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GFT Forex Global Forex Trading review

GFT Forex Review: The real GFT trading spreads on MT4

RATING: 2.9 / 20 REVIEWS
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Headquarters:  4760 East Fulton Road, Suite 201, Ada, MI 49301 USA

Country: United States

Branches:

GFT UK, GFT Australia

 

 

GFT Standart Account:

minimum deposit: $200

max leverage:  1:400

 

GFT Premium Account:

minimum deposit: $2,500

max leverage:  1:400

 

Spread:

Variable, from 1 pip

 

Deposit/Withdraw

Bank Wire, Credit card,  PayPal, Check, eCheck

 

Platform:

Custom trading platform, Web platform
GFT is listed as White Label partner on the Currenex website.

 

Regulated by:

CFTC, NFA (US), FSA (Japan),  NFA ID: 0279553


What we think about GFT Forex

GFT is a global forex broker that recently took the decision to withdraw from the Japanese and U.S. retails forex market, and is now operating out of Singapore, London and Sydney. 

 
The one thing that you will notice when you go to the broker's website is that it is pretty scarce in terms of information – the home page won't tell you even basic things such as what's the maximum leverage offered. The customer support won't be of any help either – they are rude and dance around questions in vain hope they won't have to answer. 
 
The platforms that you will find at GFT are Metatrader 4 (MT4) and its own DealBook 360. The latter comes equipped with 85 technical indicators and a number of order types, including Signle-click orders, Parent & Contingent orders, and automated Trailing Stop. Trading straight from the charts is possible. 
 
The broker offers a few analysis tools: Autochartist helps you identify chart patterns fast and easy; Foresight-A.I. forecasts market movements; and DiNapoli D-Levels combines leading and lagging indicators to help you determine your entries and exits. GFT has thought of the beginners as well – for them, there are webinars, free trading guides and video tutorials. 
 
If you sign up with GFT UK, you can take advantage of a Refer-a-Friend program of the broker, getting £50 for every friend you bring (you can get up to five such bonuses, terms and conditions applicable). 
 
Traders looking to diversify their portfolios can also try the broker's binary options offering. 
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Traders` reviews for GFT Forex

Spread

Variable spreads as low as 1 pip
Typical spreads EUR/USD - 2 | GBP/USD - 3 | USD/CHF - 3 | USD/JPY - 2

 

Pros

Cons

1 pip spread during calm market

 

Spreads widen during news releases

Spreads widen during Asian Session 

Slippage

Pros

Cons

No slippage during normal market conditions

 

Slippage during news releases

 

Requotes

Pros

Cons

Trader is able define max market slippage

 

Requotes during news releases

 

Price feed

Pros

Cons

No Price Manipulation

No Spikes

No Stop Hunting 

N/A

 

 

Platform

Pros

Cons

Desktop and web based platforms

Decent Charts

 Autotrading

Poor but ajustable interface

Frequent freezes

Stop loss is detached order. You have to delete it manualy when you close position.

Deposit/Withdraw

Deposit

Withdraw

Bank Wire
Credit Card
PayPal
Check 

Bank Wire
Credit Card
PayPal
Check 

 

 If all funds are being withdrawn, all positions must be settled and converted, which may take longer.

Customer service

Pros

Cons

24/7 Live Support

Toll Free Phone

Live Chat

E-mail 

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Summary

Pros

Cons

Low spreads

Decent Price Feed

Regulated 

 

Spread widen during Asian Session 

Poor Platform Interface

Platform freezes frequently

Withdraw may take longer

GFT Forex have excellent customer support

I started trading with GFT back in 2005 (I really like their educational materials and charting) but then I had to stop and take care of a sick child. I didn’t get back to trading for a few years but then when my kid got healthy again, I decided to take up trading again. I realized that GFT had charged me with inactivity fees so I called them and after speaking to a few customer service reps, the fees were refunded to my account in two days. I realize that it is my responsibility to keep track of my account but I am very happy that GFT turned out to be a company that has compassion for their customers.

dahlia 06/25/2012

Happy GFT Forex trader

I’m trading with GFT for over 2 years and I find them to be very responsive to all my concerns. I had a problem with one scalp that didn’t go through at the specified price point, so I called them. They checked what happened, found out that I was right and corrected the problem on the go. It’s that kind of service that I’m looking for so I recommend GFT Forex to anyone.

