20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
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GCM Forex Review 2024
Minimum
deposit:
deposit:
- 50 000 TRY
Trading platform:
- MetaTrader4
- GCM Trader
Regulation:
- MASAK
- CMB
Bonus for deposit:
- 0%
Minimum
deposit:
deposit:
- 50 000 TRY
Trading platform:
- MetaTrader4
- GCM Trader
Regulation:
- MASAK
- CMB
Bonus for deposit:
- 0%
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Summary of GCM Forex Trading Company
GCM Forex is a broker with higher-than-average risk and the TU Overall Score of 4.78 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by GCM Forex clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work. GCM Forex ranks 138 among 412 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
The operation of GCM Forex aims at working with experienced traders, as low leverage, which the broker offers, implies that the traders have to use a considerable amount of their own funds for opening a position.
GCM Forex is a brand of Global Capital Markets, established in 2012. The company is currently one of the largest brokers in Turkey. It operates under the regulation of the Capital Markets Board (CMB, G-039 (398)), a respected regulator of Turkey. GCM Forex has equity of 39 million Turkish lira. The company received the Leveraged Volume Leader Award. GCM Forex has credit rating AA, according to rating agencies, which means high creditworthiness and very low probability of financial collapse.
| 💰 Account currency: | USD, EUR, TRY |
|---|---|
| 🚀 Minimum deposit: | TRY 50,000 |
| ⚖️ Leverage: | Up to 1:10 |
| 💱 Spread: | From 2 pips (Standard), from 0 pips (ECN) |
| 🔧 Instruments: | Currency pairs (51), CFDs on commodities (21), indices (14), stocks (137), bonds and promissory notes (3) |
| 💹 Margin Call / Stop Out: | Margin Call: 50% |
👍 Advantages of trading with GCM Forex:
- Proprietary software for trading in a browser.
- Demo account is provided for free and can be opened again after the trial period expires.
- The company’s operation is controlled by a reputable authority at the place of its actual location.
- There is a 24-hour live chat on the GCMForex website for addressing urgent issues.
- Provision of currency pair quotes in real time mode for technical analysis.
- Trading support by phone.
- The broker offers an ECN account with no spread, where the orders are executed quicker and at better prices thanks to the direct access to the market without preliminary processing.
👎 Disadvantages of GCM Forex:
- Limited choice of deposit and withdrawal methods.
- Customer support does not work on weekends and holidays.
- Maximum leverage is 1:10.
Evaluation of the most influential parameters of GCM Forex
Geographic Distribution of GCM Forex Traders
Popularity in
90.6%
TR
13.4%
Others
Video Review of GCM Forex i
User Satisfaction i
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Expert Review of GCM Forex
GCM Forex offers over 110 financial instruments for working in the Forex market, including popular and exotic currency pairs. The broker responsibly carries out its obligations, which is why the ratio of complaints to the total number of clients is a low 0.346%. Traders can use information in the Analysis Assistant section of the website for technical and fundamental analysis. The feature allows you to filter your request by such criteria as analysis category, dates and financial instruments.
The work on the trading platforms provided by GCM Forex continues round the clock, five days a week. If there is an issue with the internet connection, a client can order position closing, and set Stop Loss, Take Profit and Trailing Stop orders by phone. Transactions by phone are available on any day (except for Saturday) from 08:00 until 24:00 GMT+2.
There is an electronic notification system e-CAS to ensure security of clients’ funds and full control over the account and opened positions. The system is used for sending SMS messages and emails with information on the actions on the trader’s account. The broker’s drawbacks include absence of insurance of clients’ deposits, no bonuses and partnership program.
Dynamics of GCM Forex’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets and Products of the Broker
GCM Forex focuses on active traders and does not provide professional traders a platform for managing investment capital; therefore investments in PAMM accounts are not available. At the same time, the company’s clients can copy trades of successful traders and connect expert advisors for trading automation.
Passive income options on GCM Forex
GCM Forex offers two passive income options:
-
Copying trades of other traders. The broker does not provide the services of an intermediary between the managers and investors, but it does allow copying the trades of traders, who are clients of other companies. In order to connect to a social trading platform, you need to use the features of the MetaTrader 4 platform, which is integrated with the GCMForex software.
