GC Option Review – All the Lies About This Broker
GC Option is an unwelcome offspring of another fraud broker, called Grand Capital. These scammers have been in business for a while now, which has caught the eye of numerous regulators from the EU.
Here are the warnings that have been issued:
Hellenic HCMC Warning:
Portuguese CMVM Warning:
|Company||Grand Capital Ltd|
|Warning||AMF, HCMC, FSMA, CNMV, CMVM|
|Phone||+1 646 844 7187|
|Bonuses||Claimed, not disclosed|
Is GC Option Trustworthy? Regulation and Security
GC Option does not disclose anything pertaining to its licenses and regulations. The broker is registered in St. Vincent and the Grenadines through their parent company, Grand Capital Ltd.
This is problematic, since the SVG’s main financial regulator, the FSA, does not regulate brokerages. Additionally, Binary Options Trading is banned in many countries that have tier-1 regulations due to the inherent financial risks involved.
We should remember that GC Options, and their parent company, Grand Capital Ltd have been blacklisted as a scam by a number of different financial regulators. The financial regulatory bodies of France, Greece, Belgium, Spain, and Portugal. These are all European regulators, so we should take a moment to remember the regulatory framework that is enforced in the EU.
Brokers that wish to operate in the EU must provide these safeties:
- The minimum initial capital of 730,000€
- Compensation fund of 20,000€
- Maximum leverage is 1:30
- Negative balance protection
- Segregated bank accounts
- Bonuses are forbidden
- Full transaction transparency is required by MiFID
We can clearly see that GC Options does not abide by any of these rules. This is the main reason why they were blacklisted by so many regulators.
GC Option Trading Software Overview
On the surface, it seems that there are 3 different trading platforms with GC Option. These are the Web Trader, the Web Trader Pro, and Metatrader4. The Web Trader is a very simple trading platform with limited functionality, but binary options trading does not require a very high level of sophistication when it comes to trading platforms.
MT4 which is advertised on the website is an awesome platform that has been a workhorse in the online trading industry for decades. It does not have a dedicated service that provides binary options trading by default, however, and this is very important.
Through 3rd party plugins, it is still possible for people who use MT4 to engage in binary options trading, but this is not a very secure solution. MT4 is locked behind a paywall on GC Option, and requires a deposit of at least $100, so we could not test the functionality of the GC Option MT4 platform.
GC Option Account Types
There are 3 account types at GC Option. These accounts are named Silver, Gold, and VIP. The scammers have made the deal sound sweeter with their guaranteed profits and low deposit costs. Although the scammers don’t require an exorbitant amount of money to fund these accounts, every lost dollar is good money that could be better spent elsewhere.
These are the account types:
- Silver – initial deposit of $10, basic account
- Gold – initial deposit of $100, unlocks the Web Trader Pro and MT4 platforms
- VIP – Initial deposit of $300, unlocks 10% returns on unsuccessful trades
GC Option Promotions and Bonuses
GC Option offers a variety of bonuses and promotions to their clients, or should we rather say, victims. There are deposit bonuses and various special allowances such as a risk-free trading day.
Although it says that the company offers commission-free deposits, we need to remember what is outlined in the deposit calculator on their website. These people use promises of guaranteed profits of up to 86% daily to attract their victims. Don’t fall for the scam – not even the greatest investment companies such as Black Rock can guarantee a profit!
Deposit and Withdrawal Method
GC Options offer a wide variety of payment options, just like a majority of regulated brokers. When we try to deposit funds, we will be sent to a very detailed part of the website where all the transaction fees and costs are clearly outlined. Fees can range from
GC Option funding methods are these:
- Bank Cards (Visa, MasterCard)
- Bank Wire Transfers
- E-Wallets (FasaPay, GrowPay, PayTrust, PayRedeem, PerfectMoney)
- Cryptocurrency Transfers (BTC, ETH, USDT)
- Local agent transfer
We have found a couple of discrepancies when it comes to account funding. You can make a deposit in USD and RUR base currencies, but you may only make a withdrawal in EUR and RUR.
Although GC Options does have a table that helps calculate the exchange rate, it has fixed values and does not update. AML policies also require the payout to be in the same base currency as the deposits, which makes this sort of a deal shady at best, if not even illegal.
The broker states that a client may request up to 10 withdrawals daily. Withdrawals are always subject to security checkups, which means they take at least 3 days to process. There is no information on withdrawal fees, but there is a commission of 0-6% depending on the withdrawal method.
How the Scam Was Performed
Let’s keep this section simple: everything is rigged! Scammers use their Web Traders and special plugins for MT4 to doctor the market values. This makes the investor lose all their money, by making their speculations unprofitable.
The fees and commission might be very low, but the inherent dangers of Binary Options trading is sure to bleed your finances dry. Don’t trust everything you see on a pretty website. No economist in the world will tell you that a profit is guaranteed. This is a trap, and be careful not to fall into it!
GC Option Summary
GC Option is a fraudulent broker that only deals in Binary Options. This is a high-risk field of speculation on its own, but GC Option goes the extra length to make your trades unprofitable.
The low entry deposit makes this seem like a good investment opportunity, but there have been 5 warnings about this fraud company so far. Don’t be swindled by promises of guaranteed financial returns. All you will ever find on this broker’s website is economic ruin!
FAQs About GC Option Broker
Is My Money Safe with GC Option?
No, GC Option is a known scam that has 5 outstanding warnings about its fraudulent antics!
Does GC Option Offer a Demo Account?
GC Options does offer a demo account, but we urge our readers not to trade with this scam broker.
How Long Does it Take to Withdraw from GC Option?
The broker states that it takes at least 3 work days to process a withdrawal request.