Hello,
I got caught on this as well, though I got a quick reply.
Sadly that wasn't the worst of it.
Much later I over-extended myself in a position trade.
They INCREASED the interest charge considerably when they saw me adding to my funds.
Eventually I had to take the loss because I could see no hope of meeting the new interest charge long enough for the position to come good.
I also had problems with entries & exits taking far too long untill the displayed price moved against me.
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Incredibly they offer interest-free accounts also:
GCI Financial Ltd - Online Forex and CFD Trading
Which makes it all extra unfair.
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Here is their explanation for charging you as they did :
(I added the BOLD font, otherwise it's not obvious on a quick read.)
From
GCI Financial Ltd - Online Forex and CFD Trading (at bottom of page)
( Note not on
GCI Financial Ltd - Online Forex and CFD Trading where they have
"Clients can pay or receive this amount, based on their margin settings." - "margin" links to the margin page.)
Standard Forex Account Margin Option
Margin requirements for the Standard Forex and Share CFD accounts are set to $500 per lot by default (2% on shares).
With this margin setting, clients pay the daily carry as per the amounts shown in the "Currency Reference Rates"/"Instruments" window of the trading platform, regardless of position direction. However, clients can choose to have their margin requirements set at $2,000 per lot on non-share products (2% on individual shares), in which case they will pay or receive based on position direction. In this case, negative amounts shown in the "Currency Reference Rates" window are the amounts that the client will pay, and positive amounts are the amounts that the client will receive.
Mini Forex and CFD/Share Account Margin Option
Margin requirements for the Mini Forex and Mini Share accounts are set to $50 per lot by default (2% on shares). With this margin setting, clients pay the daily carry as per the amounts shown in the "Currency Reference Rates"/"Instruments" window of the trading platform, regardless of position direction. However, clients can choose to have their margin requirements set at $200 per lot on non-share products (2% on individual shares), in which case they will pay or receive based on position direction. In this case, negative amounts shown in the "Currency Reference Rates" window are the amounts that the client will pay, and positive amounts are the amounts that the client will receive.
Gcitrading.com -
12-21-2007, 12:01 AM
This is my official experience with GCITRADING.COM -
05-21-2008, 05:26 AM
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