1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Gallant - missing deposit and close before tp

Discussion in 'Scam Alerts' started by kamdarc, Nov 10, 2012.

  1. kamdarc

    kamdarc Recruit

    Joined:
    Nov 10, 2012
    Messages:
    8
    Likes Received:
    0
    For context, my trading is successful. I generally double accounts twice in a year and am not starting this as a whinge. None of this relates to anything I've failed to do or observe and is in comparison to my three other accounts with different brokers.

    (1) I deposited funds to Gallant fx nearly two weeks ago by wire transfer as I normally do, following their instructions. They have not credited these in over a week, stating that 'sometimes their bank doesn't get all details'. I find this impossible to believe. They claim they need a reference number to prove my transfer went in at my side, which is a ridiculous stalling tactic as far as I'm concerned. The amount I deposited wasn't standard and I don't live in a country with a huge amount of people, so it will be obvious which deposit is mine. As I bank on line, I only get confirmation that funds left my account.

    So I emailed them over the suggested three times and have had no definite response.

    (2) They recently started closing my trades ahead of take profit. I scalp, and 1 to 2 pips is often half my profit. The dollar amounts are tiny as I'm testing Gallant at the moment, but it's most definitely the principle. Meanwhile, the exact same EAs (written and updated by me over the past three years) so the same trades on my other accounts and close at take profit as they used to with Gallant.

    I'd welcome others' feedback if they've had similar issues with Gallant. Due to their weak attempt at stalling, I can only assume that they are heading for closure.
     
  2. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,658
    Likes Received:
    2,205
    First, stop trading with them until issues can be resolved.

    Second, there is a chance that the deposit somehow got misdirected. Asking your bank to trace it from their end is reasonable. Providing the TT number to Gallant's bank is also reasonable.

    Third, treat the early closure as a separate issue and ask them to address it. If you send multiple issues in a question to support and one of them is "where's my deposit?", the other issues are likely to be ignored.
     
  3. FXCobra

    FXCobra Banned for uncivilized conduct

    Joined:
    Jun 30, 2012
    Messages:
    337
    Likes Received:
    4
    Can you explain your case against Gallant more clearly?

    So, it took Gallant to approve the deposit sometime and after you started trading successfully as you say, the broker started to close your orders before TP.
    For the first, your problem had been solved and account is active, unless you have 2 accounts at Gallant broker??

    For the second, if the close before take profit is not frequent, the broker might say that's normal under STP accounts trading.

    Ask the broker about your case and direct them to this thread if they do not show cooperation.
     
  4. kamdarc

    kamdarc Recruit

    Joined:
    Nov 10, 2012
    Messages:
    8
    Likes Received:
    0
    Hello and thanks for your replies.

    I did a first deposit with Gallant and am trading successfully, with that deposit taking 2 to 3 days (from memory) to be loaded. I did a top up deposit more recently and this hasn't been acknowledged or my account updated with it after two weeks.

    Trades are being closed before TP, but a comment here is that this could be STP rules. I'm not aware of these so that may be the answer. My concern is that in a number of years of trading, none of my other brokers close my trades before TP. Also, this started happening in the last couple of weeks. I've been testing Gallant since the end of July this year as the VPS option would work well for my semi-automated trading.

    I'll try raising separate tickets as per the suggestion. At the moment I'm not getting any replies, even from my apparently personal rep there.

    Thanks again for your feedback on this.
     
  5. kamdarc

    kamdarc Recruit

    Joined:
    Nov 10, 2012
    Messages:
    8
    Likes Received:
    0
    Further to this thread, it was indeed my ignorance of Gallant's platform that meant some trades were closed before tp.

    However, as regards the deposit, this still hasn't been credited after providing them with full details from my bank. I've referred the case to the FSC over there in BVI and will also pursue that route to try and recover my funds.

    Part of my strategy is to move funds from a reserve account to buffer potential margin calls. This works well for me on larger accounts. However, because these funds were not credited in nearly a month now, I've had margin calls. I don't expect to get anywhere with this but I think it's worth other traders knowing that until my funds are acknowledged then I can only call Gallant a scam.

    Good luck to anyone else who uses them.
     
  6. FXCobra

    FXCobra Banned for uncivilized conduct

    Joined:
    Jun 30, 2012
    Messages:
    337
    Likes Received:
    4
    Be careful that my previous reply was providing a possible reply from the broker as an excuse for closing orders at not TP.
    Am never assuring that the broker is right for doing so but if you want taking the devil probable opinion:(

    Nothing allows the broker to close an order at not TP price set by the client but it might happen rare times, this is why I told you if it did not happen frequently, the broker might come out with such an excuse.
    Just like when you get an always negative slippage by your broker, that raises big question marks about the broker manipulation and not being STP or ECN but market maker but when that happens rarely, that will not be a main problem to put a broker in the scam spotlight.

    Keep us updated.
     
  7. FXCobra

    FXCobra Banned for uncivilized conduct

    Joined:
    Jun 30, 2012
    Messages:
    337
    Likes Received:
    4
    "it was indeed my ignorance of Gallant's platform that meant some trades were closed before tp"

    Can you explain to us what you exactly meant in your sentence above:confused:

    Seems we just learnt some new strategy of using a reserve account but maybe others can take advantage of because never had a problem with margin calls:p
    In your case, usually depositing through visa or master cards are reflected instantly or within few hours by broker into your trading account, at least for the good brokers, so you must not be in a situation of using such reserve account strategy unless you only like to deposit through bank wire(as you said had done) but your money reached to an unknown path, hopefully for some poor person:)

    Lets hope FSC can help you but ask again your bank for clarification, it must help you too, can't say it don't know what path your money reached.
    Throw some 100 dollars for some employee in the transaction department of your bank, will surely find the secret path of your money & in no time too:D
     
  8. kamdarc

    kamdarc Recruit

    Joined:
    Nov 10, 2012
    Messages:
    8
    Likes Received:
    0
    Hi, re: my ignorance of closing before tp - I meant that Gallant's reply was around execution and "sometimes this happens". I think that FX Cobra's reply, however, suggests that this shouldn't regularly happen. So this would add further weight to Gallant manipulating trades as it is not happening on most trades and only began after a period of time when all was executing normally.

    I accept the risks of margin calls and transferring cash around. It has worked for me with other brokers and my account sizes there are significantly larger than my Gallant one. I'm not playing with thousands of dollars with Gallant as my intention was to test them to see whether they can be true to their claims. This exercise is showing that they aren't.

    My bank has re-clarified the transfer and I sent this information to Gallant as per their suggestion and the advice given here.

    From the (gratefully received) advice in this thread, current status is that (1) Gallant should not regularly close trades and (2) have not credited my deposit sent to them at the beginning of November. I'll be providing further details to FSC, will stop trading with Gallant and find out how to make a scam case on this website.

    Thanks for your interest in this. It's great to know that there's good support out there.
     
  9. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,658
    Likes Received:
    2,205
    Ask your bank to trace the wire from there end. It's rare, but wires can be misdirected or get "stuck" somewhere. More commonly, the wire did arrive and someone on the broker end manages to mess up the paperwork.
     
  10. FXCobra

    FXCobra Banned for uncivilized conduct

    Joined:
    Jun 30, 2012
    Messages:
    337
    Likes Received:
    4
    That's when the 100 bucks will do its magic and solve this case;):p
     

Share This Page