GFT Forex Broker Review 2012 - Ratings, Likes, Dislikes, Comparison, Demo, Open Account
Review and ratings of GFT Forex, Division of Global Futures & Forex, Ltd., is available here. Compare it with other FX brokers or share your experience.
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Last review date: 3/6/2012 |
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Recommendation is based purely on our own opinion, but we try to be objective as possible!
| Commission Type: | Spread |
| Forex Trades Fee: | 11.80 USD |
Displayed 'Forex Trade Fee' is spread based. Commission for Forex trades is an estimation of fees charged per round turn of $100,000 major pair units. The cost of no-commission brokers is calculated as average spread markup on majors. |
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| Execution Type: |
DD
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DD - Dealing Desk, STP(MM) - Straight Through Processing/Instant Execution, STP(DMA) - Straight Through Processing/Direct Market Access, ECN - Electronic Clearing Network |
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| Minimum Deposit: | 200 USD |
| Minimal Contract Size: | 1,000 |
| Maximal Leverage: | 1:400 |
| Account Base Currencies: | AUD, JPY, GBP, CHF, PLN, USD, CAD, EUR |
Customer accounts will be subject to a monthly inactivity fee if no trading activity has occurred for a period of 60 days or more.
| Spread Type: |
Variable
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| EUR/USD: | 1.9 |
| GBP/USD: | 2.6 |
| USD/JPY: | 1.8 |
| USD/CHF: | 2.5 |
| AUD/USD: | 2.1 |
| USD/CAD: | 2.6 |
These are typical spreads on MT4 platform as recorded by mt4i.com.
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| Demo Account Duration: | 30 days |
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| U.S. Citizens Allowed: | |
| Account Opening Type: | Online |
| Time To Open Account: | 1 day |
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| Notarization Required: | |
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Account opening takes up to one day, if you make the application, send the documents and make a deposit alltogether.
| Deposit Currencies: | AUD, CAD, EUR, GBP, USD |
| Withdrawal Fee: | 25.00 USD |
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Some deposit methods will only accept deposits in USD.
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| VikingTrader (Currenex): | |
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Automated trading only via MT4.
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| No. of Currency Pairs: | 129 |
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Foresight-A.I. forecasts the market’s movements and helps you confirm when the market might be moving up or down. DiNapoli D-Levels, created by Fibonacci expert Joe DiNapoli, combines leading and lagging indicators to help you identify entries and exits on any of our 120+ currency pairs. Plus Dow Jones Newswires and Thomson Reuters.
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| GFT, Division of Global Futures & Forex, Ltd., 618 Kenmoor Ave SE, Grand Rapids, MI, 49546, United States | |
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| Tool-Free Phone: | 800 465 4373 |
| International Phone: | +1 616 956 9273 |
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Stocks-For-Beginners.com is GFT Forex's affiliate and is being compensated for every new opened client's account. |
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GFT Forex Broker Review
GFT is stable, secure, and trustworthy. For more than fifteen years GFT is providing its customers competitive spreads and superb execution, all with highest integrity.
Very Positive - Tights spreads and competitive trading conditions, although not suitable for passive clients due to inactivity fee.
Could do Better - Since most of people don't have an idea about what to trade, it would be nice to see some auto-trading functionality, based on algorithmic or social trading.
Introduction
A good Forex trading company can be defined as one that provides the best possible service and the best possible tools for trading not to mention the integrity. All these three factors are commitments of GFT, a Forex company. GFT stands for Global Forex Trading and this is one of the oldest Forex companies that has endured through the years and is still around. The company's inception took place back in 1997. Today, GFT has definitely come a long way, with a customer base in more than one hundred and twenty countries around the world. Although GFT has offices worldwide it is headquartered in Michigan.
The company strives to make Forex markets more approachable and to render this possible it offers value, services, software programs and the knowledge that traders should have. One of its plus points is round-the-clock customer support which is offered through its website. GFT leaves its clients spoilt for choice when it comes to funding their accounts as clients can choose to fund their accounts from any one of these - bank wire, paper check, PayPal, eCheck and credit card. As far as withdrawal of funds is concerned they can do so through credit card, paper check and bank wire.
Investments Offered and Basic Conditions
GFT provides its customers with different kinds of accounts for the purpose of investing in Forex trading. Clients of this provider can trade up to USD 20 million on each trade. When an individual opens an account, GFT would ask for basic personal details such as name, address and date of birth as also contact details like contact number and email address. Apart from this, identifying documents are also required for verification purpose.
It is mandatory for anyone who wants to trade in the investments offered by GFT to complete his/her application. However it is not mandatory that the application has to be completed at one go and one can fill it up midway and then save it to be resumed later. The potential account holders of GFT are advised to go through the privacy policy, terms and conditions, warnings, etc before they start trading just so that they understand what they are signing up for.
GFT is trustworthy, stable and secure because it has been around for fifteen years. This firm is privately owned and highly capitalized and these are reasons enough to make you want to trade in the investments offered by it, especially when the basic conditions are user friendly and not complex at all.
