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


FXCM review
Updated: Views / Replies:32,617 / 187
Created: by Big Mike 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

  #21 (permalink)
Elite Member
Norwich, UK
 
Futures Experience: Beginner
Platform: Broker Provided
Broker/Data: Stage5/OEC
Favorite Futures: M6E
 
andby's Avatar
 
Posts: 136 since Jul 2012
Thanks: 79 given, 55 received


Big Mike View Post
Please share your thoughts (good or bad) about FXCM if you are or have been a customer of FXCM directly.

Forex Trading | Currency Trading | Forex Broker | Forex | FXCM

Thx,
Mike

They seem to have good integration with Ninja, and provide 30 days demo accounts.
Not too sure about hidden fees.
Through their chat, I learned there is a $50 account "dormant" fee per year. Which turns out to be $74 in the UK (as they charge £50 per year in UK). They may have it, but I did not find this on the website.

Mike, as this thread was opened some time ago, did you open an account with them and what is your feedback about FXCM and FXCM compared to MBTrading?

Thx

Reply With Quote
 
  #22 (permalink)
Elite Member
Munich Germany
 
Futures Experience: Beginner
Platform: MultiCharts .NET,MultiCharts,Amibroker
Broker/Data: Interactive Brokers IQFeed
Favorite Futures: Stocks,Index CFDs
 
Posts: 149 since Aug 2012
Thanks: 81 given, 76 received

Great API and platforms

I used FXCM only for trading index cfds and beside other people claiming about stop running I never experienced that.
Therefore I will again trade index cfds with FXCM.

The other big advantage I see on side of FXCM is the various platforms and API they are offering for free.
The newest API enables the programmer to write even strategies in c++ for a linux machine.
That is great because a linux machine hosted on amazon cloud service is maybe saver and needs less
resources than a windows machine. Therefore the execution should be more reliable.

I have not tested that yet.

What I do not like about FXCM is the marketing practice of using so called traders with high reputation.
In my opinion that lowers the value of FXCM, e.g in Germany they are using Stefan Riße as promoter.
He before promoted for CMC Markets and I really did not liked them.
The others are Birger Schäfermeier and Michael Voigt, all German Traders in Germany they may have a high reputation. I just do not aggree with their marketing it is too much in my opinion I do not think that they are really profitable. On seminar e.g. Michael Voigt answered a question if he is still day trading, the following way.
No he was daytrading but he is now more in the controling of longterm investment. And he is telling me how to daytrade.

Therfore I think FXCM could do a better job in marketing in Germany, that does not mean to have
high rollers as promoters. But maybe just show that they are a serious broker.
Because in my opinion this high marketing just makes them equal with the other cfd brokers and as
said before I trust FXCM in trading cfds, therefore they are just great as they are right now. Maybe they could spent the money put in marketing in getting a similar connection to multicharts than they have with ninjatrader.
To get FXCM data displayed I have to pay multicharts or do some trading on my account.

But regarding the platform Trading Station 2 it is a great order platform I like the inteface very much.
The same is true with the other two strategy trader and MT4 great variety of platforms.

Reply With Quote
The following user says Thank You to FB2012 for this post:
 
  #23 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 164 since Aug 2010
Thanks: 122 given, 152 received



andby View Post
Through their chat, I learned there is a $50 account "dormant" fee per year. Which turns out to be $74 in the UK (as they charge £50 per year in UK).

Just to clarify for everyone regarding dormancy fees, FXCM only charges these if an account has been inactive for an entire calendar year. Even after a full year of inactivity has passed, clients are sent an email notice a few weeks before the dormancy fee is to be charged. That way clients have the opportunity to avoid the dormancy fee by placing a trade or closing the account before the date specified in the email.

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:
 
  #24 (permalink)
User requested to be banned
Orlando, Florida
 
Futures Experience: None
Platform: shoes
Favorite Futures: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011
Thanks: 2,090 given, 4,997 received


Jason Rogers View Post

...Thanks for taking the time to read this, and please feel free to ask any questions if anything is unclear.

