SOMETIMES THE TURTLE DOESN’T WIN -
At this point, all we can do is work on a solution. We are seriously working on setting up our own brokerage with DMA, or Direct Market Access to the Inter-
Clients who wish to trade for themselves will be trading on the MT4 platform where the BID and the ASK prices are the best prices offered by 13 different banks. The BID you see may be from Barclay's while the ASK price may be from HSBC, but you will not see which Bank is offering what price. It will simply be the best BID and ASK price available. But the important thing is the trader will be trading directly with the banks without some B level broker manipulating the prices between you and the market.
Brian will be trading on the Inter-
Trade reports will also show the equity in the Managed Accounts and any open positions will be disclosed. No overnight positions will ever be held.
In addition to this, we will be setting aside each month a percentage of the profits generated by the brokerage to reimburse our clients who have lost funds at GNTFX up to the total amount they have deposited at GNTFX minus any withdrawals. We will at least make people square with the equity they sent in, even if we are not responsible for taking it.
Clients will open an account and once a month we will deposit the same amount in all client accounts. This amount will vary month to month based on the profit generated by the brokerage. As clients reach their equity deposits at GNTFX, they will be dropped from the spreadsheet, and the amount deposited the next month should increase since the funds available are now divided by fewer clients. We will continue doing this until all clients are made square.
When clients have a minimum equity of $2,000 in their accounts, they can choose to have Brian trade their account as before, or they may trade their account themselves on the MT4 platform. They can also withdraw their funds at any time.
We will not be offering any bonuses of any kind at any time. We will be charging a performance fee on the managed accounts of 20% of the profits on a monthly basis calculated from the previous month's high-
Self traders who request a withdrawal will have their funds in their bank accounts within 72 hours, and managed account clients will be able to withdraw funds from their accounts on the 1st of each month, also to be received within 72 hours.
If you have any questions about GNTFX you can contact me, and If I know the answer I will tell you. I personally cannot believe anything GNTFX tells me anymore and I urge you not to believe anything they tell you either.
POSTED JULY 5, 2017
What I am about to say is not good news to anyone who has opened a live account with GNTFX. Here is what happened starting 5 weeks ago.
I found out on May 30 that GNTFX had not sent out any withdrawals for four weeks. I had processed a withdrawal for $4,000 back on May 12 which I had not received. It was through my inquiries of my withdrawal and questions I was receiving from other clients asking me for help with their withdrawals that I discovered that GNTFX had not sent out any withdrawals in at least four weeks, and maybe more.
GNTFX came up with this story about their “liquidity provider” having a bank account seized, but the problem was temporary and everything would be back to normal soon.
It is now way past “soon” and despite all the assurances that the problems have been resolved, I have no knowledge of anyone other than two clients, one who has received $4,000 and the other $500.
Moving ahead a month, I contacted GNTFX on Monday, July 3rd by email demanding proof that withdrawals were being processed. I also had grave concerns that contrary to what GNTFX was telling me, they were still accepting new clients. I do know that GNTFX was still accepting new clients along with their deposits even into the month of June, well after they knew they had a serious problem.
In early June, I had removed all direct links from my website to open an account with GNTFX. I also asked Adam at GNTFX to immediately stop opening any new accounts until this problem with their “liquidity provider” was resolved. He agreed and said they were no longer accepting new clients…. This will all tie in together a few paragraphs down.
On Monday, July 3rd I received an email from a client advising me that he and a friend wished to open live accounts…. I’ll let you read the emails that followed:
Name: Jacob Carey
Time Zone: +8:00 (Hong Kong)
Best time to Contact: any time
I am tracking the "Real Trading Results" on your website and am happy with the results.
I want to start investing with FXTurtleTrader.
I have some questions:
1) What country is the brokerage firm & bank I need to wire the funds to?
2) Is there a maximum amount I can get the 30% bonus on?
3) Are you the trader? If not, who is the trader?
Never mind trying to call that phone number he provided, the number doesn’t exist. I answered his email before I tried his number…..
Thank you for your email.
Unfortunately, we are not accepting any new clients at this time because of problems we are having with the broker sending out withdrawals in a timely manner. Even if this problem gets resolved, we will not be dealing with this broker in the future.
At this point we are considering opening our own brokerage, and if we do we will let you know.