Kate Stevens 04/23/2012

GFT Forex: Fair spreads, especially if you trade majors

I have been a customer of GFT Forex for about two years now and I keep trading with them because they are a very convenient broker. The spreads are fair, especially if you trade major crosses.

patrick 04/03/2012

Choose ECN STP DMA broker...

juz a personal note 2 my friend there.

make a right choose b4 proceed ,
1.regulated broker
2.choose ECN STP DMA broker...
gd luck

ungku 06/27/2011

GFT Scam: Slippage, slow execution and awful platform

This is my personal experiences with GFT.

I had several live accounts with them since 2004.
First of all they have banned me from having an account with them with no explanation. I have not sued them with the NFA or neither file a complaint with them�. What a joke..!!

1- The reason you should not trade with them is because they are NFA member..!!!

2- They are trading and holding all your trades against you every time you are in the wrong side of the trade.

3- They are not reporting your trade straight to the CBOT as they should unless you are on the right side of the trade. Instead they are holding your position until you got in the wrong side of the direction of the market and able to cash your losses direct to their Bank (Morgan Chase)..!

4- They are telling you that if you maintain a position in a wrong side or Right side of the trade after 5PM they are closing your position and replace your trade at the market price..!!!! What?????!! Yes, They are closing your trade. Their statement is YOU DON'T OWN THE POSITION YOU ARE HOLDING THE POSITION . What???? (Meaning) if you are on the wrong side of the trade we can go head take your money at front and then (if you lucky) able to make it back and get even the next day (I will explain it further in a moment.)

5- Let assume you are getting in the wrong side of the trade and you need to add positions. they are AVERAGING your position instead to honor your price Buy or Sell at the time of your price/trade. ..WHAT????? (I will explain further in a moment as well)

6- Slippage!! Ohhhh yes.

7- POSITION PENDING. Ooohhh yes!!!!

8- Platform crash..Oooohh yes.!!!

9- Not hedging.Ohhhh Not..!!!!

Now back to paragraph (4)-(5).

I have an account with CCcapitol in UK with $300k ($300,000). They indeed charge me high spread. However, they are honoring all my trades position. If I need to add to my wrong side of the trade they are filled at the PRICErequested and MAINTAIN the position/trade into next trading day or even in to days ahead!!!!!!

I will explain with an example;

I bought (Long) 10 full lots EUR-USD @ 1.3300. Now the market is going south down to 1.3200. I am in a loss of a total 100 pips ($10K). So without panicking I am adding positions with an extra 10 full lots, going (LONG) @ 1.3200.

Then the market is finally reversing and retesting the 1.3300 area. So far so good, I have 100 pips in profit of my last trade made (1.3200 through 1.3300) and 0 losses on the first trade made @ (1.3300). So I have the chance to close with 100 pips in profit the last trade @ (1.3200) and able to get out the first trade made @ (1.3300) with few pips in losses or even few pips in profit (knowing that I have made already +100 pips in the previous trade).

Now with GFT the same scenario (this is how they are going to get you.)!

I bought (Long) 10 full lots EUR-USD @ 1.3300. Now the market is going south down to 1.3200. I am in a loss of a total 100 pips ($10K). So without panicking I am adding positions with an extra 10 full lots going (LONG) @ 1.3200.

Well well well they are averaging your trade at 1.3250.WHAT???? YES they are averaging your adding position 50 pips higher where the market price is actually is which it is @ (1.3200)..!!! So you still under 50 pips in the red until the market is hitting 1.3250, (If it will). So now you are physiological stressed and thinking, ok few pips above 1.3250 I will be out .... Which I did several times !!!!

What a joke..!

Now The same scenario with (both accounts CCcapitol and GFT).
The EUR-USD instead to get back up to 1.3300.. It will go further south. Let's assume the market hits 1.3000..!!!!! Ohhh God!!! Now what..??? Well I am 300 pips in the negative with the first trade made, and 200 pips in the negative with second trade made.

With my current Broker (CCcapitol) I am adding position @ 1.3100 and 1.3000 as well. Ok now I have 4 trades of a total 40 full lots ($40k) in the market

1 trade [10 lots] @ 1.3300 = -300 pips
1 trade [10 lots] @ 1.3200 = -200 pips
1 trade [10 lots] @ 1.3100 = -100 pips
1 trade [10 lots] @ 1.3000 = 0 pips

Now the market reverse the next day going back (let's assume) @ 1.3150.

