GFT - Closure of UK Accounts

[BF1]

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

 

[djl]

Oanda.com

 

[dbriordy]

PFG forex is by far the next best platform out there. There charting blows away any other FX firm. Contact me and I can give you more details.

 

[BF1]

Thanks for that. Where are they based?

Can you trade off their charts?

PFG forex is by far the next best platform out there. There charting blows away any other FX firm. Contact me and I can give you more details.

 

[gus]

PFG forex is by far the next best platform out there. There charting blows away any other FX firm. Contact me and I can give you more details.

Had an account with PFG 2-3years ago and I can attest they had a good platform at the time, so I'm sure it's better now, but I doubt it blows away ANY other fx firm, unless you can now program your own indicators and strategies as you can do with Trade Station.

 

[gus]

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

could you please explain why GFT would stop doing business with UK account holders?
I don't see anything on their web site to that effect.

 

[Trdr]

You can try the renewable demo MetaTrader 4: http://www.alpari-idc.com/en/metatrader4/

Price data will be a little different to fxcm's but close enough.

 

[BF1]

Hi Gus

I have asked them (GFT) the same question and had no reply. I just got an email from them on 3rd August saying they had made a business decision to cease trading with UK customers from 10th August. I had to make a decison on where to transfer my funds to or they would just send me a cheque by post!

It really was that urgent.

I have just opened an account with FXCM but they currently don`t have integrated charting, so not too enamoured with that and I have a demo account with PFG. I can`t comment too much on PFG as I can`t access the charts package, still waiting for them to give me a password.

At present, I feel that GFT`s platform is much better, but I need to give it more time to trial the others. What I liked with GFT was the ability to trade off the charts.

could you please explain why GFT would stop doing business with UK account holders?
I don't see anything on their web site to that effect.

 

[gus]

Hi Gus

I have asked them (GFT) the same question and had no reply. I just got an email from them on 3rd August saying they had made a business decision to cease trading with UK customers from 10th August. I had to make a decison on where to transfer my funds to or they would just send me a cheque by post!

It really was that urgent.

I have just opened an account with FXCM but they currently don`t have integrated charting, so not too enamoured with that and I have a demo account with PFG. I can`t comment too much on PFG as I can`t access the charts package, still waiting for them to give me a password.

At present, I feel that GFT`s platform is much better, but I need to give it more time to trial the others. What I liked with GFT was the ability to trade off the charts.

I called GFT to see what the heck was going on. Seems they must have some issue to resolve perhaps and i"m guessing here in the legal field so it appears they are establishing a UK subsidary - but the agent told me that it will be through WH Self Invest who uses the GFT platform (seems quiet a few brokers are using it) I would suggest you call these folks
if you want to stay with the platform you are used to. http://www.whselfinvest.com/en/index.php

This was not handled in a clean neat business way at all - shame on GFT.

 

[dbriordy]

They also lost there NFA mebership.

 

[BF1]

Ive had a look at the whselfinvest site and the platform is, as you said, the same as GFT`s. However, WHSelfinvest themselves, seem a bit behind the times. I mean, applications have to be sent by post or brought into their office, which is in Luxembourg or Amsterdam. All the usual bits and bobs you get accustomed to with the likes of GFT, FXCM etc. don`t exist. I can`t see the facility to top up accounts electronically.

Does anyone here use them and are you happy with the service?

 

[neil]

Ive had a look at the whselfinvest site and the platform is, as you said, the same as GFT`s. However, WHSelfinvest themselves, seem a bit behind the times. I mean, applications have to be sent by post or brought into their office, which is in Luxembourg or Amsterdam. All the usual bits and bobs you get accustomed to with the likes of GFT, FXCM etc. don`t exist. I can`t see the facility to top up accounts electronically.

Does anyone here use them and are you happy with the service?

No - try Oanda instead, many use them.

 

[darrenf]

Just returned from 2 wks hols to find an email saying my gft account is going to be closed.

The main reason I used them was they offered PDA dealing and realtime charts, as well as their all round competitiveness and a few personal recommendations.

Anyone know of other fx brokers with PDA dealing/ charting facilities and a decent reputation (preferably backed up with personal experience of using them)?

Cheers

Darren

 

[jojoroto]

Just returned from 2 wks hols to find an email saying my gft account is going to be closed.

The main reason I used them was they offered PDA dealing and realtime charts, as well as their all round competitiveness and a few personal recommendations.

Anyone know of other fx brokers with PDA dealing/ charting facilities and a decent reputation (preferably backed up with personal experience of using them)?

Cheers

Darren

I am using InterBankFX, they uses metatrader and i think that are a good broker, also i am considering FXDD that also uses metatrader, both of then could uses pda dealing /charting software of metatrader

 

[philhackett]

The FSA and Brussels are responsible for the Dealbook and all other USA broker shutdowns.
Try Selfinvest in Luxembourg they use the same charts as Dealbook but with fewer indiactors.

Phil

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

 

[BF1]

Apparently, GFT are opening a UK subsidiary in January and all of their previous UK customers whose accounts they so quickly and without explanation closed down will be invited to re-join!

 

[darrenf]

It looks as though I may have to re open my account with GFT at this rate, if rules allow in January as I have been unable to find a broker which offers the same level of dealing / charting platform via PDA. I have never had a problem with GFT until the major inconvenience of them closing my account!!

GFT also told me when I spoke to them that the reason for closing UK accounts was that they are looking to open a UK office and regaulations meant that they must close current UK accounts during the process. Strange, but that's what they said.

Jojoroto,

I am using InterBankFX, they uses metatrader and i think that are a good broker, also i am considering FXDD that also uses metatrader, both of then could uses pda dealing /charting software of metatrader

I am unfamiliar with metatrader, always used the platforms supplied in the brokers package (free). Do these brokers actually provide you with the softaware to set this up (say to provide dealing and charting facilities on a PDA) as part of their package for live accounts or is it something I would need to purchase and program myself? If so, what is the cost for forex dealing/ charting via PDA?

Thanks in advance for any help you can give.

 

[BF1]

More like they were in breach of FSA regulations.
Since my account was closed, Ive had a few emails with them back and forth, and I have become fed up with the inconsistency in what they say.

For me, it was highly suspicious that accounts had to be closed with such urgency.

It looks as though I may have to re open my account with GFT at this rate, if rules allow in January as I have been unable to find a broker which offers the same level of dealing / charting platform via PDA. I have never had a problem with GFT until the major inconvenience of them closing my account!!

GFT also told me when I spoke to them that the reason for closing UK accounts was that they are looking to open a UK office and regaulations meant that they must close current UK accounts during the process. Strange, but that's what they said.

Jojoroto,



I am unfamiliar with metatrader, always used the platforms supplied in the brokers package (free). Do these brokers actually provide you with the softaware to set this up (say to provide dealing and charting facilities on a PDA) as part of their package for live accounts or is it something I would need to purchase and program myself? If so, what is the cost for forex dealing/ charting via PDA?

Thanks in advance for any help you can give.

 

[darrenf]

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?

 

[Keven Holton]

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.