VDM Gekko Gobal market Complaint

[Trusted]

Here`s a CAUTIONARY note to all users of this so called sb company

Don`t start winning or they `ll really target you

I`m keeping a log of all their antics

I`m even recording telephone conversations

Their in house compliance ( Melanie) isn`t worth bothering with shes so biased shes practically on par with the dealers

I am now maintaining a log and telephoning conversations ready to go the Ombudsman and FSA

Here`s a few pointers :

Erroneous spikes which take out stops

Slippage on EVERY TRADE

Delayed or pending orders

Check out their new owner John Rowe ( former owner of Capital Spreads)

who are /were notorious Rogue traders

Don`t even bother speaking with the dealers you won`t get nothing changed

Please highlight all discrepancies on here

 

[x4x]

Hi,

I was always a big fan of Gekko - I thought their customer service was excellent, but I have since had to close my account with them for a couple of reasons. The main one being that their Buy/Sell buttons now show the 5th and 6th digit - not the 4th, 5th and 6th digits that most other SB's will show - the current price of GBP/USD is 1.65182 / 1.65219 but their ticket shows 82 / 19. What good is that - the whole price is quoted above the buttons, but it is the last two full digits I need to see BIG, not the 10th's of a point.

The standard spread was also upped from 3 to 4, but I notice today that it is only 3 again - so I don't know if they've changed that or I just got lucky when I logged in just now for the screenshot.

I have closed my account with them now as I don't think they will be around too long if they can't compete with other companies by upgrading their clunky old platform.

Cheers

ex-gekko fan!

Tried to insert a screenshot - but just too complicated for me....

 

[gle101]

Apparently all the complaints is regarding trading FX. I would have long ago stoped trading the indices with them, if I accounted the above mentioned problems. If you have problems with slippage guys, a good thing would be to take a screen shots and post specifics on this thread.

 

[Trusted]

Don`t worry I intend to do more than just post screenshots gle

I intend to highlight their mal practices and outright devious trading antics

 

[Jack Hughes]

I intend to highlight their mal practices and outright devious trading antics

They'll be the toast of the industry!

 

[Umbrella]

Here`s a CAUTIONARY note to all users of this so called sb company

Don`t start winning or they `ll really target you

I`m keeping a log of all their antics

I`m even recording telephone conversations

Their in house compliance ( Melanie) isn`t worth bothering with shes so biased shes practically on par with the dealers

I am now maintaining a log and telephoning conversations ready to go the Ombudsman and FSA

Here`s a few pointers :

Erroneous spikes which take out stops

Slippage on EVERY TRADE

Delayed or pending orders

Check out their new owner John Rowe ( former owner of Capital Spreads)

who are /were notorious Rogue traders

Don`t even bother speaking with the dealers you won`t get nothing changed

Please highlight all discrepancies on here

Just curious - what was wrong with Capital Spreads? Aren't they one of the most pupular companies in the spread betting industry? I haven't traded much with them, but I wonder if you've had bad experiences with them before?

 

[gle101]

Here`s a CAUTIONARY note to all users of this so called sb company

Don`t start winning or they `ll really target you

I`m keeping a log of all their antics

I`m even recording telephone conversations

Their in house compliance ( Melanie) isn`t worth bothering with shes so biased shes practically on par with the dealers

I am now maintaining a log and telephoning conversations ready to go the Ombudsman and FSA

Here`s a few pointers :

Erroneous spikes which take out stops

Slippage on EVERY TRADE

Delayed or pending orders

Check out their new owner John Rowe ( former owner of Capital Spreads)

who are /were notorious Rogue traders

Don`t even bother speaking with the dealers you won`t get nothing changed

Please highlight all discrepancies on here

You sure got a long list of complaints. Didn't you spot what they were up to, and moved out? Did you take too big of a risk with you capital, in order to beat the dealers? I am not defending ggmarkets, I just want to find out what made you so determine to get back at them. If they behave really badly, they will not have any chance staying in this business, considering they entered rather late.

