Today we delve into a controversial topic: the questionable practices of Forex brokers. The subject of our investigation? Gerchik Co. Our aim is to shed light on the murky underbelly of the Forex industry and help you make informed decisions.
How I Learnt About Gerchik Co
I was introduced to Gerchik Co through a friend who has a penchant for dabbling in high-risk ventures. He had a keen interest in testing emerging brokerage firms, as they often lure clients with attractive terms in their infancy. However, his encounter with Gerchik Co left him wary.
Gerchik, Co: A Closer Look
Together, we decided to examine Gerchik Co's operations in-depth. What we discovered were several red flags indicating potential fraudulent activity.
Broker Registration: A Dead End
According to their website, Gerchik Co is registered in the UK. In theory, details about them should be available with the respective regulatory bodies. However, our investigation revealed otherwise. There was no brokerage firm registered under this name in the UK. Therefore, Gerchik Co operates illegally without a proper brokerage licence.
Lack of Documentation
A striking feature of Gerchik Co's website is the glaring absence of essential documents. There is no brokerage licence or any document that can help users authenticate the service provider.
Trustworthy brokers typically display electronic copies of registration documents, licences for operations in various countries, and contact details, including legal and office addresses, on their website. This transparency helps build trust with clients and assures them of the company's legitimacy.
Working Conditions with Gerchik Co
An examination of their Frequently Asked Questions (FAQs) section further confirmed our suspicions. Gerchik Co claims to provide Forex trading services while also engaging in cloud mining—two vastly different spheres of operation.
Furthermore, they state that cloud mining allows for the acquisition of cryptocurrency (Bitcoins) without any mining equipment, software, or electricity.
This is a baseless claim. In reality, cloud mining is a service that lets you rent server power for mining cryptocurrency, which requires:
- A server
- Special software
Such misleading information appears to target individuals with little to no knowledge of investments, cryptocurrency, and mining.
Unbelievable Deposit Minimum
Gerchik Co's minimum deposit amount is a laughable $1. However, maintaining an account with such a minimal deposit would result in a loss to the broker.
Interestingly, their homepage lists the minimum deposit under various tariff plans as $20, which, while more realistic, is still remarkably low.
Absence of Commission
Gerchik Co doesn't charge any commission for account replenishment or money withdrawal. This raises the question: how do they generate revenue?
The Verdict: Gerchik Co
In short, every aspect of Gerchik Co's operation screams "scam".
A Word of Caution
I strongly advise against engaging with Gerchik Co. If you've already entrusted your money to them or similar scammers, do not hesitate to reach out. I'm more than willing to assist you in recovering your funds and can recommend competent lawyers capable of causing considerable trouble for these fraudsters.
Stay Informed, Stay Safe
In the world of Forex trading, it's crucial to stay informed and vigilant. Always research thoroughly before investing your hard-earned money. Remember: if it sounds too good to be true, it probably is.
Stay safe out there and happy trading!