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GKFX.com (was SmartLiveMarkets.co.uk)

Discussion in 'Forex Brokers' started by Administrator, May 18, 2011.

  1. Administrator

    Administrator Just Administrator :-)

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  2. Chris Houston

    Chris Houston Recruit

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    Stick To What You Know!

    Whilst I am delighted to hear that Peter from Surrey has had a wonderful service from SLM (a subject where he allegedly has first hand experience). I am less than impressed that he takes it upon himself to criticise mine and other people's posts just because he has not shared our experience? He has no knowledge of my experience and consequently has nothing useful to say on the subject.

    The risk of such comments is that he appears too good to be true and might consequently be thought to be in the employ of SLM, who knows?
     
  3. jamnob

    jamnob Recruit

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    Hello Administrator,

    Sorry if my English will not be that much good.

    I have a problem with http://www.gkfx.com/ , started on October 2012 which I will explain below.

    Am a funds manager, and the strategy that am using for management depends on getting bonuses from market makers.

    Simply I do hedge between 2 companies while each one of them will add to my account a percentage of bonus on each deposit my clients do. I will open buy trade with broker A and on same time & price & volume I'll open sell trade with broker B.

    While using full equity trading approximately after 100 pips one of my accounts will lose all of his money + bonus and the other account will be doubled + the bonus from the other account.

    "if needed more clarifications I'll explain more"

    So my management style is safe and am not a classical funds manager. and I don't take risk of my clients money .

    I had a contact with GKFX dubai office on July 2012, to start working with them as IB and I explained that am using this way for funds management, my strategy was explained over the phone for their Arabic representative in U.A.E which here name HIBA EMAD & HAITHAM TURK.

    They agreed to give each of my clients in his account 10% on EACH deposit he do , and to pay me as an IB a rebates + 30% of total clients losses monthly - on the other hand I'll pay 30% of the clients profit monthly so it was a PnL agreement.

    Attached a copy of the agreement.

    GKFX knew about our business model, and how we are working, when a client loss his money with GKFX , they will not require him to pay the bonus which he lost, and when he double with GKFX and ask for a withdrawal the company will remove the bonus because he is not allowed to withdrawal that bonus unless he reach a certain amount of volume, and since we are not looking to trade and earn that bonus we had no problem with that.

    These details are not mentioned in the agreement this way, but that was confirmed hundreds of times by their representatives in U.A.E on phone, and I have a proof that it was agreed not to pay lost bonuses.

    The proof in the attached image and statement .gkgx1.jpg (149.8 KB)

    1-A bonus amount of 1792.5 USD added to the account.
    2-the client traded 21 lots of EURUSD and lost his deposit + the bonus.
    3-deposited again and earned new bonus.
    4- traded a profitable position.
    5- asked for a withdrawal .
    6- all bonuses removed.
    7- we spoke to the company to remove only the last bonus and not to remove the lost bonus.
    8-they've made a correction and returned the lost removed bonus to the account.

    This is a proof that this was the situation, I can provide 20 accounts with their access that they are removing bonuses only when we ask for a withdrawal, and lost bonuses the client won't be asked to pay it back.


    Simply this is the case, on October 1st,2012 GKFX without any prior notice took all amount of bonuses from all of our accounts.

    All amount we lost at one time of a total bonuses passed 150 K USD.

    Account login: 17075
    Inv. Password: abc123
    Server: 80.169.15.100
    You will see live what happened to the account.

    That was just an example.
     

    Attached Files:

  4. jamnob

    jamnob Recruit

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    Hello Administrator,

    Sorry if my English will not be that much good.

    I have a problem with http://www.gkfx.com/ , started on October 2012 which I will explain below.

    Am a funds manager, and the strategy that am using for management depends on getting bonuses from market makers.

    Simply I do hedge between 2 companies while each one of them will add to my account a percentage of bonus on each deposit my clients do. I will open buy trade with broker A and on same time & price & volume I'll open sell trade with broker B.

    While using full equity trading approximately after 100 pips one of my accounts will lose all of his money + bonus and the other account will be doubled + the bonus from the other account.

    "if needed more clarifications I'll explain more"

    So my management style is safe and am not a classical funds manager. and I don't take risk of my clients money .

    I had a contact with GKFX dubai office on July 2012, to start working with them as IB and I explained that am using this way for funds management, my strategy was explained over the phone for their Arabic representative in U.A.E which here name HIBA EMAD & HAITHAM TURK.

    They agreed to give each of my clients in his account 10% on EACH deposit he do , and to pay me as an IB a rebates + 30% of total clients losses monthly - on the other hand I'll pay 30% of the clients profit monthly so it was a PnL agreement.

    Attached a copy of the agreement.

    GKFX knew about our business model, and how we are working, when a client loss his money with GKFX , they will not require him to pay the bonus which he lost, and when he double with GKFX and ask for a withdrawal the company will remove the bonus because he is not allowed to withdrawal that bonus unless he reach a certain amount of volume, and since we are not looking to trade and earn that bonus we had no problem with that.

