GCM World, known as Global Capital Markets, is a very new binary options broker. Their official website, gcmworld.com, was created on May 27, 2017, less than two months ago at the time of writing. It’s so new that Alexa.com doesn’t offer any insight regarding traffic volumes and countries were the site gets visitors from. Even though there’s literally NO information about them available online, we’ve decided to write this review due to a request from one of our subscribers. So is GCM World a scam or a legitimate binary options broker?

gcmworld.com

Don’t Accept Bonuses!

As you can tell from the above picture, GCM World are tempting traders to sign up with them by offering a bonus when they fund their accounts. One of the first things we preach is: Never accept any bonuses! As we explain in our Guidelines for Dealing with Brokers, accepting a bonus may prevent you from being able to withdraw your deposited funds and your earnings. And in the case of GCM World, it doesn’t sound like you even get an option to refuse the bonus. A big red flag right there.

Who is Behind GCM World?

A Whois query on gcmworld.com reveals that the people who run this site chose to stay anonymous by using a service that hides their identity. Not a very trust inspiring move, but let’s take a look at what information is available on the site itself.

ICANN Whois - gcmworld.com

Global Capital Markets claims to be regulated by VSFC – Vanuatu Financial Services Commission. According to the certificate, Global Capital Markets Limited was incorporated on June 3, 2016. However, it doesn’t say they’re regulated; just that they were registered as a company in the Republic of Vanuatu. In fact, VSFC is not a regulator we trust and Global Capital Markets doesn’t seem to be a regulated broker! Not by CySEC in Europe, not by ASIC in Australia, not by the US CFTC and not by any other regulatory agency we trust.

Global Capital Markets Contact Information

Email: support@gcmworld.com

Telephone: +44 203-455-9615

International Office Address:
Global Capital Markets LTD
Westminster Business Center
Printing House Lane
Hayes, London, UB31AP United Kingdom

Global Capital Markets – Trading Platform

No information is provided about the platform at gcmworld.com, however, they do let you enter the platform to see for yourself how it looks like:

Global Capital Markets Trading Platform

Available expiry times include 30 seconds, 60 seconds, 90 seconds, 120 seconds, 180 seconds, 5 minutes, 10 minutes, 15 minutes, 30 minutes, 60 minutes, 2 hours, 4 hours, 5 hours and 6 hours. They also offer longer term expiries, such as EOD (End of Day), EOM (End of Month), EOY (End of Year) and more.

Available Assets

Available currency pairs include AUD/USD, EUR/AUD, EUR/GBP, GBP/AUD, GBP/CAD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/RUB and USD/TRY.

Their list of indices includes: CAC 40, DAX, DAX FUTURE, FTSE 100, NASDAQ FUTURE, TADAWUL, DUBAI, KUWAIT, NASDAQ, BOMBAY SE, S&P 500, DOW, HANG SENG, NIKKEI 225, STRAITS TIMES and TEL AVIV 25.

Stocks: Barclays, BMW, BNP Paribas, BP, Ranault, Total, Vodafone, Volkswagen, Apple, Google, Coca Cola, Exxon Mobil, Teva TA, Amazon, IBM, Intel, JP Morgan Chase, Bank of America, Citigroup, Yahoo, McDonald’s, WYNN Resorts, Boeing, Microsoft, Starbucks, Facebook, Nike, Twitter and Tesla Motors.

Commodities available on the Global Capital Markets trading platform: Copper, Gold, Gold/EUR, Silver, Sugar, Platinum, Wheat, Oil and Corn.

Copy Trading

Another feature offered on the GCM World platform is copy trading. This allows you to automatically copy the trades of other traders who are supposed to have very high success rates. However, looking at the available traders, we notice that two of them have a 100% success rate, while 10 others have 90% and over. This is very rare, perhaps even impossible. Even the best signal providers in the world, such as the ones active in Michael Freeman’s manual signals group on Facebook, don’t have such high success rates. So we highly doubt that the copy trading feature is legit.

Global Capital Markets Account Types

Three account types are available with at Global Capital Markets.

  1. The Bronze account requires a minimum deposit of $250 and it comes with a 20% bonus as well as daily market reviews. As you know if you’re an avid follower of us, we don’t recommend accepting investment advice from binary options broker because of an inherent conflict of interests.
  2. A silver account requires a $1,001 deposit and you will get a 30% bonus, daily market reviews and weekly signals.
  3. The minimum deposit with the Gold account is $10,001 and your bonus is 50%. In addition to daily market reviews and signals, you also get a dedicated broker with training sessions. Again, stir clear of any managed account services or brokers who offer you trading advice.
  4. A demo account is available as well with no apparent deposit requirement.

Deposits and Withdrawals

Currently only credit or debit cards and wire transfers are available as methods to deposit money to your Global Capital Markets account or to withdraw from it. As far as credit and debits cards are concerned, they only accept Visa cards, and the following currencies: USD, EUR, SGD, CAD, AUD and GBP.

Wire deposits cannot be done through the site, and you will need to send an email to support if for some reason you’re interested to make a wire deposit with Global Capital Markets.

Global Capital Markets Review Conclusion

While GCM World’s Trading Platform seems solid, we don’t have any way to tell if this is a scam operation or a legitimate broker. They offer a demo account and a wide variety of expiries and assets. However, the seemingly mandatory bonuses, lack of proper regulation and fake copy trading system are big red flags and a serious cause for concern. For now, we would recommend to AVOID trading with Global Capital Markets.

If you have any experience with Global Capital Markets and feel we have misjudged them or if you have been scammed by them, please let us know by commenting below this review.

For legit alternatives, you’re welcome to visit our Recommended Brokers page.

Summary



Source link