GCI Broker

Discussion in 'Forex Brokers' started by stvrtok, Jan 12, 2006.

  1. stvrtok


    Any experience with GCI ?
    Do you have live account and trade through GCI ?

    Their product - Share CFD trading - seems really good. You can trade currencies, indexs, comodities and shares from one platform. I couldn´t find the same simple product at others brokers.
    Thank for any reactions.
  2. As this is my first post on the forum, and as I have only limited experience with forex/CFD trading, you should probably get the opinion of others as well.

    I am a Norwegian investor, and I have been investing/speculating in the stock market for about 7 years, full time the last three years. I will consider my activities as successful. I also invest for an investment partnership currently with 14 partners.

    I take my investment/speculating activities very seriously, working on basis of an extensive philosophy and strategy.

    Recently, I have decided to expand my activities in order to be able to shift focus according to how I judge the market environment.

    I signed up for GCI with a very small percentage of my funds (approx. 0,5%), in order to test CFD trading. I have only taken five "real/accoring to strategy" positions during the three-weeks time I have been with GCI,but I have tested the system with several individual lots.

    I will not - absolutely not- recommend GCI. There is a world of difference between how their demo works and how real trading works.

    Be advised that I am not just a disappointment customer, as I am now discontinuing my activities with GCI with a profit.

    I realize that some of the problems are related to the CFD market itself. The price of CFDs are set by the broker firms themselves, even individually for each customer in at least some cases. You are competing not with yourself in a well-functioning market, but also with broker that appears not to have your best interest in mind.

    I have had very much slippage on stops/trailing stops, don't get fills at anything near the dealing price, and stops need to be set with av absurd distance from the actual level in which you consider the market to "prove you wrong" in order not to be whipped.

    In light oil I tested the system by closing a short and a long position at the market at the exact same time - several times. The gap between the so-called "new market price" had a gap of 30 cents or more. This is not a case of market volatility, as I tested the system several times.

    In my opinion, GCI - even by CFD standards - is dishonest and/or incompetent.

    Also consider that GCI seems to be the old Global capital Investment in the following CFTC-document: http://www.cftc.gov/opa/enf02/opa4611-02.htm, which has been discussed in another topic on the forum.

    For my part, I will not be trading CFDs, but sign up for a test period with IB.

    Best regards CK
  3. stvrtok


    Yes, you are absolutely right.
    GCI is off shore company, which (I feel) works against traders.
    Fortunately, I haven´t opened a live account with GCI.

    I am trying Forex through CMS, it seems seriously, safer and more comfortable (charts)
    IB is for me very difficult, it needs time.

    Good luck, CK

  4. Strunz


    You mean they do individual price shading ?The same dishonest practice of Advenced Currency Markets ?
    For example :
    If you are long on EURUSD on the account "A" you see BID 1,1800/1,1802 ASK.
    If you are short on EURUSD on the account "B" you see 1,1806/1,1808.
    I invite all the traders who are victims of this fraud to report it to the relevant control authoruty.
    Obviously if they continue to operate in this manner mean that Belize and Switzerland are Country where the forex clients are not defended.
  5. horsered



    yes i would also say that GCI is working against us.
    the rates are wrong and the confirmations are the badest ive ever seen.
    30 misstrades in a week, i lost a a lot of money there.
    even a limit order cant go thru if the market is in ur direction. i just get clear and fast limit- confirmations when it was a loose trade, or the market moved fast 20 pips upon the limit.
    in the beginnig i try a market order to square my opend position.--- i ve never done this again!! i am not talking about low or bad ticks witch can bring filling problems.

    be aware out there, if u dont have a fast futurequotestream to compare ur cfd rates.:mad:
  6. zzzap


    GCI is the worst bucketshop I know. (I tested most CFD "brokers"). Do yourself a favour and open a "real" brokerage account. If you trade longer term, deal4free is ok CFD broker.
  7. horsered


    hi zzzap,

    have u any experiences with forex.com.
    last week i try to transfer funds to my existing forex account.
    the money get back and my bank told me that there is no existing account with my name.
    is this a fraud company or what.
    the fund transfer has worked 6 moths before .

    thanks br
  8. zzzap


    Well, at least your money got back ;)
    Try to search the forum, or better yet, contact forex.com directly.
  9. I don't trade forex, but know several pro traders that do. Oanda and CMC group are the only two I would consider. Forex is an unregulated casino IMO, so if you are going to bet against the house go with a Casino that will have the money to pay you off, my pennies worth.
  10. re: stvrtok

    Yes, I see people here call it individual price shading - not to familiar with the terms yet. However, I have only tested it with one account, and will not be taking any further steps than postings on various boards.

    Withdrawing funds was no problem though. The account is now closed.

    I am in the process of signing up for IB and Open E Cry as secondary/back-up.

    The CFD-business should be avoided altogether, I believe. I see most brokers (bucketshops) commented on in this forum get the same criticism.
    #10     Mar 14, 2006