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GFT Forex Discussion

Quoting dwrights
Before the Forex market started going crazy I had no problems with the platform or deal execution, however since the credit crunch turmoil I have seen a different side to GFT.

Basically the past three months with GFT have been a nightmare. My main problems with them have been....

Platform freeze or slow down when market price moves fast resulting to open positions not been able to be closed. This is very scarey and has lost me a few thousand dollars with GFT.
Due to fast moving market, I closed my position at the market then quickly cancelled my stop orders that I still have it in. However, when I tried to cancel my stop orders, the platform freezes. Error message pops up and this lasted 20-30 secs but it seems like an eternity because my stop orders would have got me back in the market again!!

How is MBT? What are the spreads like? I was considering EFX which is MBT subsidary. Is there any difference between them? Any things to watch out for if using MBT/EFX?

Thanks
I have had no problems with MBT.I use the Navigator platform and it is great to use. Demo it first to get used to it.

If you use stops you can place a TTO order which sets upper and lower trigger stops. I use this feature all the time and I have never thought I have been stop hunted.

MBTand EFX are the same company now. You would have to read up on the reviews to research them amd make your own decision. All I can say is that if you are profitable in FX this broker is miles ahead of GFT.

GFT could be a good broker again now things are slowly getting back to normal but my last three months experience with them has made me lose all trust in them.

Just go with an ECN. Most profitable brokers end up using an ECN so you might as well do it now and cut out the Deal desk bullsh*t you have to endure in your first few years when learning the ropes.
Quoting asian_sg_guy
Welcome to GFT! Please wait for a site operator to respond.
https://server.iad.liveperson.net/hc...o/chatinfo.gifYou are now chatting with 'GFT5'
GFT5: [color=black]Thank you for chatting with GFT. May I please have your name, account number and email address to better assist you?...
Wow, I am not a big fan of GFT, but they are def not a scam, their gftprime is currenex and yes you pay a fee. He couldn't help you for a reasonable reason. And even though he couldnt help you, he asked for your information so he could have someone call you and help you. What an asshole you are and my guess is you dont meet the min requirements!
Quoting asian_sg_guy
[color=green]Welcome to GFT!...
You're a DOUCHEBAG
u guys do not know what is a dealing desk and no dealing desk.

a dealing desk company still makes money if u profit because the risk is spread among other banks. the brokers are not dumb, they know how to spread their risk. so no matter if your playing 1billion per contract and making 10Mil. in a trade, the brokers still make your money

a no-dealing desk charges commission because the broker that help u do the transaction is not profiting from the spread and only makes from commission

so for both companies, they only profit if u trade more with them regardless of whether u win or lose in a trade

people who really research into dealing and non-dealing knows about all these....
Sorry, but I guess you’re not making it so clear here. I got the part of them profiting whether a trader loses or wins and all that. But then I don’t seem to get the brokers part, can you go over that please?
We have reactivated your live trading account as per your request. You should now be able to log into the live trading platform. The user name and password for you live account will remain the same as it was before the deactivation. Please be aware that when you reactivate an account it is with the impression that you will begin live trading. The Inactive Fee is calculated from the last trade date regardless of if an account was deactivated or not and our billing date is the 25th of the month. Therefore, once your account is reactivated, you would have until the 25th of the month to place a trade before being marked as Inactive once again.


Even when your account is in negative value, GFT still charges this inactivity fee because they want you to deposit money into the account, their act of desperation for customer to constantly put money into their account is dumb. So to say, this company is not to be trusted, becareful of them
  • Post #228
  • Quote
  • Edited 11:47pm Dec 23, 2008 11:03pm | Edited 11:47pm
Quoting asian_sg_guy
Even when your account is in negative value, GFT still charges this inactivity fee because they want you to deposit money into the account, their act of desperation for customer to constantly put money into their account is dumb. So to say, this company is not to be trusted, becareful of them
each company has there own rules.

if you're so upset about GFT why reopen the account? Why trade with a dealing desk at all.

I can just see it when u go to a ECN and get your first taste of interbank spreads in low liquidity times you will be posting all this crap how they're are widening the spreads when they want just to cash in on u.

I had a live account with GFT never had and issues. I only changed to Alpari due to Metatrader 4

OMG what a cry baby
Quoting >Apocalypto<
each company has there own rules.

if you're so upset about GFT why reopen the account? Why trade with a dealing desk at all.

I can just see it when u go to a ECN and get your first taste of interbank spreads in low liquidity times you will be posting all this crap how they're are widening the spreads when they want just to cash in on u.

I had a live account with GFT never had and issues. I only changed to Alpari due to Metatrader 4

OMG what a cry baby
I didn't really have any issues with GFT either. I got slipped in my favor 50 pips once on an absolute meltdown in USD/USD. (Feb of 2007). They knew about it because I called to make sure all was good - they even let me keep it. Go figure.

