Updated on February 20, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Gerchik & Co due to the issues we've identified.
Is Gerchik & Co Scam or Legit Broker? ▲
Gerchik & Co, operating under the company name Gerchik & CO Limited and headquartered in Vanuatu, does not present itself as a secure trading option due to its lack of a prestigious regulatory license. The Forex trading environment in Vanuatu is known for its minimal regulatory oversight, which is often linked to less secure trading conditions. Despite the allure of various financial services offered by brokers in these regions, the absence of strict regulatory norms by leading authorities such as the ASIC and FCA makes it a risky endeavor to engage in trading with brokers based in offshore locations like Vanuatu. This highlights a significant concern regarding the safety and reliability of trading with Gerchik & Co.
What is Gerchik & CO Limited? ▲
Gerchik & Co claims to offer traders access to over 400 assets along with competitive tight spreads starting from 0 pips, facilitated by the technologically advanced Equinix LD4 data center. The broker also provides a range of resources including fundamental and technical analysis, financial news updates, and video analytics. Additionally, Gerchik & Co assures traders of protection under the International Financial Commission, FinaCom, which includes a compensation fund guaranteeing payments up to €20,000 per claim in case of disputes. Despite these offerings, a thorough investigation into Gerchik & Co reveals several alarming factors:
Lack of robust regulatory oversight: Registered in Vanuatu, Gerchik & Co operates in an offshore jurisdiction known for its lax regulatory framework. This raises concerns about the safety of investments and the broker's reliability.
Traders' reviews: While some traders have expressed satisfaction with Gerchik & Co's trading conditions, relying solely on such reviews without considering the broker's regulatory status may be misleading.
Withdrawal challenges: The offshore status of Gerchik & Co may complicate the withdrawal process, posing potential risks to traders' funds.
Overall Gerchik & Co Ranking ▲
After evaluating Gerchik & Co against our comprehensive set of criteria and comparing it to over 1000 other brokers, our findings raise significant doubts regarding the broker's trustworthiness and regulatory compliance. Given these concerns, Gerchik & Co receives a disappointing overall rating of 0.6 out of 5. This ranking reflects our concerns about the broker's ability to offer a safe and reliable trading environment.
Gerchik & Co provides several account types, with spreads starting as low as 0.0 pips across Silver, Gold, and Platinum accounts. The broker advertises a maximum leverage of 1:100 for all account types. However, potential challenges related to withdrawals, especially given the broker's offshore status, necessitate careful consideration by traders looking to deposit or withdraw funds.
Silver, Gold, and Platinum accounts feature spreads beginning from 0.0 pips.
A uniform leverage cap of 1:100 applies across all account categories.
While Gerchik & Co might seem attractive due to its offers of tight spreads and a range of trading tools, the substantial risks associated with its offshore registration in Vanuatu cannot be overlooked. The lack of a reputable regulatory license significantly undermines the broker's credibility and poses potential safety risks to traders' funds. Therefore, we strongly advise traders to exercise caution and prioritize engaging with brokers that are regulated by esteemed authorities such as the FCA, ASIC, or CySEC. Regulated brokers provide a secured trading environment that complies with strict regulatory standards, ensuring traders' protection and peace of mind. In light of these considerations, our overall experience and ranking for Gerchik & Co are decidedly negative, urging traders to seek safer and more reliable trading alternatives.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Gerchik & Co Review 2024
