TheBramble
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Glen, I assume you started at the top of this thread and worked your way through it? There's a bit about GCI in it...
If there's anything more you specifically wanted to know...?
If there's anything more you specifically wanted to know...?
gci financial
I have been a live gci client for the past 6 months. I have done indepth research of the company and if they are legitament. what I came up with is; they are legitament.
Problem: dealers only monitor positions.
Good news: there is a dealing desk
problem: if you have a legitament problem concerning trades you can forget resolving the problem in your favor. you will get nowhere. They will not resolve your issue.
Good news: I have asked for money transfer into my bank. They responded immediately and accurately.
problem: forget about stops or limits. slippage is huge.
good news: you can fund and transfer from pay pal.
problem: you cannot scalp trade
good news:they will fund your account right away.
resolve: I have been trading with gci for the last six months. I have been very nervous about putting money above 10000 us dollars. I won't. Because of the slippage and lack of service. I have decided I will sacrifice leverage for peace of mind.
sincerely,
Renato
I have been a live gci client for the past 6 months. I have done indepth research of the company and if they are legitament. what I came up with is; they are legitament.
Problem: dealers only monitor positions.
Good news: there is a dealing desk
problem: if you have a legitament problem concerning trades you can forget resolving the problem in your favor. you will get nowhere. They will not resolve your issue.
Good news: I have asked for money transfer into my bank. They responded immediately and accurately.
problem: forget about stops or limits. slippage is huge.
good news: you can fund and transfer from pay pal.
problem: you cannot scalp trade
good news:they will fund your account right away.
resolve: I have been trading with gci for the last six months. I have been very nervous about putting money above 10000 us dollars. I won't. Because of the slippage and lack of service. I have decided I will sacrifice leverage for peace of mind.
sincerely,
Renato
Issue of guaranteed order executions
Hi guys
I came across this thread & certainly info GCI financial helped me to stay away from them. However, I wanted to run some other points across this board.
Looking at so many brokers giving away fixed stop losses, I tried to work out the crux of the matter. Now this is all my thinking & observations. I am not in business to confirm it.
Now if I was a broker, why would I offer guaranteed stop losses? The answer is to offer the little guy peace of mind. And of course, since everybody else if offering it, then I will HAVE to, or you guys will never come to me.
Now should I REALLY be offering guaranteed stop losses? Think about it logically. I shouldn't be. Say something big happens tonight! Like 911 or something similar. Say EUR/USD was tanking for last 2 weeks. Guess where will most of the bets be? Everybody & their granny will be short the Euro & long the USD. So if dollar crashes tonight & next we know EUR/USD is 500 pips higher.
Now expand this scenario beyond our little sleazy merchant in Belize to thousands of forex brokers. Now will there be guaranteed execution? What do you think??? Think again???
I say there is a possibility there can be! Why? Our broker never transferred your orders to the big market. He was holding the other side of the trade for you. He knows 90% of you are gonna lose the money very soon. So he has 90% chance of success in each and every account he opens. So what should our brokerage be called? Its a bucket shop!!
Why else is there offer of a mini account everywhere? Give me a break! Trading the most volatile market with 300 bucks? Its just because they want your money. Anything will do. One dollar will do as Oanda will tell you. I think one broker must have started the concept of mini account, now you gotta have it. They need to provide it cos the little guy can only afford $300. Its like the populist policy of one government. None of the governments after them can change that.
Why doesn't futures industry offer guaranteed stop losses? Why not stocks? Well they can't. Its a marketplace. For you to sell, there has to be a buyer. Yes the marketmakers provide liquidity, but no guarantees mate. How could they have afforded those mercs parked in exchange car parks, if they were to give you guarateed fills. Its all about fill? Where's my fill, dear broker? - I don't know sir.
Right, back to the topic. I don't think my broker can give me guarantees unless he is trading against me. And I dont really like that idea that I have conniving broker as well planning my downfall. So whats the answer? well, I'll leave that open. Lets see if we can work it out.
Sorry for the long winded post. Couldn't resist it.
And Sean, I couldn't work out who 'IB' is. Can't be interactive brokers if you are trading forex.
Regards
Hi guys
I came across this thread & certainly info GCI financial helped me to stay away from them. However, I wanted to run some other points across this board.
Looking at so many brokers giving away fixed stop losses, I tried to work out the crux of the matter. Now this is all my thinking & observations. I am not in business to confirm it.
Now if I was a broker, why would I offer guaranteed stop losses? The answer is to offer the little guy peace of mind. And of course, since everybody else if offering it, then I will HAVE to, or you guys will never come to me.
Now should I REALLY be offering guaranteed stop losses? Think about it logically. I shouldn't be. Say something big happens tonight! Like 911 or something similar. Say EUR/USD was tanking for last 2 weeks. Guess where will most of the bets be? Everybody & their granny will be short the Euro & long the USD. So if dollar crashes tonight & next we know EUR/USD is 500 pips higher.
