22 reviews of Gallant Capital Markets are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.
I actually paid these guys a visit at their office - and they are NOT your typical fx brokerage.
"As we are happy to see Anthony close his account"? "his comments do not deserve the time and effort needed to defend our service"? Is that really the response from Gallant? That sounds pretty arrogant to someone trying to decide on a broker. If you don't care if a customer leaves, and their comments do not warrant response, I guess this broker is not the one which "deserves" my business. My money is important to me even if it isn't to gallant!!
Another broker bites the dust!
The GallantFX VPS gives me constant problems. I've tried using it a few times but it just doesn't seem to perform. Maybe others are getting better results; I don't know. Regardless, the main issue that I am trying to deal with is that of the GallantFX EUR/USD spread. I generally understand liquidity but for some reason the Gallant spread on the EUR/USD pair jumps quite signficantly above 3 pips in trying to run my EAs at certain times of the day. Maybe Gallant doesn't like certain EAs; I'm not sure. I'm currently trying to make a decision (End of April 2009) as to whether I want to continue with Gallant and raise the stakes in my account balance but the problem is that the spreads are in my opinion too high in a number of cases and another issue: they can only offer mini and standard lots, with Mini's that CANNOT BE RUN in fracions (i.e., 1.2 or 1.3, etc; only in whole numbers, i.e., mini's at 1.0, 2.0, 3.0. etc...). I'm seriously looking at finding a different broker to provide me a better opportunity to trade. I've traded with a competing broker - IBFX.com, and I must say that their EUR/USD spread is pretty darn consistant at 2 pips. I don't know why Gallant can't keep their spreads to something reasonable. Maybe I'm just too much of a novice at trading that I am missing something here about how FOREX works. Aside from these issues, I haven't had any money withdrawl problems and frankly, I will trust that I won't; that would be very bad. At this point, I'll try to keep a positive outlook on things and hope that the Gallant Administration will try harder to do what the their slogan says, "We domesticate the Foreign Exchange." I would think this means making trading more available to the small guy rather than catering to the men with the deep pockets.
At least Anthony got his money back. I tried GallantFX at the recommendation of Charles Floyd II from Fapwinner.com, even though I was fairly happy with forex.com and alpari. I wired $10K into the account and tried using the fapturbo EA there. The EA behaved nothing like it did at any other broker accepting large losses & taking small gains. I decided to quit GallantFX after a loss on the order of $2K.
Then my problems really began! I tried using the withdrawal request form on their web page, but the "financial institution" information came out in a very light shade of grey so it didn't scan at all. I faxed the form to them anyway inasmuch as this was the form THEY provided and I figured they had my financial info from my application & the wire in anyway. 3 days later nothing had happened. So at 0930 ET, I called them. The guy who answered replied "the guy from operations isnt in. call back later". 1030 AM I called again. "Mike" replied they didn't have my financial institution information which I agreed to email him & did within the hour. He asked why I was leaving, I explained my reasons, that I'd emailed customer support about the problems and gotten no answer. He replied the problem was with their liquidity provider they were replacing that very day. He asked me to give them another try. I said I'd think about it but wanted my money back. Financial information emailed within an hour. That day, noted withdrawal from my account. 4 days later, no money in my checking account. One more email to "Mike" goes unanswered. Today I escalated it to an SEC complaint against Sunspot (the counterparty that is an RIA with the SEC).
So goes my travail with getting my money back sans $2K. So Anthony, there are worse things than what you experienced with GallantFX!!
As we were happy to see Anthony close his account and leave us, his comments here do not deserve the time or effort needed to defend our service.
GALLANT FX HAS INCOMPETENT TECHNOLOGY!!!
I opened a 5000 USD live account with Gallant FX as well as a 5000 demo account. I used an EA which I hosted on their VPS. The demo account was running on my own personal pc. From day 1, I noticed that I had about 5 positive trades on my demo account and that I had lost 1 trade on my live account. I spoke to their customer service guys and they couldn't seem to find the problem. (Note: the problem wasn't slippage or spread related, etc.) They asked that I give it another day of testing. On day 2, the same thing happened, yet slightly different. The demo account made about 100usd while the live account lost about 30 usd. I monitored the system and noticed that the live account would lose connection for hours at a time, come back on and then be gone the next. One trade would kick in on both the live & demo, close out in profit on the demo, yet lose the connection on the live, then finally gain connection and have to close out the trade in NEGATIVE since the demo had closed out almost 30 minutes earlier. THEY ARE TERRIBLE!!! I even sat on the phone with them while my live account said "No Connection." How embarrassing!!!