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FXCM review

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  #101 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
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zacgawn View Post
I see you used FXCM as a broker? are you still with them? I would like to use them too so i can stick to charting and trading all off of ninjatrader but I am nervous their collapse is around the corner since the swiss removed their currency ceiling.

Hi Zacgawn,

It's important to note that despite the events of January 15th, our capitalization remains at levels similar to before the SNB event and in excess of what is required by global regulators.

Furthermore, all of our regulated entities outside the US provide clients with segregated funds. Our UK-regulated entity through the FSCS even offers clients 50,000 per person in protection. Canada has similar insurance for retail traders of up to $1 million CAD.

For US traders, below are the latest capital figures for our US entity as compared to all other US-regulated forex brokers (RFEDs) as reported to the CFTC.


We pride ourselves in continuing to provide our clients with the same level of service and support to which they are accustomed. Our customer equity grew by $68 million or 10% the last quarter. While $47 million of that increase was due to our acquisition of CitiFXPro, the remainder was organic. It's a strong vote of confidence that Citibank chose FXCM for its customers when they decided to exit the business in June.

If you have questions about our services at FXCM please send me a Private Message.
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  #102 (permalink)
 brightside 
columbus, oh
 
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FXCM, Inc. (FXCM) Discloses Cybersecurity Incident; Issues Update on Situation

FXCM, Inc. (NYSE: FXCM) announced that it was the victim of a criminal cybersecurity incident involving unauthorized access to customer information. At this time FXCM has identified a small number of unauthorized wire transfers from customer accounts; however, all funds have been returned to the appropriate accounts and the customers have been contacted.

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  #103 (permalink)
 DobermanTrading 
SE Asia / Canada
 
Experience: Intermediate
Platform: FXCM's Trading Station
Broker: Darwinex, FXCM, Tradingview
Trading: Forex and CFD's
 
Posts: 114 since Jun 2010
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Account portal MYFXCM.com - Down for maintenance now

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  #104 (permalink)
 chesspool 
spartanburg+sc
 
Experience: Beginner
Platform: ninjatrader
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I have not been able to log into my account as of yet. I spent more than 20 minutes in customer service, and when I finally got a representative and he then hungup on me. Then I waited another 20 minutes or so, and actually talked to one, and he said that they changed everybodies password, and the reason it was down was that too many people trying to log on. I hope my money is still there when I actually log on.

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  #105 (permalink)
 chesspool 
spartanburg+sc
 
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Finally was able to log on after a hour, and relief, money was all there. Load off my mind.

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  #106 (permalink)
 Jason Rogers 
New York
 
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totantaz View Post
Account portal MYFXCM.com - Down for maintenance now

MyFXCM.com is running but due to high volume not everyone can access the site at the same time. If you have trouble loading the site now, please try again later to complete the reset of your password.

Similarly, our live customer support team is answering calls and live chats 24 hours a day as always, but you will experience longer wait times today due to high call volume from this incident.

If you have questions about our services at FXCM please send me a Private Message.
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  #107 (permalink)
 Jason Rogers 
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brightside View Post
FXCM, Inc. (NYSE: FXCM) announced that it was the victim of a criminal cybersecurity incident involving unauthorized access to customer information. At this time FXCM has identified a small number of unauthorized wire transfers from customer accounts; however, all funds have been returned to the appropriate accounts and the customers have been contacted.

Below is the full text of the announcement we posted this morning: Statement on FXCM Cybersecurity Incident (NYSE:FXCM)

Statement on FXCM Cybersecurity Incident

NEW YORK, Oct. 1, 2015 (GLOBE NEWSWIRE) -- FXCM Inc. (NYSE:FXCM) ("FXCM" or "the Company"), a leading online provider of foreign exchange (FX) trading and related services, today announced that it was the victim of a criminal cybersecurity incident involving unauthorized access to customer information. At this time FXCM has identified a small number of unauthorized wire transfers from customer accounts; however, all funds have been returned to the appropriate accounts and the customers have been contacted.

FXCM received an email from a hacker claiming to have unlawful access to customer information. FXCM immediately notified the FBI of this threat and is cooperating with the FBI's investigation. FXCM also immediately launched a full investigation, working with a leading cybersecurity firm, to investigate the cybersecurity incident and protect customer information. FXCM, along with the leading cybersecurity firm, is conducting an extensive forensic investigation to determine the scope of the incident and identify affected customers. Affected customers will be notified.

The Company has established a dedicated webpage where members can access information, including frequent questions and answers. Read the FAQ

Customers with additional questions can contact FXCM representatives, who are available 24 hours a day: Contact Customer Support.

