Beware! This is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
GFC Investment is a forex and CFD broker, offering over 50 currency pairs, as well as CFDs on commodities, indices, stocks and crypto coins like Bitcoin, Dash, Ethereum, Litecoin, Ripple. You have a choice of 5 account types with a minimum deposit requirement ranging form 250 USD to 100 000 USD. The maximum leverage offered is up to 1:400, which is more than enough to accommodate any trading style. Spreads however, at least with the starting account are not impressive 4 pips for the EURUSD pair as tested with a demo account. GFC Investment offers a web-based CFD trading platform, which looks rather simplified and bears resemblance to platforms usually used for binary options trading.
GFC Investment regulation & safety of funds
GFCInvestment.com is operated by the GFCInvestment group KINTEKA OU, based in Estonia and owned by DARTALON LTD, based in St. Vincent & Grenadines.
Our research shows neither the broker, nor the companies behind it are regulated in Estonia or another European Union country.
As for the St Vincent and the Grenadines, the local Financial Services Authority (FSA) recently warned that it “does not issue any licenses for forex trading or brokerage or binary options trading nor does it regulate, monitor, supervise or license international companies, which engage in such activities“.
So that leaves us with no choice but to regard GFC Investment as an offshore unregulated broker, with limited credibility.
On the other hand brokers licensed by respected financial institutions like the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC) are obliged to follow strict fiscal and ethical rules, including to maintain a minimum capital adequacy ratio, to keep all clients money in protected, segregated accounts and in some cases even to insure traders capital.
The insured money with FCA are up to 50 000 GBP, while a similar compensation scheme with the CySEC in Cyprus guarantees traders up to 20 000 EUR of their investment in case the borker goes insolvent.
GFC Investment deposit/withdrawal methods and fees
With GFC Investment you can deposit and withdraw funds with all major credit or debit cards like VISA and MasterCard, bank wire and e-wallets, including Skrill, Neteller. However, we do not see PayPal, as well as the option to pay with Bitcoins.
How does the scam work?
You will see a high-profile video – most probably on internet, it may be even on the TV as well, which will show you the stories of common people like you, who have won big and now live the lavish lives of the ultra rich after investing on the forex market. For more information you will have to fill a simple registration form, leaving your e-mail and phone. Next you will recieve a call form a professionally sounding adviser, who will soon convinces you to invest about 200 USD and start making money right away.
Your first trades will go smoothly and soon the money in your account will double. 100% for just a few hours. Fantastic! And than you will receive another call, this time form a “senior account manager”. And believe me, chances are that you will be investing 10 000 USD by the end of the day.
Now no matter if you win more money or your trades are in red, you will not be able to withdraw any of your capital. On the opposite, “your senior financial adviser” will try to convince you to invest even more – another 10 000 USD. And if you insist on withdrawing you will be told this can not happen because of some traded volume condition, you have agreed to, when you signed up to their account.
Some scammers may also suggest that you install a TeamViewer, under the pretext to assist you with software installation and funding your trading account. If you allow this they can steal your card number or bank security code and your card will be depleted.
What to do if scammed?
In case scammers have tricked you with their scheme, you should contact your bank or credit card provider immediately and file for a charge back. Have in mind that you will be able to do that only within a 6 month period and if you have voluntarily provided the scammers with your ID and a proof of address (an electricity bill for instance), they will have a much stronger case, if you file for a charge back.
If you have given any banking details to the “broker” – you credit card number for instance, or they have convinced you to install a TeamViewer – immediately cancel your credit card. If you have given them the pass for your online banking service, change the password.
Also, if you have lost money with scammers, do not loose even more with the so called “recovery agencies”. Recovery agencies are seeking for desperate traders, and will just take your upront payment with no result at all.