GFT Forex Discussion

NFA really sucks. Many good brokers left US 'thanks to' NFA tough regulation

Strange thing is,,,

I can only write this post here for some reason and not in the broker discussion thread where it belongs..so here it is... I was truing to reply to the GFT no longer serving American accounts thread. But EVERY TIME i hit reply I get a "page can't be loaded" !!!!! response. Which is BS... So here it is...

Mods will simply have to move it to the appropriate section.,

I have been with this Broker for 3 - 4 years and always advocated them on this forum. My first bug with them was when they started offering MT4 as a plat form as well as the regular deal book platform which they've had for years. This was just a mental fly I swatted and moved on with. My general perception of brokers has always been to stay away from MT4 brokers as they tend to be the bucket shop of bucket shop types, imo.

Second bug was when I noticed the customer service which had always been so good, seemed to start resembling that of an Indian call center, with the operators not knowing their ass from heir elbow, when in past times the customer representatives had been very good and knowledgeable about the business they are employed with.

Third bug and nail in the coffin was when I woke up one morning, no warning to an email which says " your account is on a close only status" meaning I had to consent to them to switching my account to the UK faction, which they assure me is so they can offer the bigger leverage as opposed to the US leverage... Long story short this was apparently a business decision on their behalf, BUT to me this was an out of the blue development which FUCKED UP my trading day. Just as well I don't have client deadlines to meet.

Red fkn flag #1

Second red flag is that on observation of the glorified UK GFT faction I see that they are now offering things like 10% account bonuses on deposits, resembling that of your regular online (scam ass) casino.


I am very dispointedin GFT's efforts in this "business decision" which seems to be a far cry from their original differentiation of all the reasonsIsigned up with themin the first place. They now seemto be tailoring their business model to your regular gambler "giver me your money whilst I watch you bleed" structure which they are likely making up for in dodgy fills and spread differentials.

The reason for this post is not in anger, but a heads up, as my BS detector is going haywire on this move. It's almost like they are preparing themselves for some kind of collapse (from an extreme view point). Like perhaps management who were once reputable can no longer afford to provide the service which made them what they were, are selling out to the gang bucket shops with no other option.

Of course I have no evidence of these claims it is just the gut feel I get from what I've seen over the past 6-12 months. No one likes change,. GFT would have known that this move would lose them customers and my only question is WHY? I asked them this directly and of course got a BS response.

The new leverage restrictions were fine for me. 50:1 is plenty for a professional money management set up and one should be grateful to receive such leverage options. This whole thing completely discredits their reputation imo.


I am only writing this as I have openly said in many posts how great I thought this broker was. Although i still regularly MAKE money with them I am not happy with these changes and just being open to fellow traders where that I would like to take back my previous accolades for GFT and present them with a shiny new RED FLAG.



Not sure yet whether I will stay with them or not. Very skeptical a this point though, seems a very desperate move if you ask me. Which you didn't but ya know... if you did

Any GFT representatives in the house want to reply to a loyal 4 year customer?

Hi Sim. It might be directly or indirectly related to this:

http://www.marketwatch.com/story/gai...gft-2012-12-06

Oh thanks Cruise, I honestly had done no research into this matter which is pretty lazy. That timeof the year I guess. My only question:

Is this is battle honest brokers have lost to a more profitable party? Or just business?

Taking into account the current economic climate,its hard to stay positive. There should have at least been months notice before they froze my account, it's quite q serious matter to do so imo. But there was no notice just one day I wake up and "my account is on close only status".

Scary to me.

I withdrew my funds from GFT Tuesday evening, that was 2 days after the initial announcement. I did this after speaking with customer support, and he was in the dark as much as I, so...

I joined FXCM this afternoon. I've noticed that their community is much more active. Although I enjoyed webinars with Neal and Matt, it still does not compare.

I liked Dealbook 360, but now I'll have to learn and master Trade Station II, which I'm looking forward to since it is customizable.

It was good while it lasted, but I'm thinking this will be even better.

I'm sorry to hear you fell for FXCM. They are no better, in fact FXCM has always been less honest than GFT.

FXDD and Alpari in trouble with NFA. Sad to see GFT Forex leaving U.S. as they had always been clean.
http://www.nfa.futures.org/news/news...ArticleID=4166
http://www.nfa.futures.org/news/news...ArticleID=4087

FXCM's $2million fine was last year.
http://www.nfa.futures.org/news/news...ArticleID=3851

i predict those to companies wont be around this time next year, im talking about FXDD and Alpari

Story about FXDD but there are links in article related to GFT Forex,
http://forexmagnates.com/nfa-takes-m...ilt-is-proven/

Thank you for your posts.

As you know, Alpari (US), LLC (“Alpari (US)”) recently entered into a USD200,000 settlement with the National Futures Association (“NFA”) and refunded losses incurred as a result of adjustments made to client accounts. We would like to take this opportunity to point out that the FXOptions platform – which was the subject of the NFA investigation – is not part of the Alpari companies’ core offering and has never been offered by Alpari (UK) Limited (“Alpari (UK)”). Alpari (US) ceased to offer the platform in January 2012.

