Does anyone know anything good or bad about GCI? I’m new to this, happy with the demo and ready for live time, but would like to hear from someone familiar with them first.
Hokay:
I see that aside from emailing me you’ve asked this question on at least three other threads (which is a ‘no no’) and this is not helping you or anyone else because you’re going to get ‘disjointed’ responses.
I have been trading for just over two years at GCI (LIVE) and as far as I am concerned they’re one of the BETTER brokers around. Sure: I lost LOADS ‘in the beginning’ with them but that had NOTHING to do with them and EVERYTHING to do with me (NO money management, NO trading system, NO experience).
As I’ve already told you:
GCI will NOT be ‘kind’ to ‘scalpers’ or ‘short term traders’. They have instant order execution on most of their instruments (up till a certain lot size) but if you ‘abuse the privilege’ your orders will start going through the dealing desk. During periods of high volatility (especially during ‘news’ times) you WILL get requoted and orders WILL be ‘slipped’ (and NOT because GCI is a dishonest broker i.e. I’ve detailed the reasons that this happens at ALL brokers on another thread). Deposits and withdrawals are processed within minutes and this is a big ‘plus’ for them. The trading platform is stable (and one of my personal ‘favorites’) and in over two years I can only think of two, POSSIBLY three occasions, where the platform has not been accessible (and on two occasions the problem was MY local service provider NOT them). No: they are NOT NFA approved and yes they ARE in Belize (and there are as many GOOD reaons for them being there are there are ‘dubios’ reasons I assure you). They have, however, been around for MANY years (and were, at one stage, IN the USA but their reasons for getting a ‘crack on the knuckles’ is detailed on the SEC or NFA website i.e. ‘solicitation’ to get people to open accounts which LOOSELY translated means they were ACTIVELY seeking clients. Sorry: but I don’t see the problem. Is advertising on Bloomberg TV also not then ‘solicitation’)???
Bottom line: if you are NOT undercapitalised (at LEAST $5K necessary) and you ‘know what you’re doing’ then GCI is a very good ‘no nonsense’ broker. If you’re going to try to make a ‘quick buck’ here and there: look elsewhere.
Regards,
Dale. (forexbrokersonline.net).
And BEFORE I get one of those ‘but he’s an IB for GCI blah blah’: YES I’m an IB for GCI and it’s no secret not here nor anywhere else on the Internet. Let me say THIS though: this is only a fairly recent development i.e. I’ve had plenty of ‘good things to say about them’ LONG before I was an IB. And besides: if you’re a long term trader then believe me that the 20% or 25% of the spread that I get on your four or give trades a month is REALLY not going to ‘put me on the road to riches’.