Over 3 weeks ago I filled out an application, unfortunately I funded the account at that time to help speed the process. Now 3 weeks later, and 4 applications later, they still haven't opened my account. I have asked for the deposit to be returned to my credit card - to no avail. I am very close to contacting the CC company to ask them to reverse the charge, hopefully it was not deposited at the UK brokerage.. I am sure that will make it even harder to get the deposit returned. If it will do any good I also plan on complaining to the FTC (Federal Trade Commission) and the NFA (National Futures Association) since they have a US office. BTW they have several complaints and have had to pay fines and reparations to several clients due to their business practices. This is from June 30, 2010.....

0339826 GAIN CAPITAL GROUP LLC

• C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS
• C.R.2-5 - FAILURE TO COOPERATE W/ NFA
• C.R.2-36(b)(4) - ENGAGE IN ACTS REGARDING PRICE OF ANY FOREIGN CURRENCY OR FOREX TRANSACTION
• C.R.2-36(c) - FOREX DEALER MEMBERS OBSERVE HIGH STDS OF COMMERCIAL HONOR
• C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES

0310776 STEVENS, GLENN HENRY

• C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES

NFA ID Respondent Action Types
0339826 GAIN CAPITAL GROUP LLC • GENERAL CONDUCT
• SALES PRACTICE
0310776 STEVENS, GLENN HENRY • GENERAL CONDUCT

"failing to uphold high standards of commercial honor"
"engaging in deceptive margin and liquidation practices"
"engaging in manipulative acts or practices regarding prices received by customers on the MetaTrader trading platform"

I didn't know any of this till AFTER I had problems with them. Why would any reputable broker ask you to fund an account that doesn't even exist yet?

I wonder how many people were ripped off before someone was able to prove it was happening.

When I started to trade with this broker I had a small account of about $2000 and things were quite good. I'd get fills quite quickly, the spreads weren't great but when you're trading longer timeframes 2-4 pips doesn't really kill you. I was making money so I decided to increase my account size to around $10000 - that's when the goal posts moved. I started to see Excessive Slippage(against my trades), Price Spikes, Bad Fills and every other trick in the book. I closed my account immediately.

If you're a serious trader STAY AWAY from this Bucket Shop.

This broker is really scam. They never gave the spread they mentioned in their web site. For example, they mentioned that EUR/USD is as low as 1.1 pip for Pro account holders. But, in past 7 months, I have never seen such a spread, even during London and US market open time. It is plain cheating just to get more customers. Their customer support was not able to tell me when they did such a spread in reality.

Also, when they change the price, they first widen it for a second and then bring it to normal. For example, GBP/USD is trading for 4.5 spread Bid 1.60415 Ask 1.60460, assume that the price goes up 1 pip now, first what they do is change the ask price and wait for a second or two then change the bid price. Like this: Bid 1.60415 Ask 1.60470 for 1 or 2 seconds and then change the bid to 1.60425. If you watch it carefully, you will see it in all pairs. This is their regular practice.

One more problem is their system won't warn about the insufficient margin. Whatever, you want to buy, it will buy and then immediately the system will liquidate you. You will end up paying the spread. For small volume trader, it might be a small amount, but for 10 standard lots , easily it will come to $300 to $400 dollars loosing just in seconds.

Also, I am getting lot of re quotes.

I would suggest to "STAY AWAY" from this broker.