GCITrading.com Review

1.691 · 85 REVIEWS

GCI Financial

Updated: Jul 30, 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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1.691 · 85 REVIEWS
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Traders Reviews

UK, United Kingdom,
May 6, 2021,
Registered user

Not your very typical broker.

Service use: Live

Length of use: over 1 Year

I left a review with GCI some few months ago and I promised to update it with time. Apparently the 4 digit server which gci gives clients are actually market made so in other words, there is a dealing desk so when you make money on that server, be sure you will be stopped! GCI gives this as default to clients because they are very aware 80-90% of traders will face so the odds is good for them. I won't penalise them for having a business strategy but I still find it not ethical to open up.

So, after about a year with GCI, I started introducing some of the people I train to them. They then got unhappy and increased the spreads. I was averaging 50 points on EURUSD! I contacted my account manager who said they will look into it. They never really did although he came back to me that it was sorted. When I left, they contacted me that they would like to set up a "win-win" deal between us which sounded like a good idea but after over a month I just do not think any serious win-win situation will will come handy. It took several weeks , in some cases over a month for most of the trainees to get back their withdrawals.

In short if you are into trading to make money (which I am sure it is why you are trading in the first place) DO NOT TRADE GCI's 4-digit (normal) currencies. Use the ECN server which has 5 digit currencies. That said, given the poor nature gci is organised (it does not operate as your normal broker and after all this while I am still not sure who/what they are really.I knew and concerned was I was making money) If you therefore wants a ECN broker to work with and not need to take advantage of 4-digit feed, then I will not see why you will go to GCI when you have IC Market, FP market and the rest who will give you fantastic customer support and true ECN connection. There are thousands ECN's now. I really will not see why you will go to a company with not even consistent online support?

So this is my honest, final opinion about GCI. For me, I am done with them and I will not recommend if you are into trading to make money.

Thank you

Dec 4, 2020 - 4 Stars 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
 
Tjahja Sanggara,
Jakarta, Indonesia,
Apr 13, 2021,
Guest

Withdrawal Done

Service use: Live

Length of use: 6-12 Months

After 5 days i posted about my problem here, my withdrawal sent.
To FPA admin please delete my posting before

Apr 8, 2021 - 1 Star I was trading with deposit 500$ by skrill and now my account growing to 3401$, then i was ask and sent form for withdrawal. Until 20 days still no transfer to my skrill. Was chated also 4 days with 2 differnet agent but only ask me for email again and waiting.
 
Forex Peace Army
Review moderation team note
How a company handles complaints is very important information for potential clients.

The FPA doesn't remove complaints.  The FPA is happy to post updates when a complaint is resolved.  We are glad you eventually got your withdrawal.
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)
 
Reply by GCI Financial Ltd submitted Feb 5, 2021:
GCI Financial is here addressing the Dec 24, 2020 comments from ronaldo_rene:

A. Please note that the following email addresses
- abuse@gcitrading.com
- trading@gcitrading.com
do not exist.
You may want to access https://www.gcitrading.com/about-gci/contact for details on our email addresses. Relationship Manager email addresses are not referenced in this "contact" page.
Email address ib@gcitrading.com is also operative with no detected incidences.

B. We do acknowledge that GCI response time was not good enough. We nevertheless find totally unfair to rate a company as "scam", being GCI or others, because of delays in replying a non-urgent email just prior to the holiday season.
It also appears that our GCI Relationship Manager Edgar, who offered on several instances to have a call over the phone with our client Mr René N., was unfortunately not put in the loop immediately.

We trust that the thread here below speaks for itself.

Best regards,
GCI Financial Team

" From: EA - GCI Financial Ltd. [mailto:ea@gcitrading.com]
Sent: 07 January 2021 13:12
To: 'ronaldo@****.de' <ronaldo@****.de'>
Subject: RE: Answer from GCI 85***mt

Dear Mr N****,

I trust that this email will find you well, regardless of Covid taking a toll on Germany these days...

May I ask if the document and instructions provided in my email here below did properly answer your request? Kindly let me know. Again, please advise if you wish to have a call over the phone at your own convenience.

I am also taking this opportunity to wish you here a Happy New Year for you and your loved ones.

Best regards,
Edgar

Edgar Antoine
GCI Financial Ltd.
Direct Phone: + 1 800 316 2412
www.gcitrading.com

Celebrating 19 Years of Excellence
follow us on

From: EA - GCI Financial Ltd. [mailto:ea@gcitrading.com]
Sent: 28 December 2020 14:58
To: 'ronaldo@*****.de' <ronaldo@*****.de>
Subject: Answer from GCI 85***mt
Importance: High

Dear Mr N****,

Edgar here, your Relationship Manager. Kindly apologize these delays in getting back to you.

