July 2013 NOTE: Website is now redirecting to GCMFX.com
July 2012 NOTE: Website is now redirecting to FxSolutions.
2010-10-18 NOTE: Gallant FX recently transferred its retail fx clients to CMS Forex. CMS is now transferring its retail clients to Gain Capital (Forex.com). It appears that some clients have been transferred to GCMFX.com
NOTE: Several fake positive reviews have been recieved from inside Gallant's offices. The FPA does not appreciate review spammers.
I spoke to GallantFX a few weeks ago and they told me that only their US clients were sold to CMS. All their international clients are now with Gallant Capital Markets (GCMFX.com) based out of the British Virgin Islands.
Review Moderation Team Note: 4 Star rating removed. This was posted from inside Gallant's offices. Why it would be written as if it came from a client and came with a rating is a mystery to us.
Just one click of a mouse, I received all my profit, plus principle after NFA restricted U.S. clients associating with GallantFX.com.
2010-09-24 09:24 5 Stars This message for nw traders.
With proper money management and strategies, I gained 31% overall in 6 months with this broker.
I ran multiple brokers on my computer, and found that all brokers trended similarly based on daily chart. I used FxOpen, FxDD (Recommend) and GallantFx.
Recently, GallantFx instruduced Micro account. This is great news for traders with low capital.
My experience with the VPS was more less good because it was slow, but they gave me the option of VPS Clasic version based on VNC, it has been very good so far. After of middle October my account was migrated to Gallant Market Capital (off shore). The migration happened without problems.
2010-09-16 09:59 3 Stars Since four weaks ago I have a demo account with their and since two weaks a live account.
Positive: low spread, vps free and MT4 pre-installed, accept EA, fast open account (live or demo), email support, the trade operations are reported once every day by e-mail at 5PM(NY)
Negative. the access to the vps(linux) is slow, swaps in demo is absolutly different that in live account.
the demo account run on my PC & live account in theirs VPS; so far I haven`t withdrawn money.
dont join Gallant with the nfa ruling they transfered the clients to cmfx telling us our accounts will not be closed but cmfx turned around and is going out of business and transferring the clients to Gain and gain is going to close all hedged positions. Gallant sent the notice on the 8 th and 15th its over wow one week notice
Message to Canadian dewd from Canada:
You said in your review that you attempted to withdraw 248.09 but only got 198.09, because there was a 35$ charge.
248.09 - 198.09 isn't 35. What happened to the other 15$?
-Opening a live account has been very easy and fast, even for a company.
-Live chat and phone support is superb.
-Wire transfer deposits are funded to your account in 1-2 days.
-Free VPS managed by Rackspace once you have made a minimum of $500 deposit. This VPS is only accessible via their web-site. You can upload EAs and indicators for MT4 to this VPS through the web interface.
-Good spreads for many exotic pairs such as AUDNZD, CHFJPY and EURAUD
-Email support could be better.
-Average spreads for major pairs.
-Even though a free VPS is a pro, the "con" of this is that the VPS controls are extremely limited.
I will provide rating and more commentary once I have traded with them more, attempt withdrawals, etc.
I have been with Gallantfx for several months now...thru the horrible time with the Boston Technoogies servers.. and the slow VPS.......I can say they have been good at answering the phone when I call and trying to fix my issues. But my last issue has not been resolved even after much phone conversation and emails. When I go short....I do not get filled at the Bid price...it ALWAYS fills my order a pip or so below it even if the tick chart price never goes to that price. So esentially I do not have a 2 pip spread but a larger one...on every trade short I have a pip stolen from me....I have not noticed it on a buy. It seems to fill at the ask ok...but may not be exiting at the bid...but have not noticed it ......Its been weeks and no response. This is a deal breaker for me... I will not tolerate it much longer...and I really like this broker, but not if they can not fix this ....also I wish they offered mobile mt4 so I could just trade normally on my pda. The VPS quit working for me ...to many JAVA issues. to keep up with.....I hope they get there act together and fix this for me...otherwise I'll be looking for another broker.
2009-12-09 08:59AM No rating Was wondering if Gary in Michigan had any facts or evidence to direct us to in regard to the "sunspot is a scam" comment......would like to find this information for myself......if you are sure it is a scam....perhaps you could point me in the direction of your basis for this claim....I know nothing about them but have searched the web and did find the sec sight that said they are no longer registered.......but thats it.....please come forward with something credible other than "its a scam". I know nothing of these people. Am just a simple guy trying to find a good broker....Jim
Oops! I just realized I made a mistake in my review I just submitted a moment ago and want to correct it.
