GFT Forex

Category: Forex Broker Reviews http://www.gftforex.com Average user rating from: 17 user(s) Broker Rating 1.2   Add new review Your name:* Your email address (it will not be published):* Your location: Select location: Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Arctic Ocean Aruba Ashmore and Cartier Islands Atlantic Ocean Australia Austria Azerbaijan Bahamas Bahrain Baker Island Bangladesh Barbados Bassas da India Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Clipperton Island Cocos Islands Colombia Comoros Cook Islands Coral Sea Islands Costa Rica Cote d'Ivoire Croatia Cuba Cyprus Czech Republic Denmark Democratic Republic of the Congo Djibouti Dominica Dominican Republic East Timor Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europa Island Falkland Islands (Islas Malvinas) Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern and Antarctic Lands Gabon Gambia Gaza Strip Georgia Germany Ghana Gibraltar Glorioso Islands Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong Howland Island Hungary Iceland India Indian Ocean Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Jan Mayen Japan Jarvis Island Jersey Johnston Atoll Jordan Juan de Nova Island Kazakhstan Kenya Kingman Reef Kiribati Kerguelen Archipelago Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Navassa Island Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea Northern Mariana Islands Norway Oman Pacific Ocean Pakistan Palau Palmyra Atoll Panama Papua New Guinea Paracel Islands Paraguay Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Reunion Republic of the Congo Romania Russia Rwanda Saint Helena Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Spratly Islands Sri Lanka Sudan Suriname Svalbard Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Togo Tokelau Tonga Trinidad and Tobago Tromelin Island Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom USA Uruguay Uzbekistan Vanuatu Venezuela Viet Nam Virgin Islands Wake Island Wallis and Futuna West Bank Western Sahara Yemen Yugoslavia Zambia Zimbabwe Ratings (the higher the better) Broker Rating Rate it Scam 1 2 3 4 5 Comments:     Please enter the security code. Add new review Reviews Feed February PROMOTION Learn more. FOREX JUSTICE SPOTLIGHT ARTICLE   Read more. Company response We have not received a comment or response from this company. User reviews SCAM Tuesday, 25 January 2011 Written by william from USA i have an account with this company and they charge me $50.00 just because i skip one month with out place a single trade they said when you dont trade for a month they charge you a feed of $50.00 us dollar this is a scam how can you charge $50.00 if you dont trade for one month stay way from them they else have some others fee that no other broker have if you want to test just dont trade for one month and you will see you account been debit some mone with out you even trading Wednesday, 24 November 2010 Written by Mark from Greece They are not a scam - and they have nice features on their platform BUT they have some really BAD practices. 1 they close your account with no reason, and they are being banned from more and more countries, they are struggling to get their new system up also. their customer service is not that great - I'd hate to be in a trade and need to come out and have to be explaining for so long - also their CSRs are not very familiar with their paltform - Id say Stay away. SCAM Saturday, 22 May 2010 Written by Max from USA This is my personal experiences with GFT. I had several live accounts with them since 2004. What a SCAM…..!!!! (Capitol letter) SCAM..!! First of all they have banned me from having an account with them with no explanation. I have not sued them with the NFA or neither file a complaint with them…. What a joke..!! 1- The reason you should not trade with them is because they are NFA member..!!! 2- They are trading and holding all your trades against you every time you are in the ‘wrong side’ of the trade. 3- They are not reporting your trade straight to the CBOT as they should unless you are on the ‘right side’ of the trade. Instead they are holding your position until you got in the wrong side of the direction of the market and able to cash your losses direct to their Bank (Morgan Chase)..! 4- They are telling you that if you maintain a position in a “wrong side” or ‘Right side’ of the trade after 5PM they are closing your position and replace your trade at the market price…..!!!! What…?????!! Yes, They are closing your trade. Their statement is….”…YOU DON’T OWN THE POSITION YOU ARE HOLDING THE POSITION”….. What…???? …… (Meaning) if you are on the ‘wrong side’ of the trade we can go head take your money at front and then (if you lucky) able to make it back and get even the next day………… (I will explain it further in a moment….) 5- Let assume you are getting in the ‘wrong side’ of the trade and you need to add positions…. they are ‘AVERAGING’ your position instead to honor your price ‘Buy’ or ‘Sell” at the time of your price/trade. …..WHAT????? (I will explain further in a moment as well……) 6- Slippage……!! Ohhhh yes…. 7- “POSITION PENDING”…. Ooohhh yes……!!!! 8- Platform crash…..Oooohh yes….!!! 