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Gerchik & Co
Rating:
Binary Option Programs Award
Min. Deposit
$500
Min. Investment
0.01 lot
Regulated Broker
No

  1. Gerchik & Co

    Gerchik & Co is an unlicensed forex and CFD broker based in Belize that offers South African investors a classic trading approach with the infamous MT4 platform, a free demo account and various accounts to choose from.

    What makes this company different though and, most importantly, is this another scam that South African traders should stay away from?

    Read our full review and honest verdict to find out.

    The 5 Account Types

    Like most brokers, Gerchik & Co offers South African investors a wide selection of trading account to choose from. The account you choose depends on experience, preferred trading conditions, and available deposit. The broker also has a free demo account available for complete beginners to test out their skills.

    Features you will find in each account, no matter the deposit, are:

    • 1:100 maximum leverage
    • Algo-trading
    • Access to webinars and seminars
    • Risk manager

    All five Gerchik & Co accounts and their individual differences are detailed below.

    Mini Account –> $500 Minimum Deposit

    • Minimum trade size: 0.01 lot
    • Spread: 0.3 pip
    • $10 commission / 1 lot

    Simple Account –> $1,000 Minimum Deposit

    • Minimum trade size: 0.10 lot
    • Spread: 0.0 pip
    • $10 commission / 1 lot
    • Trader statistics service

    Silver Account –> $10,000 Minimum Deposit

    • Minimum trade size: 0.10 lot
    • Spread: 0.0 pip
    • $9 commission / 1 lot
    • Trader statistics service

    Gold Account –> $25,000 Minimum Deposit

    • Minimum trade size: 0.10 lot
    • Spread: 0.0 pip
    • $8 commission / 1 lot
    • Trader statistics service

    Platinum Account –> $100,000 Minimum Deposit

    • Minimum trade size: 0.10 lot
    • Spread: 0.0 pip
    • $7 commission / 1 lot
    • Trader statistics service
    • Individual robots’ development
    • Personal Counseling with Alexander Gerchik

    Demo Account

    Finally, Gerchik & Co offers a free demo account, which is perfect for complete beginners. South African users can practice trading entirely risk-free and develop their skills. Demo accounts are often used by experienced traders as well to test out the broker’s platform before investing any real money.

    Gerchik & Co offers no extra information regarding their demo account, besides the fact that they offer one.

    Trading Platform & Assets

    Gerchik & Co uses the infamous MetaTrader 4 (MT4) platform. This is the most popular trading platform currently in the market and can be accessed either via mobile or desktop. All you need to do is download it from the App Store, Google Play or the Gerchik & Co website.

    The MT4 platform is commonly associated with more experienced traders, but can always be used by beginners as well due to its user-friendly interface.

    It would be good if Gerchik & Co had a second option of their own web trader for beginners, but this is not the only problem. Our team could not find the list of available assets anywhere, so we can only assume (because of the platform used) that they offer South African users the ability to trade CFDs in forex, cryptocurrencies, commodities, indices and stocks – even though this was not mentioned anywhere on their website.

    In general, the entire site appears to be lacking basic information and adopts a half-English, half-Russian approach with random warnings and words in Russian, even though you are on their English-speaking page.

    These are all obvious red flags, because transparency, clear and consistent information and conditions are extremely important for every broker. Any lack of the aforementioned qualities is very suspicious and usually the sign of a fraudulent company.

    Customer Support

    South African users can reach the Gerchik & Co customer support team via email, phone or live chat. The live chat is in Russian, so if you don’t speak any Russian, this is an obvious problem. We would therefore recommend that South African users call them on their English-speaking phone number or via email, where they will hopefully get an English response.

    Company Info & Payment Methods

    Gerchik & Co is owned and operated by the company Gerchik & Co Limited, which is located at the Corner Hutson & Eyre street, Blake Building, Suite 302, Belize City. The co-founder and CEO of the company is Alex Gerchik, hence the name Gerchik & Co. Gerchik & Co is a member of The Financial Commission.

    The broker accepts various payment methods, including credit card (Visa, Mastercard), ePayments, WebMoney, ADVCash and cryptocurrency deposits in Bitcoin, Litecoin, Ethereum and Ripple.

    Verdict: Is Gerchik & Co a Scam?

    After careful review, our team has concluded that Gerchik & Co is not a trustworthy company and South African investors should not invest any money with this broker.

    They are not licensed or regulated under any regulatory agency and their entire website lacks clear and basic information which is extremely suspicious and a sign of a fraudulent company.

    Conclusion: Don’t waste your time with fraudulent companies when you can just trade directly with award-winning, regulated brokers like IQ Option!

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