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As I have complained to them for 100 thickets going long 97 % of them the price went down. So now they have decided to close my account. I am in credit but they will close in 30 days my account . I still have credit on my open position . I find this totally illegal and insane . As this will cause me further loss of my money . They have cleaned me up from my savings.
I will contact fraud squad

The big thing to look out for with GFT is that they close all your trades even when you have half your equity left in the account (instead of closing your trade when you have 0). Naturally all trades move against you before they move for you, and this is a perfect money making scam for them. (yes I was a bit heavy on that trade and I am responsible for that, but its the principal I am pointing out here)

Also I noticed from the previous comments that everyone who commented (apart from their web spammers) have only negative things to say about them.
I just wish I did some research before trading with them.
Dal

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The review by Thatch is hilarious. Your stops and limits were opening new positions because you set them in the wrong direction. If you're short and you set a limit below the current price that is a Limit-Sell then you will open a new position. If you create a Limit-buy it will activate by closing your position and wont open any new ones. I discovered this a few days ago and luckily only lost a few dollars before I realised MY mistake. It doesn't matter if it's called a limit order you have to manually change the direction. (default is limit-sell)

GFT's suggestion that you return to demo until you have some idea what the hell you're doing was spot on. -------------------- More hilarious scam ratings from idiots who are too impatient to read the fine print that there is an inactivity fee. There is nothing fraudulent about charging a fee like that and these traders have nobody to blame but themselves for not knowing what they're doing or the terms of their account.

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I have read all the post above and I have seen them do this as well. It's interesting that this goes on and nothing is done. They have been showing commercial concerning their platform. The platform is always crashing rebooting especially when your candles goes down or up quick. I am still monitoring them as we speak but only to build a case. I am not into the business for losing money, and trusting broker to comply with the interest of their clients. It's sad that we have to deal with this.

They run mirrors on their clients,,,flash programs also,,,and also do flag any accounts that are in the green among other among several "antics" they pull off.

And this is just on clients that stay with the trade without logging off during a session.As far as the clients who have the courage to put stops in place and leave for the day,,,much more horror stories,,I for one would not even take the chance of that from this corrupt outfit.

What I do find is an interesting coincidence is that every person who has posted in this thread that has negative comments about this brokerage takes time to elaborate on the details but any person who has posted a positive comment is usually a one liner,,,lol,,,I see that perhaps GFT reps have infested this thread.

A complete travesty this outfit.

I opened an account with GFT. I was informed by the keen salesman on the phone that I was able to freely access the demo account to learn FOREX trading and then use my account for live trading when I was ready. All I had to do to access the demo account for an indefinate period was to was open a small trading account of $350.

This is what I did in July 09 and went about learning how to trade FOREX before trading real money. For those that trade you will know how long it takes to learn the software and learn the basic rules and mind controls required for trading. From August 2009 to feb 2010 (7 months)GFT took out what they call ACCOUNT INACTIVE FEES. They took this money without notifying me and cleaned out my account without me being able to get a single live trade on. I only discovered this as I decided to try a live trade.

Of all the forex scammers out there, this group is my favorite. They have myriad ways of ripping you off. They are no one trick pony. I credit them for the variety and creativity of their methods (five stars for that). First of all, their platform, which is touted as "state of the art", is actually quite old. When you place stops and limits on your trades, they will eventually initiate as new orders once your original trade has completed. So, if you should pick up a few hundred dollars on a trade, which has hit the limit you set for it, you have to go fairly soon to your computer to cancel the limit order before it initiates as a separate order. If you are not around to do this, it will essentially reverse your previous trade and suck away all your profits. What a neat trick.

Another complaint I have about them is that the accurate numbers on a trade are not reflected on the platform. I once closed a trade, which appeared to be quite profitable, to learn upon opening a report that it was more than $200 negative. How? I still can't say. When I called to inquire they gave me a song and dance about roll-overs, etc. I would never have closed that trade had I known it was negative, as the market was moving in my direction. When I called and asked if I needed to download and examine a report before I close any trade, I was basically told that yes it is necessary to do so. I was also told that I was not the only person to call to inquire about this... Nevertheless, they took no responsibility for this or any other problem.