As mentioned by GCI Payments Dpt, company policy is to not provide statements directly but rather have our clients being able to generate them from their end and at their own convenience. There are several reasons for that, one of them is to avoid potential issues related to sending files by email that can sometimes weight tens of Megabytes. I understand that this is not the case here.

Regardless, I do share the same perception as yours and do acknowledge that your enquiry has not been addressed in a timely manner. GCI has been experimenting a pic of business activity that explains, at least partially, these delays.

Now, addressing your request, I took the liberty to pull your statements from 1st January 2016 to 31st December 2016. You will find them herewith attached in a .pdf file. Please let me know if everything is in good order.

Looking forward, should you wish to pull out other statements, please access your MetaTrader trading platform itself:
- From your Terminal, choose “Account History” tab and do a right-click.
- From the pop-up window, please select “Custom Period…”.
- Once you have input the period of time you want to pull your reports for, do “Save a Detailed Report”.

Please feel free to contact me at any time directly by email if you need further help with reporting or any other topic. Also, please let me know if you wish to have a call over the phone at your own convenience.
Wishing you an excellent week ahead.

Best regards,
Edgar

Edgar Antoine
GCI Financial Ltd.
Direct Phone: + 1 800 316 2412
www.gcitrading.com

Celebrating 18 Years of Excellence
follow us on

From: Rene <ronaldo@*****.de>
Sent: Thursday, 24 December 2020 12:41
To: payments@gcitrading.com
Subject: RE: Deposit / withdrawal statement regarding my accounts

Dear GCI,
it's really poor, that I cannot access on my account reports, when trading is closed.
I simply cannot access to my reports and your website is not very intuitive.

Well, I will make a conclusion of this behaviour in public sites about brokers.
It's simply not acceptable what you offer to your clients.

To help is not your strength, I think. To take money, probably yes.
Thank you very much for your big help!!!
Btw: Other brokers are able to send reports if you ask them. So your service is one of the worst I've ever seen!!!

Regards,
René N****

Am 2020-12-24 19:13, schrieb payments@gcitrading.com:

Dear Sir:

You have to log into your account, locate the reports tab and enter the date range.
If you require live help, please click on "Live chat" on our web page.

Note the Closing & Opening hours for the holidays:
Thursday, December 24, 2020: Early Close at 13:00 (1:00PM) EST
Friday, December 25, 2020: CLOSED
Sunday, December 27, 2020: Regular Open

Best,
GCI

Closing & Opening hours for the holidays
Thursday, December 24, 2020: Early Close at 13:00 (1:00PM) EST
Friday, December 25, 2020: CLOSED
Sunday, December 27, 2020: Regular Open

From: Rene <ronaldo@*****.de>
Sent: Thursday, 24 December 2020 11:50
To: payments@gcitrading.com
Subject: RE: Deposit / withdrawal statement regarding my accounts

Dear GCI,
thank you for answering me after one week now :-)

Would you be so kind and describe me, where I can find these statements for 2016?
Thank you and regards,
René N*****

Am 2020-12-24 18:45, schrieb payments@gcitrading.com:
Dear René N****:

Kindly note that your GCI does not send monthly or annual statements. Your account has real time statements built in.

You are able to run your own report for the time range you wish.

Regards
GCI

From: Rene <ronaldo@****.de>
Sent: Thursday, 24 December 2020 8:56
To: info@gcitrading.com
Cc: ronaldo@*****.de; trading@gcitrading.com; techsupport@gcitrading.com; ib@gcitrading.com; payments@gcitrading.com; abuse@gcitrading.com
Subject: Re: Deposit / withdrawal statement regarding my accounts

Hello GCI-support,

what is wrong with you?

I requested a statement regarding my live accounts there for 2016 and didn't get any answer. Do you really want that I complain at your regulation authority and give you a bad rating at Forexpeacearmy?

Please send me the statement now or I will write you every week a mail about this.

This is not very serious from a broker not to give statements for their customers!

Regards,
René N****


Am 2020-12-18 20:23, schrieb Rene:

Dear support,
for my tax department I would need a statement / report about my payments / deposit and withdrawals for the year 2016 for my live accounts?
I think, there is only one live account number (85***)
I am registered with my login-account ronaldo@******.de at GCI Trading.
Could you send me this information by mail, please?
Thank you in advance and kind regards,
René N*******
"
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