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GCI Financial Reviews

A Special Message from FXStreet Founder & CEO, Francesc Riverola, about GCI Financial

Warning!

GCI has posted false and defamatory comments regarding GoForex.net on its website, accusing it of not allowing in "positive reviews" of GCI, and of requesting payment from brokers to allow in positive reviews or remove negative reviews. They then proceeded to submit a fake review, tracing back to GCI's owner, Mitch Vazquez. For the record, (and as can be seen below), there are *some* positive reviews of GCI below, and GoForex has never requested money from brokers to allow in positive reviews or remove negative reviews! This is preposterous! Therefore, GoForex will no longer accept any new reviews of GCI Financial. Please read the third-party reviews below and make up your own mind as to whether to deal with this company or not. Thank you.

- GoForex

Here is the fake review:

Submitted on 14/1/13:

"I just open live account on MetaTrader. So far fills have been perfect on EURUSD but I will test withdrawal process next. Customer service has been good during European hours, but during Mumbai hours I have to wait a long time for chat. Rating = 8/10"

Submitted by "Harleen Jain" with IP address: 66.108.122.49

IP address in an email received from GCI Owner, Mitch Vazquez. "Received: from unknown (HELO PamelaPC) (mitch@gcitrading.com@66.108.122.49)"

When Ms "Jain" was asked if anyone at GCI asked her to submit this review, her (someone from GCI's) response was: "No I was not asked by any GCI person to write this."

It appears that this email could have been sent from a computer owned by GCI owner, Mitch Vazquez's girlfriend, Pamela Chiesi: ("HELO PamelaPC" - See above).

Pamela Chiesi's sister, Danielle Chiesi, was responsible for passing on insider trading secrets to convicted billionaire and founder of Galleon Group, Raj Rajaratnam.

More Info:

Caveat Emptor. Buyer Beware!

Cease and Desist Orders Against GCI Financial/Mitchell Vazquez:

2011/12 GCI Financial Reviews

May 1, 2011 - Apr 30, 2012

Visit Website
Current Ratings

Check the Video, Interview Starts at the 14th min of the video. http://rt.com/programs/keiser-report/episode-260-keiser-report/
- Reviewed by Sibali, March 12, 2012. Rating = 1/10
they stole all my money.
- Reviewed by fm, December 26, 2011. Rating = 1/10
i try to open a mini account with gci. i deposit 50.00 ok i happy ready to try them.ok next day they send a email stating they don't accept u.s clients.my money is in their hands,sent several emails requesting a refund. i guess this company needs it more than me.maybe this is the way they make money?????? i working on a charge on fraud for this company.i reconmend avoid doing business with gci trading they are crooks.
- Reviewed by rook by gci trading, September 3, 2011. Rating = 1/10
warning: do not open an account with them.....

they steal your money, their "DEALERS" are morons and ignorant......

they are only good for demo-trading

i cannot understand why they are still in business....

all the positive reviews were of course written by GCI-employees

- Reviewed by mek, May 31, 2011. Rating = 1/10

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2011/12 Ratings
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2010/11 GCI Financial Reviews

