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Thread: GFT Forex Discussion

  1. #21
    NFA stinks. Many Excellent brokers left US 'thanks to' NFA regulation that was tough

  2. #22
    Strange thing is,,,

    I am only able to write this article here for a reason and not in the broker conversation thread where it belongs..so here it's... I had been truing to reply to the GFT no longer serving American accounts thread. However, EVERY TIME I hit reply I get a page can not be loaded !!!!! response. Which is BS... So here it is...

    Mods will merely have to move it to the proper section.,

    I've been with this particular Broker for three to four decades and consistently urged them on this particular forum. My first bug together was when they began supplying MT4 as a plat form in addition to the normal deal publiion platform which they've had for ages. This was a plogical fly I swatted and proceeded on with. My overall perception of brokers has always been to keep away from MT4 brokers as they have a tendency to be the bucket store of bucket store kinds, imo.

    Second insect was when I noticed the client support which had always been so great, seemed to start resembling that of an Indian call centre, with the operators not knowing their ass from heir elbow, even when in previous situations the client agents had been very nice and edued about the company that they are working with.

    Third bug and nail in the coffin was when I awakened one morning, no warning to an email which says your account is about a near only status meaning I had to consent to them to switching my account to the UK faction, they promise me would be so they can offer the larger leverage as opposed to the US leverage... Long story short that was seemingly 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 customer deadlines to meet.

    Crimson fkn flag #1

    Second red flag is that on monitoring of the glorified UK GFT faction I find they're now offering items such as 10% account bonuses on deposits, including that of your normal online (scam butt) casino.


    I'm rather dispointedin GFT's efforts in this industry decision which seems to be a far cry from their original distinction of all of the reasonsIsigned up with themin the first place. They now seemto be tailoring their business model to your routine gambler giver me your money whilst I see you bleed structure which they are probably 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 with this movement. It is almost like they're preparing themselves for some kind of collapse (in an extreme view point). Like perhaps management who were once reputable can no longer afford to offer the service which made them exactly what they had been , are selling out to the gang bucket stores with no other option.

    Of course I don't have any proof of these claims it's just the gut feel I get from what I have seen over the past 6-12 months. Nobody likes change,. GFT could have known that this move could lose them customers and my only question is WHY? I asked them straight and of course obtained a BS response.

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


    I'm only writing this as I've publicly said in many posts how great I thought this broker was. Although I regularly earn money with them I'm not pleased with these changes and being open to fellow traders where that I'd like to return my previous accolades to GFT and present them with a shiny new RED FLAG.



    Not certain yet whether I will remain together or not. Very doubtful a this point however, seems an extremely desperate move if you ask me. Which you didn't but ya know... in case you did

    Any GFT agents in the house need to answer to a faithful 4 year client?

  3. #23
    Hi Sim. It might be directly or indirectly associated with the:

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

  4. #24
    Quote Originally Posted by ;
    Hi Sim. It may be directly or indirectly related to the:

    http://www.marketwatch.com/story/gai...gft-2012-12-06
    Oh thanks, I frankly had done no research into this thing that's fairly disappointing. This timeof the year I guess. My only question:

    Is this is battle honest brokers have lost to some more profitable party? Or company?

    Taking into account that the current economic climate,its hard to remain positive. There should have been months notice before they froze my account, it is rather q serious thing to do this imo. But there was no notice just 1 day I wake up and my account is on close just standing.

    Scary to me personally.

  5. #25
    I withdrew my funds from GFT Tuesday day, which was two days after the initial announcement. I did so after talking with customer support, and he was in the dark as far as I, therefore...

    I joined FXCM this day. I have discovered that their community is much more active. Although I enjoyed webinars with Neal and Matt, it does not compare.

    I enjoyed Dealbook 360, but now I will need to learn and master Trade Station II, which I am looking forward to since it's customizable.

    It was great while it lasted, but I am thinking this is going to be even better.

  6. #26
    Quote Originally Posted by ;
    I combined FXCM this day. I have noticed that their community is quite a bit more active. Though I enjoyed webinars with Neal and Matt, it does not compare.
    I am sorry to hear you dropped for FXCM. They are no better, in reality FXCM has always been less fair than GFT.

  7. #27
    Quote Originally Posted by ;
    I am sorry to hear you fell for FXCM. They are not any better, in reality FXCM has ever been honest than GFT.
    FXDD and Alpari in trouble with NFA. Sad to see GFT Forex leaving U.S. as they'd 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 past year.
    http://www.nfa.futures.org/news/news...ArticleID=3851

  8. #28
    Quote Originally Posted by ;
    FXDD and Alpari in Issue with NFA. Sad to watch GFT Forex leaving U.S. as they'd always been clean.
    Http://www.nfa.futures.org/news/news...ArticleID=4166
    http://www.nfa.futures.org/news/news...ArticleID=4087

    FXCM's nice was past year.
    Http://www.nfa.futures.org/news/news...ArticleID=3851
    I call those to firms wont be around this time next year, im speaking about FXDD and Alpari

  9. #29
    Story about FXDD however there are links in article associated with GFT Forex,
    http://forexmagnates.com/nfa-takes-m...ilt-is-proven/

  10. #30
    Quote Originally Posted by ;
    FXDD and in trouble with NFA. Sad to watch GFT Forex departing U.S. as they'd always been blank.
    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
    Quote Originally Posted by ;
    I predict those to firms wont be around this time next year, im speaking about FXDD and
    Thanks for your articles.

    As you understand, (US), LLC (#8220; (US)Number8221;-RRB- recently entered into a USD200,000 settlement with the National Futures Association (#8220;NFA#8221;-RRB- and refunded losses incurred as a result of alterations made to customer accounts. We'd like to take this opportunity to point out that the FXOptions platform #8211; which was the subject of the NFA investigation #8211; isn't part of the firms#8217; core offering and has never been provided by (UK) Limited (#8220; (UK)#8221;-RRB-. (US) stopped to offer the platform in January 2012.

    Please be aware that this ruling has no impact on (UK) or its customers for three reasons:

    1 (US) and (UK) are regulated by the regulatory bodies situated in their respective regions. Decisions with a US regulatory body (NFA) on (US) have no bearing on (UK). (UK) is authorised and regulated by the Financial Services Authority (#8220;FSANumber8221;-RRB- and must comply with the FSA's rules which differ from those of the NFA.

    2 (US) and (UK) are equally separate entities within the global association of businesses. Besides our core products and platforms, each of the companies has its region-specific product portfolio. FXOptions was provided by (US) only.

    3 (UK) and (US) each have their own Terms of Business representing their region#8217;s regulatory and legal environment. (UK)#8217;s Conditions of Business would allow us to cancel an erroneously executed order and we reserve the right to remove funds from customers #8217; accounts where we think this kind of error has happened. But, we'll just do this as a last resort and where it's clear 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 glimpse of our Conditions of Business

    (UK)#8217;s Conditions of Business are in line with FSA requirements and are regularly reviewed to ensure continued compliance with any changes to regulation and rules. When we make changes to our Conditions of Business or Client Agreement we communie them to customers by email and by notifiions created in the Company News section of our site.

    To make certain that you stay knowledgeable about our trading policies it is always a fantastic idea to review and read the latest edition of our Conditions of Business, available online:
    http://www.alpari.co.uk/en/legal-documents.html

    If you have any questions, please email our support staff at or call 44 (0) 207 426 2900. We will be happy to assist in any way we can.


    Alex

    ________
    Alexander Chadwick
    http://www.alpari.co.uk

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