FXCM takes the privacy and security of our customer information very seriously and we are dedicated to protecting that information. As we learn more, we will continue to provide updates.

If you have questions about our services at FXCM please send me a Private Message.
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  #108 (permalink)
 DobermanTrading 
SE Asia / Canada
 
Experience: Intermediate
Platform: FXCM's Trading Station
Broker: Darwinex, FXCM, Tradingview
Trading: Forex and CFD's
 
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Jason Rogers View Post
MyFXCM.com is running but due to high volume not everyone can access the site at the same time. If you have trouble loading the site now, please try again later to complete the reset of your password.

Similarly, our live customer support team is answering calls and live chats 24 hours a day as always, but you will experience longer wait times today due to high call volume from this incident.

Hi Jason,

I was able to log in. I had just made a deposit prior to maintenance.

The money is there and everything looks fine.

Thank you,

Totantaz

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  #109 (permalink)
 Jason Rogers 
New York
 
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Hi all, just a heads up.. we're currently beta testing a new version of Trading Station Desktop and added stop limit orders along with some new market behavior indicators. We plan to roll out these updates to everyone on the platform within a few weeks, but if you want to test them now, you can download the latest version on our website. Please let me know if you have any questions or comments about the update.

If you have questions about our services at FXCM please send me a Private Message.
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  #110 (permalink)
 LDog 
Lexington KY/USA
 
Experience: Beginner
Platform: SC,TastyWorks,ToS
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A week or so ago, my Marketscope window started shutting down intermittently - sometimes when I moved a stop, sometimes when I right-clicked to submit an order, etc.

I finally called Support and they were aware of an issue with an indicator named SHOWTIMETOEND, doing this. They're working on the issue but haven't resolved it yet. I added this indicator to one of the charts on my main 'scope about a week ago ...

So, if you're having issues and use this indicator, remove it from all charts in the Marketscope window and you should be good to go.

HTH

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  #111 (permalink)
pavanb15589
Bangalore+India
 
 
Posts: 40 since Aug 2015
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Hello guys,

I dont know whether it's the right place to post but I use FXCM TradeStation for Forex and apparently on some random day, my theme changed only action buttons and it's font color and its been very irritating.
Please check the image for what I am referring to. I use the XP Style theme and I tried to modify the font color in the action buttons but I did not find a way to do it.
Please let me know if anyone has any solution.


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  #112 (permalink)
 Jason Rogers 
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pavanb15589 View Post
Hello guys,

I dont know whether it's the right place to post but I use FXCM TradeStation for Forex and apparently on some random day, my theme changed only action buttons and it's font color and its been very irritating.
Please check the image for what I am referring to. I use the XP Style theme and I tried to modify the font color in the action buttons but I did not find a way to do it.
Please let me know if anyone has any solution.


Hi Pavan,

Try changing to another Trading Station skin. Go to System > Options > Skins. Then select [No skin] on the right hand side and click OK. See if the new colors are to your liking. If not, you can test the other skins including XP Style Theme to see if it will reload properly for you.

If you have questions about our services at FXCM please send me a Private Message.
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  #113 (permalink)
pavanb15589
Bangalore+India
 
 
Posts: 40 since Aug 2015
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Jason Rogers View Post
Hi Pavan,

Try changing to another Trading Station skin. Go to System > Options > Skins. Then select [No skin] on the right hand side and click OK. See if the new colors are to your liking. If not, you can test the other skins including XP Style Theme to see if it will reload properly for you.

Thank You Jason...

I had to finally reintall the platform to get the colors back to default.
Thank You though.

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  #114 (permalink)
 SMCJB 
Legendary Market Wizard
Houston, TX
 
Experience: Advanced
Platform: Trading Technologies
Broker: Primary Advantage Futures. Also ED&F and Tradestation
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Are your historical rollover rates available anywhere?

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  #115 (permalink)
 Jason Rogers 
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SMCJB View Post
Are your historical rollover rates available anywhere?

Yes SMCJB, you can go to the Forex Rollover Calendar on DailyFX.

Then click on the Rollover Rates tab, and Show All Historical Data.


If you have questions about our services at FXCM please send me a Private Message.
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  #116 (permalink)
 SMCJB 
Legendary Market Wizard
Houston, TX
 
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Broker: Primary Advantage Futures. Also ED&F and Tradestation
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Thanks Jason

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  #117 (permalink)
 SMCJB 
Legendary Market Wizard
Houston, TX
 
Experience: Advanced
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Jason Rogers View Post
Yes SMCJB, you can go to the Forex Rollover Calendar on DailyFX.

