I have had a think of placing a opposite on binary (and have a few times even on GFT which is not Customary) but there are challenges doing this on a Customary Binary as you need to define a fixed TF to expiration upfront and the minimum TF on customary is 2 mins which represents 40% of the TF on a 5mins. At this 40% point, in an number of cases, I won't have had the conviction that the trade was moving against me.
GFT offering Binaries betting
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I have had a think of placing a opposite on binary (and have a few times even on GFT which is not Customary) but there are challenges doing this on a Customary Binary as you need to define a fixed TF to expiration upfront and the minimum TF on customary is 2 mins which represents 40% of the TF on a 5mins. At this 40% point, in an number of cases, I won't have had the conviction that the trade was moving against me.
Hey, thanks for the query.
Although with PYX I tend to stick to what I know which is commodities and Equities they do offer major FX pairs. The asset index is quite limited at present but I have spoken to support a few times and they said this is being grown over the next few months.
You can trade EUR/USD USD/GBP EUR/GBP CHF/USD and so on... most of the majors.
One day options which can be sold at any point. Also you can trade right into the close, everything is automated.
I have genuinely been very impressed which is why I asked LordFlaheart to do some digging.
They have a free demo so give them a try.
Although with PYX I tend to stick to what I know which is commodities and Equities they do offer major FX pairs. The asset index is quite limited at present but I have spoken to support a few times and they said this is being grown over the next few months.
You can trade EUR/USD USD/GBP EUR/GBP CHF/USD and so on... most of the majors.
One day options which can be sold at any point. Also you can trade right into the close, everything is automated.
I have genuinely been very impressed which is why I asked LordFlaheart to do some digging.
They have a free demo so give them a try.
I also held an account since the early days of there binary offerings, it was good with automatic execution for a few months, I was then put onto dealer referral which Is when I had all sorts of problems.
Basally if the price ever moved in my favour they would automatically reject the bet, should the price move against us, it was a 100% guarantee to be taken, I then moved to there market orders, where my trades were guaranteed to be accepted, but the price would not be, I soon noticed I was getting shafted. Trading 5 minute binaries, it took them often 30 seconds to confirm my price, with the same scenario if the price had moved in my favour, the price would get altered, the opposite, I would get the price I had requested, I made a spreadsheet to see how many points they were taking from me, and it was often in excess of 150 a day. Eventually they pulled the plug on my account, and closed my account with immediate effect, which was against there t/c's stating they must give me 30 days written notice, I complained they then said they can open my account, but I will not be able to place trades and then after them 30 days it would be closed again. I honestly wouldn’t bother with this bunch.
Basally if the price ever moved in my favour they would automatically reject the bet, should the price move against us, it was a 100% guarantee to be taken, I then moved to there market orders, where my trades were guaranteed to be accepted, but the price would not be, I soon noticed I was getting shafted. Trading 5 minute binaries, it took them often 30 seconds to confirm my price, with the same scenario if the price had moved in my favour, the price would get altered, the opposite, I would get the price I had requested, I made a spreadsheet to see how many points they were taking from me, and it was often in excess of 150 a day. Eventually they pulled the plug on my account, and closed my account with immediate effect, which was against there t/c's stating they must give me 30 days written notice, I complained they then said they can open my account, but I will not be able to place trades and then after them 30 days it would be closed again. I honestly wouldn’t bother with this bunch.
I didnt know there were so many bad recommendations of GFT I havent traded a great deal as I though the offering was a bit to clunky for my style but reading what you guys have to say about them I am glad I have dealt with them to much.
Hi Dale, when did you join GFT and how much did you make before they moved you off to manual execution?
Guys I think this all sounds a bit fishy to me.
There have obviously found a glitch in their system that certain style traders can exploit -ie, the high volume, little and often traders as the amounts that you are talking about £1k and £4k is not enough to hit an institution of their size that badly.
I would suggest there platform isn't as clever as they think it is and they know.
What ever the problem is, or the reason why they switch you to manual dealing does not comply with the regulation they have in place they can not behave like this.
Demo PYX guys I think youd be impressed although as I said in an earlier post... they dont have 5 minute binaries its only one days but you can sell at any time.
