14, 2017,
Guest

FRAUD COMPANY

This is a total scam company, there is an Roger, I think there is no one else who works there. Thy are not regulated by any authority FINRA or FCA.
When you try to withdraw they open a loss position themselves and you will never get your money.