GoForex
GFX Group Reviews
Managed Forex Accounts
Choose from a multitude of forex traders. More
Featured Forex Brokers
Open a free demo or live account with a featured forex broker. More
AutoTrading
Copy the trades of expert traders automatically on your own account. More

GFX Group (Forex.ch) Reviews

2008/09 GFX Group (Forex.ch) Reviews

May 1, 2008 - Apr 30, 2009

Visit Website
Current Ratings

1)Cancelled my trades and adjusted my account to $0, using misquote as an excuse. This was because they were the counterparty on all my trades and I had made profits on all these trades. When they are the counterparty, they are taking the opposite side of the transaction, so if I make money, they lose money and if I lose money, they make money. The contract also states that they may take the opposite side of the transaction. See highlighted.

2)All the trades that were cancelled were profitable. $50,000 worth of profits. It was a good thing that I made 2 successful withdrawals that dropped the amount at stake to US$23,600.

3)Out of the 36 roundtrip trades executed over 1 year, 11 were misquotes, which is a 31% rate of error. Isn't this a high rate of error?

4)The contract, service section, paragraph 3 highlighted clearly states that "any disputes arising from quoting errors will be resolved on a basis of a fair market value of the currency at the time the error occurred" Obviously, this was not done.

5)The misquote happened on GBP/JPY which is an extremely liquid currency a major cross currency. So, there can be no excuse that it is an illiquid currency and no counterparty could be found.

6)When I was sent the e-mail that my trades would not be cancelled if I continued to trade with them, I decided to make a withdrawal of half my balance.

- Reviewed by Val, October 25, 2008. Rating = 1/10

Rate & Review This Broker
2008/09 GFX Ratings
More Broker Reviews

2007/08 GFX Group (Forex.ch) Reviews

May 1, 2007 - Apr 30, 2008

SCAM.
- Reviewed by Coach10, December 14, 2007. Rating = 1/10
Good & reliable with professional support.
- Reviewed by Sandro, August 18, 2007. Rating = 8/10

Rate & Review This Broker
2007/08 GFX Ratings
More Broker Reviews

2006/07 GFX Group (Forex.ch) Reviews

May 1, 2006 - Apr 30, 2007

Good execution in economic news. Sometimes they add 6 pips more than the real market price, but nothing u can't handle. Low spreads for institutional account and high for standard.
- Reviewed by Mr. Trader, August 23, 2006. Rating = 5/10

Rate & Review This Broker
2006/07 GFX Ratings
More Broker Reviews

   

ZuluTrade Alpha Judge
Trading Services Reviews

Bookmark this page

©2004-2013 GoForex. All Rights Reserved. *Disclaimer | GCI Financial Warning!