9- Not hedging….Ohhhh Not..!!!! Now back to paragraph (4)-(5). I have an account with CCcapitol in UK with $300k ($300,000). They indeed charge me high spread. However, they are honoring all my trades position. If I need to add to my ‘wrong side ‘of the trade they are filled at the ‘PRICE’ requested and ‘MAINTAIN’ the position/trade into next trading day or even in to days ahead…!!!!!! I will explain with an example; I bought (Long) 10 full lots EUR-USD @ 1.3300. Now the market is going south down to 1.3200. I am in a loss of a total 100 pips ($10K). So without panicking I am adding positions with an extra 10 full lots, going (LONG) @ 1.3200. Then the market is finally reversing and retesting the 1.3300 area. So far so good, I have 100 pips in profit of my last trade made (1.3200 through 1.3300) and ‘0’ losses on the first trade made @ (1.3300). So I have the chance to close with 100 pips in profit the last trade @ (1.3200) and able to get out the first trade made @ (1.3300) with few pips in losses or even few pips in profit (knowing that I have made already +100 pips in the previous trade). Now with GFT the same scenario (this is how they are going to get you ….)! I bought (Long) 10 full lots EUR-USD @ 1.3300. Now the market is going south down to 1.3200. I am in a loss of a total 100 pips ($10K). So without panicking I am adding positions with an extra 10 full lots going (LONG) @ 1.3200. Well well well they are averaging your trade at 1.3250….WHAT…???? YES they are averaging your adding position 50 pips higher where the market price is actually is…which it is @ (1.3200)..!!! So you still under ‘50’pips in the red until the market is hitting 1.3250, (If it will). So now you are physiological stressed and thinking,” ok few pips above 1.3250 I will be out ...!”…. Which I did several times …!!!! What a joke..! Now The same scenario with (both accounts CCcapitol and GFT). The EUR-USD instead to get back up to 1.3300….. It will go further south. Let’s assume the market hits 1.3000..!!!!! Ohhh God…!!! Now what…..??? Well I am 300 pips in the negative with the first trade made, and 200 pips in the negative with second trade made. With my current Broker (CCcapitol) I am adding position @ 1.3100 and 1.3000 as well. Ok now I have 4 trades of a total 40 full lots ($40k) in the market 1 trade [10 lots] @ 1.3300 = -300 pips 1 trade [10 lots] @ 1.3200 = -200 pips 1 trade [10 lots] @ 1.3100 = -100 pips 1 trade [10 lots] @ 1.3000 = 0 pips Now the market reverse the next day going back (let’s assume) @ 1.3150. My last 2 trades (honored by CCcaptol) @ 1.3000 and 1.3100 are in profit (50 Pips and 150 pips) respectively..!!...... +250 pips = (+$25k) in to my account. Now the same scenario with GFT, I have positioned the last two trades @ 1.3100, and 1.3000 as well. My last two trades with a total of (4) trades with GFT were ‘averaging’ @ +/- 1.3120…!!!! YES they have averaged all my 4 trades’ @t 1.3120 Now the market reverse the next day going back (let’s assume) @ 1.3200. Guess what, I am physiological drained and exhausted of the ‘bad’ day of a bad trading, and I decide to close all my positions (which sounds the right thing to do..!) @ 1.3200. Get the point..?! As soon as the market get close to 1.3120 (break even) or little above, after holding the position with 120 pips in negative, I am going to call for the day and getting out with ALL TRADE/POSITIONS with no regrets instead to hold It all way to 1.3200…!!! Let’s call 30 pips in profit… ($12K) It’s all a psychological game that they are trying to get through your mind. Now the worst scenario (HERE IS THE CATCH...!) Now, let’s assume that by the end of the day I will hold all my positions for the next day, and hoping that the market will eventually reverse and go back to 1.3300 ( to the original trade) (6PM is the magic time for GFT)…is the PAYDAY TIME...! If the market still (EUR-USD) @ 1.3000………….. Good luck..!!! (With GFT account)..!!!! WHY…???? Well this is their tricks…..! CCcapitol maintain your P/L (profit and Losses) -400 pips (-$40K)…. Your account is in (((Floating profit/losses negative -$40,000)))). The total equity of your account (floating) is + $260,000 from the $300,000 originally started. But the trades are NOT CLOSED..!!!!!!!!!!!! They are active at the price that they were bought (1.3300, 1.3200, 1.3100, and 1.3000.) With GFT account at 6 Pm all your position will be closed and repositioned at the market price…! and this will be deducted as a losses from your equity of ($300,000). So this is deal...Your account now is suffering of an effective drawdown liquidity. GFT took $40,000 out of your account and repositioned all your (average trades @ 1.3000). You laterally lost 40K out of your account that they have (STOLEN) from you..!!!!. To recover the – 40k you have to wait until the market gets at least to 1.3100 to get break even…!!! Guess what..? … if you have a $40,000 in losses in the previous day, and the next day the market get the EUR-USD @ 1,3100, you are so glad to be able to get out half of your positions or even better close all the positions, and be happy that you were able to get the $40K back……in one day …………….(GOOD JOB…!!!)