GFT - Closure of UK Accounts

[BF1]

Apologies. What I meant to say is that they are not registered with the FSA and that this was probably a breach in their rights to hold UK accounts.

I would imagine that it is a criteria that they have to be registered, regardless of whether they are based here or not.

It does seem a bit suspicious that they had to shut down UK accounts so quickly but as far as I am aware, they never were regulated by the FSA in the first place (FSA being a UK regulator and GFT being a US based broker). Not sure that the FSA could have any say in the matter?

 

[BF1]

I opened an account with FXCM so I could avoid getting a $ cheques as this would have cost me to have it converted back to sterling.

John Bartlett I believe also uses CMS (http://www.cmsfx.com) and the VT Trader platform.

I also came back from vacation and next day received a DHL letter and $cheque.

I very much like DealBook2fx and therefore contacted WH SelfInvest who confirmed that they use the same GFT platform. As I'm forced to do this all again I might as well have a good look around and therefore I am also considering FXDD(Metatrader) and once again CMS who seem to have a good retail customer reputation and a decent user friendly platform . John Bartlett who you will see elsewhere on T2W majors on them ( he also used GFT!)

I agree the on-line trading platform is very important but now so is the commitment to UK customers to establish some reasonable trading continuity.

 

[philhackett]

These sites use Dealbook 2. I am not sure where they are based.

http://www.tradingeducators.com/resources/forex_resources.htm

Now that GFT has ceased doing business with UK account holders I wondered if anyone can recommend a Forex broker?

I have just opened an account with FXCM but Im not impressed so far with the charting software. Have to say that GFT was very good in this area. FXCM does have a new release at the end of August so will have to wait and see.

Any FX brokers out there that stand out from the crowd.
Be grateful for any thoughts/recommendations on this.

Thanks

 

[Keven Holton]

These sites use Dealbook 2. I am not sure where they are based.

http://www.tradingeducators.com/resources/forex_resources.htm

Thanks Phil, I'll have a look. I went with CMS Forex and stability has been fine so far and I like the graphics package and the platform is simple to use.

Ultimately if GFT open a London office I will also consider re-opening an account as well as I like the deNapoli indicators and a trailing stop that works when you are not on the system.

 

[fx globe trotter]

Thanks Phil, I'll have a look. I went with CMS Forex and stability has been fine so far and I like the graphics package and the platform is simple to use.

Ultimately if GFT open a London office I will also consider re-opening an account as well as I like the deNapoli indicators and a trailing stop that works when you are not on the system.

Found this just off the presses at GFT:

FOR IMMEDIATE RELEASE : GLOBAL FUTURES & FOREX LTD. ANNOUNCES LAUNCH OF LONDON DERIVATIVES AND FOREX DEALING OPERATION

ADA, MICHIGAN, U.S.A., JUNE 13, 2006 — Sophisticated investors wanting the latest in technology, software and service for online derivatives and spot foreign exchange trading can now trade through GFT Global Markets UK Ltd., a company that’s been created by a leader in online financial trading.

The London–based division of the leading U.S. firm, Global Futures & Forex, Ltd., has been established to offer spread betting, contracts for differences and spot forex trading services to active traders, hedge funds and institutions in Europe, Australia, Asia and the Middle East.

GFT Global Markets is the sister company of the leading U.S. forex dealing firm, Global Forex Trading (GFT). It is the venture of Gary L. Tilkin, a reputable global commodities and financial services entrepreneur, and the founder and CEO of GFT.

Tilkin grew GFT from a small futures business he started in his basement into a successful company with a multibillion dollar monthly turnover, which now deals spot forex trading to customers in 120 countries worldwide through a pioneering online software program.

As GFT’s sister company, GFT Global Markets UK Ltd. will be led by Tilkin and a handpicked management team of experienced financial spread betting, contracts for difference and forex dealing staff, several of whom came from well-established companies in the financial trading industry.

“We have recruited a highly knowledgeable staff with a broad understanding of financial markets and the refined needs of modern private trading customers,” Gary Tilkin, founder and chairman, GFT Global Markets UK Ltd.

Based in the Canary Wharf development of London, Global Markets UK Ltd. will operate using many of the technologies distinguished by GFT while also applying them to deliver better processes and ideas to the spread betting and CFD industries.

Experts estimate that more than 100,000 people in the U.K. now spread bet or trade CFDs on a regular basis, either to protect investment portfolios against adverse market movements or for pure speculation.

Sounds like they are set!