May 1, 2010 - Apr 30, 2011

Better search for a good broker or keep the money safe. They are SCAMMERS. Dont trust them.
- Reviewed by Sam, February 16, 2011. Rating = 1/10
One of the worst out there. They have a habbit of adjusting your balance if your account goes into profit.
- Reviewed by Syd, January 1, 2011. Rating = 1/10
It's really been great trading with these guys. They know their stuff and react to all inquiries with professionalism. Rare to find this kind of quality in today's brokers. Highly recommended.
- Reviewed by Pablo, December 21, 2010. Rating = 10/10
From poland and have had no issues on to today. more training maybe prefered. trading and price good.
- Reviewed by tomasz, November 11, 2010. Rating = 9/10
I am Qaisar Abbas from pakistan i opened a live Account with gci Financialas meta4 with deposite 3600$ i maked 5000$ profit when they see i am in profit after two month they debited my account 5400$ simply say off market trading adjustment my all trade clear as crystal they are cheater fraudulet dont open live acccount with gci if you dont want lose your money
- Reviewed by Qaisar Abbas, August 29, 2010. Rating = 1/10
GCI adjusted my a/c to zero now for the 3rd time. They claim I was using stale prices. Is it not their platform and prices? How/when do you know that the prices are not stale." Pursuant to section 10, paragraph 'd' of your Risk Disclosure Statement, "Should quoting errors occur due to a dealer’s mistype of a quote, errors in an automatic price feed, or an erroneous price quote from a dealer, such as but not limited to a wrong big figure quote, GCI will not be liable for the resulting errors in account balances. GCI reserves the right to make the necessary corrections or adjustments on the account involved. "This is GCI reason for ajdusting your a/c. This gives them the right to steal all your money from your a/c. They simply do not like /want you to win. They are a bunch of thieves . DO NOT TRADE WITH THEM. Furthermore, advise all your friends to blacklist these crooks.
- Reviewed by rav4, May 31, 2010. Rating = 1/10
The worst broker ever I have seen. They are not trust worthy. They will be happy as long as you loose. If you make money they will adopt all techniques to swindle your money. UNTRUSTWORTHY BROKER. BETTER BURN THE MONEY not invest in GCI.
- Reviewed by sasikala, May 18, 2010. Rating = 1/10

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2010/11 GCI Financial Ratings
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2009/10 GCI Financial Reviews

May 1, 2009 - Apr 30, 2010

I joined GCI years ago because they have been around forever. I have not been disappointed. No problems with fills or withdrawals. GCI's customer service reps do more for me than any other broker. I guess some reviews say more about the "reviewer" than they do the broker. GCI is one of the best.
- Reviewed by aSharif, February 9, 2010. Rating = 10/10
WORST BROKER EVER!!!
NOT RECOMMENDED. THEY ARE BIGGEST LOOTS OF FOREX WORLD. YOU WANT TO GIVE THEM FREE MONEY, OPEN THE ACCOUNT AND THEY WILL RIP YOU OFF. GUYS PLZ DONT MAKE WORST MISTAKE OF LIFE. THEY ARE WORST BECAUSE;
1) TOO MANY SLIPPAGE
2) TOO MANY REQUOTES
3) YOU CANT MAKE ENUFF PROFITS
4) COMMISSIONS ARE TOO HIGH
5) THEY CHARGE $1 ON GOLD AND OTHER COMMODITIES

HELL, THEY SHOULD OPEN PROSTITUTION BUSINESS INSTEAD.. PLZ DON'T OPEN ACCNT WTH THEM.

- Reviewed by MANI, December 2, 2009. Rating = 1/10
Adjusted /zeroed out my account $532.00 six months after trade was made. This was in response for a withdrawal for $300.00 Claims that trade was executed at wrong price !!! They are a bunch of crooks. All the bad reviews on this site are true. I experienced them one time or another. Stay away from them.
- Reviewed by rav4, October 26, 2009. Rating = 1/10
Just sucks - allways slippage in their favor means their spreads are ~10 times higher than declared...
- Reviewed by rush, August 21, 2009. Rating = 1/10
GCI review: GCI Financial is a scam, fraud. You will be happy with them until you start actually earning money. For THREE months www.gci.ru (http://www.gcitrading.com) do not want to pay $1200 I earned strictly in accordance with my agreement with them. IFSC http://www.ifsc.gov.bz/licensed_provider.html#f to which GCI refers as to regulator does not do anything. Just think twice before you open account with GCI.
- Reviewed by Tan, August 19, 2009. Rating = 1/10
Fast withdrawals, more instruments, hedging, easy fundings, the helpful staff, minor slippage only on some deals. good STP broker.
- Reviewed by Gunther, July 31, 2009. Rating = 9/10
GCI has the best execution I've experienced yet. Many brokers will widen spreads during the best trading opportunities. I've been able to make more money in 6 months with GCI than in the past 3 years with two other brokers.
- Reviewed by TraderSean, July 27, 2009. Rating = 10/10
For exotic currency traders : If you trade a spike and make profit they remove your profit stating it was a system error. If you put a market order, buy orders are filled on top of spikes and sell orders on bottom, yes I am talking about the same price levels they claim are system errors.