-Jason

I just applied for a minimum account tonight, ready to expand into new markets and excited about a "real" 24 hour market.

I have looked at Alpari as well, and chatting with them through email. I may open more than one account as I test the waters of currency trading. I was initially drawn to Pepperstone, but cannot open a margin account as a US citizen/resident (I forget which, but it is forbidden ).

I actually chose FXCM as the path of least resistance, finding it to be the recommended direction as a user of Sierra Chart, and not wanting to learn / not really liking the demo of MT4.

Can you tell me in the short version why I want to be with FXCM vs other options? Thanks Jason.

Reply With Quote
 
  #25 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,887 since Jun 2009
Thanks: 29,110 given, 81,704 received

@GaryD, also you might ask here:

https://futures.io/brokers-data-feeds/26336-fxcms-suhail-afzal-brad-gleason-ask-me-anything-ask-me-anything.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #26 (permalink)
 Vendor: www.fxcm.com 
Dallas, Texas, USA
 
Futures Experience: Advanced
Platform: Trading Station
Favorite Futures: Forex
 
FXCM Suhail's Avatar
 
Posts: 13 since Mar 2013
Thanks: 3 given, 18 received


GaryD View Post
Can you tell me in the short version why I want to be with FXCM vs other options?

Hi Gary,

I saw you posted this question in the FXCM AMA thread as well, so I posted a response for you there. Welcome aboard!

Suhail

If you have any questions about the products or services provided by FXCM, please send me a Private Message or use the BMT "Ask Me Anything" thread
Reply With Quote
 
  #27 (permalink)
Elite Member
Surf City NC
 
Futures Experience: Advanced
Platform: Ninjatrader,Think or Swim
Favorite Futures: Stock/Futures/
 
quantismo's Avatar
 
Posts: 213 since Jul 2011
Thanks: 305 given, 145 received

Ninjatrader platform issues

I was wondering if anyone here uses FXCM with the Ninjatrader platform and if so is it working good for them? I had a account with FXCM about six months ago and tried using the Ninjatrader platform which back then took about 20 minutes or longer for charts to load up and I could only load data for 2 currency pairs out of their 56.

Since then I have seen a webinar here from by if I am not mistaken a FXCM rep and he was loading charts in seconds flat and showing alot more then the only two pairs I could get to work.

If someone besides a FXCM rep is using Ninjatrader with there api and it works good for them please let me know. I am considering opening a account again maybe to do some hedging.

Thanks Quantismo

Reply With Quote
The following 2 users say Thank You to quantismo for this post:
 
  #28 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,887 since Jun 2009
Thanks: 29,110 given, 81,704 received


quantismo View Post
I was wondering if anyone here uses FXCM with the Ninjatrader platform and if so is it working good for them? I had a account with FXCM about six months ago and tried using the Ninjatrader platform which back then took about 20 minutes or longer for charts to load up and I could only load data for 2 currency pairs out of their 56.

Since then I have seen a webinar here from by if I am not mistaken a FXCM rep and he was loading charts in seconds flat and showing alot more then the only two pairs I could get to work.

If someone besides a FXCM rep is using Ninjatrader with there api and it works good for them please let me know. I am considering opening a account again maybe to do some hedging.

Thanks Quantismo

Per a recent post on the FXCM AMA thread, that is solved now that NT is serving the historical data directly.

Sent from my LG Optimus G Pro

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 3 users say Thank You to Big Mike for this post:
 
  #29 (permalink)
 Vendor: www.fxcm.com 
New York, NY
 
Futures Experience: Advanced
Platform: Trade Station, MT4
Favorite Futures: FX, CFD's
 
FXCM Brad's Avatar
 
Posts: 56 since Mar 2013
Thanks: 75 given, 46 received


quantismo View Post
I was wondering if anyone here uses FXCM with the Ninjatrader platform and if so is it working good for them? I had a account with FXCM about six months ago and tried using the Ninjatrader platform which back then took about 20 minutes or longer for charts to load up and I could only load data for 2 currency pairs out of their 56.

