GCI Financial

seancass

Well-known member
329 1
Forex Brokers and "Guaranteed Stop Loss."

Can any of our Forex colleagues advise on a reliable and dependable broker please?

I, and others, have commenced trading forex for real, under the tutelage of an ex-city forex trader, who introduced us to an offshore broker who offers 'guaranteed' stop losses...eh, apparently. That is, until major payroll figures appear and the market takes off like a rocket.

Today, trading Euro/dollar, like so many thousands of others, I, and a couple of others in the trading room, took a short position with a minimum 1 lot at about 1.20 GMT and set my 'guaranteed' stop loss twenty pips away: maximum risk - theoretically $240 including initial spread of 4 pips. Within seconds, I was blown apart and my 'guaranteed' stop loss failed to kick-in. I fought to close the position, but to no avail. The result? Over a thousand dollars down in seconds!

E mails to the offshore broker resulted in our being informed that,"the guaranteed stop loss does not include days like today (NFPR)!" To the best of our knowledge there is nothing in writing to this effect and our mentor - who has a 'hot line' to the owner of the brokerage - is doing what he can to resolve the problem and seek redress on our behalf.

While this is being addressed, a number of us would like to hear of a bona fide, accountable, honest and legitimate broker who will honour our guaranteed stop losses at any time when the market is in session. We understand that Gain Capital is worth consideration.

I will keep members - particularly those new to Forex - apprised on how this matter evolves, as it is important.
 

rog1111

Established member
673 10
Seancass

Sorry to hear this. Could you give us a clue which broker/bookie this happened with ? Did the 3-letter name possibly start with a G and end with an I ?

rog1111
 

rog1111

Established member
673 10
I can fully symapthise with this very annoying situation. Their "guaranteed stops" also dont work for non-24 hour products - I queried this today. So in this case what can be done ? Since they're in Belize (are they really there physically, or just their bank accounts ?) then presumably nothing ? FXCM may be a better bet, certainly a larger company, also with guaranteed stops, but personally I prefer the GCI platform.

GL
rog1111
 

seancass

Well-known member
329 1
rog 1111

FXCM receives good reports. Let's see how the other broker in Belize responds to this issue. I, too, like their platform, but my mind is focused on something more specific.

I think we may have a mutual acquaintance in Phil H (Guildford?)

Best wishes,
S
 

arco

Junior member
36 1
Seancass

Sorry to hear this. Could you give us a clue which broker/bookie this happened with ? Did the 3-letter name possibly start with a G and end with an I ?

rog1111

Anyone interested in this topic should check out my recent posts on the Forex/'charts' thread.
 

nefariousbaffler

Member
58 0
Gci

I've been reading some not so good things about gci in the threads lately. This is of great concern to me as I have an account with them. Therefore, any additional input from members in regards to their experiences or thoughts on the company is appreciated.
I presonaly haven't had any problems with them so far, but I have only been trading for 2 weeks....and luckily I was holding long euro today so stop losses weren't tested.
For the member that had their stop unfulfilled this is of grave concern, if that can't be relied on then I think there is definetly a major problem.
:devilish:
Thank you.
 

nefariousbaffler

Member
58 0
Oh and one more thing.......gci seems to advertise on this website, so I am curious if moderators or anyone of that nature could help us out with any information as to the company.
Thank you.
 

seancass

Well-known member
329 1
Good morning Nefariousbaffler!

Let's hope that the Moderators may be able to provide members with any additional information they may possess about the credentials of GCI so that we may know a little more about the company - the broker - with whom we are placing money in good faith.

Sean
 

options

Senior member
2,374 218
Seancass.

Sorry to hear about the stop not working. It's at those volatile times that you need the safety net to work.

The stops with fxcm do work and they are guaranteed as they say. And no slippage! I had been short all day on eur/usd. Come those figures. Market took off against me, taking out the stop at 2215 and bringing in a long waiting in the wings at 2216. It took a couple of secs for the account software to catch up. 'Cause it would have been pretty busy, but you are never left wondering how much has slipped until the stop gets actioned.

A company in Belize? Now that would frighten me.
 

seancass

Well-known member
329 1
Options,

Thank you. I have heard some very good reports concerning FXCM. Good to hear that their Guaranteed Stop Losses mean just that!

Sean
 

nefariousbaffler

Member
58 0
I was just looking at FXCM website. I noticed that trading opens up at 2pm EST while at GCI trading doesn't open up until 6:30 pm EST. This may or may not effect your trading depending on your time frame but it's definetly something to think about.

The only real thing that I prefer about GCI at the moment is that, if one were so inclined, one need not report incomes to ones host country. :eek:
 

chump

Senior member
2,212 274
Now if I remember my Butch Cassidy story right didn't all the bandits from Bolivia stop robbing banks move to Belize to start running them ? ;)
 

arco

Junior member
36 1
I begin to wonder what the story is with GCI when you see such an impressive website, yet there appears to be no service.

Today (Monday) I am trying to chart the Nikkei and the charts are not working, although the trading platform is. :confused:

There is no one available on the Live Chat to give me an answer, and still no reply to my urgent e-mail to customer support on Friday.

Anyone know another broker with an electronic platform to trade the Nikkei ?
 
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