Please note that this ruling has no impact on Alpari (UK) or its clients for three reasons:

1 Alpari (US) and Alpari (UK) are regulated by the regulatory bodies located in their respective regions. Decisions by a US regulatory body (NFA) on Alpari (US) have no bearing on Alpari (UK). Alpari (UK) is authorised and regulated by the Financial Services Authority (“FSA”) and must comply with the FSA's rules which differ from those of the NFA.

2 Alpari (US) and Alpari (UK) are both independent entities within the global association of Alpari companies. In addition to our core products and platforms, each of the businesses has its own region-specific product portfolio. FXOptions was offered by Alpari (US) only.

3 Alpari (UK) and Alpari (US) each have their own Terms of Business reflecting their region’s regulatory and legal environment. Alpari (UK)’s Terms of Business would allow us to cancel an erroneously executed order and we reserve the right to remove funds from clients’ accounts where we believe such an error has occurred. However, we will only do this as a last resort and where it is evident that our Terms of Business have been breached. Clients can be assured that everything we do is underpinned by our regulatory obligation to treat customers fairly.

A reminder of our Terms of Business

Alpari (UK)’s Terms of Business are in line with FSA requirements and are regularly reviewed to ensure continued compliance with any changes to rules and regulation. When we make changes to our Terms of Business or Client Agreement we communicate them to clients by email and by notifications made in the Company News section of our website.

To ensure that you remain familiar with our trading policies it's always a good idea to review and read the latest version of our Terms of Business, available online:
Trading Platform Legal Documents - Alpari (UK)

Should you have any questions, please email our support team at [email protected] or call +44 (0) 207 426 2900. We will be happy to help in any way we can.


Alex

________
Alexander Chadwick
Alpari (UK) Representative

GFT’s ‘exit’ from retail forex US market – the real story

Hi there,

I've been with GFT for some time. In Australia, so had to switch to UK entity when I could no longer trade through US entity. I was battling to log into my 'new' accounts, so I re-installed MT4. Now I'm having data problems. For example, in 5m chart, I have no data between 12 Jan 2012 and 10 October 2012. BUT, I have all data for 2011 and 2010 and earlier. I didn't check how far back it went.

They say there is nothing they can do about this, they only provide six months of data (I used to have years of data). I pointed out that I have less than 6 months of data. They say it's all up to Metaquotes and has nothing to do with them. I don't have a Metaquotes relationship; they do...

Anyway, so I'm wondering whether there is any way of getting this data into my system. I've looked at the folder system. There is a 'history' folder. It contains a 'downloads' folder, which contains a folder 'EURUSD'. It has loads of files with names like EURUSD_1973_12_81063f87a9e6e35c67660946280688de.dat In this example the file is for 1973 - I can tell because there are files for each year by the looks of it. Most of the files are between 140 and 160 KB. THE 2012 FILE IS ONLY 68 KB. I believe this is where the problem lies, but I can't be certain. I deleted the file and requested new history from the history centre. Still only 68KB.

In MT4 options, server tab, there is a check box for 'Data centre autoconfiguration'. By default it is checked. If one unchecks it, it needs a 'Data Centre'. Does anyone know anything about this? Any ideas are welcome. Thanks

On GFT Forex's MT4 platform, what is the spread for GBP/JPY and AUD/JPY? I usually get 5pips on other MT4 brokers.

Is the spread on GFT MT4 the same as what is seen on GFT DealBook360?

Can anyone feedback on GFT's MT4 platform?

Anyone using GFT's MT4 platform? Any feedback?

The spreads are the same on both DealBook 360 and MT4 with GFT. As I look at it at this very second, the spread on GBP/JPY is ranging around 4.1 to 4.6 pips and AUD/JPY is 2.0 to 3.0. Granted that is at 1:30pm ET and I was only looking at them for about 30 seconds combined, so the spreads could be either larger or smaller than that at different times of the day.

Do you encounter any problems or difficulties with GFT MT4's "position-based" platform? Does EA scripts and tools work on GFT MT4?

I didn't have any experience with them but just got off from the chat with them and I was informed that they don't accept retail customers from US and if I open account and then come to US I will not be able to trade, kinda weird for me.

Hello,

I'm looking for a broker that can handle my country currency (NIS - Israel).

One of them is GFT, anyone can tell me if that broker is consider safe?

where is it stand in comparison to let’s say, Oanda?

Thanks.

Hi everyone.

I need your advice on my negative expirience with GFTUK FX. I have live account and trade via MT4 EA during highest volatile time. First 4 orders were allright, fills within second or 2, slippages 1-2 pips, sometimes for me sometimes against. Later I got 10 seconds delay in fill, but slippage was ok. I writed them email, and their technical staff tried to convince me it's ok. I said that do not expect to see that in the future ...

Recently I got 45 seconds delay and 11 pips slippage, which is already very suspicious. Though they apologized for such huge slippage and satisfied my claims, I don't know what to think. I've heard of GFT good things, but this looks like SCAM.

Anyone any thoughts ?

Thanks.