Now expand this scenario beyond our little sleazy merchant in Belize to thousands of forex brokers. Now will there be guaranteed execution? What do you think??? Think again???
I say there is a possibility there can be! Why? Our broker never transferred your orders to the big market. He was holding the other side of the trade for you. He knows 90% of you are gonna lose the money very soon. So he has 90% chance of success in each and every account he opens. So what should our brokerage be called? Its a bucket shop!!
Why else is there offer of a mini account everywhere? Give me a break! Trading the most volatile market with 300 bucks? Its just because they want your money. Anything will do. One dollar will do as Oanda will tell you. I think one broker must have started the concept of mini account, now you gotta have it. They need to provide it cos the little guy can only afford $300. Its like the populist policy of one government. None of the governments after them can change that.
Why doesn't futures industry offer guaranteed stop losses? Why not stocks? Well they can't. Its a marketplace. For you to sell, there has to be a buyer. Yes the marketmakers provide liquidity, but no guarantees mate. How could they have afforded those mercs parked in exchange car parks, if they were to give you guarateed fills. Its all about fill? Where's my fill, dear broker? - I don't know sir.
Right, back to the topic. I don't think my broker can give me guarantees unless he is trading against me. And I dont really like that idea that I have conniving broker as well planning my downfall. So whats the answer? well, I'll leave that open. Lets see if we can work it out.
Sorry for the long winded post. Couldn't resist it.
And Sean, I couldn't work out who 'IB' is. Can't be interactive brokers if you are trading forex.
Regards
at last someone who finally sees what we have been trying to tell potential clients all along. We have never guarnateed stop losses to our clients and anyone that does to be honest is telling a few porky pies! Irrespective potential clients out there tend to use this against us claiming that if FXCM etc etc can do then so can we, the norm of course being more brokers guarantee them than not. Having said all that we have to date never had any complaints against slippages so we must be doing something right.
Glad to see that genuine forex banks like the company I work for (CBFX.com) may be getting the point across all be it still slowly! What you say is right if they are guaranteeing stops to you it means they are trading against you too, which to be honest really leaves the client in the lurch
Glad to see that genuine forex banks like the company I work for (CBFX.com) may be getting the point across all be it still slowly! What you say is right if they are guaranteeing stops to you it means they are trading against you too, which to be honest really leaves the client in the lurch
fair points there Fic Couple/sasforex....I think most of us are under no illusions that nothing in this business is 'guaranteed' and should the unexpected occur, the brokers are gonna look after their own interests first, after all they're in business to make money. There's lots of competition out there for folks money & the gloss & sales pitches are all part of the magnet to attract a customer base. However, I imagine most traders, when researching a service provider, look for a balanced & fair overview of the providers offerings. As long as my provider offers a decent service/reasonable contact facility/accurate & fast transaction & limited slippage, and adheres to those service arrangements (most of the time), then I'm happy enough to continue using them. At the end of the day, if a trader is content with their individual provider & can concentrate on the business in hand, then it's all they can ask. A fair, consistant service wins the day for me & up to press FXCM have given me no reason to change my view regards the above!.....until they do, I guess I'll be happy to keep part of my funding with them. We're all attracted by differing reasons & circumstances to a service provider, as long as they maintain that service, then all good & well!
sasforex said:
All said & done, if a broker has a dealing desk, he is likely to hurt me one way or other. Trading against me or increasing my slippage. The only answer probably is straight through processing(STP).
SasForex, may be you could tell us how mini orders are filled. Are they filled in the open market? In fact, is there an open market for minis or are they matched to other traders? Or do you guys combine minis to form a normal lot before trading on interbank market?
Regards
Vandana
neil
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Re: Issue of guaranteed order executions
IB trades currency pairs...euro/dollar etc. Major pairs usually one pip spread. See threads by JohnnyT ( Forex forums)
Heres one thread:
http://www.trade2win.co.uk/boards/showthread.php?s=&threadid=9164
FibCouple said:
IB trades currency pairs...euro/dollar etc. Major pairs usually one pip spread. See threads by JohnnyT ( Forex forums)
Heres one thread:
http://www.trade2win.co.uk/boards/showthread.php?s=&threadid=9164
Hi Neil
I thought IB traded Euro currency futures ( similar in movements to EUR/USD, but different price due carriage in futures). And yes spread is 1 tick. As far their currency trading goes, they used to offer very large spreads thus making 'trading' in them uneconomical. But things may have changed. I'll check it out . Thanks a lot.
Regards
Vandana
I thought IB traded Euro currency futures ( similar in movements to EUR/USD, but different price due carriage in futures). And yes spread is 1 tick. As far their currency trading goes, they used to offer very large spreads thus making 'trading' in them uneconomical. But things may have changed. I'll check it out . Thanks a lot.
Regards
Vandana
FibCouple said:
Actually this is how it works here at CBFX we do not distinguish between mini and large accounts, we have minimum deposits of 500 USD and our lot sizes are 10,000 base currency, this way we only require one traded for large and small deposits 1 lot or 10,000 lots are all filled in the same way!
