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Gcitrading.com

Discussion in 'Forex Brokers' started by Administrator, Dec 20, 2007.

  1. Administrator

    Administrator Just Administrator :-)

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  2. student

    student Recruit

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    Hello,

    Is anyone consistently making money with this broker?

    Thanks
     
  3. abman4444

    abman4444 Recruit

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    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 :

    This functionality requires JavaScript. Please enable JavaScript and try again. To read the LivePerson accessibility policy, please go to the Liveperson accessibility policy page.
    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
    you: ??
    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 fxdealing@gcitrading.com
    you: excuse me ??
    Admin: Send an email
    you: how do i know if they 'll respond .
    Admin: they shall
    you: I hope so
    Admin: welcome

    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 .

    Let's wait and see .
     

    Attached Files:

  4. student

    student Recruit

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    Re: Gci interest charges and more

    Hello,

    I got caught on this as well, though I got a quick reply.

    Sadly that wasn't the worst of it.

    Much later I over-extended myself in a position trade.
    They INCREASED the interest charge considerably when they saw me adding to my funds.

    Eventually I had to take the loss because I could see no hope of meeting the new interest charge long enough for the position to come good.

    I also had problems with entries & exits taking far too long untill the displayed price moved against me.

    --------------

    Incredibly they offer interest-free accounts also:
    GCI Financial Ltd - Online Forex and CFD Trading
    Which makes it all extra unfair.

    ---------------


    Here is their explanation for charging you as they did :
    (I added the BOLD font, otherwise it's not obvious on a quick read.)

    From GCI Financial Ltd - Online Forex and CFD Trading (at bottom of page)
    ( Note not on GCI Financial Ltd - Online Forex and CFD Trading where they have
    "Clients can pay or receive this amount, based on their margin settings." - "margin" links to the margin page.)


    Standard Forex Account Margin Option

    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.
     
  5. abman4444

    abman4444 Recruit

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    what i have discovered so far about GCI trading

    Yes they've changed their policy and they do charge you on BOTH bullish and bearish positions if you want to earn interest you must change (LOWER) your leverage to 50:! instead of 200:1

    PS : demo account doesn't reflect LIVE accounts at all !
     
  6. muralikrishnareddy

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    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
     
  7. Markus Costa

    Markus Costa Recruit

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    Hello,
    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.


    --


    Best Regards,
    Dealing Desk
    GCI Financial
    www.gcitrading.com


    Can u believe these people??? True scam artists!! IF YOU INVEST WITH THESE PEOPLE AT GCI FINANCIAL YOU W I L L LOSE YOUR MONEY GUARANTEED.....DONT DO IT!!!
     
  8. omnardez

    omnardez Recruit

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    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:

    Dear Sir,
    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.

    Could this be consider as scam from GCI?
     
  9. spottrudy

    spottrudy Recruit

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    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.
     
  10. kemer roach

    kemer roach Recruit

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    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.
     

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