GCL Global Limited (swaymarketsfx.com) is allegedly a fraudulent platform impersonating multiple brokerage firms to confuse investors. The domain name was registered on June 15, 2024, and claims to offer a variety of investment services across financial markets, including stocks, forex, commodities, precious metals, indices, and cryptocurrencies.
Company Background and Regulatory Information
According to the information provided on the swaymarketsfx.com website, the broker entity is GCL Global Limited, regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 123/10. It also claims to be regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, with license number 46990. Additionally, the broker purportedly holds a U.S. NFA license with license number 0558058.
However, the website fails to provide more detailed company registration information and lacks legal documents such as terms of service, privacy policy, and risk warnings.
Further investigation reveals that CySEC's official site shows license number 123/10 actually belongs to Colmex Pro Ltd. Similarly, the FSCA's website indicates that license number 46990 is held by COLMEX PRO LIMITED, both of which belong to Colmex Pro, not GCL Global Limited. Moreover, the U.S. NFA website indicates no company exists with NFA ID 0558058.
Additionally, the design and content of the swaymarketsfx.com website are largely plagiarized from Colmex Pro’s official site, and the domain and brand logo are also imitations of another site—Sway Markets.
Trading Products Overview
GCL Global Limited claims to offer trading services in a variety of financial derivatives, covering asset classes such as stocks, forex, commodities, precious metals, indices, and cryptocurrencies.
- Stocks: Representing ownership in a company, investors can gain equity and dividends by purchasing stocks. Stock prices are influenced by company performance, market sentiment, and overall economic conditions.
- Forex: This market involves the exchange of currencies from different countries. The forex market is the largest financial market in the world and operates around the clock. Exchange rates are driven by global economic data, geopolitical events, and interest rate changes.
- Commodities: These assets include raw materials and basic products such as agricultural products (e.g., wheat and soybeans), energy (e.g., oil and natural gas), and metals (e.g., copper and aluminum). Commodity prices are influenced by global supply and demand, weather changes, and geopolitical events.
- Precious Metals: Primarily gold, silver, platinum, and palladium, these metals are considered safe-haven assets. Investors often purchase precious metals during market instability or increased uncertainty to safeguard their assets.
- Indices: Stock indices measure the overall performance of a group of stocks, such as the S&P 500 or the Dow Jones Industrial Average, often reflecting the general performance of a specific market or industry.
- Cryptocurrencies: Including Bitcoin and Ethereum, these digital currencies use cryptographic technology. Due to market demand, technological developments, regulatory changes, and macroeconomic factors, cryptocurrency prices can be highly volatile.
Account Registration Process
Testing reveals that clicking the "Open An Account" and "Login" links on the GCL Global Limited website does not lead to registration or login pages but instead shows non-existent pages. Therefore, it is impossible to register a trading account on this broker’s website.
Account Types
GCL Global Limited claims to offer various trading accounts, including Multi-asset accounts, Stocks CFDs accounts, ST5 accounts, Retail Traders accounts, and Professional Traders accounts.
Retail Traders
- Major currency pairs: Leverage 1:30
- Non-major currency pairs, indices, and gold: Leverage 1:20
- Commodities and metals other than gold: Leverage 1:10
- Stocks and ETFs: Leverage 1:5
- Cryptocurrencies: Leverage 1:2
Auto stop loss: 50% of account equity. The least profitable positions will be closed until the margin level is above the minimum requirement.
Professional Traders
- Currency pairs: Leverage 1:200
- Metals other than silver: Leverage 1:100
- Commodities, indices, and silver: Leverage 1:40
- Stocks and ETFs: Leverage 1:20
- Cryptocurrencies: Leverage 1:5
GCL Global Limited accounts: When the account balance reaches $50, positions will be closed.
ST5 accounts: Auto stop loss when account equity reaches 10%. The least profitable positions will be closed first.
Trading Platform
GCL Global Limited’s public information indicates that it offers the ST5 trading platform, including both desktop and mobile versions. However, the provided download links for both desktop and mobile versions do not work.
Deposits and Withdrawals
GCL Global Limited claims to support transactions via VISA, Mastercard, Skrill, and other methods.
Conclusion
Traderknows alerts investors that GCL Global Limited (swaymarketsfx.com) is actually a fraudulent website that has stolen information from two brokerage firms. Investors are advised to choose brokers that are transparent, strictly regulated, and reputable to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
