GC Option
GC Option offers high/low binary options and boundary options based on forex and cryptocurrencies. You can also speculate on the prize of gold and silver here, but the focus of this broker is definitely currencies – not commodities.
With a $10 deposit you get access to the real-money trading on the proprietary GC Option platform WebTrader Classic. With a $100 deposit, you get access to real-money trading on not just the WebTrader Classic, but also on the WebTrader Pro and the well-known third-party trading platform MetaTrader 4 (MT4).
The smallest possible stake at GC Option is $1.
Beware of the inactivity fee
While many brokers charge an inactivity fee on inactive trading accounts, we would like to give you a special heads-up about this practise when it comes to GC Option because their inactivity fee is unusually high: $300 a month. Make sure you understand the rules regarding inactivity before you make a deposit to GC Option, otherwise you risk having your account drained quickly during a period of absence.
Political risk
GC Option is based in St. Vincent and the Grenadines, a small island country in the Caribbean. They are however a part of the larger company Grand Capital, which is Russian-based. It remains to be seen if and how the broker would be impacted if the international sanctions against Russia were to become even firmer, or if consumer faith in companies with Russian ties would waver.
Binary options trading at GC Option
Which binary option types are available?
- Standard High/Low binary options
- Boundary binary options
How big are the payouts?
The payout levels vary, so always check the specific binary option you are interested in. Generally speaking, the highest payouts are to be found for binary options based on forex – especially if the underlying currency pair is one of the most traded of the majors. Then, it gets a little lower for the less traded majors, even lower for minors, and so on. For a major such as EUR/USD it is possible to find payouts exceeding 85%.
When the underlying involves cryptocurrency, the highest payouts are around 60%.
Underlying assets for binary options at GC Option
Forex: Over 25 different forex pairs.
Commodities: Only gold and silver
Cryptocurrency: A handful of different cryptocurrencies traded against the USD. The cryptocurrencies currently available are Binance, Bitcoin, Bitcoin Cash, Dash, Ethereum (ETH), Ethereum Classic (ETC), Monero (XMR), and Zcash (ZEC).
Are turbo options available?
The fastest binary options available with GC Option expire in 1 minute.
Can I binary option last for more than a day at GC Option?
Yes, GC is not just for daytrading. The longest possible lifespan for a binary option here is 48 hours.
Early closing
When a binary option is in-the-money, you can often chose to end it immediately and receive a (decreased) payout. Typically, the payout offered is 40% of the original payout, but it depends on the circumstances.
When an binary option is out-of-the-money, you may be offered to close it early and get a 10% refund on your stake.
Trading platforms
GC Option have their own proprietary platform – in two different versions – and will also give their traders access to the renowned third-party independent trading platform MetaTrader (MT4). With a Silver Account (the basic account) at GC Option, you only get access to the basic version of the proprietary platform, but as soon as you are on Gold Account level – which only requires a $100 deposit – you will get access to all three platforms.
The proprietary platform at GC Option is called WebTrader and it comes in two versions; the standard WebTrader Classic and the more advanced WebTrader Pro. The WebTrader Pro have more complex tools for advanced traders, especially when it comes to market analysis, charting and technical trading. Both versions do however come with charts provided by the renowned TradingView.
Both versions of the GC Option WebTrader were designed for browser-trading; there is no software to download and install on your computer. Regrettably, there are no mobile apps available – if you want to trade on your smartphone or tablet you need to use the browser window just like you would on a desktop computer.
The MetaTrader (MT4) platform doesn´t really need much of an introduction; it is one of the most famous and beloved trading platforms among retail traders online and has been for many years now. It comes with a wide range of tools for technical analysis, but can feel a bit overwhelming at first since it is so loaded with features. Unlike the GC Option WebTrader, the MT4 is available for download to your desktop computer and you can also download a mobile app to your mobile device (Android or iOS).
Sign-up for a free Demo Account
If you sign-up for a free Demo Account with GC Option, you get $10,000 in play-money that you can use to explore and trade on the WebTrader Classic platform. Regrettably, the WebTrader Pro and the MT4 are not available for Demo Account trading. This is a bit strange, since many other brokers will give you access to the MT4 platform with a free Demo Account.
Account tiers
GC Option has a three-tiered system for their real-money trading accounts. The basic account is called Silver, one step up is Gold, and the top-level is the VIP Account.