-
Automated trading. The trading platforms that the broker provides to the clients have the expert advisor feature. There are no limitations on the period of holding the position and the number of pips; hedging is allowed; therefore, any strategy is suitable for automated trading.
For earning passive income, you can use any version of MT4, including the web trader, which is compatible with MAC, Linus and Windows.
Important!
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
GCM Forex’s affiliate program:
At the moment, the company’s website does not feature any offers on participation in a referral or other kind of partnership program. However, there is a separate email for those who can offer advertising services, which can be used for discussing the partnership options.
Trading Conditions for GCM Forex Users
GCM Forex offers a wide range of trading instruments, including currency pairs and CFDs. The broker has no restrictions on the trading styles: intraday trading, position hedging and scalping are allowed. GCM Forex provides leverage 1:10, which is why you need a sufficient amount of your own funds in order to trade successfully.
50 000 TRY
Minimum
deposit
up to 1:10
Leverage
24/5
Support
| 💻 Trading platform: | GCM Trader, MetaTrader 4 |
|---|---|
| 📊 Accounts: | Demo, Standard, ECN |
| 💰 Account currency: | USD, EUR, TRY |
| 💵 Replenishment / Withdrawal: | Wire transfer |
| 🚀 Minimum deposit: | TRY 50,000 |
| ⚖️ Leverage: | Up to 1:10 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 2 pips (Standard), from 0 pips (ECN) |
| 🔧 Instruments: | Currency pairs (51), CFDs on commodities (21), indices (14), stocks (137), bonds and promissory notes (3) |
| 💹 Margin Call / Stop Out: | Margin Call: 50% |
| 🏛 Liquidity provider: | Large Turkish banks |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | Market Execution |
| ⭐ Trading features: | Positive swaps are applied to some instruments |
| 🎁 Contests and bonuses: | No |
Comparison of GCM Forex with other Brokers
| GCM Forex | RoboForex | Eightcap | Exness | FBS | Octa | |
| Trading platform |
GCM Trader, MetaTrader4 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MT4, MT5 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MobileTrading | MetaTrader4, MetaTrader5 |
| Min deposit | $50000 | $10 | $100 | $10 | $1 | $25 |
| Leverage |
From 1:1 to 1:10 |
From 1:1 to 1:2000 |
From 1:30 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 2 points | From 0 points | From 0 points | From 1 point | From 0.2 points | From 0.6 points |
| Level of margin call / stop out |
50% / No | 60% / 40% | 80% / 50% | No / 60% | 40% / 20% | 25% / 15% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | $5 | No |
| Cent accounts | No | Yes | No | No | Yes | No |
Broker comparison table of trading instruments
| GCM Forex | RoboForex | Eightcap | Exness | FBS | Octa | |
| Forex | Yes | Yes | Yes | Yes | Yes | Yes |
| Metalls | Yes | Yes | Yes | Yes | Yes | Yes |
| Crypto | No | No | Yes | Yes | No | Yes |
| CFD | Yes | Yes | Yes | Yes | Yes | Yes |
| Indexes | Yes | Yes | Yes | Yes | Yes | Yes |
| Stock | Yes | Yes | Yes | Yes | No | Yes |
| ETF | No | Yes | No | No | No | No |
| Options | No | No | No | No | No | No |
GCM Forex Commissions & Fees
Information
As a result of the analysis aimed to discover evident and hidden commissions, our experts established that GCM Forex commissions are transparent. For trading transactions, the commission is limited by the value of the spread, and there is a swap in case of position rollover to the following day. In some cases, swap may be positive or none at all. There is no spread on the ECN account, but there is a brokerage commission per lot, which ranges from 1.5 pips to 15 pips. The broker does not charge any fees for account opening and deposit/withdrawal.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | from $20 | No |
| ECN | from $0 | No |
Inactivity fee is charged in the amount of TRY 10, USD 3 or EUR 2 depending on the base currency, if there is no activity on the account for a period of three months.
