WikiFX Broker Assessment Series | GTCFX: Is It Trustworthy?

Background:

Founded in 2012, GTCFX operates as an online brokerage specializing in the trading of exchange-traded CFDs, distinguishing itself through its commitment to offering competitive spreads and fast execution. GTCFX now serves over 895,000 clients in more than 100 countries worldwide.

GTCFX provides a diverse range of over 27, 000 tradable assets, covering currency pairs, precious metals, stock CFDs, commodities, equity indices, and energies.

Additionally, GTCFX offers copy trading services, facilitating money managers and traders to enhance efficiency, profitability, and generate passive income.

Meanwhile, GTCFX features an introducing broker (IB) program, enabling individuals and businesses to earn commissions by referring new clients to the company.

Types of Accounts:

GTCFX offers three account options: the Standard Account, the Pro Account, and the ECN Account. Please refer to the attached image below for more detailed information on each corresponding account.

Deposits and Withdrawals:

GTCFX offers a range of payment options, including bank transfers, Visa, Mastercard, Neteller, FasaPay, Skrill and additional methods.

Trading Platforms:

GTCFX provides its clients with three advanced trading platforms, each catering to various trading needs.

1. MetaTrader 4 (MT4) platform is a widely recognized tool available on PC, mobile, and web. It features a user-friendly interface suitable for all experience levels and is known for its fast execution and extensive technical analysis tools. MT4 supports automated trading with Expert Advisors (EAs), custom indicators, and scripts. It allows for backtesting of strategies, one-click trading, and mobile trading, while also providing real-time quotes and news. MT4 ensures secure transactions and supports multiple order types and asset classes.
   
2. The MetaTrader 5 (MT5) platform, also available on PC, mobile, and web, offers technological sophistication and advanced features. MT5 is accessible to traders at all levels and is noted for its fast execution and extensive analytical tools. It supports automated trading via EAs, custom indicators, and scripts, and allows for strategy backtesting. MT5 includes features like one-click trading, mobile trading, and real-time updates. It maintains a high level of security and accommodates multiple order types and asset classes.
   
3. The cTrader platform delivers a comprehensive suite of advanced trading tools, including sophisticated charting and technical analysis features. It is renowned for its lightning-fast execution speeds, providing traders with a competitive edge. cTrader offers a customizable interface that allows users to adjust charts, layouts, and preferences to fit their needs. It supports trading across a range of asset classes, including Forex, indices, commodities, and stocks, enabling diversification and exploration of new trading opportunities.

Research and Education:

Although GTCFX does not offer educational resources to support traders, the broker provides a market news section, an economic calendar, market hours and holidays, as well as an A-Z glossary.

Customer Service:

GTCFX offers 24/7 customer service support in multiple languages, including English, French, Italian, Spanish, Korean, Japanese, Chinese, and more. Clients can contact GTCFX via email at support@gtcfx.com or by submitting an inquiry through the broker's question form. Additionally, trading clients have the option to reach out to GTCFX by phone through the brokers local offices, as listed below:

Conclusion:

To summarize, here's WikiFX's final verdict:

WikiFX, a global forex broker regulatory platform, has assigned GTCFX a WikiScore of 8.11 out of 10.

Upon examining GTCFXs licenses, WikiFX found that the broker is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) of the United Kingdom, the Securities and Commodities Authority of the United Arab Emirates, and the Vanuatu Financial Services Commission (VFSC). WikiFX has also verified the legitimacy of these licenses.