My last 2 trades (honored by CCcaptol) @ 1.3000 and 1.3100 are in profit (50 Pips and 150 pips) respectively..!!...... +250 pips = (+$25k) in to my account.

Now the same scenario with GFT, I have positioned the last two trades @ 1.3100, and 1.3000 as well.

My last two trades with a total of (4) trades with GFT were averaging @ +/- 1.312!!!! YES they have averaged all my 4 trades @t 1.3120

Now the market reverse the next day going back (let's assume) @ 1.3200.

Guess what, I am physiological drained and exhausted of the bad day of a bad trading, and I decide to close all my positions (which sounds the right thing to do..!) @ 1.3200. Get the point..?! As soon as the market get close to 1.3120 (break even) or little above, after holding the position with 120 pips in negative, I am going to call for the day and getting out with ALL TRADE/POSITIONS with no regrets instead to hold It all way to 1.3200!!! Let's call 30 pips in profit… ($12K)

It's all a psychological game that they are trying to get through your mind.

Now the worst scenario (HERE IS THE CATCH...!)

Now, let's assume that by the end of the day I will hold all my positions for the next day, and hoping that the market will eventually reverse and go back to 1.3300 ( to the original trade)
(6PM is the magic time for GFT) is the PAYDAY TIME...! If the market still (EUR-USD) @ 1.3000.. Good luck..!!! (With GFT account)..!!!! WHY????

Well this is their tricks..!

CCcapitol maintain your P/L (profit and Losses) -400 pips (-$40K). Your account is in (((Floating profit/losses negative -$40,000)))). The total equity of your account (floating) is + $260,000 from the $300,000 originally started. But the trades are NOT CLOSED..!!!!!!!!!!!! They are active at the price that they were bought (1.3300, 1.3200, 1.3100, and 1.3000.)

With GFT account at 6 Pm all your position will be closed and repositioned at the market price! and this will be deducted as a losses from your equity of ($300,000). So this is deal...Your account now is suffering of an effective drawdown liquidity.
GFT took $40,000 out of your account and repositioned all your (average trades @ 1.3000). You laterally lost 40K out of your account that they have (STOLEN) from you..!!!!. To recover the 40k you have to wait until the market gets at least to 1.3100 to get break even!!! Guess what..? if you have a $40,000 in losses in the previous day, and the next day the market get the EUR-USD @ 1,3100, you are so glad to be able to get out half of your positions or even better close all the positions, and be happy that you were able to get the $40K back in one day .(GOOD JOB!!!).

BUT

With CCcapitol I am psychological ahead of the game because @ 1.3100 I have one position trade in profit (100 pips) = +10 k in to my account, (and able to close the trade if I wish), with the account now (floating @ +$270,000 with not effective losses yet), and able to hold my gun until the market will reverse up to 1.3300.
At the point my account would be at +$360,000 in profit! Yes +$60,000 in profit..!!! last trade made @ (1.3000) +300 pips, +200 pips for the trade made @(1.3100), + 100 pips for the trade made @(1.3200), and break even for the trade made @(1.3300) .
WHAT a Ride!!!!!!

You have to work physiologically double of your efforts and endure your nerve instead to make life/trading easer then should be..!! with GFT

By the way last (December 2009) I had the opportunity to open $300K GFT, and CCCapitol UK Demo account, and we have placed the same trades at the same time in to both accounts to verified what I am stating in this review.

The GFT has been liquidated in a matter of 55 days. The CCcapitol is up to $970,458 as up to today..!!!

Furthermore, this is what I have received from them today!!!

Dear Max

It has come to our attention that your may be interested in opening an account with GFT or having a demo account with us. This is to notify you that GFT will not accept your application to open an account and will not allow you to have a demo account. This decision was made for our own business reasons, based on our business objectives, and should not be viewed as an adverse comment on your personal qualifications to maintain an account.

There are many business reasons why GFT may reject an account, and GFT does not discuss with individuals its reasons for closing their accounts or rejecting them all together.