Traders Union experts also compared the average commission of GCM Forex and two popular Forex brokers — RoboForex and FxPro. The results of the comparison are shown in the table below.
| Broker | Average commission | Level |
| GCM Forex | $10 | High |
| RoboForex | $1 | Low |
| Pocket Option | $8.5 | Medium |
Detailed Review of GCM Forex
GCM Forex has been offering its services since 2012. The company cares about its reputation and conducts transparent business. Its website features information about the licensing and regulatory bodies that oversee and audit its operation, as well as information about the licenses and awards. You can learn about the broker’s growth and development of innovative products from the publications in the national print media and television – the links to them are available on the company’s website.
GCM Forex in figures:
-
Free capital of the company – TRY 39 million.
-
The broker has five offices in Turkey for servicing its clients.
-
Over 400 licensed employees with experience in the financial and stock markets.
GCM Forex is a broker oriented towards active brokers with sufficient amount of own funds for trading with minimum credit
The minimum deposit on GCM Forex is TRY 50,000. However, as the Turkish regulatory authorities limit the maximum leverage to 1:10, this amount may not be enough for full-fledged trading without substantial use of borrowed funds. This is why GCM Forex is primarily suitable for wealthy traders, who are prepared to invest large capital in Forex.
The broker offers the popular MetaTrader 4 platform with the feature of copying trades of clients of other companies. In addition, the company has a proprietary web platform available for all browsers. For mobile trading, MT4 and GCM Trader apps are available. They can be installed on any Android or iOS device.
Useful services by GCM Forex:
-
Market analysis with a built-in virtual assistant feature, which filters assets based on the criteria set by the user.
-
Calculator for calculating the cost of 1 pip of the quotes of the currency pair you are trading.
-
An instrument for calculation of swaps on position rollover to the following day.
-
Currency converter, which enables you to perform conversion in real time mode at the current exchange rate.
-
Economic calendar with information on the events that can impact the quotes of the financial instruments.
Advantages:
1
The broker offers a wide choice of instruments for calculating the risks of order execution.
2
Clients have access to trading not only on MT4, but also on the proprietary platform, which is compatible with all operating systems.
3
All registered traders can learn expert opinion on the market situation in real time mode.
4
Zero brokerage commissions on the standard account and no spreads on the ECN accounts.
5
Special analytical reviews on different financial instruments are published daily on the company’s website.
6
The broker’s clients can earn passive income using copy trading services or automated Expert Advisors.
GCM Forex allows the use of different trading strategies, including hedging of positions and high-frequency trading.
How to Start Making Profits — Guide for Traders
Depending on the trading strategy, a client can choose from two account types offered by GCM Forex. The minimum deposit on both accounts is TRY 50,000.
Account types:
Account Type
Description
Standard
is a standard account without the additional brokerage commission with all trading methods, including scalping and hedging available. There is a floating spread on the currency pairs – from 2 pips on popular pairs. The spread on exotic
non-liquid pairs reaches 15 pips. Swap is charged for the position rollover to the following day, which can be of negative and of positive value.
ECN
is an account for professional traders, where order execution is carried out without the preliminary processing by the broker. It provides the advantage of data processing speed and beneficial prices at current quotes. With zero spreads,
the commission per lot is from 1.5 to 15 pips. As is the case with the standard account, swap is charged for the position rollover to the following day.
The broker offers each trader a free demo account for gaining experience and strategy testing. The demo account is valid for 30 days. After this period expires, you can open a new Demo Account. The number of available demo accounts is unlimited.
GCM Forex offers standard and ECN accounts. However, high minimum deposit indicates that the broker is more focused on professional traders with substantial capital.
Bonuses Paid by the Broker
At the moment, no bonuses are available to GCM Forex clients.
Investment Education Online
Information
The company does not offer educational courses on trading, but you can watch live streams of master classes of top traders in the Eğitim section of the website. The section also features over 10,000 minutes of educational videos on trading and the use of software.
Information provided in the Eğitim section
Information lacking on the GCM Forex website
Educational articles
Trading strategies with instructions for use
Webinars
Psychology and money management
Learning fundamental and technical analysis
A guide on how to work with technical indicators
E-books on trading
Risk management methods
Financial glossary
How to earn passive income on Forex
Eğitim also features information for professional traders, including articles and expert market analysis that can help improve their own expertise.
