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

GCI took my profits away

Discussion in 'Scam Alerts' started by Omsa, Mar 13, 2014.

  1. Omsa

    Omsa Recruit

    Mar 13, 2014
    Likes Received:
    I opened an MT4 account with the broker GCI (GCI Financial). In the beginning of April 2013 I deposited funds, and in the beginning of May 2013 I started trading. Suddenly, in the beginning of February 2014, GCI disabled my account, showing the balance 0, also the history was empty. I started the live chat with them, and here it is:

    Chat start time: Feb 6, 2014 8:35:46 AM EST

    CFD/MT Dealer: Hello. How may I help you today?
    Me: Hi, my MT4 account 72538 is now disabled. Why?
    Me: It was disabled in the middle of the trades. Now I can not login.
    CFD/MT Dealer: your account is currently under revision
    CFD/MT Dealer: we noticed a pattern of trading in your account in which you place trades when the prices are stalled and/or delayed
    CFD/MT Dealer: this causes off market trades
    CFD/MT Dealer: and is an exploit of the system
    Me: I was never informed from you about that. All EAs are allowed by your policy.
    CFD/MT Dealer: so it's an EA that you are using?
    CFD/MT Dealer: it's an arbitrary EA then
    CFD/MT Dealer: those are not allowed
    CFD/MT Dealer: legitimate, fair market EAs are allowed
    CFD/MT Dealer: not those that just exploit the prices.
    Me: It is not an arbitrary ea, but for news trading. It triggers by its settings and evidently opens trades when the price is stall, as you said.
    CFD/MT Dealer: yes, but if there is no fresh price, how can that be at market?
    CFD/MT Dealer: you need to trade at market rates
    CFD/MT Dealer: moreover, it only "sniffs" out prices which tend to have that minimal delay or lag in prices and simply exploits it
    CFD/MT Dealer: also, we had a technical issue this morning where the prices had frozen. this is when the EA picked those specific pairs to open trades and take advantage of this issue
    CFD/MT Dealer: this, sir, is not real trading
    Me: I am trading for a numerous number of months with you, you could tell it before that for you this is not a real trading. For me it is, and I have many more other brokers with the same EA, and trading and withdrawals were never an issue.
    CFD/MT Dealer: you could try trading our ECN pairs if you want this type of trading
    CFD/MT Dealer: would you like to try that so that we switch your account?
    Me: It is on MT4?
    CFD/MT Dealer: yes
    Me: Than OK, let`s switch. And please, switch also my wife`s account 78108. Her account was also disabled.
    CFD/MT Dealer: ok
    Me: Another thing: i referred my wife. She opened the account via my account number, but we were never compensated.
    CFD/MT Dealer: you need to send an email to compliance@gcitrading.com regarding that issue
    Me: OK, thanks, and have a good day.
    Me: BY the way, when the accounts will be tradable? I mean, when will you make it able again to login?
    CFD/MT Dealer: in the next 5 mins
    Me: OK, thanks, and have a good day.
    Me: Hi Again, the account is still disabled.
    CFD/MT Dealer: yes, working on it
    CFD/MT Dealer: one moment please

    After something like 10 days GCI enabled my (and my wife`s) account. The balance was correct, I was happy. They changed the feed to ECN and wrote me an e-mail saying: "sir, you can continue trading now".

    Than, the first thing, I requested a withdrawal of part of my funds.

    After the withdrawal request, nothing happened for 10 days, I didn`t get the money and the balance was still on my account unchanged. I didn`t place a single order, I started to believe they would play dirty tricks with my trades, so I didn`t want to risk.

    Because there was no evedence of their willingness to pay me what I requested, I e-mailed them, and without their reply I noticed they took away $13.836,30 from my account, and $4.632,39 from my wife`s account.

    Than I e-mailed them two times, saying:


    with this e-mail I am making the second (and last) attempt to solve what I find an issue. Following is the transcript of my first e-mail.

    I am your client, my name, MT4 acc. #72538.

    I am writing because you take off my profits. You said the reason is "Off market EA trading".

    I do not agree with this. The reasons:

    - The account had been open for several months and you have never complained about my trading.
    - If you think that prices are off market it is your responsibility not to accept the trades you are not happy with.
    - Prices used by my EA are the ones quoted by you and supposedly, prices you want me to trade on.
    - After you disabled my account for more than a week, you enabled it again with the ECN feed, and the correct balance. You sent me an e-mail, saying: "Now you can continue trading, sir."
    - Later, only when I requested a withdrawal, you withdrew my money, writing "off market EA trading" as the withdrawal reason.

    I am insisting on these points, and I want you to correct my balance as it was before you withdrew the money.

    If you will not, I will open a scam case against you on Forex Peace Army, and my wife will do the same. So, there will be two documented and advocated scam cases against you at the same time.

    I think I am experiencing serious issues with you.

    I am demanding my money, as well as my wife`s money back.


    They never replied to me, so here am I exposing what happened to me with GCI.

    Attached Files:

  2. Pharaoh

    Pharaoh Colonel

    Oct 3, 2007
    Likes Received:
    They should just ban news trading on non-ECN accounts. Calling an EA that places simple news spike trades an arbitrage EA is misleading at best.

    Brokers do have the right to correct trades executed at the wrong price. Of course, any responsible broker would do this very quickly instead of waiting for months.

    Send them an invitation to join this discussion thread and explain what is happening to your money.
  3. stevesmain

    stevesmain Sergeant

    Jan 30, 2009
    Likes Received:
    If a dealer/broker's station is not robust enough to provide proper prices in the market, then they ought to fix it & not use excuses to take away traders funds.

    A bold warning on their web site should be posted, like on tobacco products in many countries, to caution traders that their system does not keep pace at news times!

    Waiting months to address a problem on their station is obscene!
    GCI seems to like being in hot water, this is not the first time for them.
  4. RahmanSL

    RahmanSL Major

    Jan 16, 2010
    Likes Received:
    "...they took away $13.836,30 from my account, and $4.632,39 from my wife`s account..."

    I am not sure whether you meant that in millions or thousands.....but anywhere, you don't seem to be a novice in the forex market......which brings the question to: "Don't you conduct background check on the broker you entrust your money with??"

    GCI Financial:

    Year since: 2002
    Headquarters: Anguilla, British West Indies
    Company registration: GCI Financial LLC, British West Indies
    Regulation: Not regulated.

    I really don't know how you are going to argue & win with an unregulated broker registered on an exotic island nation....but you might try writing to whatever financial regulatory body they have in the British Est Indies over such complaints....and, of course, you should extend an invitation to your broker's representative to join in the conversation here at the FPA to explain their case.

Share This Page