For commodities trader :

They claim to offer tight fixed spreads but if you try to buy let say coffee at 116.45 and the price is not moving at all, you will get requoted at 116.80-116.90 even if the price is there at 116.45 and not moving at all. If you refuse that requote and try again, you will be requoted again and again and again until the price goes under the price you ask which means they don't offer the spreads they claim. The same thing happens when you try to close your open positions at market price you keep on getting requoted. Also take proftis are not taken immediately when the market price is the same as your take profit, they will wait until the market price is well over your take profit to execute it at your asked price proving again that they don't offer the spreads they claim.

For CFD on share traders : Same as for commodities trader but not as sytematic and not with all shares.

For major currency traders :

Be aware that they charge incredibly high premiums on positions held overnight.

For all traders :

Orders take very long time to be executed are all market orders are executed at the defavor of the trader since they sytematically requote the price you see on the chart. I would recommend that everybody stays away from this broker since they clearly are frauding their clients. The only good point for those who want to risk going with them is that they offer lot of different instruments (my reason for giving 2 instead of 1).

- Reviewed by Maxima, July 2, 2009. Rating = 2/10
I have been with GCi for 2-3 years. So far no problem until recently, they minus my account for almost 500USD! I seek for an answer from them but this is their reply:

Dear Sir,

The adjustment in your GCI trading account reflects corrections to erroneous price quotations and technical issues. In accordance with GCI's Risk Disclosure that you executed, GCI reserves the right to make adjustments to your account:
Quoting errors: Should quoting errors occur due to a dealer's mistype of a quote, errors in an automatic price feed, or an erroneous price quote from a dealer, such as but not limited to a wrong big figure quote, GCI will not be liable for the resulting errors in account balances. GCI reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting errors will be resolved on a basis of a fair market value of a currency or CFD at the time such an error occurred.
Please let us know if you require any additional clarification. We appreciate your business very much.
Sincerely,
Dealing Desk
GCI Financial Ltd

1. why should i pay for the mistakes they made?
2. arent they are the dealer?

i wouldnt recommend this platform to my friends anymore. i used to..but now i am so dissapointed with them. all the bad comments so far about them, i thought those coming from the frustrated people who loses their trade. but now..i am certainly convinced..they are just a bloodsucking broker!

- Reviewed by Darth FX, June 2, 2009. Rating = 1/10
Real issue is they don't honour prices on their system for entry orders and take profit. Eg.Price level is hit in silver or Gbpusd. Order becomes locked so it can't be removed. Price moves through your level by a pip but if the dealer does not manually fill it and the price moves back above then you have no fill. When you raise this with the dealer he'll say the market wasn't trading there. Guaranteed though if you stop was there it would be triggered.
- Reviewed by Chris, May 30, 2009. Rating = 3/10

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2009/10 GCI Financial Ratings
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2008/09 GCI Financial Reviews