It is a direct dealing desk. But as long as you are not trading news, it's always been alright for me.

The accounting part of GFT takes a Phd, but beyond that....Oh, and the smallest lot you can trade is $10,000....or $1 a pip. So if money management dictates $1.17 a pip.....you are screwed. That's why I left them to be honest.


Clockwork
I have a PA2 account with GFT and for managed accounts it is straight forward and user friendly IMHO considering the numerous ways to place and manage trades through Dealbook360. Granted, if you don't care about fading in and out of positions, or having multiple stop orders, it could be a pain. My most recent problem I had with them was the meltdown in the JPY on 12/12/08. The platform went down, and when I called in, my yen stop orders were put on a waiting list to be put through upon access. However, they were up and running quickly and honored my orders through the platform. Not much more you could ask for in my opinion, other than micro lots for better money management like Clockwork mentioned. One other note, if you don't like what you’re getting, negotiate something else, or use someone else. Forex traders have a lot of options, so ask around; you may be pleasantly surprised what perks you can get.
hipster: most probably your losing most of the time to GFT so they don't give a damn about u
  • Post #232
  • Quote
  • Edited Dec 27, 2008 12:12am Dec 26, 2008 11:46pm | Edited Dec 27, 2008 12:12am
Quoting asian_sg_guy
hipster: most probably your losing most of the time to GFT so they don't give a damn about u
That is funny and if that was the case, they could simply stop holding my orders and put them through to their banks. If you are a bucket shop, there are many ways to get around losing from a trader. What is your problem? It seems you are pissed because you are getting charged for inactivity, that you agreed to?
haha...this guy is definitely hired by the brokers. he seems to love gft alot. i think he is paid to do this.
You might wanna try:
-------------------------
http://www.atcbrokers.com/index_forexpro.htm

Their platform is FAST!! (its MT4 ECN) So it will allow news trading without delay and your hooked up to HotSpot Fxi and can see the counterparty for any trades. Its legit!!

This broker wont care how much you make.
Quoting Fulltime247
You might wanna try:
-------------------------
http://www.atcbrokers.com/index_forexpro.htm

Their platform is FAST!! (its MT4 ECN) So it will allow news trading without delay and your hooked up to HotSpot Fxi and can see the counterparty for any trades. Its legit!!

This broker wont care how much you make.
What else have you been able to find out about these people ?
I like to keep track of what's what and an ECN+Meta combo is less common.
How are commissions ? Anything else you could share about this, please ?
Quoting asian_sg_guy
haha...this guy is definitely hired by the brokers. he seems to love gft alot. i think he is paid to do this.
I am confused: I thought you ask for people's opinion. I guess not, since you have already made up your mind about GFT.

So please, stop clogging up the internet with this nonsense.

As far as Hipster is concerned, I have no doubts as to his ability to trade. Yours on the other hand, seems to be of the "It must be the broker screwing me" variety.

I have been with a handful of brokers. They all have pros and cons. Simple as that.
Quoting asian_sg_guy
love gft alot. paid to do this.
This part is true.
Quoting toshi
What else have you been able to find out about these people ?
I like to keep track of what's what and an ECN+Meta combo is less common.
How are commissions ? Anything else you could share about this, please ?
The owner Dave is a stand up guy!! - There's a thread on here about them. They have had a few problems with technical issues via the MT4/Hotspot Hookup but they always fix any slips or spikes. (This was a couple months back. I was one of the first to go live with them.)

Commision is $8 per 100k lot.(*CORRECTED*) EURUSD usually has a 1 pip spread so its like having a 1.8pip Spread. The Platform is VERY Fast!! (It shows just how much other brokers slow down the feed.)

My current EA's like the smoothed feed of Retail brokers but when I create my scalper I'm going right back to these guys ASAP!!! Orders are INSTANTLY filled and you can load up the Hotspot interface and actually see who the counterparty is.

HotSpot is actually advertising the MT4 Connect with them so its prob more stable than when I tested them live a few months back. Very honest peeps. News Traders will LOVE these guys!!
Quoting Fulltime247
Commision is $80 per 100k lot.
$80 is round trip and per million (not 100k). Do you by any chance work for MBT?
I stand corrected - $80 per MILLION!! - I just focus on the 1.8pip per 100K lot. (long as its under 2pips EURUSD I'm happy) - Mucho Apologies to ATC not trying to torpedo any prospective customers. Its HARD to find honest brokers that are truly happy making JUST THE SPEAD (+Commish). I Traded LIVE with these guys for a while and stand by the 'thumbs up' I've given them.
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