Gftforex.com Review
Forex.com has taken over this company.
Other websites of this company include gfttuk.com and gftasia.com
2008-10-31 NOTE: After several messages to GFT about changes to profit/loss levels after trades were closed, we got an answer. According to GFT, if the profits/losses are in a currency other than the currency your account is denominated in, this profit/loss level will be adjusted on the settlement date of the contract.
Under normal market conditions, this would only result in very minor adjustments, but during times of extreme volatility this could result in some surprises (good or bad) in your account balance a few days after you close a trade.
Make certain that you fully understand this policy and its implications. You might be able to use a multi-day trend to your advantage or might have your profits trimmed if price goes the other direction.
Recent User Reviews of Gftforex.com
I have no re-quotes; stops are not taken out for no particular reason. Inactivity fee only applies if you do not trade for 60 days and it is possible to give them a notice and they will freeze the account so there will not be any inactivity fee.
Customer service is excellent.
One is for sure, if you want to find a good and safe broker you better do your own analysis/research, it is difficult to sift through the post of people who have lost an account and now are mad at the whole world. If I did not have an experience with the GFT UK, I would have an impression that this is a scam.
I would advice anyone looking for a good brooker never open an account with GFT : they 're professionnal scammer . They have ripped me of nearly twenty thousand pounds & the only way to get my money back is via the Ombudsman or to go to court. Here are some trick they 're using to scam their customers :
1) Giving false information about how certain product works : you trade base on an information , & then they change the characteristics of the product if you are winning
2) Cancelling winning trades (but never losing trades) without any notification or any reason.
3) Many different tricks with their platform to prevent you to close your winning trade.
4) Stop order you have previouly canceled reappear coincidentally , closing your winning trade.
Do not hesitate to refer to the police if you're victim of a fraud : http://www.actionfraud.police.uk
www.cityoflondon.police.uk
submit your case to the financial ombudsman with all the details & proof of evidence
& good luck to everyone & thank you to forexpeacearmy.com !
There are some data which is set automaticly, such as users leverage and minimum lot size. Even if you will enter all these data in application form, re-confirm it with them as per your money management and trade plan. For instance, my default leverage had been set as 1:200. Just realize that while your deposit is 10.000USD, you will place an order 1lot (100.000units) with leverage 1:200 :) So it is important for you to know what you want exactly.
Also you can't trade lots less than 1. I mean many brokers accept that type of orders. That's why user must select minimum lot size. It is additional form to submit.
My first account had been opened in Dealbook platform, then I had to tranfer account and deposit to separate MT4 platform. Just for your note.
I tried to trade on Dealbook platform, but actually didn't find it useful.
Gold, oil, etc. charts in MT4 had to be added after. There are some forms which user has to submit.
Shortly, before starting to trade live, make sure that you set up platform environment according to your wish, plan. I have compared their prices with other brokers. +-1 to 2 pips. Price actions are same. Don't blame them just because your poor trades. Improve your trade plan etc. I didn't find any price manipulations.
I think most reviews are written by angry users, while successfull users even don't bother to share their experience.
That's all for now. Will add another review after 3-4 weeks.
A more worrying experience has been when cancelled orders re-appear on my platform and never to the clients advantage. Traders need to keep in mind that the traders loss is GFT's gain. They seem to be actively trading against their clients.
What happened was that on the other day, just before the opening of the markets in the US, I entered a future Sell order for a share that I was expecting to drop that day. The price in that order what slightly lower than the closing price from the previous day, so that only if this share starts going downwards the order would be executed.
When the trading started, the order was executed, and the trading platform showed that the opening price was exactly the price I entered for the order to be executed at, and in a matter of seconds sky-rocketed, leaving me staring at the red numbers of loss running higher and higher (not yet reaching the Stop Loss point).
When checking at other places for the opening price (Yahoo, Google, Bloomberg) they all showed a much higher price, and that the price hadn’t even dropped during this time course to the price where it had been executed.
Immediately I emailed GFT’s local distributer in my country, which no more than 5 minutes later called me on the phone already with a GFT representative from the UK, both already understanding the situation.
They both agreed that something was faulty with my trading platform at that particular time, and indeed the order should not have been executed.
The GFT representative offered with no delay to cancel this position altogether as if it was never opened, and once I said “Yes” it was only a second until I saw it zeroed on my screen, indicating the position was canceled as if nothing had happened, including the commission for the position opening.
So overall, it was a very frightening experience, knowing now that so many things can go wrong if you don’t follow your trading when its on “auto pilot”. But, once detected, GFT’s way of correcting it in regard to speed and professionalism was the best one could hope for.