Dramatic Change in Attitude After Deposit! BNM-Warned Broker GCMAsia is Complained by Its User

Scammers never let go of any opportunity to scam. Even if the client shows only a little intention to invest, he will be constantly pestered by scammers. However, the more enthusiastic the scammers are before they get the money, the more indifferent they will be after that.

Recently, we received a complaint from a user about GCMAsia. The user complained the broker's service is poor and the promises made to her are not fulfilled.

The user invested with GCMAsia due to the strong recommendation by an account manager named NOZ, who has been persuading this customer during the first two weeks.

Having no investment experience and having heard from others that this GCMAsia was not reliable, the client was hesitant to invest at first.

However, the account manager promised to provide free investment guidance to help avoid losses.

To urge the user to make a deposit, NOZ also offered her a deposit bonus, saying that even though the user hesitated for weeks, he was under pressure to "reserve the bonus" for her.

The user eventually deposited $100 in her account after being pressured to do so. However, the attitude of the staff gradually became indifferent after the deposit was made.

At first, the GCMAsia staff did keep the promise, providing simple instructions on how to log in to the account and download the trading software, but then he gradually left the client alone. Now, the user receives only a few promotional ads and analysis emails, let alone guidance.

It was difficult for the user to accept the contrast in attitude of the staff and she was so dissatisfied with GCMAsia's services that she wanted to withdraw. But the company ignored her withdrawal request.

According to the information on its website, GCMAsia claims to be a representative of Fortrade Limited, a company that holds financial licenses issued by the Financial Conduct Authority (FCA) of the UK, the Financial Services Commission (FSC) of Mauritius, and the Australian Securities and Investments Commission (ASIC), according to our review. However, the portals of these regulators do not mention anything about GCMAsia, so we cannot say that GCMAsia is a regulated broker.

What's more, Bank Negara Malaysia (BNM) warned back in 2018 that GCMAsia was not regulated by it and reminded investors to take care of their funds.

If you have any complaints about a broker or would like to know a broker’s regulatory status, you can ask us questions at BrokersView.