FXCM review - Brokers and Data Feeds | futures.io
futures.io futures trading


FXCM review
Started: by Big Mike Views / Replies:29,931 / 183
Last Reply: Attachments:4

Welcome to futures.io.

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.


You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Reply
 4  
 
Thread Tools Search this Thread
 

FXCM review

  #171 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 160 since Aug 2010
Thanks: 112 given, 150 received


Magiklair View Post
I have forwarded you the email address and contact information. I'm use to interactive brokers, until they ceased trading Forex.. I do have some contract/fees question. But I'll wait till things are hopefully resolved.
Thanks

Hi Magiklair,

You mentioned you already reached out to NinjaTrader. If you require further assistance, please feel free to send me a private message with your mom's contact details including the email address we have on file for her account application. I am help with the setup of this account from the FXCM side, but don't want you to have to duplicate any steps if NinjaTrader is already following up for you.

If you have questions about our services at FXCM please send me a Private Message.
Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
  #172 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 160 since Aug 2010
Thanks: 112 given, 150 received


Blash View Post
Filled out the FXCM appl. to opening acct thru NinjaTrader's site. Spoke to my rep yesterday (Kevin) and he said FXCM will pay for my wire transfer fee I just need to show them the bill my bank charges me. Off to a good start. Happy.

Ron


Blash View Post
I'm opening an Active Trader account which has No Deal Desk and anonymous executions as well as tight spreads.*

What I really want is two-step authentication for account login. But in the mean time I'm developing an elaborate password iteration procedure ....lol.

I'm only swing trading FX with pretty wide stops. And only on the majors + 2 or 3 others.

I guess they have a group assigned to the Active Traders group to somehow help???

*I will be posting my experiences.

Ron

Hi Ron,

With Active Trader, a dedicated team guides you to the most useful services at FXCM. Your Relationship Manager (Kevin) can help you find the technologies and custom trading solutions that best suit your needs. You also get a dedicated back-office team to oversee your account, and as you've already noted, one of the benefits of this account type is free bank wire transfers.

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

Last edited by Jason Rogers; September 12th, 2016 at 07:06 PM.
Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
  #173 (permalink)
Risk--->0 $--->∞
Chicago, IL
 
Futures Experience: None
Platform: NinjaTrader, TWS, FXCM's
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FXCM, IQFeed
Favorite Futures: ZF, ZN, ZB, ES, FX pairs
 
Blash's Avatar
 
Posts: 1,200 since Nov 2011
Thanks: 3,175 given, 1,624 received
Forum Reputation: Legendary

FXCM review



Jason Rogers View Post
Hi Ron,



With Active Trader, a dedicated team guides you to the most useful services at FXCM. Your Relationship Manager (Kevin) can helps you find the technologies and custom trading solutions that best suit your needs. You also get a dedicated back-office team to oversee your account, and as you've already noted, one of the benefits of this account type is free bank wire transfers.



Nice to know. Also glad and appreciate the help offered by you guys.

Turns out my bank , due to my acct type, does not charge me a bank wire fee. So that's cool and no need for more busy work submitting bill and such.

Looks like wire transfer is all done on my end now too.

Ron

We must be like the fountain or spring that is continually emptying itself of all that it has and is continually being refilled from an invisible source

Quoting 
The steed of this Valley is patience; without patience the wayfarer on this journey will reach nowhere and attain no goal.

Buy Low And Sell High (read left to right or right to left....lol)
Reply With Quote
The following user says Thank You to Blash for this post:
 
  #174 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 160 since Aug 2010
Thanks: 112 given, 150 received


IzhakHaim View Post
My problem with the FX brokers is:

"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."

In fairness, the full text of my previous response addresses your concerns in more detail:


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.



IzhakHaim View Post
I only trade currency futures.

This is not an apples-to-apples comparison. FXCM provides No Dealing Desk (NDD) forex execution to all Standard accounts (5k minimum) and Active Trader accounts (25k minimum). We also provide DD execution to Mini accounts ($50 minimum). This provides new traders with the opportunity to trade FX with a small initial investment that would not be possible with futures. With E-mini Euro FX Futures, the minimum trade size for one contract (62,500 euro) requires you to risk $6.25 per pip. By contrast, FXCM lets you trade one micro lot (1,000 euro) of EUR/USD and risk as little as 10 cents per pip. That's 60 times less than in the futures market.