Types of Accounts
GFT offers its customers four different types of accounts for Forex trading. They are Bronze account, Silver account, Gold account and Platinum account. The minimum balance required for opening any account, except free practice account, is USD 200. When it comes to the account packages at GFT, the more one deposits, the more benefits one would experience.
An individual can qualify for a bronze account if he/she can deposit any amount between USD 2500-9999 in their accounts. Bronze account holders get access to two news feeds and more than eighty five indicators. As far as analysis tools are considered, the bronze account holder has to pay additional cost for it.
A silver account holder must have USD 10,000-49,999 in the account. Silver account holders are given three news feeds, i.e. CNBC, Dow Jones and Informa Global Markets, over eighty five indicators and one analysis tool for three months' usage.
Gold account holders are those who have more than USD 50,000 but less than USD 249,999 in their accounts. This type of account holder is entitled to four news feeds, over eighty five indicators, two analysis tools for three months, a premium roll (a type of premium service) and outgoing wire transfer fees is waived.
Platinum account holders are account holders of the highest degree in GFT. The account balance is more than USD 250,000 at any given point of time. The Platinum account holder is provided with four news feeds, same amount of indicators as other account holders and two analysis tools for six months. As far as the premium services are concerned, they get premium roll and a live weekly market commentary. Fees for inactivity, currency conversion and outgoing wire transfer are waived for these account holders.
Opening An Account
Opening an account at GFT is a three-step procedure, of which the first step entails completing one's application. On successful completion of the application, the GFT staffs would contact you via email or phone. The second step is to fund one's account and the third step is to download a DealBook platform to begin Forex trading. It is also recommended to account holders to read the terms and conditions as well as privacy policy.
Software
The trading software applications offered by GFT to its customers or traders have bagged a lot of awards and is widely appreciated all over the world. GFT offers DealBook 360 which is suitable for beginners as well as professional traders. DealBook Web is the second software application that allows one to engage in Forex trading on-the-go from any public computer system. MetaTrader 4 is another software application that GFT traders can use. Apart from these three options, traders can go for DealBook Mobile which is compatible with iPhones, iPads and smartphones.
Trading Tools and Research
GFT offers trading or analysis tools that help traders trade more decisively and gain informative and highly useful market insight. The firm offers four useful tools namely Autochartist Trade Ideas, Autochartist Chart Patterns, Foresight-A.I. and DiNapoli D-Levels. The first tool helps to provide one with trade ideas to help one engage in Forex Trading and the second helps all GFT customers to identify various common market patterns so as to help them decide on when to enter the market, when to stay in it and when to exit.
The third tool, i.e. Foresight-A.I., is just what its name suggests - it allows one to see tomorrow's potential today by forecasting the times during which high-profitability trade is most likely to happen. The fourth and last tool allows traders to trade at the next level by applying Fibonacci rations to Forex markets.
Education
Without education pertaining to Forex trading, accounts, trading tools, software applications, etc would be of no use because one won't be able to gain profits from it. Therefore GFT provides training and education to its customers so that they can get actionable trade ideas. The firm is committed to helping its customers become the best traders they can be.
Education is provided in the form of free guides, technical analysis, fundamental analysis, webinars and seminars. The webinars occur twice each day and only once on Fridays. In order to avail any or all of these registering with the website is mandatory. Exclusive commentaries from Forex experts are also provided at GFT. If one wants then one can also go for personalized demos of GFT services and software in order to manage one's Forex account better.
Awards
In February 2012, GFT has won the award titled 'Best Forex Broker' from Thebull.com.au in Australia. In addition to this award, GFT has also won the UK Shares Awards 2011, Best Online Trading Platform award, Best Forex Provider award, Best Forex Education Provider award, AFR Smart Investor Blue Ribbon Awards 2011, Forex Customer Service Excellence Award, IBTimes FX Awards 2011 and Forex Broker Japan Excellence award.
Promotions, Challenges and Bonuses
During the month of May-July 2011, GFT offered bonuses pertaining to new account holders. New account holders were given USD 200 for opening a GFT account with USD 2500 and USD 400 for opening a GFT account with USD 5000. Also, from July-October 2011, the firm offered a bonus of 5% on deposit to all those who deposited USD 10,000 or more. The maximum bonus limit was USD 5000. At present this bonus is still there in addition to the bonus offer of getting USD 1 rebate on every trade for those who transferred their accounts to GFT.
What Makes GFT Different?
There are several reasons as to why one should trade with GFT. The firm offers low pip on almost all of the major currencies in the world. This helps one to save a lot of money because pips do snowball into huge figures over a period of time. Apart from this, the platforms provided are extremely convenient and it allows one to trade on the go and round the clock. In addition to these factors, GFT also offers a variety of currency options for trading.
Customer Support
The customer support of GFT is quite good considering it offers the customers so many different options to contact the company like live text chat, contact numbers and an email address if one wishes to send their queries via email.
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Written by: Goran Dolenc
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