A $10 deposit is enough to get started trading real-money in a Silver Account, but if you want a Gold Account you need to deposit a minimum of $100 and a VIP Account requires a $300 deposit. While this is a lot for the really small nano-traders, a $300 deposit is still within reach for many hobby traders and you don´t have to haver very deep pockets to hold a VIP Account with GC Option.
Having a Gold or VIP Account is necessary if you want access to all three platforms – the WebTrader Classic, the WebTrader Pro and the independent third-party platform MetaTrader 4 (MT4). With a Silver Account, you only get access to the WebTrader Classic. The Classic is sufficient for the standard novice trader, but if you want access to more advanced tools for charting and technical analysis you will be better off with a Gold or VIP Account. From Gold-level and up, you will also get trading signals.
Examples of perks that come with the VIP Account:
- Your personal analyst
- 10% bonus money cashback on unsuccessful trades, in accordance with the terms and conditions of the Trading Loss Recovery Program.
- One day a month where all your losses are paid back as bonus money (conditions apply).
- Certain offers of “risk-free” trades (conditions apply)
- Support for Expert Adviser (EA)
Deposits & Withdrawals
GC Option accepts several different types of transaction methods, including a selection of e-wallets, cryptocurrencies, debit/credit cards, bank transfers and wire transfers.
Examples of accepted cryptocurrencies: Bitcoin, Tether and Ethereum
Examples of accepted credit/debit cards: VISA, MasterCard and Maestro
Examples of accepted e-wallets: FasaPay, GrowPay, PayTrust, and Perfect Money
Minimal deposit
The minimal deposit is $10.
Deposit times
How long it will take before deposit shows up in your trading account will depend on which method you use. Cryptocurrencies, e-wallets and credit/debit cards tend to be quick, while a wire transfer can take 3-5 days to process.
Deposit fees
For certain transaction methods, GC Option will charge a deposit fee, so make sure you check up on this in advance. There are no deposit fees charged for cryptocurrency deposits, and certain other transaction methods are also fee-free.
Withdrawals fees
GC Option charges a withdrawal fee on many of the withdrawal options. Typically, the fee is in the 1% to 4.5% range.
Account currencies
Available account currencies:
United States dollar, Euro, Indian rupie, Indonesian rupiah, Malaysian ringgit, and Nigerian naira.
Customer support
Phone support: Yes, +1 646 844 7187 (United States)
Email support: Yes, the address is support@grandcapital.net
Live chat support: Yes, you´ll find it at the GC Option website
Ownership and regulation
GC Option is based and regulated in Saint Vincent and the Grenadines. The broker is a subsidiary belonging to the Russian-based Grand Capital company group.
Just like most other brokers that still offer binary options to retail traders, GC Option is not based and regulated in any of the top-tier countries when it comes to consumer protection. You will for instance not have negative balance protection when using this broker.
GC Option is a member of the International Financial Commission (FinaCom). This is a private Hong Kong-based company. For more information, visit https://financialcommission.org/.
KYC checks
GC Option performs Know-Your-Customer checks to comply with anti-money laundering regulations and practises. You can therefore be expected to be required to verify your identify before you can start making withdrawals from your trading account. Standard procedure is to send them (online) a photo of your ID, such as your passport or driver´s license.
Questions & Answers
Are Contracts for Difference (CFDs) available at GC Option?
No, GC Option does not offer CFDs. This is a broker specializing in binary options only.
Are ladder binary options available with GC Option?
No, GC Option does not offer ladder binary options.
Will I have negative account balance protection with this broker?
No, this broker does not give negative account balance protection.
Will GC Option give me access to MetaTrader 5 (MT5)?
No, the MetaTrader 5 platform is not available through this broker. From Gold Account and up, you will get access to MetaTrader 4 (MT4).
Is automated trading available?
If you have access to the MT4 trading platform, you can use the automated trading features that come with and are compatible with this platform. This includes singal-services and the famous Expert Advisors (EAs) feature.
Can I get an Islamic Account at GC Option?
No, GC Option does not offer Islamic / Muslim / Sharia / Halal Accounts.
Can I get an Indian Demat Account?
No, GC Option does not offer Indian Demat Accounts.
Can I use two-factor authentication to keep my account more secure?
Yes, either with a QR code or by using a compatible external app, e.g. Google Authenticator.
Does GC Option offer VPS hosting?
No, this broker does not offer Virtual Private Server hosting.