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FXCM review
Started: by Big Mike Views / Replies:31,454 / 187
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FXCM review

  #141 (permalink)
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FXCM, any body home???


IzhakHaim View Post
Jason,

Your reply ?

No reply from FXCM for 2 days...?

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  #142 (permalink)
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IzhakHaim View Post
No reply from FXCM for 2 days...?

Stop pestering him. They reply, or they don't. Either way you have your answer

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  #143 (permalink)
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IzhakHaim View Post
No reply from FXCM for 2 days...?

Also it helps to actually mention the person you are wanting a reply from. @Jason Rogers

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  #144 (permalink)
 Vendor: www.fxcm.com 
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IzhakHaim View Post
So with accounts less than $5K, you are taking the other side of the trade-meaning you are the counter party, therefore we trade against FXCM and our limit orders/SL,TP are all exposed to your trading desk, correct?

That is correct.

For Mini accounts, we provide dealing desk (DD) execution. On the DD model, we will face market risk as a result of entering into trades with clients. Because of this risk, FXCM needs to implement certain restrictions during news events. The typical 2-5 pip minimum distance from current market rate for stop and limit orders on DD accounts could increase to upwards of 10 pips. Note that No Dealing Desk (NDD) accounts with FXCM have no such restrictions regarding order placement.

Additionally, we may take steps to mitigate the risk arising from market making more effectively by transferring your underlying account to our NDD offering. For example, Mini accounts with equity greater than 20k are automatically converted to Standard accounts with NDD execution.

That means, we don't have to resort to the dealer intervention practices (re-quotes and excessive spread widening particularly during news events) which can occur with DD-only brokers, and you can have confidence in trading your FXCM account regardless of the account type you choose.

If you have questions about our services at FXCM please send me a Private Message.

Last edited by Jason Rogers; August 18th, 2016 at 08:15 PM.
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  #145 (permalink)
 Vendor: www.fxcm.com 
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sledmt View Post
With his question, I was wondering how the slippage compares between the NDD and DD. Also, how close is the ask bid price between the NDD and DD?

While I don't have a stats comparing slippage between NDD and DD, below are our overall stats regarding positive and negative slippage:
  • 78.71% of all orders had NO SLIPPAGE.
  • 12.77% of all orders received positive slippage.
  • 8.52% of all orders received negative slippage.
  • 50.02% of all limit and limit entry orders received positive slippage.
  • 39.9% of all stop and stop entry orders received negative slippage.

Our Standard and Active Trader accounts have raw FX spreads, because we charge a separate commission.

Our Mini accounts have all-inclusive spreads with no commissions.

If you have questions about our services at FXCM please send me a Private Message.
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  #146 (permalink)
 Vendor: www.fxcm.com 
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sledmt View Post
Adding to the question about slippage, I was reading in your documentation about "Market Range" feature. This sounds like a great way to limit your slippage when entering a trade. Does this feature work in the DD (mini account)?

Yes it does! In addition to the Market Range feature for market orders, we have a Range Entry for entry orders. These tools allow you to specify how much negative slippage you are willing to accept on an order.

If the order cannot be filled within your slippage tolerance, then the order will be canceled to protect you from unwanted negative slippage. Note these tools only limit your negative slippage, not your positive slippage.

If you have questions about our services at FXCM please send me a Private Message.
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  #147 (permalink)
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Jason Rogers View Post
That is correct.

For Mini accounts, we provide dealing desk (DD) execution. On the DD model, we will face market risk as a result of entering into trades with clients. Because of this risk, FXCM needs to implement certain restrictions during news events. The typical 2-5 pip minimum distance from current market rate for stop and limit orders on DD accounts could increase to upwards of 10 pips. Note that No Dealing Desk (NDD) accounts with FXCM have no such restrictions regarding order placement.

Additionally, we may take steps to mitigate the risk arising from market making more effectively by transferring your underlying account to our NDD offering. For example, Mini accounts with equity greater than 20k are automatically converted to Standard accounts with NDD execution.

That means, we don't have to resort to the dealer intervention practices (re-quotes and excessive spread widening particularly during news events) which can occur with DD-only brokers, and you can have confidence in trading your FXCM account regardless of the account type you choose.

Thanks Jason for the info. Is the 2-5 pip up to 10 pip just for new events?

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  #148 (permalink)
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Jason Rogers View Post
While I don't have a stats comparing slippage between NDD and DD, below are our overall stats regarding positive and negative slippage:
  • 78.71% of all orders had NO SLIPPAGE.
  • 12.77% of all orders received positive slippage.
  • 8.52% of all orders received negative slippage.
  • 50.02% of all limit and limit entry orders received positive slippage.
  • 39.9% of all stop and stop entry orders received negative slippage.

Our Standard and Active Trader accounts have raw FX spreads, because we charge a separate commission.

Our Mini accounts have all-inclusive spreads with no commissions.


Thanks for the stats @Jason Rogers

By chance, do you know the ratio account types?

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  #149 (permalink)
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Jason Rogers View Post
Yes it does! In addition to the Market Range feature for market orders, we have a Range Entry for entry orders. These tools allow you to specify how much negative slippage you are willing to accept on an order.

If the order cannot be filled within your slippage tolerance, then the order will be canceled to protect you from unwanted negative slippage. Note these tools only limit your negative slippage, not your positive slippage.

Thanks @Jason Rogers

this sounds like it would protect a trader from big slippage. Will take a closer look at this feature.

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  #150 (permalink)
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Jason Rogers View Post
That is correct.

For Mini accounts, we provide dealing desk (DD) execution. On the DD model, we will face market risk as a result of entering into trades with clients. Because of this risk, FXCM needs to implement certain restrictions during news events. The typical 2-5 pip minimum distance from current market rate for stop and limit orders on DD accounts could increase to upwards of 10 pips. Note that No Dealing Desk (NDD) accounts with FXCM have no such restrictions regarding order placement.

Somewhat unclear about your information above. During new events the DD is performing some level of re-quoting to the customer?


Quoting 

Additionally, we may take steps to mitigate the risk arising from market making more effectively by transferring your underlying account to our NDD offering. For example, Mini accounts with equity greater than 20k are automatically converted to Standard accounts with NDD execution.

Does FXCM ever change an account from mini to standard for other reasons other than dollars amount?

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