Their basic attitude was always: "So what?" They never once denied my complaints. One of their customer service people even suggested that since I can't appreciate the fact that stops and limits later turn into separate orders, I should perhaps return to a demo account until I learn to understand and appreciate this unnecessary function. He never said, "No, it does not do that or should not do that." He agreed with my assessment, but responded by suggesting that I am not yet capable of appreciating being ripped off like that. He never explained exactly how demo trading on their platform would actually bring me to a new understanding, but tried to imply that I am still too incompetent to appreciate giving them my money.

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Computers crashed for an entire day. IF you were on the wrong side of a trade you would have lost everything. Money turned up missing in my account. Money disapears from your account. The dealing desk decides to resettle trades in their favor taking more pips. You will end up loosing money on what would normally be a profitable trade.

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Ive used them, I don't like their platform for order entry/exit.
Forget about there charts I never looked at them.
Its to much like FXCM.Its buggy and freezy.I like .Net type platforms like Ninja Trader and Cunningham T4.
A word to the wise from the so called professional traders here who are really noobs.
**NEVER** use broker data****
Did you read that?
Ill say it again.
**NEVER** *****use broker data****
If you do, then you are a noob, and will lose.
Pay for E-signal, because $120 a month is cheaper than losing $2000.
E-signal is not a broker, they are an IT company.
Brokers can mess with you through the data, and are not prosecutable because of data.Because it comes under electronic trading limitations.
That is how they can get you.
They cant front run trades, because that's illegal.
So they simply delay the bars.Which is no different, but legal.

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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 am Alex Findlay and 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
[email protected],net

Rating:

love dealbook, good service-way better than my previous broker

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Automatic trading is fine, but dealing desk will take your cash.
Don\'t make too much consistent money here.

BACKGROUND

USE EXTREME CAUTION. THIS BROKER ACTS LIKE AN ECN BUT IS NOT and the allegations have been verified by other Broker annalysts

GFT knows how to play hardball.

GFT has a policy whereby GFT will remove funds from your trading account days after you thought you had booked a profit or loss and closed the trade. On October 22nd 2008 the GBP\\JPY moved around 1200 pips. If you had a 1 Million trade GFT might just remove $120,000.00 from your trading account and add it to their own balance sheet if it is in their interest to do so later this week. GFT carefully tries to camouflage this fact and will tap dance around the issue.

GFT is a market maker and counter-party to the trade. GFT by its agents initially orally and electronically denied it's hidden charges in order to induce me to open a trading account with GFT and eventually used every conceivable means to dispute the irrefutable.

The GFT chief dealer, Mr. Kurt Hoeksema maintains that he is following the GFT company policy and that it was common. I polled all the FX brokers that I could find with Google and this statement proved to be false.


GFT embarked on a policy that violated Federal and State law by utilizing intimidating, contradictory and misleading verbal and written communications prior to making a cash offer in an effort to induce me to sign a mutual confidential settlement agreement. At present GFT is refusing me access to my trading account and the cash therein in an attempt to coerce me to accept their offer.

THE FACTS

I closed a position on a Friday. GFT issued an electronic ticket that shows the trade closed and is evidenced in GFT'S closed trades log.

GFT now claims that my exposure did not end till the settlement date which was 5 days later because GFT lost money between the time I closed my trade and the settlement date that GFT had to pay it's Bank.

GFT is neither an ECN nor a major bank and removes or adds funds to or from the traders account on exact date and time as displayed on their closed trades file.

GFT then removes funds from the traders account at its sole discretion, with prior notification after the trade is closed.

GFT has a fiduciary duty to protect the client against unanticipated losses. GFT could have taken steps to protect all parties concerned but failed to do so.

GFT could follow the lead of reputable ECN'S and major banks and which clearly disclose their settlement policy and offer advice on how to protect yourself from undesirable currency movements by eliminating all exposure with a Continuous Linke Settlement which is a. means of settling foreign exchange transactions so as to eliminate settlement risk. It should be noted that GFT does not qualify as an ECN and is known as a Market Marker, Bucket Shop or counter-party to a trade and therefore must assume the liability.

The Forex dictionary definition of a closed position reads as follows:. A transaction which offsets a previous open position. In the case of having bought, selling the exact number of units so that one\'s exposure in the market is zero.