There have obviously found a glitch in their system that certain style traders can exploit -ie, the high volume, little and often traders as the amounts that you are talking about £1k and £4k is not enough to hit an institution of their size that badly.
I would suggest there platform isn't as clever as they think it is and they know.
What ever the problem is, or the reason why they switch you to manual dealing does not comply with the regulation they have in place they can not behave like this.
Demo PYX guys I think youd be impressed although as I said in an earlier post... they dont have 5 minute binaries its only one days but you can sell at any time.
This email I recieved from them, would back that theory
Thank you for your email, i have spoken to our head of dealing and we believe the execution on this account is acceptable.
We are monitoring certain accounts for latency trading, i.e. on the majority of trades placed the price seems to have moved in the favour of the client by the time the order reaches our servers.
This will continue for the foreseeable future to ensure the client is trading at a fair market price
And the closure of my account email
Due to a combination of business and regulatory reasons we have taken the decision to close your accounts in line with clause 20.2 of our General Terms. Therefore please consider this email as notice that we will be closing your account with immediate effect.
Thank you for your email, i have spoken to our head of dealing and we believe the execution on this account is acceptable.
We are monitoring certain accounts for latency trading, i.e. on the majority of trades placed the price seems to have moved in the favour of the client by the time the order reaches our servers.
This will continue for the foreseeable future to ensure the client is trading at a fair market price
And the closure of my account email
Due to a combination of business and regulatory reasons we have taken the decision to close your accounts in line with clause 20.2 of our General Terms. Therefore please consider this email as notice that we will be closing your account with immediate effect.
That is ridiculous.
So because someone is a decent trader and using the tools available to his advantage... like any good trader should you get your account closed down.
I guarantee they don't block trades where the market has moved against you before execution.
Leave them and inform the regulator.
So because someone is a decent trader and using the tools available to his advantage... like any good trader should you get your account closed down.
I guarantee they don't block trades where the market has moved against you before execution.
Leave them and inform the regulator.
I don't thing there is any one to inform
"GFT Global Markets UK Ltd. is authorised and regulated by the Financial Services Authority (FSA) for forex, CFDs, and Spread Bets. The FSA does not regulate Binary CFDs and Binary Spread Bets. "
I think this is the reason for this kind of behaviour.
"GFT Global Markets UK Ltd. is authorised and regulated by the Financial Services Authority (FSA) for forex, CFDs, and Spread Bets. The FSA does not regulate Binary CFDs and Binary Spread Bets. "
I think this is the reason for this kind of behaviour.
"It was probably the amount of trades I was placing as opposed to the amount won..." I would agree on that point , as in both our cases the amounts were negligible from a brokers perspective. BUT notwithstanding, they take a huge spread for every trade anyway so why not let the ones who can trade the system do so? Let's see if I get the same response from them.
Lord Flasheart
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this is their get out clause.I dont think its a latency issue,they just dont want you to win on binaries
This is the problem only for short-term traders. I can't see how they can possibly stop me from trading longer time frames (daily bets, holding to maturity)...on the other hand I dont like the way they do their business. If they are not able to manage 5 mins bets they shouldn't be providing it...
@Kubec, that is a very good call.
As I said before who I trade with at present only offer one days but you can trade out early if you wish. This system suits me fine. 5mins leaves a lot open to take a loss....
Do GFT show historical close levels and publish where they take this price from?
As I said before who I trade with at present only offer one days but you can trade out early if you wish. This system suits me fine. 5mins leaves a lot open to take a loss....
Do GFT show historical close levels and publish where they take this price from?
Okay great, thanks for the reply.
I wont be trading GFT then. I'm happy where I am. I see statements of entry points close out and market close price etc. All data comes directly from the exchange and is quite clear that it is on a last tick close which I can cross reference.
It seems that GFT just leave to much uncertainty out there.
I wont be trading GFT then. I'm happy where I am. I see statements of entry points close out and market close price etc. All data comes directly from the exchange and is quite clear that it is on a last tick close which I can cross reference.
It seems that GFT just leave to much uncertainty out there.
getrichbysb
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Anyone has recent experience with GFT binary betting? Thanks for sharing. I am concerned that they are not regulated by Gambling Commission in UK.
