|
2008-09-16 Review: I have never come across this and wonder if you have! It involves GFT FOREX FX FDM aka GLOBAL FOREX TRADING BROKER uses DEALBOOK 360 not equal to Currenex. Dukascopy Mann Financial Propfx division FXCM Dollar Euro pound GBP JPY currency trading. 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. I will give them the benefit of doubt here because I really do not know if they placed my trade or not, but I do know GFT uses a balancing engine and hedges against your trade. Simply put GFT trades against you but you will never get GFT FOREX to admit it. If you are curious how their game works HERE IS THE FORMULA… 55% are long and 45% are short. They only have to trade the difference or 10% give or take a few pips for safety. If you think the bank gets all the spread think again. 8. Test this if you wish… Ask Wayne McDonald and or FXbootcamp or GFT’S internal sales team then go to your dentist and have a tooth pulled…. COMPARE THE TWO Has anybody come across a Broker with this policy? I have not and if you wish copies of their conflicting emails just ask. Thanks Alex Findlay Fxcompliance@comcast.net
|
