GCI Financial

[seancass]

Hi Nefariousbaffler.

This refers to earlier posts in the same thread about the failure of GCI to honour stops losses on Friday with the result that instead of a couple of us losing to the limit of the stop loss ($200 stop loss), we lost close to a thousand dollars each as our stops were not filled. However, after intervention by Traderhouse, who recommend GCI to their newbie student traders, $500 was restored to my trading account by GCI last evening. However, I gave them notice to shut my account this afternoon and the five hundred dollars that was put back last evening has since been taken out again without any reference to me; not even acknowledgement of my fax to them asking them to shut the account.

In fairness to them, however, when you open a trading account with $1500 with GCI via Traderhouse, GCI places a nominal credit of $500 in your account with which you can trade. Technically, if you close the account as I am about to do, they can remove that $500 from your account as I suspect they have done in this case. It's all a bit messy! I am informed by traderhouse, however, that removing the $500 (their bonus credit) would seem to be entirely discretionary.

 

[arco]

Theres no way would trust GCI now after my own personal experiences (demo only) and what I have read here.

For information purposes.
There seems to be a connection with GCI and First Capital Forex . They share the same address and the web-site is almost a carbon copy.

 

[arco]

Slippage issues.

These brokers seem to guarantee no slippage.

FOREX.com
Guaranteed fills on stops and limits up to $2M.

ACM Advanced
No slippage

Refco
Guaranteed fills on stops and limits up to $1M.

 

[rog1111]

Theres no way would trust GCI now after my own personal experiences (demo only) and what I have read here.

For information purposes.
There seems to be a connection with GCI and First Capital Forex . They share the same address and the web-site is almost a carbon copy.

arco

As far as I know they both use the ACT forex platform & business model, hence the possible similarity (explains GCI's professional looking website).

ACT themselves do not operate as brokers, but leave it to their clients - GCI etc. At least this is what ACT told me.

rog1111

 

[rog1111]

& some of the GCI charts come from ACT forex

rog1111

 

[seancass]

This looks more promising.

Interesting how they guarantee no-slippage even on NFPR day!


Refcofx>: Welcome to RefcoFX. How can I help you?
you: Hello, Do you offer guaranteed stop losses?
Refcofx>: we have a zero slippage policy on all stop and limit orders
Refcofx>: that means
Refcofx>: the price you enter for a stop
Refcofx>: you will get
Refcofx>: regardless of mkt volatility
you: even on non-farm payroll day?
Refcofx>: absolutely
you: What is the minimum deposit required to open a 100K account?
Refcofx>: $2000 usd
you: How safe are our funds? Are you regulated?
Refcofx>: are you familar with our mini account?
Refcofx>: we are regulated by the CFTC
Refcofx>: which is the reulatory body
Refcofx>: similar to the SEC in regards to equities
Refcofx>: RefcoFX is the largest firm that provides retail speculation in the FX market. If you are looking into other firms, I suggest that you check out the financial reports on the CFTC's website. You will want to know that you are dealing with a sizeable firm with a good deal of capital. Here is a link to those financial reports. Here is the link to those reports: http://www.cftc.gov/tm/tmfcm.htm
you: Where are you based please? USA?
Refcofx>: our headquarters are in NY city
Refcofx>: however
Refcofx>: we have offices in London, HK, Tokyo
you: Is live chat available at all times?
Refcofx>: 24 hours a day!
Refcofx>: 7 days a week
Refcofx>: as well toll free acess
you: What is the response time like if we need to call you on the phone to close a position if our hardware freezes?
Refcofx>: access
Refcofx>: to the sales
Refcofx>: tech,
Refcofx>: and trading dept's
Refcofx>: have you been trading our demo acct?
you: What is the response time like if we need to call you on the phone to close a position if our hardware freezes?
Refcofx>: you may call our dealing desk directly
Refcofx>: any time
Refcofx>: in addition
you: That's good. Please tell me you're not based in Belize?!
Refcofx>: no
Refcofx>: sorry
Refcofx>: NY city
you: That's good. Thank you for all your assistance. Have a nice day!
Refcofx>: my pleasure

 

[raf110]

Refoco are the largest Futures clearer by volume on LIFFE.

