We will tell you straight away that GIC Markets’ website is full of fallacies and lies. It begs the question, is GIC Markets trustworthy?
First, we need to address GIC Markets’s legal background and then the rest of the trading aspects. All the info you need is here in the GIC Markets Review.
We’re afraid that GIC Markets is not a legit broker. There’s no information about GIC Markets’ regulation on the website. The only trace we found is in the T&C section.
It was alarming that GIC Markets’ T&C section belongs to an entirely different broker – UIT FX Market! This entity is based in Seychelles, an offshore domain.
The safest trading domains are the ones with Tier 1 regulations – the European Securities and Markets Authority (ESMA), the FCA (UK), CFTC (US), ASIC (Australia), IIROC (Canada), etc.
You’ll thus be entitled to numerous perks such as negative balance protection, segregated funds, leverage restriction (1:30-1:50), and a compensation scheme (i.g. up to 85,000 GBP in the UK).
This regulatory authority flagged a series of brokers as unwelcome in Indonesia. That’s one domain that reacted to this anonymous cyber threat.
It’s important to emphasize which regions are being targeted by GIC Markets. We made a list of five countries where GIC Markets tried to find victims:
The US, Canada and Singapore are Tier 1 domains in terms of regulations, rules and enforcement. There’s no room there for scammers such as GIC Markets. Indonesia already blacklisted this broker. India’s regulator is yet to react and issue a warning.
We decided to see what traders think about GIC Markets. There aren’t many complaints but the ones we found were enough to confirm our arguments against GIC Markets.
The moment we read that the trader had withdrawal issues, we knew a scam was at play. Please heed the warning of this unfortunate victim:
Scam broker. I made profit with this broker and they’ve refused to pay me for more than 3 weeks now. They haven’t given me any reason for this, no reply of emails, no answering of phone calls. They’re the scum of the earth. I used them because they have a representative office in my country but I made a mistake. I have $3586 with this broker at the moment and they’ve refused to pay me.
GIC Markets advertises MetaTrader 5, arguably the most famous and effective trading platform in the world, designed by MetaQuotes in 2010.
According to the phony broker’s website, MT5 is available for desktop (MAC & Windows) and mobile trading (Android & iOS). MT5 is an advanced software with cutting-edge tools such as algorithmic trading.
If GIC Markets really offers a valid MT5, it’s a huge advantage. If not, then it’s a cruel lure for unsuspecting traders. We wouldn’t trust GIC Markets either way.
GIC Markets decided to offer the classic selection of trading assets but without CFDs on stocks:
The spreads that GIC Markets are simply implausible. Namely, the broker promises spreads from 0.05 pips but the commissions are unknown.
Ultra-tight spreads are desirable but are also a cunning bait. Especially if the broker is unregulated and does not disclose the trading costs or commissions.
Based on what we read on GIC Markets’ website, there are three available trading accounts:
No. Although GIC Markets promises a free demo account, there is no such option on the broker’s website.
Basically, in order to trade with this shady broker, you would have to open a live account and risk losing your money. Do not do it, you’ll get scammed!
As things stand, there are absolutely no benefits of trading with GIC Markets. The list of cons, on the other hand, is long. If there really is a valid MT5 software, great, but a huge red flag is the lack of a trading license and transparency. Once you see that a broker is unlicensed, it’s not worthwhile for trading.
When it comes to different payment methods, GIC Markets listed the following:
The minimum deposit is 50 $ but the fees are unknown. We cannot trust GIC Markets’ withdrawal policy given all the lies we have so far exposed on the fraudulent website. And disregard the fake testimonials found on the website – GIC Markets doesn’t have a page on Trustpilot!
If GIC Markets violated any terms and conditions, you should write a complaint against the broker on the forums to spread the truth and warn fellow traders about this scam.
Global Fraud Protection can help you get your money back. Get in touch with our team and they’ll tell you more about the chargeback process.
If this broker steals your money, start the chargeback process. Use Online Chat to book a free consultation with us and learn what you can do.
No. GIC Markets is an anonymous trading scam not worth your money. If you have issues, please contact us for help.
The minimum deposit that GIC Markets requires is 50 $, according to the website.
GIC Markets claims you can, on both Android and iOS phones.
No. GIC Markets is an anonymous trading scam not worth your money. If you have issues, please contact us for help.
The minimum deposit that GIC Markets requires is 50 $, according to the website.
GIC Markets claims you can, on both Android and iOS phones.
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