In my review I was also responding to a comment from "Rich" but misread his review a bit. I had thought he was saying he had orders closed on him when gallantfx changed over to their new minimum 0.05 position sizes ( a 5 times increase not a 50 times increase) . After looking at it again I realize I was wrong. He was saying his orders were closed when they changed their server hardware to their new faster servers.
Sorry about that.
On that note though ... I also received emails a number of days ahead of time warning all traders this server change was happening (over a weekend during off hours) and that we needed to close our orders before the weekend.
However with all the dozens of emails most people get everyday I can see how an email like this might not have been noticed so I'm not surprised if some people had left open orders over the weekend when the server change happened.
Truth is it was probably luck that I happened to open my own email regarding this issue. I'm a little more diligent about opening my broker emails now though.
A co-worker put me onto GallantFX over 6 months ago and I've been very happy the entire time.
When I had first started with gallantfx their minimum position size was a mini (0.1) with micro (0.01) increments after that. Then after a short time they tried allowing minimum sizes of a micro (0.01) .
The whole time the spreads have been quite good by most broker standards (IMHO). However last month they switched to a minimum position of 0.05 (1/2 a mini) and then increments from there of a micro (0.01).
My understanding from them was that, since they are a straight through processor (they pass order straight through to the liquidity provider), they could get better spreads from the liquidity provider with larger order sizes.
I was happy with the spreads before but since they moved to the 0.05 minimum order size I have actually seen additional improvement with the spreads.
About this change over to the new minimum ... I think a previous reviewer (Rich) may have made a typo. He mentioned that the increase was a 50 times increase in their minimum. The increase was in fact only a 5 times increase. While 5 times might seem significant given that we're talking about micro lots it's really pretty small when you consider the $ value. Although if you're trading with an account of only a couple hundred then maybe this is more significant.
When the change to the new minimum came I did receive an advanced email warning of the change so it wasn't a surprise by any means. When the change occurred I did have an open order and it was processed correctly and without any issues.
Like a previous reviewer had mentioned, I also wish they had more selection in withdraw methods. However when I have made withdraws (3 since I began with them) they also were done correctly and quickly without any hitch.
I also agree with a previous reviewer that when making a wire withdraw it would be more clear if GallantFX reminded people there was a wire fee on the withdraw form. However, to be fair, I don't think it should be a big surprise because most financial institutions charge a fee for a wire transfer. It's pretty standard in the financial industry ... wire transfers cost money. Either way, a little more clarity would be beneficial for both the customer and, I would think, gallantfx.
Any time I have had any support issues with Gallantfx I have never used their chat. Instead I just pick up the phone and call them and they've always been pretty helpful.
If I was writing this review 4 months ago my biggest complaint would have been their VPS. Sure they have always (at least since I've been there) had free VPS with their accounts ... but it sucked! It was fast enough for EAs but if you wanted to trade manually and do a lot of charting with different indicators it was painful to say the least. Mostly becuase it used some sort of screen scraping technique that made the GUI interface very slow.
Fortunately about 6 weeks ago they changed their technology over to something else and it's very fast now. So my VPS complaint is not an issue anymore either.
I'm sure they're not perfect but all in all I'm happier with GallantFX than with any of the other brokers I've traded with in the past.
Gallant FX changed servers about a month and a half ago. When the market reopened my balances and trade positions were wrong. I also could not open or close trades. I had two trades open during the period. In fixing the inability to trade, they stopped out my positions though my stops were far, far way and the position were profitable. In fairness, they did reimburse their commissions but I missed out on further profits.
More recently, they stopped out 2 of my trades where the stops were not hit. I provided them graphics of the above. They have yet to respond to this in spite of multiple emails and a phone call. I have receipt of an e-mail indicating they received my complaint and were forwarding it to the "right" person for investigation.
On 3/11/2010, they sent out an e-mail changing the terms of their account. An exact quote is "As part of our continued commitment to improve the resources available to our clients, Gallant FX will be updating our contract size minimum. This change will help optimize our current liquidity offering with the goal of providing tighter spreads and improved trade execution. As a result, Gallant FX will now offer contract sizes starting at 5,000 units or 0.05 for all Micro Accounts. These accounts will continue to trade in micro increments, for example, .07, .55, 1.34, 2.18 etc. This adjustment will be implemented after close of market on Friday, March 12, 2010. Please be advised this transition will be seamless and all open positions will be enabled to close at your discretion. "
After sifting through the utter confusion above, I called. The net effect of the letter above is that they are increasing their minimum lot size by a factor of 50.
Three strikes your out, I have requested my account be closed and all funds returned.
I don't know whether this firm is a scammer or not. At the very least they are technically incompetent.