    These details are not mentioned in the agreement this way, but that was confirmed hundreds of times by their representatives in U.A.E on phone, and I have a proof that it was agreed not to pay lost bonuses.

    The proof in the attached image and statement .gkgx1.jpg (149.8 KB)

    1-A bonus amount of 1792.5 USD added to the account.
    2-the client traded 21 lots of EURUSD and lost his deposit + the bonus.
    3-deposited again and earned new bonus.
    4- traded a profitable position.
    5- asked for a withdrawal .
    6- all bonuses removed.
    7- we spoke to the company to remove only the last bonus and not to remove the lost bonus.
    8-they've made a correction and returned the lost removed bonus to the account.

    This is a proof that this was the situation, I can provide 20 accounts with their access that they are removing bonuses only when we ask for a withdrawal, and lost bonuses the client won't be asked to pay it back.


    Simply this is the case, on October 1st,2012 GKFX without any prior notice took all amount of bonuses from all of our accounts.

    All amount we lost at one time of a total bonuses passed 150 K USD.

    Account login: 17075
    Inv. Password: abc123
    Server: 80.169.15.100
    You will see live what happened to the account.

    That was just an example.
     

    Attached Files:

  5. GKFX

    GKFX GKFX.com Representative

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    Hello

    There are usually two sides to every story, and when someone publishes an article on a forum, it can be somewhat one sided and not always entirely accurate.

    I cannot comment publicly on individual cases as this would be in breach of client confidentiality and as this matter is in the hands of our legal department it would also not be appropriate.

    We at GKFX pride ourselves on our professional manner and treating our clients and business partners with respect. Sadly something that is not always reciprocated.

    If this person genuinely had a legal issue then it could have been dealt with by his lawyers, instead he has taken to a forum in an attempt to tarnish our good name; another issue that our legal team now have to deal with.

    In addition to the above, for an individual to go into this much alleged detail would also be in breach of the confidentiality clauses of his contract.

    It is always regrettable when there are disagreements, but it is better for the parties to talk them over between themselves rather than write a piece of fiction.

    Sadly, instead of trying to resolve this matter, this person has made things even worse.

    GKFX (Compliance Dept)
     
  6. jamnob

    jamnob Recruit

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    Am still ready to speak about the problem trying to find out a solution.

    I have no interest to speak about the problem on public forums. all what I need to reach a solution for this issue.
     
  7. fxmike1

    fxmike1 Recruit

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    [langtitle=de]Erfahrung mit GKFX[/langtitle]

    Hallo,
    ich möchte meinen Broker wechseln. (bessere Spreads und Order Ausführung)

    Hat jemand Erfahrung mit GKFX?
    Ich teste im Moment einige Broker und finde GKFX sehr gut!

    Danke für Eure Antwort!

    Gruß
    Mike
     
  8. Digitalis

    Digitalis Recruit

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    Ok it's an old thread but felt it time to get something off my chest and this seemed a relevant place, rather than clutter things up with a new thread.
    I opened an account with SLM in 2011 because they were the first in UK (I think?) broker to offer spreadbetting = no tax!
    All went very smoothly, made good steady profits and account was up about 30% by Q3 2012. Mostly through scalping news reversals. Can't remember when but by September they were now GKFX.
    Then October 2012 it all went horribly wrong. Up to 7-second delays initially on orders being filled. That went up to 35 seconds and more. It took a while but it finally dawned on me that the dreaded MT4 Virtual Dealer Plug-in would, how can I say this... ermmm - would have created very similar results?

    What really got my goat was the response from GKFX. The initial attitude was supercilious, to say the least and almost accusatory.
    At the time, their website stated "Scalping Welcome" (I note it has now disappeared.) Here's their initial reason for the delays:

    "Your orders are not going through at high speed because of the fact all you seem to do is scalping trades and are going through additional price and verification checks before being accepted." Hmmm so been trading a year with them no problem, suddenly a need for "additional price and verification checks." Yes. Quite. They then quoted the small print from their terms re scalping. But pointedly ignored my pointing out the "Scalping Welcome" statement on their website.

    Ended up with "...[FONT=&quot]if this is your sole modus operandi then I am afraid you may be better to look elsewhere to trade".

    So I did. Great pleasure in closing out the account which had reduced to £25k thanks to their additional %^£&$ checks, which they didn't even have the courtesy to notify me about.[/FONT]


    I guess it's one of the issues dealing with a broker who doesn't subscribe to a No Dealing Desk policy. I'm now trading STP with another UK broker, spreadbetting still, and scalping 1 pip at a time with no problem at all. I'll never go back to dealing with a broker who "might" have a vested interest in me losing trades.
     
  9. IrwanI

    IrwanI Master Sergeant

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    I will try GKFX soon
     
  10. Pipsman123

    Pipsman123 Recruit

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    I am really confused about this broker, they seem very nice but when I checked forexpeacearmy, there are a lot of negatives, then to my supprice I found 2 different websites http://gkfxecn.com and http://m.gkfx.co.uk/ now I wonder if they are the same broker, or two different brokers with the same name?
     

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