…….BUT With CCcapitol I am psychological ahead of the game because @ 1.3100 I have one position trade in profit (100 pips) = +10 k in to my account, (and able to close the trade if I wish), with the account now (floating @ +$270,000 with not effective losses yet), and able to hold my gun until the market will reverse up to 1.3300. At the point my account would be at +$360,000 in profit…! Yes +$60,000 in profit..!!! last trade made @ (1.3000) +300 pips, +200 pips for the trade made @(1.3100), + 100 pips for the trade made @(1.3200), and break even for the trade made @(1.3300) . WHAT a Ride………!!!!!! You have to work physiologically double of your efforts and endure your nerve instead to make life/trading easer then should be..!! with GFT By the way last (December 2009) I had the opportunity to open $300K GFT, and CCCapitol UK Demo account, and we have placed the same trades at the same time in to both accounts to verified what I am stating in this review. The GFT has been liquidated in a matter of 55 days. The CCcapitol is up to $970,458 as up to today..!!! Furthermore, this is what I have received from them today…!!! “Dear Max It has come to our attention that your may be interested in opening an account with GFT or having a demo account with us. This is to notify you that GFT will not accept your application to open an account and will not allow you to have a demo account. This decision was made for our own business reasons, based on our business objectives, and should not be viewed as an adverse comment on your personal qualifications to maintain an account. There are many business reasons why GFT may reject an account, and GFT does not discuss with individuals its reasons for closing their accounts or rejecting them all together. Best regards, Nina Fite Compliance Specialist - Risk Management Team” STAY AWAY FROM GFT THEY ARE RETAILER….NO PROFESSIONALS…….THEY ARE RIP-OFF…… AND THEY ARE DEFINETELY STEALING YOUR MONEY……. BLIND..!!!!!!!!!! Yours Respectfully... MAX Thursday, 22 April 2010 Written by e_chalk from none   -  View all my reviews  - Top 50 Reviewer I don't have any experience with this broker, but I've seen mixed response regarding this broker from other sites and people. Just to be sure, thoroughly research the company if its reliable or not before opening any account. This apply for other brokers as well..be vigilant guys SCAM Wednesday, 10 February 2010 Written by M.S. from USA I'm the latest victim of their hidden inactivity fee. I've lost $200 because they charged $25 and then $50/month due to inactivity. I expect the same level of professionalism from forex brokers as from credit card companies. The latter are now forced by regulations to disclose all the fees, simplify the fine prints etc. These are the same things CFTC should consider. I'm pretty sure there are a lot of others out there who feel victimized by all these irresponsible fees. p/s: pls let me know if there is any on-going group considering to take legal action regarding to this practice SCAM Thursday, 17 September 2009 Written by koh boonhwa from Singapore My EURGBP stop loss buy was surprisingly triggered 3 pips [0.8936] above the GFT deal360 chart quoted @0.8993 day high price, it hasn't even breached when this review is posted. When I was put through to their dealing desk, they reiterated the chart only reflected bidding price whereas my 0.8936 is triggered by their spread. [3 pips in a normal market!?] This goes to show their quote is definitely not transparent and any stop is always subject to their ambiguous spread. I've failed to identify an executed day high price at 0.8936 with my other accounts nor the general markets. As I've an identical position stop order @0.8935 with MF Global and was reassured by them that any executed price has to be reflected in their price chart with matching or above price. Much as I was impressed with their software to evaluate prior increasing them to my typical account size, prior to this last trade, I was also charged a negative rolling rate whereas with MF global I was credited with an identical trade and time!? In my 20+ years of trading, I will said this the most arrogant forex dealer I've ever come across that I can't help but to post this review as a warning to others. With just these 2 bad experience, I've since initiated an immediate account closure. SCAM Tuesday, 23 June 2009 Written by jonny from USA they have bad chart.price manipulation beware.I think nobody win on this broker.It's just a matter of time before you loose every single trade long or short the price will go the other way. No wonder they had book360. keep your money.They have the rigth to close the winning trade. If your looking for the best EA this broker has it. Sunday, 29 March 2009 Written by Atlanta, GA from USA They charge an inactivity fee of $25 each month that they don't communicate to you. And their platform is too convoluted and complicated. SCAM Wednesday, 25 March 2009 Written by Alex Findlay from USA Jan 6, 2009 ... GFT Forex is tight and great to trade with, regulations in 4 countries is an added advantage. 