GFT - Bad service

Beginner Questions
1

Hi All,

I wanted to tell you about me experience with GFT.
At first I had a demo account for 1 month. I got all the indicators, I saw low spread, and the sales person who contacted me was nice. I wan’t sure whether I want to open a live account with GFT because I had another account in another company.
When I thought about opening an account in GFT I asked many questions for example whether when opening an account I will get everything that I get \in the demo account and the answer was “yes” or whether if I will not trade and from some reason after a while will I get all my money back and the answer was “yes”. So I thought that it’s good. When I started filling up the forms I realized that in order to get all the indicators that I need (and I need just 2 Bolinger and starc bands) I realized that if you deposit less than US$2500, then you will not get all the indicators and starc bands are not included. But i was told that I can create the starc bands by myself so I decided to continue. The process of opening the account was long and annoying but I went on and I opened the account just to find out that GFT doesn’t support Windows 7 which I installed at that time, and there was an error when trying to open Dealbook and the software never started so I couldn’t trade. The suggestion from the GFT person was to change the operating system:mad: yeah right!!! Then they said I can use the dealbook web but there I didn’t have starc bands and couldn’t create it. Also it’s very inconvenient to trade with the web version. I had some emailing with them and then I got an email that someone will connect to my computer but I should design that I am responsible for any damage that will happen, in other words if he will erase all my data by mistake than I’m responsible. Of course it’s not reasonable but it’s the principal here. Anyway, I let him try but he didn’t solve the problem and he said that he will try to solve the problem. After 3 months of not hearing from them that guy sent me an email that they couldn’t really find a solution but asked me to try to download the software again, because there were updates, and reinstall it. Of course it didn’t help. So I decided to close the account, it was April 26th. I deposited my funds using credit card so I thought that I can get my money back to my credit card but…no, a regulation that is written somewhere in small letter says that after 2 months the only way to get the money back is by wire transfer. For that you need swift code for that, but I don’t know the swift code and it wasn’t the bank working time, and now I live in China where my account is in my home country, so I need to call the bank. any way I waited for some more days. Yesterday I made some thinking, because lately I started trading using FXCM software (demo account) nut in the first company where I opened account in (where I didn’t trade for more than 6 months), but the spread there is so so, so yesterday I traded a bit in my GFT account and then I realized that 50$ are missing. When I asked why they answered me that its inactive fee and also sent my links to where its written about this fee…of course in small letters somewhere that you need to hardly dig in order to find it. To remind you, my account was inactive because I didn’t get support. Also no one warned me about it. And I didn’t get any Email about being charged for that. The first company didn’t charge me for any inactive fee!!

So I ask, what do they make money off, of the spread or of inactive fee or who knows what other fees they have?:mad::mad::mad:
It’s nothing but cheating!!!

2

Ive been with GFT for over 6 months now and have never had an issues with them what so ever.
I had deposited around 5k so didn’t run into that first issue have used my account so don’t know about the inactive fee. Withdrew some and just designated a bank account i wanted it to go to and it was there the next day. and while i was learning the web support chat tool was fantastic. showing me exactly what i need to do when asked.
On top of that i run win 7 at home and at work and have dealbook 360 installed and running fine.
Sorry but I have nothing but good stuff to say about them as I have never had the issues you have had.
Just my opinion. Hope you luck gets better

3

You measure good/bad service when you have problems. I had few problems with GFT and dealling with all was bad. Ofcourse you depostied amount that they want, you were active and you didn’t have a problem with windows 7 so you didn’t hyave to deal with problems. Can you imagine that they charged me 50$ at the same day I requested for withedrawal of my funds and just after they refused to give my money back by credit card? they delayed me and then charged me. The didn’t even sned an email about that “Hey your account is inactive, if your account wil still be inactive we will charge you” just as simple as that but no, they didn’t. Even the alectricity company, whic is govromental and have no compettitores send you a worning before they disconnect the power in your home if u didn’t pay the bill.
I’m really happy for you that everythings going find but I hope you will not need to deal with the support there.
my account was a small one 500$ the charged 10% of it. fogg for them, but this is another way for them to make money.

4

Also, they charge 25$ wiring fee. my god!!!:mad::eek::frowning:
They let you deposit with credit card, but they say that after 2 months u can’t get the money back to your credit card and you must do wire transfer so they will be able to charge the 25$ fee. most people will not withdraw their money back after less than 2 months…

5

I’m sorry to hear about your bad experience with them.

From my experience I’ve found that the deepest research must be done by yourself, reading all that you can from your broker website instead of expecting that a customer representative tells you everything you need to know. I know, this is not how it is supposed to be, and they’re there to inform you, but they just simply don’t. No excuses for them though.

At first I also found customer service disappointing to say the least, I also had one of these remote sessions (scary:eek:) that didn’t solve the problem either.

From my part I was aware of the inactivity fee from the moment I opened my account, as well as of the withdrawal conditions. I also recall reading the different account ‘packages’ from their website, and yeah the basic account doesn’t include much indicators.

My first withdrawal (wire transfer) was a total pain. My account is based in the Uk and my bank account in Mexico. Well even though they swore they have many customers from Mexico and that they had made many wire transfers to that country before, they were not aware of what information I needed to provide them in order to make the transfer; regular account number and some more stuff that they ask for in the funds request form don’t exist per se in Mexico.

After my bank rejected twice the deposit, they found out what was missing and the transfer was made succesfully.

