Has anyone used or still use GFT Forex?

[hunter101]

Hi, my question is that how would you rate GFT forex? More pointently, does anyone use it to trade fundalments and economic announcements? If so, does this broker lock up during economic time feeds? Most brokers, such as Interbank FX and FXCM to name a few, locks up during economic reports and sometimes does not respond to closes that a client wants, aka slippage. Has anyone expierence this with GFTforex? Thank ahead of time.

- Hunter101

[hunter101]

And can anyone explain what is a dealing desk, GFT has one, and i have read bad reviews from brokers who uses dealing desks.

If this confuses you, i am new to the forex life.

[feb2865]

I've been with them since 2000 and all minor problems (re-quotes, etc) has been resolved promptly. When I used to trade news their platform was robust and did handle the surge pretty good, not excellent but good. I dealt recently with tech support concering some modifications I was looking to do on pivot points and they help me out promptly. Anyways, I have some rules when it comes to dealing with any broker (GFT included)

1) Stop-loss - I place an horizontal line at where the stop should be and if the market get close to the line I simply pull out. You may wonder why? well my particular case is that I don't trust ANY broker there is. I learned my lesson the hard way on stop hunting.

2) I don't put all my eggs in their "basket" or leave it in there - meaning, as soon as I make money, I take it somewhere else.

3) An extension of # 2 - Don't trust your broker like your trust your bank - plain and simple

When I started in this business, I tried several brokers. My suggestion is to look not only for speed of execution and spreads but check their customer service, how fast they reply, how they threat you, their efforts to resolve your particular situation, etc.. How comfortable you feel with their platforms, charts, etc. or...do they have your favorite flavor of indicator(s)??? Besides, check if they're regulated, not to look for any guarantee but for more peace of mind.

As an extra measure, if you're really into do business with a particular broker, will be beneficial to pay them a visit and check how things are going .

As to dealing with ECN vs dealing desk, I tried on demo COESFX and they seem pretty good. But you won't have charts with them and to me that's very important.

I did an experiment once, checking prices on GFT, COESFX and METATRADER and sincerely I didn't see a huge difference in price, maybe a couple of pips here and there. I believe there's plenty of brokers honestly trying to capture forex clients with better platforms, fast executions, good customer service etc.

To clear your confusion somehow, here's an advice coming from experience:

You're going to find everywhere, people telling you that this broker is the best and the other is better and this one is the worst. Something very similar to traders, discovering new indicators and oscilators that will take them to the holy grail promised land. Dealing desk manipulates prices and ECN don't...blah blah blah...o lord, so many arrows and no clear direction. In my opinion, some people in this business are biased. Another thing is that some traders screw themseves trading, lose money (or demo-money) and next in the blaming-line is their beloved broker.

I have no complaints on GFT Forex so far. But maybe you sign up for their demo and they screwed up on you. Suppose they do, don't blame it on me. You should tip-toe in GFT waters to see if they fit on you. If not, simply move on to the next one, or try a couple, most of them gives 30 day free ride. What do you have to lose?...try before you buy