When was this?
Gekko Global Markets Announcement CHANGE IN COMPANY OWNERSHIP
tar
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Do u scalp ?
They seem to be the only company that close an account up front. In away I find it a more fair to do this, instead of putting clients on referral to a dealer. But, there should be some kind of warning system in place before taking such an action. Clients are very expensive to obtain today, especially with the increasing competition in mind. They should give up free guaranteed stop loss, traders that don't use it, pay for it with increased spread.
Jack Hughes
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They closed my account with no warning. too. Apart from to take advantage of the various 'free money' offers, I can't really see why anyone would use them now. The stupid name alone should put most people off.
You seem to be sore about them closing your account, even from what you tell us, they probably had a cause for doing it. They have very good execution, no doubt it. I like to trade FTSE and DAX with them, I like the fact they seem to follow the futures better. As I said before, they are entitled to close an account, but I feel it is better to have communication with clients before taking such a severe action. They are not violating any rules in regard to the MiFID financial directives by closing an account, but other actions like discrimination such as referral to a dealer certainly is (anybody been on referral to a dealer with this company?). The name is of secondary importance to me, I couldn't care less as long as they give me good service. They should narrow the spread on some of the indices though, this in order to compete with the big ones in the industry. If they for some reason close my account or some other funny business occurs, I will for sure let you know guys. I have been trading with them for many years using the Swedish outfit, and I am very pleased with their service level.
B
Black Swan
how does that work?
Yes, interesting to know what he mean by trading on a guaranteed stop, probably some kind of hedge involved or maybe news trading on FX.
Jack Hughes
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Jack Hughes
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Plenty of other SBs to choose from, so no great loss to lose GGM. Actually, I liked a few things about their platform, but the stop-busting variable spreads on major markets, when almost everyone else fixes them at 1pt, or whatever, put me off. In that sense Gekko was more like trading the real market, so it really amounted to having the worst of both worlds.
Yes it is fierce competition out there, with narrowing spread and the big players on the move becoming more aggressive, it will be tough for any small SB to survive. However, if ggmarkets is a really bad performer in all areas, there would be a lot more complaints on this thread. I now only read about a few that are not allowed to trade with them.
Nothing wrong in a variable spread if you get a good execution in a volatile market, as you said, it is like the real market, spread varies. I have been watching and trading the DAX, I find their spread a lot easier to profit from compared to 1 point fixed spread, as they follow the DAX future more accurate.
tar
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time will tell
Ahh that would be telling wouldn't it! It is to do with gaps but I don't want to publish full details as if someone from the co sees/too many people do it the party will be over! Its a well known strategy which other outfits have measures in place to avoid....ggmarkets are just too stupid to put in place these measures.
They are probably the biggest basket case of a provider out there.
I hope they will be around much longer.
Just out of interest, has anyone managed to claim their bonus money?
Here is my account. Mid 2009, I tried out their demo and liked their platform. In particular, they had 2pip Gold. So I decided to give the live platform a go. No 2pip gold but undeterred, I traded sp500. Then they raised the spread. Not just the sp500 but all the instruments I was interested in. But I had to carry on because the bonus money would only be paid if you do a certain amount of trades. At this point I was reluctant to carry on but then they introduced the free guaranteed stops (is this still the case and you can place the stop as close as you like to your entry?).
Well, on Christmas Eve of all days, they said I am no longer eligible for the bonus. At this stage I was losing money and I complained that what was supposed to be risk free testing of the live platform is not risk free. They paid me back my losses and I left. Reason: phoned too many times to confirm the accumulated trades and I went in and out too frequently. I am not a scalper but I don't like losing straight away. So I chose a stock that is relatively stable (are they still able to slip you on entry?) and if it went against me, I went out.
I wasted 6 months of my time. Just in case, I am not looking for sympathy. Happy profitable trading everyone.
Here is my account. Mid 2009, I tried out their demo and liked their platform. In particular, they had 2pip Gold. So I decided to give the live platform a go. No 2pip gold but undeterred, I traded sp500. Then they raised the spread. Not just the sp500 but all the instruments I was interested in. But I had to carry on because the bonus money would only be paid if you do a certain amount of trades. At this point I was reluctant to carry on but then they introduced the free guaranteed stops (is this still the case and you can place the stop as close as you like to your entry?).
Well, on Christmas Eve of all days, they said I am no longer eligible for the bonus. At this stage I was losing money and I complained that what was supposed to be risk free testing of the live platform is not risk free. They paid me back my losses and I left. Reason: phoned too many times to confirm the accumulated trades and I went in and out too frequently. I am not a scalper but I don't like losing straight away. So I chose a stock that is relatively stable (are they still able to slip you on entry?) and if it went against me, I went out.
I wasted 6 months of my time. Just in case, I am not looking for sympathy. Happy profitable trading everyone.
troyresearch
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I would be very, very careful of this outfit.
The knowledge of their frontline team, even on basic instruments like a FTSE 100 company, seems limited.
More worryingly, you call their '24 hour' dealing desk only to get a generic voicemailbox.
Be cautious, is my advice.
The knowledge of their frontline team, even on basic instruments like a FTSE 100 company, seems limited.
More worryingly, you call their '24 hour' dealing desk only to get a generic voicemailbox.
Be cautious, is my advice.