so my friend joined this thing called GCG Asia. it seems that it is a forex broker (idk if I got the term right). my question is, is it legit? cause they promise you something like 30%-50% return per month, (and something crazy like 100% return a month recently) require $250 to join, have a kind of seniority system, (like MLM, where you earn more if you have people under you), you have to deposit your investment in an account, and they told you that your money is not guaranteed. meaning it could be lost at anytime. they don't seem to mention how much. also, there's not much info from google. I think that it is sketchy as fuck. because there is news about people doubting their legitimacy, my friend said that the GCG Asia leader got caught in the Philippines recently because of him posting a picture with their president, they are moving to set up offices in countries (I assume to cement their legitimacy). Idk, I am new to investment stuff. idk how any of this works. is it actually legit? that every small company has these stages? If not, what is the best thing to invest in? I am still young, and want to invest early.
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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. Losses can exceed your initial deposit . so ensure you understand the risks. GCG Asia Forex Broker Trading Platforms. This broker offers its customers access to the MetaTrader4 (MT4). This platform is an extensively popular trading platform that over 80 percent of forex traders use. FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. GCG is an Australian forex broker and market maker that does not share much information about its trading conditions on its website and the situation with the companies associated with the GCG brand seems confusing. It appears that it acts as an authorized representative of an ASIC-regulated entity.
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