May 1, 2008 - Apr 30, 2009

Sometimes a spot order is not executed. Their servers are weak or something..I dont know though. Quotes dont move smoothly - a little chafe it. Spreads are not broad. I can nod approvingly about it.
- Reviewed by SK, April 23, 2009. Rating = 4/10
I have been working with them for over two years, there was a time when I had no problems with them, but now they have started to suck, they are working on dealing desk now, you can not get a price on a single click, I have to wait for 2 or 3 min before I get a requote that is far away for the price on the screen, the stop loss and limit orders also do not work. GCI is the only broker in the world who discourages trading, if I trade more or try to make quick PIPS they will do everything to stop me, even blocking my account, I wonder why they do this, I mean they should be the one asking me to do as many lots as possible, coz this is their earning but case is opposite here. Trust me dear traders if you are planning to open an account with GCI....this will be the worst thing you do ever in your life. If you really want to waste you money....go to some bar and enjoy your life but please dont give it to GCI.
- Reviewed by fhasnain, January 21, 2009. Rating = 1/10
This outfit is not interested in honest trading only aim is to wipe your deposit by all means. Stay away from white collar criminals.
- Reviewed by Frank J Janalik, December 31, 2008. Rating = 1/10
Hi;

Opened a 2000 USD REAL account with GCITrading.com November 21, 2008. I was told the DEMO and REAL account are identical. It turned out to be false. The REAL account prices are manipulated. The videos below caught their price manipulation in the act for all to see. Try to open a SELL Oil position at 54.00, however after a long delay a REJECTED WINDOW pops up telling me the prices moved down to 53.90. But this is not true, because the Platform prices remained at 53.00. So I quickly tried to open a BUY Oil at 15.04 to see what would happen, again the REJECTED WINDOW pops up telling me the price moved up 54.14. EVEN THOUGH the platform price spread remains at 15.00 - 15.04. Please note, THIS IS NOT A ONE TIME OCCURRENCE.

I made a screen recording to prove my case. Go to these links and download the video. [copy and paste link if necessary] The downloaded video is much [MUCH] sharper then the webpage video, but may take awhile to download. You also need to set Windows Media Player to full screen to see the details.

http://www.4shared.com/file/73427742/997c0a93/1_GCITrading_REAL_-_Oil_Price_Spread_Manipulation__Delay.html

http://www.4shared.com/file/73429554/8a5f3dba/2_GCITrading_REAL_-_Oil_Price_Spread_Manipulation__Delay.html

http://www.4shared.com/file/73523693/1e296a8d/8_GCITrading_REAL_-_Oil_Price_Spread_Manipulation__Delay.html

Here are 2 more videos showing an attempt to close the same SELL Oil position at 15.00. In one video the price REJECTED PRICE WINDOW pops up with a new price of 14.75. and in the 2nd video a change to 14.85. That's a 15 to 25 pips below the platform SELL price of 15.00 price. A price manipulation of plus 15-25 pips CLEARLY in favor of GCI. All the while the Platform price remains steadfast at 15.00 - 15.04 even after open and closing both pop up windows. Price manipulation ALWAYS in increments of 5 i.e. 10,15,25 etc

http://www.4shared.com/file/73442917/266122c1/3_GCITrading_REAL_-_Oil_Price_Spread_Manipulation__Delay.html

http://www.4shared.com/file/73447140/fcbfe2ad/4_GCITrading_REAL_-_Oil_Price_Spread_Manipulation__Delay.html

More videos on price manipulation

http://www.4shared.com/file/73962971/5f0660cc/9_GCITrading_DEMO_-_Opening_Oil_Position.html

The next video is to show the DEMO vs. REAL price update. The REAL is deliberate faster to justify that your market order supposedly jumped against you right when your order went trough. It's ironic that the price ALWAYS jumps against you but never for you. My email address: People.Email@yahoo.com

http://www.4shared.com/file/73701114/d0da5943/7_GCI_DEMO_vs_REAL_Price_Update_Difference.html