IzhakHaim View Post
Futures market registered and regulated.

FXCM is registered with and regulated by the CFTC and NFA, the same bodies that oversee futures trading in the US. In compliance with NFA rules regarding Price Slippage and Price Re-quoting that were finalized in 2012, FXCM LLC provides daily trade reports to the NFA which monitors and supervises FXCM LLC's activity including information on the price where all client orders are filled and the corresponding price where those orders are offset with our liquidity providers.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

All of FXCM's global trading entities including FXCM Australia and FXCM UK execute client rolling spot forex transactions as a riskless principal with FXCM LLC, so the same execution standards are applied for all of our clients worldwide. There are no re-quotes at FXCM, and all our clients around the world can benefit from positive slippage whenever it's available. The latest execution stats from January 1, 2015 through March 31, 2016 showed the following:
  • 78.71% of all orders had NO SLIPPAGE.
  • 12.77% of all orders received positive slippage.
  • 8.52% of all orders received negative slippage.
  • 50.2% of all limit and limit entry orders received positive slippage.
  • 39.9% of all stop and stop entry orders received negative slippage.

This includes data from both the DD execution we provide to Mini accounts and the NDD execution we provide to Standard and Active Trader accounts.


IzhakHaim View Post
The currency moves is similar to the cash market but without the above disadvantage-some times rigged market.

With futures and interbank markets, high frequency trading can impact quality of execution. It's a speed race at the institutional level. Institutional customers compete with each other to gain the slightest advantage. ex. HFT’s placing trades in microseconds. This creates a very predatory trading environment where mistakes for liquidity providers are costly. Thus the safer route for liquidity providers is to quote smaller trade sizes at wider prices to manage the risk of being picked off.

By contrast, with FXCM's NDD model, liquidity providers can make more money with a lower risk of being picked off, while at the same time giving better pricing to our retail clients. It's important to understand the mechanics of how trading styles at the institutional level and retail level differ and how this differentiation allows our liquidity providers to offer favorable pricing conditions for FXCM clients.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Our clients receive excellent pricing and execution because liquidity providers are only allowed to be price makers (not price takers) on our retail client stream, and only a retail client can take a price from a liquidity provider. Liquidity Provider A is not able to take a price from Liquidity Provider B through FXCM. This gives our liquidity providers the ability to make a market based on quality of price and liquidity rather than speed to protect against being picked off by predatory trading from other liquidity providers.

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

Last edited by Jason Rogers; September 13th, 2016 at 12:09 PM.
Reply With Quote
The following 2 users say Thank You to Jason Rogers for this post:
 
  #175 (permalink)
Risk--->0 $--->∞
Chicago, IL
 
Futures Experience: None
Platform: NinjaTrader, TWS, FXCM's
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FXCM, IQFeed
Favorite Futures: ZF, ZN, ZB, ES, FX pairs
 
Blash's Avatar
 
Posts: 1,200 since Nov 2011
Thanks: 3,175 given, 1,624 received
Forum Reputation: Legendary

FXCM review

Futures Edge on FIO
Wow that was fast!

Account is totally ready for trading. Completed the wire transfer at my bank today at around 2:00pm Chicago time and the money is there ready to go as of an hour ago (4:45pm CT). As well as all documents being approved.

Ron


Sent from my iPhone using Tapatalk

We must be like the fountain or spring that is continually emptying itself of all that it has and is continually being refilled from an invisible source

Quoting 
The steed of this Valley is patience; without patience the wayfarer on this journey will reach nowhere and attain no goal.

Buy Low And Sell High (read left to right or right to left....lol)

Last edited by Blash; September 12th, 2016 at 11:37 PM.
Reply With Quote
The following user says Thank You to Blash for this post:
 
  #176 (permalink)
Membership Temporarily Revoked
white plains new york
 
Futures Experience: Intermediate
Platform: NJ
Favorite Futures: CL
 
Posts: 66 since Apr 2016
Thanks: 30 given, 66 received

Blash,

Good luck. What you going to trade?