Best regards,

Nina Fite
Compliance Specialist - Risk Management Team”

STAY AWAY FROM GFT THEY ARE RETAILER.NO PROFESSIONALS.THEY ARE RIP-OFF AND THEY ARE DEFINETELY STEALING YOUR MONEY. BLIND..!!!!!!!!!!

Yours Respectfully...
MAX

Max 05/26/2010

GFT advertise as low as 1 pip spread... No way!

GFT Forex tries to mislead you.

I'm running live and demo account with GFT side by side.

I placed a sell stop @1.4357 on both accounts.

The GFT Demo filled the sell order @1.4357, without slippage.
The GFT Live filled the sell order @1.4353, with 4 pips slippage.

I tried to close the live position @1.4349 but my market order was executed @1.4351. So I took only 2 pips profit instead of 8 pips because of the slippage. 6 pips transaction cost!?

GFT advertise "as low as 1 pip spread", however actual transaction costs are far higher.

Lost 03/10/2010

GFT is nothing more then a bucket shop

I have been trading with GFT for 5 years now.

Everything was OK when I was losing. However in the last year I made some profit and decided to take some money out.

After the withdrawal I had nothing but negative experiances with GFT. Platform freezing, slow execution, orders rejection and so on.

Seems GFT like 99% of the forex brokers out there are nothing more then a bucket shop.

I'm thinking about switching to futures now. Its hard enough to make money trading, last thing you wanna worry about is the f***ing bucket shop playing games with you.

Trade Monster 12/11/2009

Check GFT's regulatory track record on NFA website

I am a client of GFT Forex. Here is what I receive:

Confidence: Check their regulatory track record on NFA website. Over 10 years with no flaws. Also check their capital onn cftc.gov

Customer service: All the guys I spoke to are helpful and friendly.

Trading platform: Very user friendly, armed with powerful technical analysis tools. Excellent choice for an experienced trader.

Fast withdraw: GFT processed my withdraw requests the same day.

With all that turmoil in the financial world it is nice to trade with a solid company like GFT.

Cago 10/30/2009

Losing positions appear on my GFT account out of nowhere

GFT does not hesitate to take advantage of the fact that they hold our money and store all the trading logs.

Winning positions appeared on my account out of nowhere. Losing positions appear out of nowhere. Of course, the losers far larger than the winners .

How can I prove that I haven't open that positions? No way, right?

I've moved my account to another broker, but I'd really like to see GFT going down.

Ludes 10/21/2009

GFT disabled my auto trading system

I have several accounts with GFT forex, including PAM acounts.

The problems:

GFT's platform freezes up - especially when I want to close a profit. Hung application, run time error, external I don't know what......

GFT disabled my auto trading system - and it happens only to my profitable account. They claim it might be technical issue and requested the logs. However their trading platform does not store any logs of GFT's dealing desk actions.

The head of GFT's DD is a rude snob and I intend to file charges with the FSA.

Moses 09/26/2009

GFT spread widens during calm market, slippage occurs

Customer service was not good at all. LOTS of slippage, even during slow times. Spreads increased, even during non vol times.
I actually made money with them, started with a $10,000 acct. 4 months later, withdrew 26,000. It took 2 weeks to get the money wired, they kept saying it was due to trades needing to "settle". I have caught the support people in lies often and finally withdrew my money.

Stay away from GFT Forex. Do your homework and select a broker with a good rep.

No Good, Goforex.net 08/15/2009

I experienced an average 85% requote on my orders with GFT

My overall trades with them have just been unprofitable. This is, on most parts due to my orders not getting filled for some reason. This is especially applicable when it comes to their direct deals. I experienced a average 85% requote on my orders and that is quite frustrating as you can imagine. Since then, all my orders were dealt with directly through a human personnel instead of through their direct automated dealing desk. This was not a solution either because by the time someone actually got down to looking at my orders, the market had changed so I still continued to get requoted.

Myforextraining.com 08/15/2009

You can't use indicators on a mini account with GFT!

250 $ is the mini account, but with a mini account you cannot use indicators!
Yes, you read well: no indicators at all!! Not even the simple average!
To use indicators you need at least a 2500$ account.
The demo account expires in 30 days and there is no way to renew it!
It is not written anywhere in their website... But after 30 days you just get an alert: "Demo account expired, open a real one to continue".
So, even if their platform, Dealbook 360, is a very good piece of software I definitely do NOT recommend this broker!

