Global Trader

[Satori]

Just opened an account with Global Trader to see what they're like. I like the idea of the spreadbetting being hooked into real market prices.

The account was set up swiftly and I spoke at length to one of their guys who was very helpful.

I'll have a proper play with the interface after market close, but if anyone has any experience of them it might be useful to note it here for future reference.

 

[hallto]

just tried out their demo. very fast, but not convinced about the look and feel.....

 

[acronym]

Satori, any feedback on Gt yet? too soon to say?

 

[Satori]

Satori, any feedback on Gt yet? too soon to say?

Okay, well I haven't traded for real via them yet, but I've had a play with the virtual account.

I wouldn't say the interface is as slick as, say, IG Index, but it has pretty much everything one could need. It would be nice to be able to select a chart directly from the trading platform though.

It is always hard to assess a new system because one gets comfortable with the particular system(s) one is currently using.

I really will get around to using it for real over the next few weeks and then I'll be able to assess things such as how execution, slippage and such compares to the others, and those are the most important things.

 

[acronym]

Wow, you think the ig interface is slick? In that case, im glad ive got some eod charting software, because theres not a snowflakes i could just use those charts. And that blinking refresher box drives me nuts too. Yeah, just wondering how it was going, its tough to tell what the difference between these firms is if any.

 

[Satori]

Wow, you think the ig interface is slick? In that case, im glad ive got some eod charting software,

Well, yes I agree - I wouldn't use an SB company's charting for TA ... I was comparing it to other SB companies.

 

[Satori]

Update.

I've used Global Trader for a few (small) live trades now and I have to say I quite like the trading platform. For one thing it has a trailing stop facility, which neither of my other SB brokers (Finspreads & IG Index) offer.

The spreads seem to be better too, for example on EUR/USD futures (as at 17:30 today):

Finspreads: 8 point spread.
IG Index: 12 point spread.
Global Trader: 5 point spread.

And on the FTSE daily:

Finspreads: 6 point spread.
IG Index: 6 point spread.
Global Trader: 4 point spread.

I got an email from them stating that they're running market spreads on FTSE and Wall Street futures during October too.

So will I bin my other SB accounts? No, probably not. I like to keep a few accounts running anyway but if the spreads continue to better IG and FS then I'll probably find myself using GT more and more over the coming months.

 

[nobrainer]

I'll be opening a cfd account with globaltrader in the next few weeks.Had one of their salesmen around today and was very impressed by their system.
The system was state of the art and the comm rates will be competitive, so the only stumbling block will be security of my money.But they are a big firm, FSA regulated and use segregated accounts so seems ok.

 

[roger1224]

Just checked out Global trader, impressed with the platform. They are not direct access are they?

 

[nobrainer]

Have been using Globaltrader for the past 3months now.I'm pretty happy with it.Had very few software problems and it uses an impressive trading platform provided by Tradessmart.It's not spreadbetting as implied by the thread categorization.
I trade uk cfd's and they cover all the Ftse 250 stocks using direct access.
The negatives are that my money is not in a segregated account as I originally presumed and its not a particularly big organization so security of funds would worry many possible clients ,although not me.

 

[taxes]

HI All,

Anyone else having a problem with the Global Trader Spread Betting platform?

I have now tried it on two separate computors but every day with live trading, I get at least one problem. The recurring one is that I get stopped out - correctly- at their end but the trade still shows as running at my end. This means that if I am away from my desk when it happens, when I return I think the trade is still running. Often the trend has reversed into a strong profit and I sit there like an idiot thinking on what I will spend it on!!! Their boffins tell me this is only happening to me and have been doing there best to sort it out - without success so far.

 

[whipsaw]

Dear Client

Global Trader Europe Limited (”GTE”) is the UK based operating entity of the group of the Global Trader spread trade and contract for difference financial service provider. A regulatory capital deficit has arisen in GTE as a result of a single client margin call default. Under these circumstances GTE applied, at the close of business on Wednesday, 13 February 2008, to the Financial Services Authority (”FSA”) in the United Kingdom for a Variation of Permission — the official method by which companies change the terms of their authorisation, limiting principal activities to closing existing trades.

The Board and management of GTE, continues to evaluate alternatives for the re-capitilisation of GTE, including the possible introduction of an international equity partner. However, to ensure that the various alternatives can be evaluated within an orderly operational structure and regulated financial exposure, GTE will today file for Administration. An Administrator has already been tentatively appointed.

As a result no client withdrawals shall be affected until such time as the Administrator has taken effective control.

The management of GTE will make every effort to keep you informed of all progress made and ask for your patience and understanding. If you have any questions, please contact GTE on +44 20 7420 1200.

Kind Regards
The Global Trader Team

FT Alphaville » Blog Archive » Global Trader’s letter to forlorn clients

Global Trader clients investigated by FSA - Telegraph

 

[happiesmiles007]

what is capital regulatory deficit?

 

[happiesmiles007]

geez im so annoyed at global trader - they now wont refund my money to my bank account

 

[happiesmiles007]

wow - like the fact was mentioned before the storm here - GT apparently has frozen all my funds a nd refuses to release them - they in a non segregated account - GT europe is allegedly under an administration order at the moment due to (can only be) lax control measures. so i advise anyone here that GT is definitely not a platfrom to consider - I am still unsure whether there is a possinility that i will lose my funds - strange how this can happen - and the feedback from GT is real ****ty they hide behind legalese jargon such as we have a CAPITAL REGULATORY DEFICIT - cant explain in plain english what tha means even when i asked them !!!!

 

[whipsaw]

Are you affected happiesmiles007?

 

[happiesmiles007]

yes global trader is refusing to return my funds to my bank account due to some legalese jargon and crap that they are responsible for - i cant beleive that they could screw up so badly then treat their clients like dirt - im mad

 

[whipsaw]

Sorry to hear this, really. Until today I've thought that it would not be possible that a DMA Broker could fail in such a dimension.

I really hope that you will get your money back and please keep us informed!

 

[happiesmiles007]

yeah gt is **** they cant even monitor their own trades and have now refused to return my funds to my bank account due to crappy legaLESE jargon - and being under a so called administration order

 

[taxes]

yeah gt is **** they cant even monitor their own trades and have now refused to return my funds to my bank account due to crappy legaLESE jargon - and being under a so called administration order

Hi,

Fortunately for me I ceased trading with them. They never sorted out my problem and I just couldn't risk trading with that.

I noticed that the FSA has today shut down their UK activities but they are a South African based company so I don't know what happens globally. I did no know a liquidator has been appointed but if he has, then they won't pay back anyone until the liquidator completes his job. Ask for the name of the liquidator and if they can't give you one then demand your money under threat of attempted fraud (ie they told you there was a liquidator). Best of luck.