Then click on the Rollover Rates tab, and Show All Historical Data.

That only seems to show the last 10 days. I was hoping to get 1 but ideally 3-10 years worth?

Also what happens if you execute trades in two pairs that involve the same currency? Does your account show the new exotic pair or does it still show the two pairs you actually executed? eq If I sell GBP/USD and I sell USD/JPY, will my account show those two positions or will it show that I have sold GBP/JPY?

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  #118 (permalink)
 Jason Rogers 
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SMCJB View Post
That only seems to show the last 10 days. I was hoping to get 1 but ideally 3-10 years worth?

Hi SMCJB,

While we have such historical data going back over 10 years for forex prices, we don't have a similar history for rollover rates at this time. However, I've passed your request onto our developers. I can let you know should such a feature become available in the future.


SMCJB View Post
Also what happens if you execute trades in two pairs that involve the same currency? Does your account show the new exotic pair or does it still show the two pairs you actually executed? eq If I sell GBP/USD and I sell USD/JPY, will my account show those two positions or will it show that I have sold GBP/JPY?

You would see two separate positions -- one for GBP/USD and one for USD/JPY -- and there is an important reason for this.

If you sell 100k GBP/USD and sell 100k USD/JPY, that is not equivalent to selling 100k GBP/JPY.

For the purpose of this example, I will use the exchange rates for these pairs at the time I write this post:

GBP/USD rate 1.43730
USD/JPY rate 109.760
GBP/JPY rate 157.758

If you sell 100k GBP/USD, you are short 100,000 GBP and long 143,730 USD. If you short 100k USD/JPY, you are short 100,000 USD and long 10,976,000 JPY.

But if you sell 100k GBP/JPY, you are short 100,000 GBP and long 15,776,800 JPY.

As you can see, the combination of the first two positions is not equivalent to the third position, even at the time they are opened, because the base currency (the currency on the right) is different for each pair. It's important to note your trade size is fixed in terms of the base currency for each pair, but the amount of counter currency (the currency on the right), changes with each move in the exchange rate.

Therefore, it's better to manage the GBP/USD and USD/JPY trades separately. That said, if you goal is to trade all three pairs against each other, you can keep the trade sizes relatively similar (but not exactly the same) if you adjust your USD/JPY trade size with the current GBP/USD exchange rate in mind.

For example, I could sell 100k GBP/JPY and sell 144k USD/JPY. That would be almost though not exactly the same, as being short 100k GBP/JPY. Therefore, you could be short 100k GBP/JPY and short 144k USD/JPY be mostly hedged by buying 100k GBP/JPY if that was your goal.

If you have questions about our services at FXCM please send me a Private Message.
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  #119 (permalink)
 SMCJB 
Legendary Market Wizard
Houston, TX
 
Experience: Advanced
Platform: Trading Technologies
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SMCJB View Post
Also what happens if you execute trades in two pairs that involve the same currency? Does your account show the new exotic pair or does it still show the two pairs you actually executed? eq If I sell GBP/USD and I sell USD/JPY, will my account show those two positions or will it show that I have sold GBP/JPY?


Jason Rogers View Post
You would see two separate positions -- one for GBP/USD and one for USD/JPY -- and there is an important reason for this.

If you sell 100k GBP/USD and sell 100k USD/JPY, that is not equivalent to selling 100k GBP/JPY.

For the purpose of this example, I will use the exchange rates for these pairs at the time I write this post:

GBP/USD rate 1.43730
USD/JPY rate 109.760
GBP/JPY rate 157.758

If you sell 100k GBP/USD, you are short 100,000 GBP and long 143,730 USD. If you short 100k USD/JPY, you are short 100,000 USD and long 10,976,000 JPY.

But if you sell 100k GBP/JPY, you are short 100,000 GBP and long 15,776,800 JPY.

As you can see, the combination of the first two positions is not equivalent to the third position, even at the time they are opened, because the base currency (the currency on the right) is different for each pair. It's important to note your trade size is fixed in terms of the base currency for each pair, but the amount of counter currency (the currency on the right), changes with each move in the exchange rate.

Therefore, it's better to manage the GBP/USD and USD/JPY trades separately. That said, if you goal is to trade all three pairs against each other, you can keep the trade sizes relatively similar (but not exactly the same) if you adjust your USD/JPY trade size with the current GBP/USD exchange rate in mind.

