GCC Brokers is a Saint Vincent and the Grenadines based foreign exchange broker who claimes to be of the leading brokerage firms. They aim to provide trading resources, competitive conditions such as tight spreads, low deposit sand high leverage. We will be using this reive to loo kat what is on offer and to see how they compare to the competition in this very competitive market.
Account Types
There are four different accounts to choose from when signing up with GCC Brokers, so let’s look at what they offer.
Micro Account:
This account has a minimum deposit requirement of $50 and a maximum deposit limit of $300. The account comes with fixed spreads starting from 3 pips with leverage up to 1:400. The account can have a maximum of 100 trades open at any one time and trade sizes start from 0.01 lots. It uses market execution and there are no added commissions. Swap charges are present as is slippage.
Standard Account:
This account has a minimum deposit requirement of $300 and a maximum deposit limit of $50,000. The account comes with floating spreads starting from 1 pip with leverage up to 1:200. The account can have a maximum of 200 trades open at any one time and trade sizes start from 0.01 lots. It uses market execution and there are no added commissions. Swap charges are present as is slippage.
Pro Account:
This account has a minimum deposit requirement of $50,000 with no maximum deposit limit. The account comes with raw spreads and leverages up to 1:100. The account can have an unlimited number of trades open at any one time and trade sizes start from 0.01 lots. It uses market execution and there are no added commissions. Swap charges are present as is slippage.
Swap-Free Account:
This account has a minimum deposit requirement of $300 and a maximum deposit limit of $50,000. The account comes with floating spreads starting from 2 pips with leverage up to 1:200. The account can have a maximum of 200 trades open at any one time and trade sizes start from 0.01 lots. It uses market execution and there is an added commission of $20 per lot traded, there are also no swap fees or slippage on the account.
Platforms
The only platform available is MetaTrader 5 which is the younger brother of MetaTrader 4 and uses many of the same features, some of them include the ability to trade stocks, futures, currencies, precious metals, CFDs and digital currencies, online news, and marketing reports. technical analysis keeps all transaction records, supports all order modes, offers multiple account management, real-time market, real-time quotation monitoring, charts, and sales reports, and it allows for automated trading systems.
Leverage
The maximum leverage available to you depends on the account you are using. The Micro account can be leveraged up to 1:400, the Standard and Swap-Free account can be leveraged up to 1:200 and the Pro account can be leveraged up to 1:100. Leverage can be selected when first opening up an account and can be changed on an active account by contacting the customer service team.
Trade Sizes
Trade sizes on all accounts start from 0.01 lots (known as a micro-lot) and go up in increments of 0.01 lots. We do not know what the maximum trade size is. The maximum number of open trades depends on the account the Micro account can have 100 orders, Standard and Swap-Free account scan have 200 and the Pro account can have an unlimited number of open trades/orders.
Trading Costs
The only commission is on the Swap-Free account which has an added commission of $20 per lot traded. The other accounts all use a spread based system.
There are also swap charges for the Micro, Standard, and Pro accounts, these are fees charged for holding trades overnight and can be viewed within the trading platform you are using. The Swap-Free account does not have these fees included.
Assets
GCC Brokers have broken down their available assets into a number of categories, we have listed them below along with the included instruments.
Forex Majors:
EURUSD, GBPUSD, USDJPY, USDCHF, USDCAD, AUDUSD, NZDUSD.
Forex Minors:
AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDSGD, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURCDHF, EURGBP, EURJPY, EURNZD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPSEK, GBPSGD, NZDCAD, NZDCHF, NZDJPY, EURPLN, EURSEK, EURSGD, EURTRY, SGDKPY, USDDJJ, USDHKD, USDHUF, USDNOK, USDPLN, USDSEK, USDSGD, USDTRY, USDZAR.
Metals:
XAUUSD, XAUEUR, XAGUSD, XAGEUR. (Gold and Silver).
Indices:
AUS200, AUST20, CHINA50, US30, EU50, FRA40, GET30, MCAP50, HOL25, HIS 50, ITA40, JP225, US100, ES 50, SGXSING, SWE30, SWI20, SGXTAI, TECH30, UK100, USINDEX.
Energies:
UK Brent Oil, US Crude Oil, Gasoline, Heating Oil, Natural Gas.
Soft Commodities:
Sugar #1, Soybean. Coffee Arabica, Wheat, Corn, copper.
Spreads
The Micro account has fixed spreads starting from 3 pips, the Standard account has floating spreads starting from 1 pip, the Pro account has raw spreads and the Swap-Free account has floating spreads starting from 2 pips.
Fixed spreads mean they do not change with the markets and will always remain the same while floating (or variable) spreads will move with the market and at the time of higher volatility will often be seen higher than the stated amount.
Minimum Deposit
The minimum amount required to open up an account is $50, this will get you access to the Micro account, if you want a higher tier account then you will need to deposit at least $300 or $50,000 for the Pro account.
Deposit Methods & Costs
The page detailing the deposit methods is currently not available and simply states that it is coming soon. There are however a few images on the page which indicate that Skrill, Neteller, Wire Transfer, MasterCard, and Visa will all be available if they are or not we cannot say for sure. We also do not know if there are any added fees for deposits but would always advise you to check with your own bank or processor to see if they add any fees of their own.
Withdrawal Methods & Costs
The same page is available for withdrawals so the same coming soon message is displayed, we believe that Skrill, Neteller, Wire Transfer, MasterCard, and Visa will all be available for withdrawals. As usual check with your bank or processor for incoming transfer fees.
Withdrawal Processing & Wait Time
We, unfortunately, do not know this information either, we would expect any withdrawal requests to be fully processed within 1 to 5 working days fro the date of the request being made.
Bonuses & Promotions
The three promotions on offer are simply telling us to be ready, they are coming soon! So it looks like there aren’t any active promotions tr the moment. You coulda always check back to see if they have started or get in contact with the customer service team to see if they have any upcoming promotions you could take part in.
Educational & Trading Tools
The only two tools available, the first being a news section which sadly is blank. The second is a glossary of trading-related terms, you can refer to it if you come across a term or phrase you do not understand. That is all there is, unfortunately, many brokers are looking to help their clients improve on their trading so it would be nice to see GCC Brokers add a little bit more in this department.
Customer Service
The customer service team is available 24 hours a day from Sunday 22:00 to Friday 22:00 GMT. You can use the online submission form to send in your query, you can also use the postal address provided or the customer support email, dealing desk email or sales email provided.
Address: Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.
Email: [email protected]
Demo Account
Demo account sare available and they allow you to test out the markets and new strategies without any real risk. The account seems to last indefinitely and you can get a choice of leverage of 1:100, 1:200, 1:300, 1:400 or 1:500 and a balance between 1,000 and 1,000,000.
Countries Accepted
This information is not available on the site so if you are thinking of signing up, we would recommend getting in touch with the customer service team just to make sure that you are eligible for an account.
Conclusion
The three available accounts offer some small differences, mainly the spreads, we are a little confused over commissions simply because the Pro account has spread as low as 0 pips but no added commissions, which seems a little strange to us. The other trading conditions are competitive and there are plenty of instruments and assets available to trade. Our main concern comes to the deposit and withdrawal methods, there isn’t any concrete information available, this is not good for new clients as they need to know how they can get their money in and out and equally as important if it will cost them anything to do it. Without that information, it is hard to recommend them as a broker to sue at this point in time.
