GCG ASIA – Guardian Capital Asia presented itself as a leading provider of online foreign exchange (FX) trading, CFD trading, and related services.
The broker claimed that they had multiple account options, including PAMM, MAM, ECN and more, but its website did not feature an account types section, nor discloses any trading conditions. GCG ASIA does not hold a valid forex broker license in Malaysia or anywhere else it operated, informed sources dais.
The brokers product portfolio includes nearly 30 currency pairs, CFDs on precious metals, energies and several cryptocurrencies – Bitcoin, Ethereum, Ripple, Dash, and Litecoin, said an online authority on such kind of financial services, Forex Brokers.
“Switzerlands financial markets and services regulator FINMA has blacklisted GCG Asia for conducting unauthorized activities in the country.”
Further online checks showed that the company was registered in China and was stamped ILLEGAL by WikiFX, a third-party service provider for clients to inquire whether a Forex broker is formal, legal and real.
GCG Asia was reportedly shuttered in Indonesia in early May 2019 and Darren Yaw was said to be a wanted person in Indonesia for illegal trading in crypto currency and for defrauding unknowing investors.
Sahudi noted that futures trading activities can only be conducted by a limited company member of futures exchange that already possesses a business license as a futures broker from Bappebti as stipulated in Law No. 10 of 2011 on Commodity Futures Trading.
“We appeal to people to discern methods employed by an illegal entity to draw customers through website; social media platforms, such as Facebook, Instagram, Twitter, and YouTube, as well as other forms of media,” he emphasized.
Among the various ploys frequently used by illegal brokers is offering futures contract or derivative contract (usually for forex, index, commodity, and cryptocurrency) with a low margin.
Moreover, these illegal entities offer high fix income in a certain percentage and period. The investment package list is segregated on the basis of the prospective customer's financial capability, usually in Silver, Gold, and Platinum packages.
These illegal brokers have profiteered Bappebti's legality by brandishing the logo to attract the people and gain their trust.
Sahudi has appealed to the people to exercise caution and cross-check the legality of any firm offering investment. Companies in the Futures Trading Industry that have already bagged Bappebti's license are listed on the website www.bappebti.go.id.
In an alleged GCG ASIA Vietnam Facebook post on 15 April, 2019, it had announced that: GCG ASIA is proud to announce the immediate official availability of our Investment Capital Guarantee Bank Draft in cooperation with Bank of China (Phnom Penh branch in Cambodia) which ensures that all investment capitals are safeguarded.
Members only need to make a new minimum deposit of $50,000 from 13 April 2019 onwards and apply for this investment capital guarantee with GCG ASIA, and obtain a capital guarantee bank draft issued by the Bank of China (Phnom Penh branch).
Bank of China (Hong Kong) had issued a strongly worded statement distancing itself from GCG and said it was never affiliated nor collaborated with GCG Asia in any form.
