GC Option Review 2024: Is It a Scam?

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Summary of GC Option

Trading binary options is a great way to avoid the complexities that come with trading instruments. And it’s not just for beginners. Even with five years of trading experience, I still prefer the simplicity and directional approach to executing trades that come with binary options.

The trick is to find a platform that’s safe and legitimate. In a space crawling with scam brokers, GC Option is a lifesaver.

This reputable broker came into existence in 2013 as a branch of Grand Capital. For over a decade, it has served as a reliable platform for binary options traders.

GC Option earns a TB score of 5 out of 10 due to its minimalist approach to trading, competitive payouts, and prompt customer support.

Let’s dig deeper and look over all the features this broker offers.

Awards won by the parent company

Pros and Cons

Why trade Binary Options with GC Option?

Evaluating the High Impact Factors

Although GC Option’s website mentions an entire suite of educational tools, none are actually available on the platform. This isn’t a glitch – I confirmed it with customer support. So, be aware that you’ll need to take your education into your own hands if you trade on GC Option.

Multilingual customer support

Trade with GC Option If:

• You want a simplified binary options broker
• You’re looking for high payouts
• You want to invest without a heavy commitment (GC Option has a minimum deposit of only $10)

Multiple account types

Don’t Trade with GC Option If:

• You want access to lots of forex, basic crypto, and metal picks
• You’re an experienced trader who needs more than the 30 contracts available on GC Option

Assets and payout rates

Verified Office Address

Since it operates under Grand Capital, GC Option is one of the few binary options brokers with a sizeable presence around the world.

The Trading.biz fact-checking team verified one of the addresses, which was officially registered to Grand Capital:

• Suite 102 Aarti Chambers, Mont Fleuri, Victoria, Mahé, Seychelles

Office spread

Security Standards

GC Option takes a transparent approach to data collection, starting with mandatory Know Your Customer (KYC) verification.

The company even reveals identity information to the affiliates. That might be a dealbreaker for some, but it does contribute to the security of the platform.

AML guidelines

Other security implementations include:

• Two-factor authorization
• Fund insurance of approximately $20,000 per client in case of insolvency or misconduct

Expert Opinions on GC Option

Here are some of the testimonials I could dig up about GC Option:

“#GCOption has been on the market for a long time. Don’t let that trick you. They have operated in financial markets since 2006 but with different brands.”

Scam Brokers Reviews: X

“Grand Capitals Scammer by Admin Bryan…. Cheated 25 lakhs.”

Moses Ravoori, Trader: YouTube

Expert Review of GC Option

To write this review, I tested out all the features on this binary options broker.

Its compact collection of binary options impressed me the most, with the Call and Put durations listed clearly. And none of the payouts were lower than 60%, indicating that traders have a decent chance of winning.

Taking a closer look at the account types, I was very pleased with how many perks I got for a mere $10 deposit. Though if this was my primary trading platform, I would definitely deposit $300 to unlock the VIP account. As a VIP, everything is preserved if you fail a trade, and you receive a 10% refund and a day of risk-free trading.

Here are some of the other features I liked.

Flexible Trades

GC Option is one of the few binary options brokers that allow early position closure, with payouts worth 40%. Certain accounts also allow you to use Expert Advisors through MetaTrader 4, which can help you get better trading calls.

Demo Account

GC Option offers a serviceable demo account that is accessible via the Webtrader. You can start with any balance you want, and the interface and fees are similar to the ones you’ll encounter when live trading.

Platform Flexibility

GC Option doesn’t lock you into a single platform. Rather, you can choose between the GC Option Webtrader with its proprietary tools, or use MetaTrader 4 for a more familiar experience.

Quick access demo

The Signup Flow

Like every other trader, I prefer a broker with a seamless signup flow. GC Option achieves this by only asking for essential details when you sign up. Once you’ve submitted those and created your account, you can then head to the dashboard to complete the Know Your Customer (KYC) verification process.

The page for uploading documents is well organized. It even lists the document dimensions, allowing you to nail the process in one go.

The signup flow

Note that opening an account requires you to navigate to the “Trading” section of the dashboard and accept the Terms and Conditions.

Uploading KYC verification documents

Dashboard

The trading dashboard feels incredibly clean. It’s so minimalistic, it’s like you’re trading on a blank slate. Yet, it still manages to include all the features you’d need to access, including:

• Checking account notifications
• Depositing funds
• Withdrawing earnings
• Setting up an IB account (for affiliate partnerships)
• Accessing technical support

Account dashboard

Deposits and Withdrawals

GC Option supports a decent number of payment methods for deposits and withdrawals, including:

• Bank transfers
• Bank cards
• Electronic payment processors (including AstroPay)
• Crypto transfers
• Local transfer agents

Deposit methods

There are no deposit fees, but you must pay the exchange rates for withdrawals in any currency other than USD.

Note, however, that traders are only allowed to make up to 10 withdrawals per day.

I tested the crypto transfer method from my ERC-20 wallet. My payment went through in less than five minutes.

Trading Conditions on GC Option

Fees and overhead are important considerations when trading binary options. One nice thing about GC Option is that it deals in binary options contracts, meaning there are no spreads involved and no trading commissions.

If you profit, you get a percentage (between 60% and 86%) of your invested capital as the payout. The rest goes to GC Option, which is how it makes its revenue.

Deposit and withdrawal overheads

How to Start Trading with GC Option

Once you have access to the dashboard, you can start trading.

On the lowest account tier, you can only trade using the Webtrader. Gold and VIP accounts also have access to Webtrader Pro and MetaTrader 4.

Here are the features associated with each platform.

Webtrader

• Access to 70+ technical indicators
• Straightforward navigation
• One-click trading
• Loaded with TradingView charts

MetaTrader 4

• Packed with analytical features and advanced trading tools
• Supports news trading
• Event updates are available directly inside the terminal
• 30+ built-in indicator

Choice of trading platforms

Unfortunately, GC Option doesn’t have a dedicated mobile app. However, the Webtrader is fully compatible with mobile devices.

Useful Tools for Traders

In addition to the proprietary Webtrader, GC Option offers several valuable tools to its users. These include:

• Risk management features embedded in the dashboard
• Market analysis tools
• One-click trading support
• Chart-based timeframes, indicators, and pattern analysis tools
• Built-in economic calendar

Trading dashboard with tools

VIP account holders also get access to Expert Advisors via MT4.

Investing Opportunities on GC Option

GC Option doesn’t currently offer any sort of binary portfolio. The platform is strictly focused on trading.

If you are serious about investing, however, you can leverage Grand Capital’s (GC Option’s parent company) ready-made portfolios, which comprise more than 400 financial instruments. To access these, click on the Invest button at the top of the GC Option homepage.

Grand Capital’s investment picks

GC Option Affiliate Program

GC Option’s affiliate program is run through its parent company, Grand Capital. It’s a multi-level program that allows you to earn different rewards based on the features referred users choose when they sign up with your affiliate link.

It might look a bit confusing at first, but don’t let it intimidate you. You’ll be assigned a client manager who can explain how the affiliate program works.

Grand Capital’s affiliate support

State of Customer Support

Reaching out to GC Option’s customer support team is easy.

They offer 24/7 bot-free livechat support, which does most of the heavy lifting. If you prefer, you can reach out to their support handles on Telegram, X, and other platforms for assistance.

Prompt customer support

If you have more detailed concerns, you can also raise a ticket on the dashboard.