GFT - Forex Broker Review From Forex Point Of View

GFT Overview

Established in Michigan in 1997, GFT was one of the first US forex brokers, with clients in over 120 countries and one of the most stable forex brokers in the USA.

It is registered with the Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA) in the United States, the Australian Securities and Investment Commission (ASIC), the Financial Supervisory Agency (FSA) in Japan, and by the Financial Services Authority (FSA) in the United Kingdom.

GFT has been the recipient of numerous awards including the Best Foreign Exchange Platform in 2006 by Trader Monthly magazine, Deloitte Technology 305th fastest growing technology company in North America amongst other awards since 2003.

GFT - Forex Broker Review Have you used this broker? Send us your review and be featured on this website! GFT Overview Established in Michigan in 1997, GFT was one of the first US forex brokers, with clients in over 120 countries and one of the most stable forex brokers in the USA. It is registered with the Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA) in the United States, the Australian Securities and Investment Commission (ASIC), the Financial Supervisory Agency (FSA) in Japan, and by the Financial Services Authority (FSA) in the United Kingdom. GFT has been the recipient of numerous awards including the Best Foreign Exchange Platform in 2006 by Trader Monthly magazine, Deloitte Technology 305th fastest growing technology company in North America amongst other awards since 2003. Many different account types are on offer for forex brokers including trading in micro lots, mini lots and standard forex accounts. For the investor with more funds, GFT Prime is the best choice. GFT prime is an institutional trading platform that provides an alternative method to the trader to receive prices and execute orders from multiple interbank sources. Perhaps the biggest asset that it owns is the DealBook Platform. The DealBook trading platform is offered as a desktop version, java web based as well as mobile based. It is probably one of the best forex charting package offered by any forex broker. Some of its key features include: • The platform can be completely customized to fit the forex trader’s taste and trading style. • Free integrated analysis in the charting package. For an extra fee, the trader can get even more analysis. • Incorporation with free software that allows the trader to build custom indicators, test trading strategies and create automated trading systems. • Risk management tools including automated trailing stops and contingent orders to preserve trader capital. The Pros: 1. Stability It is reliable and stable and offers more tools than an average forex trader needs. The addition of the web based as well as the mobile platform makes it even easier for traders. The only problem is that there is a learning curve in using their platform. If you are used to other packages like MT4, then you are bound to spend a few minutes with their sales representatives before you can fully appreciate the power of their platform. It is highly recommended that you fully understand how orders are placed and exited in their platform before trading with real money. 2. Great Customer Service Their customer service is divided between sales, technical service and their dealing desk. Their sales service reps are easy to deal with. However, their dealing desk is edgy to say the least. You have to know what you are complaining about otherwise you are likely to lose your case with them.

1. Forex Spreads

GFT has probably the largest spreads among forex brokers. Granted their spreads do not change during volatile periods but the normal spreads can be a bit high for the average forex trader. The higher the spreads, the greater the trading cost for the forex trader.

One other unexpected cost is the fact that there is a policy of settling trades two days after an order. This means that if you closed a trade for a profit on Monday, GFT will still consider the trade open two days later and can charge you for any loss incurred during the two days.

It is not a very smart policy if you ask me and the fact that it is not fully disclosed can lead to unexpected loses and some pissed off customers.

2. No Scalping or News Trading

GFT may not be such a good option for forex traders who like scalping and trading the news. Most of the online complaints come from traders who are annoyed about orders that have been changed even some hours after the initial trade as well as orders being re-quoted always at a worse price.

Read the fine print and make sure you understand the policies, fees, restrictions etc. involved and don't be affraid to ask customer service if you are not sure of something.