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Gcitrading.com

Discussion in 'Scam Alerts' started by j16lee, May 24, 2011.

  1. j16lee

    j16lee Recruit

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    Hi, I just joined today. Anyone knows what had happened to gcitrading.com?
    I cannot access its website for two days. But, the trading platform is still working. Thank you.
     
  2. MichelAnge21

    MichelAnge21 Sergeant

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    They used to be a scam from Belize, but they got kicked out from there about a year ago. Now, they are a scam from somewhere else...maybe Panama.
     
  3. Pharaoh

    Pharaoh Colonel

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  4. j16lee

    j16lee Recruit

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    Thank you for your sharing. May I ask which company do you recommend for trading CFD/Forex?
     
  5. MichelAnge21

    MichelAnge21 Sergeant

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    There are many types of traders and many types of brokers. What is your trading style ? What are your criteria for a good broker ?

    First of all your capital must be SAFE. So chose a broker that is regulated in a country that has strict regulations.

    Avoid brokers located in some offshore locations like Mauritius, British Virgin Islands and the likes. Keep in mind that, if an unregulated broker or loosely regulated broker disappears with your money, there will be nothing you can do about it. Your money will be lost. Look at the Prime4x folder to see how thousands of people lost tens of millions of dollars without hope of ever getting their money back in spite of all the FPA efforts to help those folks. Prime4x pretended to be regulated by CySec in Cyprus but it was a lie. They never had a licence.

    Countries with good regulations protect your capital. For example, a broker regulated by any of the countries of the european Union is part of a compensation scheme under MIFID that will compensate your loss in case of bankruptcy of your broker up to the amount of 20 000 euros.


    When you re interested by a regulated broker, verify his registration. For example a british broker should post his FSA licence number and you go to the FSA website to verify that it is valid. A broker located in Cyprus has a CySec licence number that you verify at the CySec website etc.

    If you are American, new regulations pretty much limit you to a US broker or a foreign broker that opened a US branch. Again, check their licence with the CFTC. Plenty of brokers with a US address did not register with the CFTC. A Delaware or Nevada incorporation is always suspicious.

    Regulations by a respectable jurisdiction will give you many guarantees for the safety of your funds, but no guarantee of excellent service and client support. For quality of service, check the reviews left by clients at the FPA.

    Now, your trading style. If you are a scalper, verify that your broker welcomes scalper. And look for a broker with very tight spreads and instant execution.

    If you want to trade at news time, a broker that has fixed spreads might be best. And you need instant execution without latency

    Remember that brokers that offer fixed spreads are more likely to use requotes.

    Me, for example, I hate requotes, so I have a broker who widens his spreads at news time and I dont care because I dont trade during news time.


    If you use an EA, make sure that your broker accepts your EA. Some EAs are not welcome because of the number of queries they send to the server or other reasons.

    Always read the terms and conditions with great care: especially the trading conditions. We get members who come here crying their profits were deleted for " scalping " and the broker s contract clearly said that all trades had to stay open a minimum of 2 minutes ( for example ).

    Hope that was useful. Finally, if you want to know I use GoMarkets regulated by ASIC ( offers good protection of funds ). Spreads widen a lot at news time ( not good for a news trader ) Latency can be about 2 seconds ( not that good for scalpers ) but I m glad I never get an irritating requote. Phone support is good ( but at australian business hours....) Besides Forex, they offer only Gold and Silver ( .05 lot minimum on XAU and XAG )
     
    #5 MichelAnge21, May 25, 2011
    Last edited: May 25, 2011
  6. j16lee

    j16lee Recruit

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    Thank you Michel. The info helps alot. Thanks again.
     
  7. GCI Financial

    GCI Financial GCI Rep - There is an FPA Scam Finding against GCI

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    The correct answer to j16lee's question

    j16lee,

    First of all, I would like to apologize for the fact that you were not able to access our website.

    Having said that, asking here about anything GCI Financial related, will generally get you an answer such as:

    Some random text … because they are SCAM … here’s “proof” …

    The correct explanation in this case is that we were victim of a DOS attack. It happens every few weeks but the trading platforms are/were not affected. We pay our webmaster enough :) even though he is not in charge of keeping our servers up and running ...

    My apologies also for not putting that info up on Twitter directly.

    I recommend you contact your RM directly next time. He or she will be glad to answer your questions in a timely and professional manner! I'd also like to thank you for your interest in our website and hope that in the end you were able to find the information you were looking for. If not, please do not hesitate to contact us.

    Best Regards,

    David
    GCI Financial
     
  8. MichelAnge21

    MichelAnge21 Sergeant

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    GCI

    Just pay the money owed to your clients. I m pretty sure it s the best way to get a scam rating lifted
     

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