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GFT Forex Review

GFT Forex rating: 4 votes, average: 3.75 out of 54 votes, average: 3.75 out of 54 votes, average: 3.75 out of 54 votes, average: 3.75 out of 54 votes, average: 3.75 out of 5 (4 votes, average: 3.75 out of 5, rated)
Write your own review of GFT Forex

GFT LogoIt is popularly known as GFT Forex but the brokerage company behind it is known by the name Global Futures and Forex Limited. It was founded in 1997 and is headquartered in Ada, MI, USA. It is registered as a Futures Commission Merchant with the Commodity Futures Trading Commission and is also a member of the National Futures Association.
GFT is regulated in Australia by the Australia Securities and Investment Commission and in Japan by the Financial Services Agency. The Company also has full fledged Sales offices in New York, Illinois, Tokyo, London, Sydney, Dubai and Singapore.

Company’s Market Position

The market position of GFT is extraordinarily solid in view of the fact that it is a provider of global foreign exchange trading in more than 120 countries through its trading platform. The Company prides itself as a global leader in online currency trading.
Apart from the fact that about 120 currency pairs are available for trading, it provides a commission free trading environment with no order slippages during normal foreign exchange trading hours.
This brokerage company has been the recipient of the “Compare Shares Stockies Awards” for being the Best Forex Provider in 2009.

Types of Services offered

To open a Mini account you require US $500 and you are assured of a leverage of 200:1
A Standard Account can be opened with a minimum of US $ 2500 and you get a leverage of 100:1
Accounts can be funded through Credit Card, Online checks, PayPal and by Wire Transfer.
The applicable spreads under normal conditions are as follows.
EUR/USD 3 Pips
USD/JPY 3Pips
USD/CHF 4 Pips
GBP/USD 4 Pips
USD/CAD 4 Pips
AUD/USD 4 Pips

Trading Platform

Primarily there is a facility for opening a demo account.
GFT Forex has three types of trading platforms namely the Windows based Deal Book 360, the Web based Deal Book Web, and the Deal Book Mobile for wireless devices. All the platforms have capabilities such as one-click dealing and trailing stops.
The Deal Book 360 is a downloadable version and you can download it from the website easily. The Deal Book has a unique voice recognition feature. This feature allows you to trade with other clients on the platform by setting a bid price and setting your own spreads, and the deal goes through if the client agrees to the trade. This is a feature that is not found on other platforms.
But the Deal Book Web is a web based trading platform and you could view it within your browser. It is Java based and has a very streamlined interface.
Apart from English the support languages are Japanese, French, German, Korean, Polish, Portuguese and Spanish.

Trader Support

All contact information is readily available at the website. Toll-free numbers are also available for easy communication. The live chat feature has no downtime and is excellent. The live chat applet doesn’t keep you waiting at all and there is always someone to answer your queries.

Site design and ease of navigation

The site is well designed. It is not congested with advertisements and is user friendly.

Advantages

GFT Forex provides appropriate free forex training.
Their unique trading software is the right medium for the professional investor to trade especially when it involves large amounts of money.
GFT displays a certain strength and stability despite the worst and volatile financial market conditions.
With GFT Forex you also have the option of using a customer friendly and service oriented dealing desk, on a 24-hour 5 days a week basis.
Biographies of the entire management team of GFT Forex is prominently displayed in the website and that is certainly a plus point.

Disadvantages

Although spreads are fixed in normal market conditions, variable spreads in times of volatile market conditions could be quite high. Besides opening an account is a complicated process.
GFT is best suited for the experienced trader and not for the novice who might experience some slippages at trading time.

Write your own review of GFT Forex

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9 Comments»

Comment by sunny
2008-06-05 16:16:32

GFT platform is good for the experienced,and bad for the novice.Agreed they have the smartest charting going back by more than an year—but then not everyone is an expert in deciphering charts.

sunny did not rate this post.
 
Comment by romnick
2008-06-06 17:54:38

Yeah, I find prices fluctuate wildly here and you end up loosing capital—so much for experience.

romnick did not rate this post.
 
Comment by juke
2008-06-08 13:31:49

Romnick, if you trade on a small capital of say $300-$500 you are always in a highly leveraged situation, and when a trend breaks-out you loose. Cant blame GFT for that. Or do they trade against you? Thats something I wouldnt know.

juke did not rate this post.
 
Comment by peters
2008-06-17 19:57:08

No I dont think they trade against you. Thats for sure.Yes the better leverage helps, but that calls for more cash to start off. The bigger the better kinda situation

peters did not rate this post.
 
Comment by neetu
2008-06-18 19:58:32

Peters, how can you be sure they arent trading against you? Charting at times is on opposites;if metatrader were going one way GFT could be going just the opposite way, that what it looks like at times.

neetu did not rate this post.
 
Comment by james
2008-08-03 16:42:39

I guess its the leveraged situation that causes the problems—not with gft but others as well.But if you had adequate capital and patience then gft is as good or bad as any other platform.

james did not rate this post.
 
Comment by bruno
2009-08-23 16:37:55

GFT is one of those award winning businesses, and its cool doing trading with them. Demo was excellent, and they literally walk you through the whole forex trading procedures. For the majors I got spread in the 3-4 range and leverage up to 200:1. I Didn’t run into any slippage with them.

Now I was told to open a mini account for $500 with funding either by credit card or wire transfer. An awesome 120 currency pairs could be traded in the platform, so I guess calling GFT a global leader wouldn’t be off the mark.

Now coming to the specifics of the platform, that’s where you begin to understand what GFT is all about. They have 3 types of platforms namely, Deal Book 360, Deal book web, and Deal book mobile. There is this unique feature of the GFT platforms that allow you to set your own bid price, your own spread, and if the trader at the other end agrees you could just conduct the trade. Real solid broker with a very solid platform, and a top class broker at that.

bruno ratings for this post: bruno gives a rating of 4bruno gives a rating of 4bruno gives a rating of 4bruno gives a rating of 4bruno gives a rating of 4
 
Comment by lily
2009-08-25 12:59:43

Platform does have slippages at times.

lily ratings for this post: lily gives a rating of 3lily gives a rating of 3lily gives a rating of 3lily gives a rating of 3lily gives a rating of 3
 
Comment by Igal Cohen
2011-05-14 17:18:29

Nice – nothing special noticed.
I would recommend them unless you got better options

Igal Cohen ratings for this post: Igal Cohen gives a rating of 3Igal Cohen gives a rating of 3Igal Cohen gives a rating of 3Igal Cohen gives a rating of 3Igal Cohen gives a rating of 3
 
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