Swift code I guess you could google it, that’s what I did.

Needless to say that subsequent withdrawals have been done very fast and with no problems.

My point here is, even though I had some unpleasant moments with them, I’m very happy with them now. The platform, transparency, and execution are great, and their credentials are also very good in the industry. Good reputation overall.

There’s a period in which you have to get to know your broker, how it works and what can you expect from it, and many times you learn it the hard way (I’ve been there).

There’s no perfect broker or service out there, but with a reputable one you’ll sure have a decent service and/or at least you’ll find everything you need in their website.

My advise is, they’re good, but if you’re not comfortable with them then start a new relationship with another reputable broker, and try to find out everything you need by yourself and confirming what you read with their representatives. I think you (we)'ll always have this kind of discrepancies because of lack of information, but not cheating per se. And this kind of learning process will happen with every broker.

So take it easy and find your way through your preferred broker, and as long as they don’t retain your money, or manipulate the charts, or do some other kind of tricky things, you’ll be fine.

Sorry for the long post.

Hope that helps.

6

Yes now, I know that I should have do the research by myself. The point is that I asked their representative questiuons some hye gave me some answers. I asked what I could think off. when you do research you should know what to look for and as a beginner, after I asked him if I can get all my money back if I don’t trade, and he said “yes” I didn’t think that I should look for a an inactive fee.
and that even you don’t take in account that the reason I didn’t traid is that I couldn’t and their support didn’t find a solution for me because they don’t support, formaly, windows 7. the problem is that because they are well known they don’t really afraid of the compatition so they don’t care about the customers after they opened an account.
I opened an acount of 500$ and lost 75 without trading, it is not reasonable.
here, when they know the details they could refound me this money back, after all its their fault for my not trading and also, what is 75$ for them…for me its 15% of my account.

thank you for trying to comfort. and have good and trading.

7

I hate to say it, but I don’t really see where GFT did anything wrong here.

The forms you signed to open the account clearly state a $50 inactivity fee will be charged, as well as the $25 wiring fee, and their website also says you need Windows Vista, XP, or 2000 to run the Dealbook software.

You should always read every word on a contract before you sign one. If you don’t then misunderstandings like this can happen, but I think it’s unfair to say GFT has bad service because you didn’t read the forms before you signed them.

Sorry to be harsh, but this really isn’t GFT’s fault.

8

Exactly!
It is a big problem by people, that firstly they don’t read contract and then problems happen…

Unfortunately to prove what the guy told you over telephone speaking is not possible.

But when they get your sign on the paper, they are on the right site:cool:

That the thing:(

9

First, I think it’s bad service to charge 50$ for inactivity. it’s bad service not to let me get my money in the way I deposited the money. But yes u can say that I shouldn’t have signed the contract. When I sign a contract with an investment consultant she paid my attention to all kinds of fees that i will have to pay in different situations, she made sure that i will understand, she could have just given me the contract and ask me to read it all and let me sign but no, she made sure that I know and understand important things like that. GFT stuff just doesn’t care, there are many regulations in many different places and u should find out everything by yourself. Well this is not bad service, this is no service at all. I’m not saying that it’s not my fault as well.
But for god sake he could just mentioned things on the phone it’s not much.
I will give another example for good service. The other company where I have account in is IFOREX. The spread there is so so, the platform is not too good as well, but the service is very good. First no inactivity fees, second i can withdraw back to my credit card whenever I want to. Whenever I had a problem I wrote an email and a representative called me soon after that. Few days ago I have an annoying problem that happened because of disconnection of my home network. I just tried to start a trade, after few second I got a message the operation was timed out and it was impossible to execute the command. And then the software logged out. After few unsuccessful tries to login I finally logged in. it was about an hour after that I got they error message. Then I saw that the trade actually started and after a short while it got to the stop lose. I sent an email about that, the support called me in the same day and also my broker but he didn’t catch me. The support told me that they didn’t get any error message, and that they normally should get this kind of error messages she checked the problem and said that it was the connection problem, so I couldn’t prove that I got that error message. Today my broker called me and told me that they refunded me for that trade, and that is just according to what I said and without any need to prove anything to anybody. And it was the first time that they bent their regulations for me.
So this is good service.
but for god sake he could just mentioned things on the phone its not much.
I will give another example for good service. The othere company where I have account in is IFOREX. the spread there is so so, the platform is not too good as well, but the service is very good. first no inactivity fees, second i can withdraw back to my credit card when ever I want to. When ever I had a problem I wrote an email and a represetative called me soon after that. few days ago I have an anoying problem that happened because of disconnection of my home netwrok. I just tried to start a trade, after few second I got a message the the operationg was time out and it was impossible to execute the command. and then the software logged out. after few unsuccesful trys to login I finaly logged in. it was about an hour after that I got thaty error message. Then I saw that the trade actually startedand after a short while it got to the stop lose. I sent an email about that, the support called me in the same day and also my broker but he didn’t catch me. the support told me that they didn’t get any error message, and that they normally should get this kind of error messges she chekced the problem and said that it was the connection problem, so I couldn’t prove that I got that error message. today my broker called me and told me that the they refound me

10

personally i think gft sucks too. i tried them i didn’t like them so i closed my account no biggie. my advice is to just work with your other broker if you are comfortable. Unfortunatly dealbook is only offered by them and many say its the best but for me i am so used to mt4 that It is the only platform I like and so I keep my money in an mt4 friendly broker.