Security (Protection for Investors)
Information
GCMForex is a part of GCM Yatırım Menkul Değerler A.Ş. and is regulated by CMB, the financial regulation and oversight agency of Turkey. License number: G-039 (398).
All deposit and withdrawal transactions are carried out in compliance with the requirements of the Mali Suçları Araştırma Kurulu (MASAK) – Financial Crimes Investigation Board. The funds of the clients are held in the accounts of the partner bank Takasbank and cannot be used for the broker’s personal interests. All payment information is encrypted using a 256-bit SSL certificate.
👍 Advantages
- The funds of the clients are held in the segregated accounts
- There is a form for filing a complaint or claim on the website
- There is an electronic notification system e-CAS
- The broker provides reports on all transactions performed by a trader by email
👎 Disadvantages
- The client accounts are not insured
- Only wire transfer is available for deposits and withdrawals
- The regulator limits the size of leverage
- You can check your trading account balance only after verification
Withdrawal Options and Fees
-
Only wire transfer is available for withdrawal. The company does not transfer funds to cards, electronic or cryptocurrency wallets.
-
Withdrawal requests are processed by the financial department on the day such requests are filed, but processing by the bank can take up to 7 days.
-
The broker does not charge a withdrawal fee, but the recipient bank may charge a fee.
-
The money is withdrawn to the bank account in Turkish lira, Euro and US dollars.
-
Verification is mandatory for performing payments.
Customer Support Service
Information
Customer support is available 24h on working days.
👍 Advantages
- You can order a callback
- There is a FAQ section on the website
- A client can visit physical offices of the company
- You can open an account with the help of customer support
- There is a form for recommendations on how to improve the company’s work
👎 Disadvantages
- Customer support does not work on weekends and holidays
- You have to provide personal data in the feedback form
- Chat operators respond only in Turkish
- You cannot contact customer support directly from the trading platform
There are several ways to contact customer support:
-
Write a message on a live chat;
-
Fill out the form on the company’s website;
-
Make a phone call;
-
Order a callback;
-
Send an email;
-
Request a personal meeting at an office.
You don’t have to be a company’s client to contact customer support.
Contacts
| Foundation date | 2009 |
| Registration address | GCM Yatırım Menkul Değerler A.Ş., Eski Büyükdere Cad. Park Plaza. No:14 Kat:14 Maslak Sarıyer / İstanbul, TÜRKİYE |
| Regulation |
MASAK, CMB |
| Official site | https://www.gcmyatirim.com.tr/ |
| Contacts |
Email:
bilgi@gcmyatirim.com.tr,
|
Review of the Personal Cabinet of GCM Forex
In order to create a Personal Account on GCM Forex, you need to choose an account type and go through a simple registration:
1
On the website of GCM Forex click on the Open a New Account button.
2
Enter personal data in the registration form: First Name, Last Name, Phone and Email. Also come up with a reliable password and choose account currency.
3
In order to access your Personal Account, provide your account number (the broker will send it to the email address specified during registration) and password.
4
Features of the Personal Account on GCM Forex:
1. Opening a new account:
2. Funding the trading account and submitting a withdrawal request:
1. Opening a new account:
2. Funding the trading account and submitting a withdrawal request:
In the Personal Account, a trader can perform the following actions:
-
Create a statement on all opened trading accounts.
-
Pass verification.
-
Review economic calendar, news and market analysis.
-
View movement of funds on investment accounts.
-
Receive a report on closed trades with specification of the price and the time of opening and closing of the position.
-
Read about the security guarantees of funds, which the company offers.
-
Contact customer support.
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FAQs
Do reviews by traders influence the GCM Forex rating?
Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about GCM Forex you need to go to the broker's profile.
How to leave a review about GCM Forex on the Traders Union website?
To leave a review about GCM Forex, register on the Traders Union website or you can also leave a review through Facebook.
Is it possible to leave a comment about GCM Forex on a non-Traders Union client?
Anyone can leave feedback about GCM Forex on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.
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