0. Author: Alex Findlay ... Dear Stephanie: C/O compliance GFT FOREX I did not write the above comment nor did I authorize it. I was really not all that interested in doing battle with you and I had no plans on contacting you till the Statute of Limitations was about to expire. This is not the only time that I have seen GFT abuse my name to promote their business. I waited till GFT could not claim it was an error or oversight. After 40 years in the alcohol and adult entertainment business I know what it takes to win. A few years ago the city of Indianapolis challenged me, spent over $800.000.00 and lost after three appeals requiring the legislature to redraft the Statute. I had a similar experience with the City of Myrtle Beach but they backed down early in the game. If you check you will see that the State of Alabama amended their Sunday Blue laws rather than go to Court against me. Personally I think GFT is too dammed arrogant so I am willing to go this far out of principal for all those that you bullied into giving up. Before you bring it up I support prostitution but it is a legal and legitimate business in Nevada that is beneficial to society. If GFT was as honorable as the Call Girls I know this message would not have been necessary, Let me put it bluntly “ I trust the girls more than GFT” You have Boris Schlossberg and Cathy Lien to thank for my change of heart. It was a smart move to hire them to bolster your tarnished credibility. Before they came on board I intended to humble GFT as I have the evidence to support my claims going back to broken promises by Wayne McDonald at Forex Bootcamp. Now I have more and in another 6 months I expect I will have even more, but because of Boris and Cathy I am making a suggestion that we settle. I have a number of emails from other GFT disgruntled customers, who have asked for my help and I expect you to diligently review their allegations also. I am sending a duplicate secure message via the Bloomberg Terminal for verification so please do not get confused. Please respond with your decision upon receipt of this message taking whatever action you deem necessary. Yours Truly, Alex Findlay Afindlay1@bloomberg,net SCAM Tuesday, 24 March 2009 Written by Nero3x from USA These people are a scam. Twice they didn't post a trade on the software that i put through and let it ride until i was way in the hole. I am sitting there thinking it was never excuted. After an hour or two it pops up with you down hundreds. What an interesting error. I called and they said i would have to "take picture of the screen and send it to them so they could investiage" (a picture of a blank screen) and that "they couldn't do anything since i closed out the order" in other words if i allowed myself to keep losing money they would "possibly" do something about it. More then likely not. I closed my account immediately. I month later they did the same thing to my friend by not excuting his stop order. Strangely the had no problem excuting his buy order. His account was wiped out. Need I say more? SCAM Thursday, 19 February 2009 Written by Tony Spica from USA They charge hidden "inactivity fees" and don't tell you. I asked why they do that and Jamie Spoors says "that's just the way we do it." They don't send any monthly account report or anything else, so you don't know they are leaching away at your money. You have to call to find out what your balance is and they will "look it up." SCAM Friday, 06 February 2009 Written by DK from USA I have used GFT for over 3 years. The charts and platform are very easy to use. The spreads don't widen during low liquidity. Since they don't widen the spreads , they play other games. In a fast market an order will sit there for a few minutes and if the market goes against you it will execute, and if it goes your way it time you out. During important news events the site always seems to go down. You can be watching a trade all day and when its time to close the position, the site locks you out and wont let you log on for 10 to 30 minutes. This has happened to me over and over. Here is an important message for anyone that thinks you can loose all your money with a margin call: This company will not only take all your money if they give you a margin call, they will also charge you hundreds or thousands more because they will execute the order way under the margin call. I refused to pay them because I told them it was their fault for not cutting the trade in time. (This was not from a weekend gap). It happened during European hours. They will send a collection agency to try and collect the money from you. I would stay away from this broker. Friday, 16 January 2009 Written by Zadok from Tanzania Their software is great. User-friendly and easy to master. I have just completed my demo and finds that it works great. I think now going live. Friday, 28 November 2008 Written by Yvon Charbonneau from Canada I have tried many platforms but never match the flexibility of GFTforex yet. Thursday, 07 August 2008 Written by Steven Cook from United Kingdom The only real complaint is that they simply take too long to process an order. At first I thought it was my computer but after speaking to several traders who have used them they all have the same complaint. While 30 seconds might not sound like a lot, in forex it is a lifetime and I need instant execution. I have since switched to Dukascopy. Friday, 09 November 2007 Written by chris from USA their platform and charts are great and customer service is good but often they have not executed my stop loss and i lose pips after being slipped more than 20 pips. it is an alright broker but there are others who are better Wednesday, 07 November 2007 Written by Oliver from United Kingdom Their demo platform is great with all the features you could ever ask for. My demo account is looking good and I have earmarked my bonus to open a live account with them possibly in January. A follow up review is called for and I hope the editors here will let me share my live account experience in a couple of months.