GCI Trading review: Platforms, Trading Instruments and Broker Ratings.
What is GCI Trading?
GCI Trading is a forex broker offering the MT4 and ActTrader forex trading top platforms.
GCITrading.com offers over 35 forex currency pairs, stocks, indices, futures, commodities, gold, silver and oil for your personal investment and trading options.
Please read GCI Trading Reviews below and share your live trading experiences with this broker.
January 24, 2013 Update: The FPA has lifted the Scam Finding agaist GCI. The client who made the complaint and GCI have reached a mutually satisfactory agreement. The FPA considers that issue to be fully resolved.
|Minimum Trade Size:||0.01|
|Minimum to Open Live:||$500|
|Address:||Griffith Corporate Centre Kingstown, Saint Vincent And Grenadines|
|Contact:||email@example.com, + 1 800 604 2457|
|Trading platforms:||MT4, ActTrader|
|Web Trading:||✅ Yes|
|Mobile Trading:||✅ Yes|
|CFD:||(205+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities|
|Deposit Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Neteller, PerfectMoney, Skrill|
|Withdrawal Methods:||Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Neteller, PerfectMoney, Skrill|
Recent User Reviews of GCI Trading
Opened a 2000 USD REAL account with GCITrading.com November 21, 2008. I was told the DEMO and REAL account are identical. It turned out to be false. The REAL account prices are manipulated. The videos below caught their price manipulation in the act for all to see. Try to open a SELL Oil position at 54.00, however after a long delay a REJECTED WINDOW pops up telling me the prices moved down to 53.90. But this is not true, because the Platform prices remained at 54.00. So I quickly tried to open a BUY Oil at 54.04 to see what would happen, again the REJECTED WINDOW pops up telling me the price moved up 54.14. EVEN THOUGH the platform price spread remains at 54.00 - 54.04. Please note, THIS IS NOT A ONE TIME OCCURRENCE.
I made a screen recording to prove my case. Go to these links and download the video. [copy and paste link if necessary]
The downloaded video is much [MUCH] sharper then the webpage video, but may take awhile to download.
You also need to set Windows Media Player to full screen to see the details.
Here are 2 more videos showing an attempt to close the same SELL Oil position at 54.00. In one video the price REJECTED PRICE WINDOW pops up with a new price of 53.75. and in the 2nd video a change to 53.85.
That's a 15 to 25 pips below the platform SELL price of 54.00 price. A price manipulation of plus 15-25 pips CLEARLY in favor of GCI.
All the while the Platform price remains steadfast at 54.00 - 15.04 even after open and closing both pop up windows. Price manipulation ALWAYS in increments of 5 i.e. 10,15,25 etc
More videos on price manipulation
The next video is to show the DEMO vs. REAL price update. The REAL is deliberate faster to justify that your market order supposedly jumped against you right when your order went trough. It's ironic that the price ALWAYS jumps against you but never for you. My email address: People.Email@yahoo.com
I opened a live account with GCI (Metatrader platform). When I tried to place a limit order I had to wait 5 minutes or more for execution and 3 minutes to cancel a limit order.
I called the helpdesk for that problem han they told me that something strange was happening because the execution is normally immediate in the Metatrader platform. They told me that technical people would solve that problem and to try the platform the day after. The day after I had the same delay (5 min.) so I closed the account immediately.
Imagine you have placed a limit order near a breakout level, and prices start moving against your prediction, so you change your mind and you cancel the limit order .... waiting 3 minutes to have the cancel order executed is completely unacceptable.
I do not recommend this broker unless you are trading in a daily chart or bigger timeframe.
Don't open account with GCITrading.
COnfirmation of order takes minutes (becuase they are manipulating)!
I had an order with a SL at 20 pips distance and the platform exectuted that SL at 84 pips on eur/usd pair.
I work with other three brokers and that is not happening even the volatility is very very high. The SL order is executed on time and at its value.
I want to withdraw all my money from this scam and liquidate the account.
However if you trade on a longer timeframe and don't have any problem with a slippage of a few ticks then they are great! (show me a broker without commission and slippage, it does not exist)
Also their payment department needs a special mention, I have never had a withdrawal being made as fast as these guys do it, that's a great plus!
They also ignore your e-mails/message when you question the charges.
To my amazement the money showed up 20 minutes later in my paypal account. A fee was deducted by paypal as usual but none by GCI. Again, I'm pleasantly surprised and can't imagine money being transferred any quicker.
I still have issues with getting fills in fast moving markets like the Hang Seng, and slippage is a little excessive but if you don't scalp then this really isn't that big an issue.
If you don't know how to trade don't blame it on someone else. Have been trading with GCI for two and a half years have no problem with them at all. Always get my funds in no longer than 2 days.