Matteo, Earnforex.com 08/15/2009

GFT requoted me in about 90% of my orders

I have been with GFT for about a year and a half now. Most of that time has been unprofitable. In the last 3 months or so i have found a pair and a system that has started to be profitable. First GFT started to not fill my orders using their direct deal. My requotes went to about 90% of my orders. From then on every order went through a human to get filled instead of their automated dealing desk. By the time a human looked at my order the market moved away from it so I continually get requotes. I changed my style to get in and out of positions using stop and limit orders. It slowed me down a little but still was profitable. After that did not slow me down they changed the spread from an average of 12 or 13 to more than 20 to 25 at times, including in the middle of the day. I complained but lived with it because i like the charting package. The last straw was tonight. I was in a position and had a limit order to get out 2/3s of my position. The market hit the price, but GFT rejected the order saying that the market had moved to fast and that the markets spread had moved to over 50 and theres was 20 and they could not and would not fill my order. I believe this company takes the opposite side of your trade so they have a financial intersest in you loosing money. But if you are consistently making profit, they do everything to slow you down. I would like to know if by not filling limit orders is that legal.

Cris Eccles 08/15/2009

GFT platform disconnects ten times a day

Did steal 5 figure account, totally. They seen the acct balance and the number of contracts & ran the mkt up/dwn twice to get it all. The spikes were way out of line. They no connect ten time a day. In other matters the service said its your ruter. No as We had two puters side by side, both new and one went one way & the other went the other way??? With two puters you can see a lot of s$hhiitt happen against your account. They are bull Shippers, you tell them they are bull shippers & they still stick with their original story which you have just proved to be wrong??? They know no shame as a crook would not. I'm afraid other co's are the same.

Jose, Goforex.net 08/15/2009

GFT claims I am liable for any loss till the settlement day

1. I liquidate my position and it displays a profit or loss.
2. The settlement date is 2 days from the date I liquidate.
3. GFT claims I am liable for any loss they incur from the time I liquidate my position to the settlement day.
4. GFT uses a trading desk so my orders do not reach the Interbank. My profit or loss shows immediately.
5. GFT Charged me for pip movement between the time I liquidated and the date set for settlement by the Interbank seems most unfair.
6 I pay GFT in advance and GFT takes my money on the spot therefore the settlement day should not affect my transaction.
7. GFT took money out of my account without notification to cover their loss because they chose to take advantage of the two day float.

Alex Findlay, Earnforex.com 08/15/2009

GFT is not a SCAM!

I have been trading forex for approx. 9 years, seen many brokers, i have an account with GFTuk for 7 months.Everything is ok and i understood the below complaint but it is sometimes good for trade sometimes bad because of currencies adjustments to based account currencies.It is not a scam!!As a matter of fact it proves that how reliable broker Gft is.Everything is due the market condition calculated, not fictive execution.Excellent broker, very reliable, after i experienced refco scam gft gave me back reliability to forex businnes.Thanks all GFT employees.

Fethullah, Goforex.net 08/15/2009

GFT platform a little rigid, but they are still the best

They have one of the best customer service around. However, I do find their platform a little rigid for me. In my opinion, they are still not the very best around in the market.

Grenton, Goforex.net 08/15/2009

GFT forex is a pretty good broker

I trade a mini account with GFT, so far for 6 months and I am staying in profit, I think I was stop hunted on one occasion, which was easily solved, I now use an alarm and/or stay glued to the screen when in a trade. I think overall they are pretty good, but I still prefer not to let them know what I am doing, no broker is THAT honest, hence the 9 instead of 10. Withdrawals and deposits have been swift and easy, no questions asked.

Alex, Goforex.net 08/15/2009

I'm big fan of the GFT's free SMS alerts

Have been trading with GFT for a few months now. Best platform I have used, big fan of the free SMS alerts as I am a break out trader and can even put SMS alerts on trendlines. Support team at GFT is second to none, my account manager has spent well over 5 hrs with me explaining various concepts. Big fan of Kathy and Boris and is very impressed with their new FX portal which has technical trade recommendations. The platform still needs a few tweeks here and there but apart from that I am very happy with the service.

Seeking FX, Goforex.net 08/15/2009
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