- Reviewed by Kenneth Paulina, December 9, 2008. Rating = 1/10
They have very nice chart many trade to choose from but don't ever believe their advantages as mentioned in their website many people will think we rate this broker worst because we don't know how to trade or we are losing money that's not true we made money with them we got profit from them but actually it should be more then that. For example if you put your preset order you have to keep track for your numbers because when the order is executed it will be executed in their price not your price I call that a hidden fees. I trade gold with them many times they execute the order with a difference of 100pips and if you caught that they will reply to you sorry its misfiled, this not always the case all that depend on the dealer who review your complaint. Some time the reply is that our best price meaning you have to take you don't have the choice to leave because its to late and the order already executed, in addition to that slippage which seems its the same problem! with most of broker, very long time to execute your order which the trend could change the direction and the profit will turn to loss, also you can not trust the price you see on their chart specially if the price in your side, I already read some of the negative review and bad experience from some people and I agree to it all because its happened to me. Please if you have choice go with other broker especially if they have no dealing desk which it will be a great advantage for you?
Thanks
- Reviewed by jte70, October 23, 2008. Rating = 1/10
They are very bad believe me. Unless you trade over long periods but if it is daily all you need is one of their wild 20 pip swings that only occur on their charts to be caught out.
- Reviewed by bonzo, July 22, 2008. Rating = 2/10
Limit and stop never work well. Very bad broker. I will complaint this to International Financial Services Commission who will regulate GCI. Who have same problem, do complaint together with me.
- Reviewed by James, June 30, 2008. Rating = 1/10

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2008/09 GCI Financial Ratings
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2007/08 GCI Financial Reviews

May 1, 2007 - Apr 30, 2008

Some minor past problems with slippage seem to have been fixed with GCI's newest software release. The charting is great now - I have made a lot of money with this broker.
- Reviewed by Robert F, March 20, 2008. Rating = 9/10
The worst broker I Seen, all what you can hear from their dealer, that what we have take it or leave, please don't try to open even demo account with them.
- Reviewed by N.Yasin, September 21, 2007. Rating = 1/10
Slippage and wild (20 pip) hiccups seemingly intent on hitting stop losses. Requotes always 20 pips out of market range, and significant delay for requotes even when markets are still. Likely they match almost all orders internally and are forced to requote exotics way beyond market as they seldom actually go externally to settle positions.
- Reviewed by xiaodi, July 18, 2007. Rating = 2/10
Very abrupt when answering questions. Long time waiting for replies. High slippage.
- Reviewed by PT, June 11, 2007. Rating = 3/10
The Best from the best. Really it's easy for you to manage your money. Layout it's great.
- Reviewed by jabrik, May 17, 2007. Rating = 10/10
I swear...this is the worst broker I ever experience. Do not trade with them. Your order will not be executed. If the graph shown you gained money but when you click stop you still lose. No matter what they will take your money. In other words the graph and platform is just a liar. You can't put your strategy base on graph.. Whatever you training in the demo account is a lie. The program in certain way so you can gained money then when you open a real account. It suck. Its just a complete lie... Trust me dont trade with them... forget about their support.. they rude and useless.. just dont trade with them..I already sent a complain to official trading licence in US about this bad and trading service.
- Reviewed by Micheal, May 2, 2007. Rating = 1/10

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2007/08 GCI Financial Ratings
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2006/07 GCI Financial Reviews

May 1, 2006 - Apr 30, 2007

Total rip off avoid at all cost sometimes risky, fill take forever, they will wipe you out the spreads that are advertised are not executed, the real spreads that they use on order execution are more, specially on stops. If you have a stop at a certain price point they will close your position a few pips before the market hits your stop. Which in reality gives you a much wider spread than what they advertise even in quiet markets they tend to do this. I would not recomend.
- Reviewed by Alex, March 11, 2007. Rating = 3/10
This is the only Forex broker I've been with but it seems to be getting worse and worse. At first some three years ago there was the occasional hiccups like questionable fills and slippage. Lately long delays in execution and not being able to access "order execution" are the norm. This outfit is absolutely terrible. These guys blatantly work your order to their benefit and you get screwed. They belong behind bars.
- Reviewed by gtrade, January 23, 2007. Rating = 2/10
The worst broker ever.. stay away.

