Any customers of GFTForex?

Discussion in 'Forex Brokers' started by frank99, Feb 17, 2007.

  1. frank99

    frank99

    What does GFTForex pay for a mini lot of GBP/JPY for 24 hours? What do they charge to sell a minilot for 24 hours?

    10,000 units long GBP/JPY 24 hours
    10,000 units short GBP/JPY 24 hours


    I couldn't find this at their site.


    Thanks,

    Frank
     
  2. marketsurfer

    marketsurfer Sponsor

    i may be wrong, but i dont think any interest is paid on mini lots at GFT. however they do charge it.

    surf:D
     
  3. They charge the full IRD but all premium payouts (Mini or standard account) are limited at .25 of a pip. Basically their swap/rollover policy is very bad. They do pay closer to IRD on the prime broker side but if you are talking about mini's then that would be out of your scope. Good luck.
     
  4. frank99

    frank99

    Marketsurfer,

    Do you know what they pay for 100,000 units?

    Also, what do they charge for a minilot?
    I'm just comparing, so any info will be helpful.

    Thanks,

    Frank

     
  5. frank99

    frank99

    mmccormac,

    Thanks. I could go with a standard account. What do you mean by "all premium payouts are limited at .25 of a pip"?

    Do you have exact figures?

    Thanks,

    Frank


     
  6. Cybren

    Cybren

    You can get a better deal then the standard deal. If you don't mention it they will put you on the worst swap rates ever, but if you negotiate a little you can get better rates!

    Last swap on GBP/JPY long was 3.02 pips so in USD around 25.3 USD

    Pay attention, theyt always close your trades everyday and reopen them at the same rate plus/minus the swappoints.

    This makes your originally entered price go away and make you realise your P/L on the trade everyday!
     
  7. frank99

    frank99

    Cybren,

    This is really helpful. Thanks!

    That's crazy that they close your trades everyday and then reopen them though.


    Frank

     
  8. Standard account is limited to .25 (1/4 of a pip) payout as well... In other words if you are short the GBP/JPY they would charge you the full amount (around $24) but if you are long the premium you would earn is limited to .25 pips (around $2). The only accounts that get the better swaps are on the prime broker side and I believe it's a miniumum of 100k with GFT. That being said if you have 100k or more there are better options out there. Good luck!
     
  9. frank99

    frank99

    mmccormac,

    Wow, so they charge you $24 to go short, but pay you $2 to go long. I take it that most of their customers aren't carry traders.

    yeah, if I had 100k to invest in this, there are definately better options. :)

    Thanks for the reply.



    Frank



     
  10. Cybren

    Cybren

    I think one can negotiate for better swaps also on smaller accounts then 100k but why go trough all that trouble when there are several other brokers one can use?

    I have used them when I needed the dealbook 360 software but nowadays I don't need them anymore.

    GFT was not all too bad, just what one can expect.
     
    #10     Feb 18, 2007