Is GCG Asia a scam or legit broker?
No, it is not safe to trade with GCG Asia. It is owned and operated by Guardian Capital AG, and claims to be located in Zurich, Switzerland.
Guardian Capital AG (GCG) claims to be a leading provider of online foreign exchange (FX) trading, CFD trading, and related services. According to the website, GCG is authorized and regulated broker under the close supervision by FINMA. We didn’t find this broker among the FINMA-regulated entities, however, we actually found it in the regulator’s warning list.
Swiss regulator has issued a warning against GCG Asia in March 2019. This is probably the biggest red flag.
Also, earlier this year, Swiss Bank Dukascopy has warned against GCG Asia. In the announcement, Dukascopy Bank cautioned that neither it nor any entities of Dukascopy Group have relations with GCG Asia, although the latter fraudulently claims the opposite:
“GCG Asia is fraudulently using Dukascopy’s name and logo for attracting clients/investors, without Dukascopy Bank’s permission. We are taking actions against this dishonest organization. We invite to extreme caution toward such organization basing its promotion on a lie.”
We advise all investors and traders to avoid GCG Asia and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Plus500 and XM.com.