Anybody ever heard of or use GCI Trading

[dpaterso]

It has taken everything I have in me not to post this post BUT just cannot help myself!!!

Does or has anybody here heard of or used or use GCI Trading (GCI Financial Ltd - Online Forex and CFD Trading)???

Regards,

Dale.

[rebellion]

Friend of mine tried, SCAM!!! Avoid this broker

[n_aftab]

in what way?

[dpaterso]

Hi,

Sorry rebellion but I really need to know why you say to avoid this broker?

In what way was your friend scammed. I mean to say that is a pretty serious statement to make without backing it up.

I have my live account with them BUT admittedly I have not tried to transfer any money back from them yet.

Please could you post some more information.

Regards,

Dale.

[dpaterso]

For what it is worth I just did some more investigation myself.

Basically - if I understand the message threads that I found correctly - the general consensus amongst people that have worked with GCI seems to be that they are not very good at opening and closing 'Limit Orders' on time especially when the market is very busy and this causes much frustration for the forex trader (this funny enough is the reason that I posted my question about them in the first place).

The other main (and very important) criticism is that their demo is not a true reflection of what happens during live trading i.e. although the software is identical the problem comes in because the demo system instantly accepts and executes buy or sell orders at the your price which does not happen when live trading with them as already described above.

In their defense though - I now have had a good long hard look at some of the advertising rubbish that other brokers have on their sites and they just happen to also tell you in a very nice way that there can be delays and you may have to wait to get your price depending on the volatility of the market and / or currency pair. Does not sound any different to me. Who knows!

Other than that they seem to be known for paying out gains etc. speedily and with no problems.

Anyone interested in seeing user comments about this company just do a Google search for 'GCI Trading'.

Regards,

Dale.

[rebellion]

To: dpaterso
Friend of mine opened real account with GCI and started compaining about them. They always requote, usually 1-3 pips worse than you initially intended to enter market. Exapmle: lets say you're long and you have stop loss at 1.9650. When the price goes down and ticks from 1.9651straight to 1.9649 platform says something like "There wasn't price 1.9650, current price is 1.9649, would you like your stop loss order to be executed at this price?" and then system gives you like 5 seconds to respond. If you don't or by any chance you're not in front of your computer, you missed your chance and platform will not close your position even at 1.9649. Then if price continues to fall you're in trouble. This happent under normal market conditions. During news release slippage is tremendous. That's what I know about GCI. Finally he withdrawed his money back (much less than he initially deposited).

[dpaterso]

Hi rebellion,

Thanks for clarifying your statement.

This may be a bit strange but I am going to have to contradict my own post.

I was obsessed with trading the USD/ZAR pair and there are very few companies that offer this pair so I eventually opened a live account with GCI.

I started experiencing that same thing - I could NEVER get orders closed when in a good profit situation and was ALWAYS being requoted. Then I decided to take advice from others on this board and trade the USD/JPY and other more popular and stable currencies and found that I had no problem i.e. Market Orders executed immediately with very few or no requotes and positions being closed when profitable almost immediately.

I did start losing money though - my own fault - and decided to get out with what little I had left in my account so I faxed GCI and asked them to transfer my balance to me and close my account. Without a word of a lie within an hour they had transferred my balance back to me not taking a cent of it.

Their trading platform is the only one that makes sense to me. Sure the news feeds don't work and the market commentaries are not coming up but of all the demo systems that I tried theirs definitely comes out tops. They have not gotten carried away with pretty pictures, cluttered screens, slow application execution etc. etc.

The long and short of it is that it would appear that they are possibly no better or no worse than any of the other firms and a lot of my criticism of them actually stemmed from stuff that I had read on the Internet about them. For example - on Monday this week - the ZAR had strengthened against the USD to the point where I thought I was going to make a real killing. All of a sudden - I could not login to GCI. Because of what I had read I immediately jumped to the conclusion that they saw that I was going to make a killing and shut me down. Turns out that it was my ISP that had the problem and not GCI and this happened twice this week. On the second occasion GCI Technical Support actually had details of the problem (a server in Africa) before my ISP.

Basically the problems that I was having with GCI actually seem to be because of the pair that I was insistent on trading (the ZAR is an 'exotic' currency apparantely although I live in South Africa and I can tell you that there is nothing 'exotic' about it and it actually pees me off because our economy is in a better state than most others at the moment but that is a whole new discussion) and it would be unfair of me to not post this post after finding this out.

I subsequently asked them to please not close my account and have put back some of the money and am now trying to trade the right way i.e. using indicators and charts etc. etc. and have not had a single problem. Yes - I'm still losing money - but that is not GCI's fault.

Now I am not recommending them to anyone nor am I telling people not to go with them but it seems that my inital rantings and ravings were unfounded so I think it only fair to post this message at this point. If anything changes I will be sure to update this thread.

Regards,

Dale.

[b1es5ing]

I have an account too at GCI openned about a month ago.
I have no problem with them, truly I ever see about the limit not close at the price I want but so far no problem at all, I just take a few pip for profit and do it many times in a day.
Looks good for me and I start to have profit trade on GCI.
Also I have lower spread at GCI through their IB forexion, higher leverage and also I got rebate from my trading.
I also join their affiliate program to get additional profit from trading at GCI.
I used to trade at normal market condition and not to trade on the news and very volatile market.
That's how I avoid the problem that I heard happen to some trader when they trade on GCI.
Just do take profit a few pips but do it many times in a day, you can put the limit 1 point from running price (that's what I like from GCI).
I hope this can be a good information for all traders.

[dpaterso]

To b1es5ing:

I tried to send you a PM but for some or the other reason I cannot send a PM.

Anyway - I have been trading with GCI for almost three months now - no problems (other than my own mess ups).

I am just curious though:

Also I have lower spread at GCI through their IB .:: forexion.com ::., higher leverage and also I got rebate from my trading.

Are you getting a lower spread through Forexion? I had a look at their site but the spread looks identical to GCI's from what I can see.

Are you getting higher than 200:1 leverage at Forexion?

Regards,

Dale.

[b1es5ing]

Originally Posted by dpaterso

To b1es5ing:

I tried to send you a PM but for some or the other reason I cannot send a PM.

Anyway - I have been trading with GCI for almost three months now - no problems (other than my own mess ups).

I am just curious though:



Are you getting a lower spread through Forexion? I had a look at their site but the spread looks identical to GCI's from what I can see.

Are you getting higher than 200:1 leverage at Forexion?

Regards,

Dale.

The spread is e/u 2 pips, g/u 3 pips, and u/j 2 pips also I get rebate from my trading and I have opportunity to receive affiliate bonus from them.
Just contact their live support, the demo spread is the same with the GCI spread.
I hope this can help you.