Reply With Quote
The following user says Thank You to IzhakHaim for this post:
 
  #177 (permalink)
Risk--->0 $--->∞
Chicago, IL
 
Futures Experience: None
Platform: NinjaTrader, TWS, FXCM's
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FXCM, IQFeed
Favorite Futures: ZF, ZN, ZB, ES, FX pairs
 
Blash's Avatar
 
Posts: 1,200 since Nov 2011
Thanks: 3,175 given, 1,624 received
Forum Reputation: Legendary


IzhakHaim View Post
Blash,



Good luck. What you going to trade?



Just the majors and commodity pairs:

EUR/USD, USD/JPY, GBP/USD, USD/CHF
AUD/USD, USD/CAD, NZD/USD

Swing trading them. For example on the EUR/USD

Short around the red arrow if I can get a close on the daily bar at this area with targets of the ellipses and green arrow.
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Ron


Sent from my iPhone using Tapatalk

We must be like the fountain or spring that is continually emptying itself of all that it has and is continually being refilled from an invisible source

Quoting 
The steed of this Valley is patience; without patience the wayfarer on this journey will reach nowhere and attain no goal.

Buy Low And Sell High (read left to right or right to left....lol)
Reply With Quote
The following 2 users say Thank You to Blash for this post:
 
  #178 (permalink)
Shakes
Alexandria, Minnesota
 
Futures Experience: Beginner
Platform: Ninja trader
Broker/Data: IB / IQFeed
Favorite Futures: Forex
 
Posts: 123 since Jun 2014
Thanks: 29 given, 27 received

Thanks


Jason Rogers View Post
Hi Magiklair,

You mentioned you already reached out to NinjaTrader. If you require further assistance, please feel free to send me a private message with your mom's contact details including the email address we have on file for her account application. I am help with the setup of this account from the FXCM side, but don't want you to have to duplicate any steps if NinjaTrader is already following up for you.

Thanks I think the account is almost set up now. We just have to send a wire to fund it.



My suggestion would be to make some changes so others don't run into the same problem I had. Perhaps the webpage could redirect from FXCM to Ninja Trader. Because right now it's not real clear. Thanks everyone for your help!

Reply With Quote
The following 3 users say Thank You to Magiklair for this post:
 
  #179 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 160 since Aug 2010
Thanks: 112 given, 150 received


Magiklair View Post
Thanks I think the account is almost set up now. We just have to send a wire to fund it.

– – –

My suggestion would be to make some changes so others don't run into the same problem I had. Perhaps the webpage could redirect from FXCM to Ninja Trader. Because right now it's not real clear. Thanks everyone for your help!

Thanks for the update, Magiklair, and for your feedback on our website. I have shared it with our web developers.

Please let me know if you need anything else.

If you have questions about our services at FXCM please send me a Private Message.
Reply With Quote
The following 2 users say Thank You to Jason Rogers for this post:
 
  #180 (permalink)
Elite Member
Argentina
 
Futures Experience: Beginner
Platform: ninja
Favorite Futures: dax
 
Posts: 7 since Jun 2016
Thanks: 3 given, 0 received

forex = scam


Mi recommendation, no enter in the spot Market never. Search in google: forex, spot market, scam, fraud, account audits, the bussines of the brokers of spot market is take the money traders .

I am profesional in advertising and I can only say that analyzing the type of advertising they use, is their intention is to deceive

Regards.


Last edited by gilik; October 20th, 2016 at 10:53 PM.
Reply With Quote

Reply



futures.io > > > > FXCM review

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

2016 True Edge Awards: Voting is open until Jan 21!

Now
 

Bookmap New Indicator Panel, Cumulative Delta, Order Flow demo

Jan 17
 

An Afternoon with FIO member Massive l

Elite only

Leo Murphy: Making sense of Technical Analysis and Random Walk

Elite only
 

FuturesTrader71: Ask Me Anything

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
FXCM vs MB Trading Big Mike Brokers and Data Feeds 16 September 16th, 2011 08:12 AM
NFA fines FXCM $2MM plus orders refunds to customers Big Mike Brokers and Data Feeds 13 August 15th, 2011 03:58 PM
FXCM Strategy Trader ??? xTrader1 Platforms and Indicators 14 July 24th, 2011 09:48 AM
Class Action Lawsuits Filed Against FXCM and FXDD Slack News and Current Events 6 February 17th, 2011 07:48 PM


All times are GMT -4. The time now is 10:17 AM.

no new posts
Page generated 2017-01-18 in 0.20 seconds with 20 queries on phoenix via your IP 54.159.158.180