 

[rog1111]

Sounds like Refco are a far better bet......

rog1111

 

[trader_bv]

RefcoFX is NOT regulated. That's why there is no NFA number or regulation claim on their website. Only Refco Group is regulated. You wouldn't be trading with Refco Group, but RefcoFX. Look at their website and they try to confuse you as to who you're really dealing with. The guy on chat just lied to you. Investigate more and you'll see that.

 

[raf110]

r we looking at the same site

http://www.refcoeurope.com/investor_services.html

This is the european site and they claerly state that they are part of Refco Group

 

[trader_bv]

www.refcofx.com is the RefcoFX home page. They ARE part of the Refco Group. And they ARE NOT regulated by the CFTC or the NFA. They are a subsidiary and separate company. That's why they were able to offer 200:1 leverage and other characteristics that the CFTC did not allow. Doesn't mean they're a bad firm to trade with, just that you wouldn't be trading with a CFTC regulated firm, and it's disturbing that their live chat rep was dishonest about that.

 

[trader_bv]

If you want to pin them down, ask them how they can offer Mini trading at 0.5% margin ( www.refcofx.com/mini-accounts.html ), while the CFTC minimum is 1.0% margin, and still be CFTC regulated. Their story breaks down...

 

[seancass]

Trader -bv

Here is their response:

RefcoFX~: Welcome to RefcoFX. How can I help you?
you: Hi,are you regulated by the CFTC or the NFA please?
RefcoFX~: RefcoFX is the largest firm that provides retail speculation in the FX market. If you are looking into other firms, I suggest that you check out the financial reports on the CFTC's website. You will want to know that you are dealing with a sizeable firm with a good deal of capital. Here is a link to those financial reports. Here is the link to those reports: http://www.cftc.gov/tm/tmfcm.htm
RefcoFX~: Refco FX falls under the regulatory arm of Refco Group. The NFA ID # for Refco Group is: 0198028. As a member of the Refco Group of companies, RefcoFX offers its customers the reliability and financial strength, which most other forex firms can't come close to. With customer equity of approximately $4 billion, over 180,000 customer accounts and over $250 million individual customer transactions handled during the most recent fiscal year, RefcoFX and the other companies in the Refco Group offer a unique combination of service, reliability and strength.
you: Are you not a subsidiary and separate company? How are you able to offer 200:1 leverage and other characteristics that the CFTC do not allow
RefcoFX~: we are able to still offer the 200:1 leverage that other market makers are not able to offer
you: How come?
RefcoFX~: because the CFTC is directing this at those institutions that specialize solely in forex
RefcoFX~: Refco is a multibillion dollar institution that offers many more financial instruments to trade than just forex
RefcoFX~: the CFTC is not directing their obligations to those firms that are not specializing solely in fx
you: but are you regulated by the CFTC or the NFA please?
RefcoFX~: yes
you: Thank you. Have a nice day

 

[trader_bv]

yeah, but when he says "Refco is a multibillion dollar institution that offers many more financial instruments...", the "Refco" he's talking about has now flipped to Refco Group, not RefcoFX. RefcoFX only offers Forex, as you can see from their site at www.refcofx.com. They flip back and forth so you don't know who they're really talking about or who you're dealing with. Try to find an NFA number and Regulatory status for RefcoFX and you can't - only for Refco Group.

I think the whole thing is a big "whatever". It's between them and the CFTC...

 

[rog1111]

Seancass

I think that Refco's assurance would be good enough for me. Either way it's a huge group, unlikely to do a moonlight flit

rog1111

 

[seancass]

Rog1111

At least they're not in Belize!!!!!

 

[rog1111]

Rog1111

At least they're not in Belize!!!!!

...absolutely !

 

[arco]

Trader -bv

Thank-you for your valuable information.

Knowing what you know about the rules and regulations concerned with fx and fx companies, may I ask who you consider would be the safer firms to deal with.
Personally I am more concerned about the safety of my deposit than the lowest pip spread.

TIA

 

[seancass]

Arco,

I guess that your question is directed at trader-bv. My own feeling is that the jury is still out on that question. One thing is for sure: like trading systems, one man's meat is another man's poison.

 

[trader_bv]

I think safety of your deposit is most important. Pip spreads can be misleading: a broker can quote a 2 or 3 pip spread, but if he's running stops, shading the price, etc, your cost of trading is very high. You'd be better off with a 4 or 5 pip spread with good execution.