Since then I have seen a webinar here from by if I am not mistaken a FXCM rep and he was loading charts in seconds flat and showing alot more then the only two pairs I could get to work.

If someone besides a FXCM rep is using Ninjatrader with there api and it works good for them please let me know. I am considering opening a account again maybe to do some hedging.

Thanks Quantismo

Hi quantismo, thanks for the post!

We’ve been addressing issues with data load times and believe that we have solved the problem. In your case, I would suggest installing/updating to the latest build of NT, and (more importantly) when you do that, be sure to select NinjaTrader servers as the source of historical data. This is likely the fastest way for NT to download data and should fix any issues you have experienced in the past.

Thanks again for the post! If there are additional questions, please let us know.

Brad

If you have any questions about the products or services provided by FXCM, please send me a Private Message or use the BMT "Ask Me Anything" thread
Reply With Quote
 
  #30 (permalink)
Elite Member
Vancouver, BC, Canada
 
Futures Experience: Beginner
Platform: NinjaTrader 7
Broker/Data: Global Futures (Ironbeam), Continuum
Favorite Futures: YM
 
Posts: 11 since Jan 2013
Thanks: 19 given, 8 received


As a newer trader, my number one choice is to trade YM in Ninja Trader-awaiting NT8.

Well, FXCM was option B for me going live to trade YM, in this case US30 CFD, as my choice of futures brokers were very limiting to residents of BC, Canada.

These are a few items I'm working out while I just funded a live account this week.

After a few live chats and emails to FXCM, and one to Ninja support, the final configuration to get CFDs data, any data, to feed into NT and Sierra Charts, is that the account must be Non-Hedging. Although chat was quite quick, I think we both were likely not asking complete questions for resolution in one chat session. The US non-hedging account works right away with NT and SC-but does not offer CFDs. Canadian customers wanting CFDs, must direct FXCM to have hedging disable in their accounts. This was only learned through forums such as futures.io (formerly BMT).

I am feeding a free licensed NT with demo CQG data to read the BidAsk for YM on the GOM Vol Ladder rather than UpDown Tick from FXCM for US30. Although the market prices don't match, the price action is close.

The FXCM FIX connection to Sierra Charts works. FXCM API support provided configuration in few hours. I only have one month experience with SC and I am liking the chart trading.

If I decide to go 100% with NT, I would need a muti-license. A basic licence for SC is $20/mo. This is much lower cost to wean off sim trading and to trade live.

In market entries, the full spread goes to the broker first in NT. In SC, half spread on entry, second half on trade exit. I will review more closely, but what I mean by example, the US30 has 4 tick spread. In NT, you're down 4 ticks on trade entry. In SC, you're only down 2 on entry, and then lose 2 on exit. Each US30 tick is worth $1 vs YM's $5.

Until I'm an accredited investor ...

Reply With Quote
The following 2 users say Thank You to Pocketful for this post:

Reply



futures io > > > > FXCM review

Thread Tools Search this Thread
Search this Thread:

Advanced Search



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

FIO Journal Challenge featuring NinjaTrader ($2,000+ of prizes)

May
 

Prototyping Python Strategies (part 2: Backtesting) w/Ran Aroussi [special time: 1PM ET]

Elite only
 

Portfolio Diversification w/Brendon Delate @ Diversify Portfolio

Elite only

An Afternoon with FIO member Softsoap (being rescheduled)

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 07:12 AM
NFA fines FXCM $2MM plus orders refunds to customers Big Mike Brokers and Data Feeds 13 August 15th, 2011 02:58 PM
FXCM Strategy Trader ??? xTrader1 Platforms and Indicators 14 July 24th, 2011 08:48 AM
Class Action Lawsuits Filed Against FXCM and FXDD Slack News and Current Events 6 February 17th, 2011 06:48 PM


All times are GMT -4. The time now is 02:18 AM.

Copyright © 2017 by futures io, s.a. Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-05-24 in 0.15 seconds with 20 queries on phoenix via your IP 54.162.184.185