I have proof how worse is GCI on a live platform. Not only are their prices unjust when you buy a instrument, their Platform took more than 5 minutes to close many of my deals. They have ripped me off and I would personally will take my money when I'll be in Belize where they are.

Check out the link: http://www.youtube.com/watch?v=CQVRebYlDpg

Just see this link how long it takes for GCI to close the deal. More than 5 minutes.

- Reviewed by Arthur, October 10, 2006. Rating = 1/10

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2006/07 GCI Financial Ratings
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2005/06 GCI Financial Reviews

May 1, 2005 - Apr 30, 2006

Never follow market to move the price.
Rating = 1/10 - April 9, 2006
Well bad in every aspect. Not recommended.
Rating = 3/10 - February 14, 2006
GCI has been excellent for me. Some of the comments here by others seem very surprising, in light of my very positive experience with them over the past several months. Their platform is stable. No surprises. Highly recommended.
Rating = 9/10 - January 11, 2006
GCI is by far the worst and dishonest broker. They constantly manipulate the prices. You can't trade with market orders because they always give you a requote even 10-15 pips from the price and that in normal market conditions. Limit orders don't get filled even if the price goes beyond 5 pips from the order (that doesnt happen in stop orders). You cant find noone on the phone. The chat is always lying and they re trying to make you think that you are mad when you are complaining. Please avoid this firm it is a disaster. They are only trying to steal your money. I gave them 1 because there was no 0.
Rating = 1/10 - January 11, 2006
GCI manipulated prices consistently.
Rating = 1/10 - October 25, 2005
I have used GCI for 4 months now, I did have problems when I logged in the live trading but once I donloaded their BETA version everything is fine now. Slippage is like everyone else my limit orders fill correctly with the beta version and no problems.
Rating = 7/10 - Sep 1, 2005
GCI has just royally ripped me off. I spent three months learning their system on the demo account only to find out that the live account doesn't behave the same way. Trades wouldn't close even when I was 10 - 15 pips ahead on my limit price. When trying to close out of trades whether I was in profit or loss, the software often gave no response. On three occasions, unable to close out of trades I was forced to a margin call, all the while desperately trying to get the software to respond to me. My complaints to GCI have had either no reponse, or they have given me superficial answers that have failed in any way to deal with the issue.

Yesterday in a final 'test' trade to see if the software was working, the chart moved THROUGH my limit four times and was not closed out. Although I took screen caps showing this the trader on the live chat simply lied about the chart and said that he was looking at a different price than I was! I have proof but he is saying black is white and THEY are the final arbiters! As a last attempt he told me that all the spikes in price that were to my favour were 'bad ticks', however the lone, erroneous spike that hit my stop loss was not a 'bad tick'. How fortunate for GCI! 'Bad ticks' have not been defined for me and seem to only apply when the customer is going to make a profit, but NOT when GCI is going to make a profit!

It seems that the GCI software is highly rigged to impede the traders ability to take a profit but to maximise GCIs ability to take your money. Then if you complain you are treated as if you are stupid and basically ignored. So if you are trying out GCIs demo software, beware that it does not behave in any way like their live accounts and you will have no recourse when their rigged system robs you.

Rating = 1/10 - Jul 15, 2005
I give review on 4 brokers, because I have account in this, to be honest now in 3, because GCI is a disaster, they run the price to shut stops and the charts service is horrible.
Rating = 4/10 - Jun 9, 2005
GCI have some clear advantages, also to my surprise they are by far the best broker I have used so far when it comes to withdrawing funds, they send you the funds usually the same day as your request. Their live chat support is great you can usually get an answer within a few minutes. A few drawbacks like sometimes slippage and being based where they are of course you have to add that as some sort of risk.
Rating = 9/10 - June 8, 2005

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2005/06 GCI Financial Ratings
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2004/05 GCI Financial Reviews

May 1, 2004 - Apr 30, 2005

GCI bad.
- August 7, 2004

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2004/05 GCI Financial Ratings
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