GCI Financial

Nightwind

Newbie
2 0
Hello everyone,

Has anyone experience of trading CFDs with GCI Financial; I'm looking to move from Spread Bets to CFDs and have been looking at a number of brokers, including using trial accounts. Although GCI have a very limited range of CFDs this is sufficient for my requirements, I find their interface easy to use and clear with useful charting tools, the interface also seems less "buggy" than some others. I am also attracted by their low margin requirements and in the instruments I am interested in (primarily single U.K. shares their spreads also seem attractive.

Any feedback would be much appreciated.


Nightwind. :)
 

Nightwind

Newbie
2 0
I'm asking, I've only used them as a trial so far and am considering moving to live trading with them so would appreciate any other's comments, particularly as they are an offshore company, registered in BVI.


Regards,
Nightwind.
 

smullaney

Junior member
37 1
I have seen some comments at moneytec.com (I think) in regards to the FX products of theirs. There were complaints of price splippage, how this would apply to their quoted CFDs I am not sure.
 

ajanney

Newbie
6 0
I am also looking to them for FX. They seem to operate from Belize and claim not to make any financial returns to any regulatory authority on the planet to ensure max privacy.
Very low margins $50 for s&p 500, dax, dow, gold etc.
 

eddiecomestotown

Junior member
15 0
i use them for US Equities and have been very impressed. customer support has been first class so far (maybe becuz they are not UK based). Limited range of shares, but tight spreads and excellent margins.

There is definitly better software out there, but you pay a lot more for it.

My main concern was with them being offshore they would just disapear - hasn't happened so far. You are meant to declare any returns to Inland Revenue but thats up to your honesty.

Any specific questions let me know, but I recommend them
 

rog1111

Established member
673 10
Has anyone more comments to add about this Belize based company ? I have heard that sometimes you dont get your price when placing large positions, but haven't verified this. Some instruments are supposed to be guaranteed no slippage (forex)I've tried their demo, and the platform itself is certainly a pleasure to use. 200:1 leverage (if you dare) for full size FX, and mini contracts also. Anyone ?

rog1111
 

MangeMan

Junior member
40 0
They work fine, some slippage in stocks yes but I'm swingtrading trying to get a few $ per share in move so the profits gets huge
 

pecas

Member
75 6
I traded for some months with GCI trading (from oct 2004 to may 2004). I opened two accounts: CFD and mini forex. For what concerns slippage, I can say that for certain contracts (EUR/USD or GBP/USD) there are no problems. If you plan to trade in CFDs, sometime you have to wait minutes before your order is processed...and then it says: "the price changed: accept new price?". All depends on the liquidity of that instrument. Same thing for limit orders: sometimes I saw my price reached, and my order wasn't executed.
The bottom line in my opinion is: GCI works, but the costs are greater than the bid/ask spread.
Obviously, if you try their demo account, your orders are executed immediately.

In my experience, I deposited several times amounts around $ 2000/2500, generally by credit card. I made several withdrawal requests, and they always honored their obligations. The amount requested were wired in my bank account and in 3/4 business days they arrived. When I requested my last and biggest withdrawal (about $ 7000) they asked me to confirm with a signed fax all the credit card deposits, so the withdrawal took 8/10 days to be on my account.

They always answered to my emails in few hours, and live chat service is also good. Globally their customer service is very good.

In my global experience with GCI I won money.

I can say my experience was good.

Now I'm planning to trade again, and with more money, and this is the reason I'm interested in your opinion, too. My concern is: "and if I win $100.000, will they pay me?"

I have these concerns, because if you search in the net, you will see that in the past they have been investigated in the US, and accused of selling illegal forex contracts. This is the reason why they moved to Belize, and don't accept US citizen/residents as clients.

Their software is in English/Russian language, this is another reason of concern.

They accept e-gold as payment method. I like this, but it's another concern for me.

In the forums I found many critics, but no people who hasn't been paid.

I really don't know what to do... Their offer is great for contracts offered, margin requirements and so on; my past experience is good; but still remain many shadows.

I hope to have been helpful, and I hope someone here can provide more direct informations, or find them on the net and post them here.
 

pecas

Member
75 6
Foer what concerns their "zero slippage guaranteed" for your stop loss, forget... You can search for a thread in the forums here which speaks about this, and I can confirm, for personal experience, that this "guarantee" operates only if the markets have normal movements...If you have a big movement, as when certain US indicators are released, the guarantee doesn't work...exactly when you need it!!!
However, I don't care about all these problems, because I look for big trends. Ideposited $1000/2000 5-6 times in about 9 months, and always made one trade only. Sometimes I lost all but the margin, sometimes I won (the biggest $ 7000, the runner up $ 5000). They paid me regularly.
What concerns me is: if they were deposits of $ 10.000, and withdraws of $ 70.000, would they pay me?
Anyone who has experience in withdrawing more than $ 10.000 from GCI?
 

MangeMan

Junior member
40 0
There is nu "rub" as far as I concern, GCI have been working fine for at least 2 years if you can live with slippage in CFD stocks, I'm yet to find a perfect online broker they all have some drawback.

Since they are using Bermuda Commercial bank for all their deposits the best way is to álso open a private bank account at this bank and have the majority of your money there, you can do bank transactions online at this bank and they charge nothing when transfering between accounts in their own bank.

If your account at GCI goes to zero simply transfer more from your private bank account.

If you are afraid GCI will dissapear for some strange reason then you will still have most your money on your private bank account safe.
 

MangeMan

Junior member
40 0
CFD contracts are not allowed in the US, no CFD broker accepts US citizenz today and that's why they weren't allowed in US and moved to Belize.
 
 
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