 

[neil]

Not open Yet

Found this just off the presses at GFT:

FOR IMMEDIATE RELEASE : GLOBAL FUTURES & FOREX LTD. ANNOUNCES LAUNCH OF LONDON DERIVATIVES AND FOREX DEALING OPERATION

ADA, MICHIGAN, U.S.A., JUNE 13, 2006 — Sophisticated investors wanting the latest in technology, software and service for online derivatives and spot foreign exchange trading can now trade through GFT Global Markets UK Ltd., a company that’s been created by a leader in online financial trading.

The London–based division of the leading U.S. firm, Global Futures & Forex, Ltd., has been established to offer spread betting, contracts for differences and spot forex trading services to active traders, hedge funds and institutions in Europe, Australia, Asia and the Middle East.

GFT Global Markets is the sister company of the leading U.S. forex dealing firm, Global Forex Trading (GFT). It is the venture of Gary L. Tilkin, a reputable global commodities and financial services entrepreneur, and the founder and CEO of GFT.

Tilkin grew GFT from a small futures business he started in his basement into a successful company with a multibillion dollar monthly turnover, which now deals spot forex trading to customers in 120 countries worldwide through a pioneering online software program.

As GFT’s sister company, GFT Global Markets UK Ltd. will be led by Tilkin and a handpicked management team of experienced financial spread betting, contracts for difference and forex dealing staff, several of whom came from well-established companies in the financial trading industry.

“We have recruited a highly knowledgeable staff with a broad understanding of financial markets and the refined needs of modern private trading customers,” Gary Tilkin, founder and chairman, GFT Global Markets UK Ltd.

Based in the Canary Wharf development of London, Global Markets UK Ltd. will operate using many of the technologies distinguished by GFT while also applying them to deliver better processes and ideas to the spread betting and CFD industries.

Experts estimate that more than 100,000 people in the U.K. now spread bet or trade CFDs on a regular basis, either to protect investment portfolios against adverse market movements or for pure speculation.

Sounds like they are set!

Online chat "TARINA" states the UK office is not yet open for business :?:

 

[neil]

Hello Neil,



Monday, June 26, the office will be officially open for business.



Warm regards,



Tim

 

[BF1]

I wonder if they will be looking for the customers they dumped at a moments notice to come running back to them!!

Found this just off the presses at GFT:

FOR IMMEDIATE RELEASE : GLOBAL FUTURES & FOREX LTD. ANNOUNCES LAUNCH OF LONDON DERIVATIVES AND FOREX DEALING OPERATION

ADA, MICHIGAN, U.S.A., JUNE 13, 2006 — Sophisticated investors wanting the latest in technology, software and service for online derivatives and spot foreign exchange trading can now trade through GFT Global Markets UK Ltd., a company that’s been created by a leader in online financial trading.

The London–based division of the leading U.S. firm, Global Futures & Forex, Ltd., has been established to offer spread betting, contracts for differences and spot forex trading services to active traders, hedge funds and institutions in Europe, Australia, Asia and the Middle East.

GFT Global Markets is the sister company of the leading U.S. forex dealing firm, Global Forex Trading (GFT). It is the venture of Gary L. Tilkin, a reputable global commodities and financial services entrepreneur, and the founder and CEO of GFT.

Tilkin grew GFT from a small futures business he started in his basement into a successful company with a multibillion dollar monthly turnover, which now deals spot forex trading to customers in 120 countries worldwide through a pioneering online software program.

As GFT’s sister company, GFT Global Markets UK Ltd. will be led by Tilkin and a handpicked management team of experienced financial spread betting, contracts for difference and forex dealing staff, several of whom came from well-established companies in the financial trading industry.

“We have recruited a highly knowledgeable staff with a broad understanding of financial markets and the refined needs of modern private trading customers,” Gary Tilkin, founder and chairman, GFT Global Markets UK Ltd.

Based in the Canary Wharf development of London, Global Markets UK Ltd. will operate using many of the technologies distinguished by GFT while also applying them to deliver better processes and ideas to the spread betting and CFD industries.

Experts estimate that more than 100,000 people in the U.K. now spread bet or trade CFDs on a regular basis, either to protect investment portfolios against adverse market movements or for pure speculation.

Sounds like they are set!

 

[Clip-on Tie]

Because it's still this supposed Wild West era regarding FX brokers, and obviously with many still smarting with the last year's exciting broker scandals, it may be best to implement a one-strike-you're-out approach to choosing brokers. Was GFT's treatment of UK customers acceptable in the first place, and does it leave sufficient taste in the mouth to dissuade us from trying the new UK option?

 

[neil]

Try www.Oanda.com

but I am a biased happy user. :_)