GCI sucks

Hi felow traders.

I want to write about broker I`m using now.GCI(www.gcitrading.com).
I can`t expres my frustration I`m having with them.I mean,I know you can`t always get best prices,sometimes you`ll meet slipage problems,but this is to much.Much to much.

They have nice java platform(but no charts),but their desktop charts sucks big time.Their customer service is fine(altough I can`t compare them with other,because I only used them).There are no problems with funding/withdrawing funds(you can even use e-gold).Altough there aren`t NFA registered they seem solid.

But their trade execution is awful.Oh,my God,you can`t imagine...
When working with 5min system,it`s not that bad.90% of the time you get your order filled at good price.Sometimes during fast markets you can get 10-20 pips slippage,but it`s not so bad.

The scary part is yet to come.
Daytrading with this broker is going to kill you.I think they don`t use automatic execution.There is some lame ass broker siting on the other side of the world,waiting for your order to come,and than he tries to fill it.
"What you see is what you get!". FORGET ABOUT IT (say it Doni Brasco style).When you click on but or sell,first thing you see is order creating in your order window,and than if market stays on same level for at least 10 seconds,there is posibility that you could get in.Constant requoting and requoting and requoting...There is greater posibility that you will get ephilepsia (sorry,I don`t know how to say it in english) from constant flashes of your order screen,than to get filled.
If you want to trade during London and NY session,you are going to whole new world of pain.I mean,if you want to get in the market during that session,click on buy or sell,than start swiming from London to NY,and when you arrive to NY,you`ll see that your order is just geting ready to get filled.

Lets say you want to sell EUR/USD at 1,2890.You will get requoted,and while EUR/USD is now at 1,2889 you`ll get option to cancel your order or get filled at 1,2884. what the heck,fill me at 1,2800,there are no problems.I`m trading so you can rip me off,don`t I?

When I daytrade,I have to use limit orders so I can get filled.But that isn`t much better.You need to have your order placed for at least 5-10 minutes for good execution.And how many times I saw my limit order standing there doing nothing,while market price is same as limit price.

So,my advice is:Stay away from this thiefs with license(Oh,I forgot,they don`t have one).Preserve your capital and your nerves.

And one question.Can you tell me what brokers you use,and what is your expirience with their execution?do you get what you see,or what?

I want to change my broker,so I need to know that.

Thanks friends,Alex.

Thanks for the feedback on GCI, Alex.

Wow - that is poor execution.

I trade with Oanda. I occasionally get slippage trading the news in very fast markets, but I've been trading 5min4x since 7 Mar (no reversals) and havn't gotten any slippage at all on that system. Zero. I've tried FXCM, GAIN, and CMS, and in my opinion Oanda has better execution than any of them.

Downside if you are trading 5min4x with reversals is that Oanda doesn't do phone orders.

Oanda calculates interest rates continuously, but it's very debatable whether this is good, bad, or indifferent on a system like 5min4x.

James

I traded in the past with CBFX, now IBFX I believe but their Java charts did not update tick per tick. That's important if one of your major 'tools' are trendline breaks. The fills were always right on though, no complaints. I'm currently trading with FXSOL but their charts are cumbersome. They don't have all the bugs out yet. So, I've got a demo account going with CMS and use their Virtual Trading charts but trade on the FXSOL platform. The quotes are only a one pip difference at the most and both quotes 'react' pretty much at the same time. I use market orders 95% of the time and have been filled always at the quote on the screen with both firms....BUT, I don't trade the news. I'm in during the London session, and out before any NY news release at 8:30. I don't now how anyone can get a stop order filled during a news release when the market can move 50, 60, or so pips in the blink of an eye. You'll get filled after the reaction and you'll take a huge hit also. I'm talking about the EUR/USD here. So, my trading style is for the most part is market orders on trendline breaks or MACD/RSI patterns, no problems with fills but then again I don't try to get in when the markets are on a tear.

Yes, thanks for that info on GCI. As this is the first time i've ever heard of them, i'll be sure to listen to what others have to say as well.

I just started this week on Oanda trading with a live mini account ($300). So far no problems. I like the fact that they don't charge commission. The only thing i don't like however is their horrible java platform. I use MetaTrader4 to do my chart analysis and i can tell you right now MetaTrader4 is the best FREE platform out there. I really hope soon that brokers start offering support for this one.

i trade with these guys for about a month now and they offer metatrade platform you can trade the news with ease, they offer straight thru process no broker intervetion. they do charge a 1 pip commision, but what the hell, thats the price im willing to pay to trade the news and also they don't trade against you. very good broker in my opinion

So far I had live account with several brokers, here is my list &recomandations;
1- Oanda,current broker ,satisfied with them. (you can search all forums,barely finding negative posts )
2-CMC,OK
3-AMC ,Was OK,but overseas so closed account.
4-FXCM,If all the above close they doors & I still want to trade FX,maybe,would go back.
5-FFC - SCAM,ripoff,fantom,you deposit your money & kiss good by to it.

I would recomand the 1&2,
3&4 You will find negative posts.
5,don't touch

Thanks for comments on other brokers guys.
Especially to you Hun.
I think that Oanda is very good to.I think the have best execution out there,altough I`m frightened sometimes with their spread change.

You don't have to trade 24/5.
Spread changes at start&end of the week.Stay out.
Close to the news release.Yes,but show me one broker where you can safely trade the news.
During regular trading hours the spread is very steady.
But we don't live in a perfect world,so we have to cope with what we have.

Please don't laugh at a novice question :o. What is slippage??

Slippage is when you want to get into market at one price,and broker fills you at much worse price.

Example,you want to buy eur/usd at 1,2680,and broker fills you at 1,2683 much worse.Same is for going short,just in another direction.

Slippage is also when you set stoploss,and broker (because of fast market,at least they say that),executes your stoploss at worse price than you set.

I switched to marketiva.com recently, and they seem to me much better than the others I had an account with ...