In the event I am responsible for GFT'S negligence I would think that GFT has an obligation to pay me the roll-over interest for the disputed number of days. If anyone has an opinion on this I would appreciate hearing from you.

Yours sincerely,

Alex Findlay

[email protected]

This is not a vindictive posting and is itended to assist you pick the best broker

Rating:

GFT has the best software, excellent execution, and great support.

I was very supprised to see the above writing by Joe P as he took my words. They are very pushy to open a standard account as some form of commission must be involved. After opening an real account and with success trading keep a good eye on your statments as small amounts are deducted with regular trades. There excuse, \"it was slippage they did not account for. Oh and you were in the roll over time period which is different from the country you trade from.
They widely advertise a 1 or 2 pip spread on EUR/USD. I have never encountered it but when I enquired the reason was it depends on the volatility of the market. Asking how is this measured \" does not know but keep a look and you might see it\" You will never get a e mail answer as this is commitment which is traceable, thus they always insist on phoning you. There boasting on 100 plus indicators is useless in a fundamental market as seen nowdays. Besides if you want to confuse your trade use more than 10 indicators.

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I have no problem with GFT. Best customer services. Loading is too slow. GFT, please do something about it or you will never get a 5 stars from me.

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Terrible customer service. Institutional control is VERY lacking.

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GFT Forex is the best forex dealer I have dealt with!

DealBook360 is the best trading software I have used! Great charting and tools! You can even trade directly from the chart.

I even have an account manager. GFT Forex has great customer service and support!

I have been trading forex for a year now with GFT. I have lost most of my money. I see what Joe P means by disppearing candles. The candels do disappear and sometimes change from on day to the next. One day there is a window the next day it is gone. Sometimes as you watch for the chart to tick over for the next session, there is no tick, It might come 5 or 10 minutes behind, and it might not come at all! It might completely skip a session or two! I thought it was just me but the last couple of weeks has been an eye opener. I predicted a 10,000 pip blip on the usd/skk last week but somehow the order did not get triggered. I would have made $20,000.00. I predicted it again! This time I was at the controls. The USD/SKK opened 10,000 pips low last week. I bought and it surged back up 10,000 pips. I closed the order (one $10,000.00 lot). Not a huge bet but I still made $4,000.00. To my dismay it disappeared within about 5 seconds. I called the dealing desk and they told me it was an invalid rate? Yesterday I sold the USD/ZAR. There was a 100 pip spread. When I made the one hundred pips it went to 200, when I made 200 it went 300, when I made 300 it went to 400. When I made 400 it was at the bottom. I closed the order and I lost $10.00 for the day. Not bad for making 400 pips aye? Today the dollar is down once again, exchange rates on the internet show a reflection of this, yet the GFT chart is going in the opposite direction fast. The USD/ZAR is up 2000 pips as I write this, I'm Glad I closed the order! There also seems to be some stop hunting going on. If I put in a stop even an absurdly low or high stop, seems to go just far enough to trgger the stop (within 1 or two pips)before it turns back around. Of course if I don't put in a stop guess what happens. The deck is definatly stacked against you with these guys. I have also had stop orders triggered 100 pips below where I placed them just before it changed directions. They always have some BS excuse and It is always at your expense not theirs.

Bucket shop/Stay Away
Slippage/stop out/software s*cks.Nice at first still you start making money then watch the BS start.I started making consistent trades and my money grew they took it.If you want to see for your self open a live account.Something I noticed look at their stochastics on a 8,3,3 compared to any other platform out there. Gft was giving me the total opposite readings than all other platforms.I comparees to others and also compared to live online currency charts.I constantly had mising/disappearing candles.I tried to use the update button on software and says no update at this time.I call them and find out there is an update you have to manually download"Quote--but they don't tell no one about the update at that time")(after I lost most my money at that point.I tried trading on GFT with a proven professional training me and as he was capturing constany profits I was losing in the same trade due to dealing desk execution(tried to get trdes on the spot and I would be asked If I would still like the trade 10 -15pips later.OF COURSE BECAUSE THE TRADE IS NOW IN THIER FAVOR AND NOT MINE.(deleted)