Is GFT worth a chance??? ( Mini Spot Forex Account)

Quote from cabletrader:

There are a few of things you've got to watch out for with GFT, especially if you use market orders. When you place a market order it goes into the 'Working Orders' tab and then normally gets filled within a few seconds, however on occasions it can stay in the working orders tab unfilled and pending, with price changing, for anything up to 5 minutes before being filled (sometimes longer during data!). You can't cancel the order, you don't get requoted, you just get filled at whatever price they like.

The other thing you need to do is compare the Order History of the day's trades against the EZ View Report, I found numerous discrepancies all in GFT's favor strangely enough.

And there was some issue with orders filled as DDL and MKT but I can't remember the exact details now.

Another regular problem was trades being reversed with the following message (first pic), and mysterious disconnects at the most inconvenient times (second pic).

GFT are the only broker I've ever traded with where I needed to record the screen while trading in order to support my complaints!
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Thank You Cable trader. That is what I call an important thing...
So should I withdraw all the money from GFT? Or give them a chance? I have already posted a link to this thread to David Law, who "was delighted to inform me that the compliance department accepted my opening account with them". I hoped, that with such a small sum as my initial deposit, and with their commercial up this thread, they will not put me to manual... Because I may be the one to spread the bad news about them and the money I have is simply not worth risking for it. Maybe (probably) it is a naive point of view.

So, IB allows accounts as little as 500USD?
 
Quote from forestgril:

So should I withdraw all the money from GFT?

"was delighted to inform me that the compliance department accepted my opening account with them".

So, IB allows accounts as little as 500USD?
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I think the answer to the first question has been answered quite a few tmes, with a detailed explanation of why. At the end of the day you're the only one who can make that decision, it's your money.

As for Compliance, I think it's disgraceful. The FSA (under the new MFID rules) requires that account holders are classified, and I suspect they have classified you as a 'Professional Client' (what used to be called an 'intermediate customer').

I'm not sure why you're asking about IB, did you mean Oanda?
 
Quote from cabletrader:

I'm not sure why you're asking about IB, did you mean Oanda? [/B]
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I was thinking about MB. I would like a broker which allows high leverage and a mini-account at the same time to open multiple positions at the same time.
 
Quote from forestgril:

I was thinking about MB. I would like a broker which allows high leverage and a mini-account at the same time to open multiple positions at the same time.
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Using too much leverage is the same as trading too big. Don't start drooling too much over leverage.
 
Quote from forestgril:

I was thinking about MB. I would like a broker which allows high leverage and a mini-account at the same time to open multiple positions at the same time.
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MBTrading is great for your needs. Low spreads, low minimum deposit, and you can trade any size you want. I used them for a while and they were great. Only thing that sucks is their charting. Use something like metatrader for that. Good luck.
 
Quote from Reaver:

Using too much leverage is the same as trading too big. Don't start drooling too much over leverage.
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I went to sleep to think about it with fresh mind...

I agree, it is exactly the same and I knew it. What I've learned on DEMO is waiting for positions or placing limits, which are with 25-33% probability worth about 50 pips, and the risk is about 10-15 pips, but at at the same time "seem" to be ends of long important moves. 'IF' the orders were to be filled correctly, my method would have a chance of success with multiple minilots of 10000. But if they would fill me uncorrectly, then You are all right: 30-50 pips would be an awaited loss because of bad enters or because I would have to use wider stops. With such an average loss I must agree: the chance of succes I suppose is about 1:3 (optimistically) - not worth trying.

I have already encountered waiting for market orders as long as for minutes on DEMO with GFT, at 7:00AM GMT when there were no news. So they don't even have to put You on manual, the delays are probably automatic, or there is no one on the other side of the trade - effect is the same.

Summing up... It seems that I have to accept a loss of several tens of USD for wire transfers :(
 
I've paid about 13 USD for wire transfer to GFT. That is 1gramm of ganja in my country plus 6 Carlsbergs from gas station. Enough to have a fun evening playing Worms with my friends.

If I request transfering it back, I will probably pay more, as their bank will request probably a higher fee than mine. Transferring it again to MB, lets say will cost me 13USD again.

I will give GFT a chance with 3 trades. Because EUR/USD has advanced over the historical top, some interesting things may be happening during this week. If I will be very badly executed with any of them, I will, write it here, then transfer all my money back and use either MB or Oanda.
 
Quote from forestgril:

I've paid about 13 USD for wire transfer to GFT.
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There are so many valid points in this thread, made by some experienced traders, and you've managed to miss pretty much all of them :p

I guess it could work out in theory, worst ways you'll lose a few hundred dollars finding out so it's worth a shot.

Let us know what happens, blow by blow, it will be like an Elmer Fudd / Mike Tyson bout!
 
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