 

[Jack Hughes]

If they behave really badly, they will not have any chance staying in this business, considering they entered rather late.

I'd give them a few months, tops.

 

[Trusted]

gle if you have an hotmail account I`ll talk privately ....I can`t say too much at this stage

Jack they`re bandits on par with Capital spreads lol

Thats saying something

I also don`t like the new clause on client funds

This company is likely to disappear as fast it arrived

 

[Trusted]

Umbrella

re: Capital Spreads

Would you like some links so you can read for yourself then you can draw your own conclusions from real case scenarios

Mr Denham and his Motley crew are akin to Mr Turpin

You have been warned

What these sb companies don`t like is bad publicity .......strangely enough each individual now has the amazing opportunity to speak out and warn others

We should celebrate ........how liberating

 

[gle101]

gle if you have an hotmail account I`ll talk privately ....I can`t say too much at this stage

Jack they`re bandits on par with Capital spreads lol

Thats saying something

I also don`t like the new clause on client funds

This company is likely to disappear as fast it arrived

Calling them bandits you have already said too much, ha ha. No really, you have to give us an example of a trade and some specifics on what happened during that trade. Otherwise I will not take you very seriously. I have been trading CS for 4 years and I would never go to the length calling them bandits. Sure, there are some things that I don't like, and I dislike their attitude against short term traders, but that is as far as I go. Yes, I don't like ggmarkets new clause either, but this has not stoped me from trading with them, I am just a bit cautious how much money I keep at the account.

Yes, it is great with a forum like this, companies that behaves badly will be exposed in no time at all, the same applies for the good companies, they will grow while the other will have a harder time finding clients.

 

[Trusted]

http://www.advfn.com/cmn/fbb/thread.php3?id=16309354&from=1

 

[Umbrella]

Calling them bandits you have already said too much, ha ha. No really, you have to give us an example of a trade and some specifics on what happened during that trade. Otherwise I will not take you very seriously. I have been trading CS for 4 years and I would never go to the length calling them bandits. Sure, there are some things that I don't like, and I dislike their attitude against short term traders, but that is as far as I go. Yes, I don't like ggmarkets new clause either, but this has not stoped me from trading with them, I am just a bit cautious how much money I keep at the account.

Yes, it is great with a forum like this, companies that behaves badly will be exposed in no time at all, the same applies for the good companies, they will grow while the other will have a harder time finding clients.

I agree with you gle. I would be astonished if a company will grow to capital spread's size (I think circa 50,000 clients in the UK alone) if the alledged were true.

Ultimately, I think it's an inevitability to run into a dispute or two with SB firms if one trades long enough (and I think most people on this forum will agree with me). I would make it a case to the firm's compliance/FSA/ombudsman etc, however, I wouldnt' want to waste too much energy dwelling on the negative experiences. Look on the positive side and make more profitable trades!

 

[twinj]

Sorry for the same post but I thought here is more appropriate.

Just out of interest, has anyone managed to claim their bonus money?

Here is my account. Mid 2009, I tried out their demo and liked their platform. In particular, they had 2pip Gold. So I decided to give the live platform a go. No 2pip gold but undeterred, I traded sp500. Then they raised the spread. Not just the sp500 but all the instruments I was interested in. But I had to carry on because the bonus money would only be paid if you do a certain amount of trades. At this point I was reluctant to carry on but then they introduced the free guaranteed stops (is this still the case and you can place the stop as close as you like to your entry?).

Well, on Christmas Eve of all days, they said I am no longer eligible for the bonus. At this stage I was losing money and I complained that what was supposed to be risk free testing of the live platform is not risk free. They paid me back my losses and I left. Reason: phoned too many times to confirm the accumulated trades and I went in and out too frequently. I am not a scalper but I don't like losing straight away. So I chose a stock that is relatively stable (are they still able to slip you on entry?) and if it went against me, I went out.

I wasted 6 months of my time. Just in case, I am not looking for sympathy. Happy profitable trading everyone.

