This is my official experience with GCITRADING.COM
IMPORTANT : TO ALL RECRUITS AND TRADERS WHO SEEK THE TRUTH AND HONESTY .
TODAY IS 21th of May 2008 , I'm writing this because yesterday I've opened a buy position with Eur/Usd today I came to see this :
The rollover (daily interest ) on my Buy position on the EUR/USD is - 0.3 ,
I was shocked when I saw that , so first thing first , I contacted their LIVE help section and this is my discussion with them :
Chat InformationPlease wait for a site operator to respond.
Chat InformationYou are now chatting with 'Admin'
Admin: Welcome to GCI Financial-Customer Support, how may I assist you?
you: hi , I have a problem with the rollover rate
Admin: what is it?
you: I bought Eur/Usd yesterday and the daily interest (rollover ) supposed to be + 0.3 now it's negative -0.3 how come??
you:how can you help to solve this issue ?
Admin: Send an email to email@example.com
you: excuse me ??
Admin: Send an email
you: how do i know if they 'll respond .
Admin: they shall
you: I hope so
OK this is what happened today with me , I'm waiting for their email from their support I'll keep updated if they resolve my issue or not .
I attached screen shots so every body can see what I'm talking about .
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.
I AM HAVING 2 TRADING A/C WITH GCI CFD6786 AND MT4 74346 I HAVE TRDED ON 02/10/2013 AND I GOT PROFIT OF $6267.57 IN CFD AND 211695.56 IN MT4 ACCOUNT i have done near abt 90 trades in cfd6786 & near abt 100 in mt4 on 02/10/2013.Iwas very happy bcz i had huge profits in maximum trades and i kept some opened positions which are running in losses.But at the end of the day GCI closed all my open positions in both accounts and reversed all the profits what i earned hole day. Then i contacted the delar and had a live chat he told the their was some technical issue in the pairs what i traded that why they have reversed the profits what i made and also he told that the profits were not legitimate. there were issues in pricing in USDINR. .But how can i know their was a technical problem unless they inform me but their was no informatiom from their side.Delar told me over the chat that you are just trading the spikes in this instrument.i informed the delar that when profit was comming i was closing the positions and some of the trades i got losses also but over all i was in profit fits.FOREX itself is very volitil so how can he say that.delar told that we do not offer that type of trading.if any technicall issue is their than how can a pair trade in real account?that too i was trading in MT4 the best softwear.And when i was placing the orders they had not informed me at all that their was technical issues.when i earned huge profits in trades then at the end of the day they are telling this.That means entire day i was trading like a fool???GCI might have earned the HUGE commisions on my trades?
GCI reversed all my profits in MT4 and in cfd both accounts.more over GCI delar is telling that is not real trading what i done in my REAL MT4 trading account.How can he say this !! i got confussed. but they have made my account as before the start of the day.as the money is huge
I started a demo account with GCI Financial and within 3 weeks i had turned their 50,000 dollar demo money into 2.7 million dollars. Of course i was excited and asked someone called Markus on the live chat if the demo account was exactly the same as the live account. He said that the software and everything was the same so the next day i opened a live account and transferred 500 euros into my live account. From the word GO i had problems with their software. I had a nightmare explaining my problem to them and after sitting by the computer screen for 6 hours they finally resolved the problem without no form of apology or nothing for wasting my time with their problem riddled software. So at once i started to trade but quickly i realized that their margins were no where the same as on the demo account. This made me a little suspicious but i tried to remain positive and carried on trading. The only margins that were possible to make some gains were only on Gold, all other currency pairs the margins were so small that i thought it was better to stay betting on Gold. Within a few hours i had turned 500 euros into 4000 euros and then the next day i turned the 4000 euros into 13900 euros and then suddenly i started to experience problems with their software...Gold trading just stopped and then all the currency pair boxes just disappeared off the screen. I asked the live chat person again who was Markus why this had happened to which he had no answer apart from contact the dealing desk at gci trading. Great!!!
This morning i logged onto my GCI account to see if the problems had been fixed and i noticed that 10300 euros had been deducted from my account. I was shocked! i contacted the live chat again to ask what had happened to my account and this was their reply.....Dear Mr. Costa,
You may have noticed an adjustment in your account today.
This adjustment in your trading account reflects reversals to your Binary Options trades. In accordance with GCI's Risk Disclosure that you executed, GCI reserves the right to make adjustments to your account:
Quoting errors: Should quoting errors occur due to a dealer’s mistype of a quote, errors in an automatic price feed, or an erroneous price quote from a dealer, such as but not limited to a wrong big figure quote, GCI will not be liable for the resulting errors in account balances. GCI reserves the right to make the necessary corrections or adjustments on the account involved.
We apologize for any inconvenience this may have caused. This adjustment was executed across the board for all trades which were affected by this technical anomaly.
This adjustment is reflective for GOLD trades only for yesterday's (Jan 17, 2014) trade date. It was a holiday in the US and trading in Gold was thin and less liquid. As such, that made it conductive to erratic price movements and also the ability to abuse minimal lags and ticks.
As you may be aware, we are discontinuing our offering of our binary options system. You may continue trading our spot Forex and Gold which offers far greater liquidity and execution
We thank you for your understanding in this matter. We value your business.
Hi, Markus. I'm sorry to hear that. I believe every word about GCI Financial, because they show me exactly the same Risk Disclosure to explain me why they deducted $12.000 of $13.000 that I and my partners have earned during 8 months (from April 2013 to December 2013). This was their reply:
You may have noticed an adjustment in your account today.
The reason for this adjustment is for retroactive swap charges on your EURNZD trades in which you were erroneously being paid swaps instead of being charged. In light of this, the amounts which were paid were reversed and then applied as a charge (bringing equity to par).
This happened after 8 months!!!! How can I know that there is an error? And if the error exist... Have I to pay for this? If I had realized that they charging swap (instead of paying swap), may be I had closed the position before.
Everyone gets scammed by them. For starters, they are UNREGULATED. So, your only recourse is to file a complaint in New York with CFTC as they already have an ongoing investigation against the owner of this company, Mitchell Vazquez.
After joining in Forex I always want to go with a regulated trading platform which provides best trading facilities and features with attractive bonus. so, after doing long time analysis, I have chosen GCI Financial as my trading platform. Because, this regulated trading broker has over 12 years market experience. That means. GCI is not a market broker. On the other hand, it has been awarded as ‘Best Forex broker’ for several times. So, I am very comfortable with my big trading capital. by the way, I have opened my live account with 30% welcome bonus. Even, now I am getting 4% interest from this regulated trading broker. All ‘GCI’ trading software provides quick and real market price that helps me very much to make accurate market analysis.