 

[Mata Nui]

Not with CC but was thinking about moving to them. Whats the 'new clause' regarding client funds? Ithought it was an FSA requirment that client funds are 100% seperate.

 

[obadiah_slope]

First time poster on T2W. Had a number of problems with Gekko with their 'technical blips' where their rolling cash trackers spike or dip, usually late at night. Had a short on the FTSE roling last night at 5748 for £6pp. With a profit limit at 5705. Was travelling overnight but saw this morning that it had tripped. Was then in meetings all day and logged back on to check out the markets when I was done for the day to see that £240 had been taken out of my account. Phoned them up to find out why and was given the usual flannel about an error on their system and was told my trade had been re-instated. It hadn't. I called back and spoke to another chap, talked with him for a it, he said he'd go and talk to his boss about re-instating it but came back saying they didn't originally re-instate it as it would have put the trade under-water and now refused to do so. Well I knew that, i'd placed a position knowing it'd likely b e underwater for a bit for betting it'd come good. By the time I to speak with them (c.3pm GMT) the markets had indeed taken a dip and the position would now have been in profit but they refused to reinstate it. Very annoying.
Just thought i'd post here out of frustration.

Ob.

 

[gle101]

First time poster on T2W. Had a number of problems with Gekko with their 'technical blips' where their rolling cash trackers spike or dip, usually late at night. Had a short on the FTSE roling last night at 5748 for £6pp. With a profit limit at 5705. Was travelling overnight but saw this morning that it had tripped. Was then in meetings all day and logged back on to check out the markets when I was done for the day to see that £240 had been taken out of my account. Phoned them up to find out why and was given the usual flannel about an error on their system and was told my trade had been re-instated. It hadn't. I called back and spoke to another chap, talked with him for a it, he said he'd go and talk to his boss about re-instating it but came back saying they didn't originally re-instate it as it would have put the trade under-water and now refused to do so. Well I knew that, i'd placed a position knowing it'd likely b e underwater for a bit for betting it'd come good. By the time I to speak with them (c.3pm GMT) the markets had indeed taken a dip and the position would now have been in profit but they refused to reinstate it. Very annoying.
Just thought i'd post here out of frustration.

Ob.

Was there a technical price feed problem causing them to close your position? If so, easy to compare the chart with other SB.

 

[arabianights]

First time poster on T2W. Had a number of problems with Gekko with their 'technical blips' where their rolling cash trackers spike or dip, usually late at night. Had a short on the FTSE roling last night at 5748 for £6pp. With a profit limit at 5705. Was travelling overnight but saw this morning that it had tripped. Was then in meetings all day and logged back on to check out the markets when I was done for the day to see that £240 had been taken out of my account. Phoned them up to find out why and was given the usual flannel about an error on their system and was told my trade had been re-instated. It hadn't. I called back and spoke to another chap, talked with him for a it, he said he'd go and talk to his boss about re-instating it but came back saying they didn't originally re-instate it as it would have put the trade under-water and now refused to do so. Well I knew that, i'd placed a position knowing it'd likely b e underwater for a bit for betting it'd come good. By the time I to speak with them (c.3pm GMT) the markets had indeed taken a dip and the position would now have been in profit but they refused to reinstate it. Very annoying.
Just thought i'd post here out of frustration.

Ob.

Er... why didn't you say "thank you" and reopen the trade at a better price?

 

[Umbrella]

Er... why didn't you say "thank you" and reopen the trade at a better price?

Love Arabianights' response!!Lol!

My honest opinion is, trading with 40 ticks stop and 40 ticks profit target will not make you any money in the long term. I'd trade ideas with potential reward:risk ratio higher than 3.

 

[tar]

Love Arabianights' response!!Lol!

My honest opinion is, trading with 40 ticks stop and 40 ticks profit target will not make you any money in the long term. I'd trade ideas with potential reward:risk ratio higher than 3.

3:1 ratio is not the solution either , your stop will be hit more often ...