For example, I could sell 100k GBP/JPY and sell 144k USD/JPY. That would be almost though not exactly the same, as being short 100k GBP/JPY. Therefore, you could be short 100k GBP/JPY and short 144k USD/JPY be mostly hedged by buying 100k GBP/JPY if that was your goal.

Sorry that was a terrible example by me, I should have known better, I must admit I'm a futures trader not a forex trader.

A better example would have been
What happens if you execute trades in two pairs that involve the same currency? Does your account show the new combined pair or does it still show the two pairs you actually executed? eg If I sell GBP/AUD and I buy GBP/CHF, will my account show those two positions or will it show that I have bought AUD/CHF?
I suppose the extension of this is what happens if I then sell AUD/CHF to close the position (I did say I'm a futures trader). Will it close the position or will it leave me with 3 positions with virtually no risk?

Looking at the roll rates EUR/CZK is negative whether you buy or sell. Is that possible or is there an error somewhere?

Finally if I buy 100k EURGBP @0.79 and sell it @0.80 I have a profit of GBP 1000. Will my account show the GBP profit or will that somehow get converted to me account currency (As an American USD I assume)

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  #120 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
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SMCJB View Post
Sorry that was a terrible example by me, I should have known better, I must admit I'm a futures trader not a forex trader.

A better example would have been
What happens if you execute trades in two pairs that involve the same currency? Does your account show the new combined pair or does it still show the two pairs you actually executed? eg If I sell GBP/AUD and I buy GBP/CHF, will my account show those two positions or will it show that I have bought AUD/CHF?
I suppose the extension of this is what happens if I then sell AUD/CHF to close the position (I did say I'm a futures trader). Will it close the position or will it leave me with 3 positions with virtually no risk?

Your GBP/AUD and GBP/CHF would remain separate from distinct from each other. Otherwise, risk management could be a challenge. (Imagine having to worry about where to set your stop on AUD/CHF when you never entered a trade in that pair?)

If you sold AUD/CHF, it would open a separate and distinct AUD/CHF pair for you. Again, the alternative would be difficult, because it's unlikely that the amount of AUD and CHF exposure you had in your GBP/AUD and GBP/CHF trades would result in a neat round number that could be offset with an AUD/CHF trade.


SMCJB View Post
Looking at the roll rates EUR/CZK is negative whether you buy or sell. Is that possible or is there an error somewhere?

This is not an error. It has to do with two factors.

The first is the fact that there is a spread on interest rates just like there is with prices. The FOMC's target fed funds rate is 0.25-0.50% but in order to make a profit banks charge more interest than this on loans and pay less than this on deposits. In fact, many US checking accounts pay no interest at all.

The second factor is how much central banks have lowered interest rates. The Bank of Japan even set negative interest rates. When you factor in the markup on interest rates (known as a haircut) which means you are charged a higher interest rate on money you borrow than you earn on money you lend, when rates are close to zero, you can end up paying interest on both sides.


SMCJB View Post
Finally if I buy 100k EURGBP @0.79 and sell it @0.80 I have a profit of GBP 1000. Will my account show the GBP profit or will that somehow get converted to me account currency (As an American USD I assume)

We convert your GBP-based profit into USD in real time and with no spread cost. That's means it's as easy to trade GBP/JPY in your account as it is to trade GBP/USD.

In fact, you can see the value of a pip for each currency pair in the Pip Cost column of the Simple Dealing Rates window, and the Pip Cost field below the Spread in the Advanced Dealing Rates window on Trading Station.


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  #121 (permalink)
 theborntrader 
Stockholm Sweden
 
Experience: Advanced
Platform: NT
Trading: HG
 
Posts: 11 since Jul 2013
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The spread in some of your CFD contracts are huge. Like NGAS that has a 10 tic spread. If i compare 100 cfd contracts (that is the same as 1 futures contract), the cost with FXCM is 100 $, instead of 10$+com that it would be with a futures contract with 1 tic spread.

Why dont you change so CFD becomes commission based (as you did with FX) instead of a spread? That spread makes CFD useless for daytrading in my opinion.

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  #122 (permalink)
Tommip
Rybnik Polska
 
 
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theborntrader View Post

Why dont you change so CFD becomes commission based (as you did with FX) instead of a spread? That spread makes CFD useless for daytrading in my opinion.


I cant say for FXCM itself but I can quess - based on that what others do.Reason is that index/commodity based CFD's produce large numer of profits now for brokers.Much more then Forex.Revenue from index CFD are somethimes 2 or 3 times bigger then that on currencies so its easy to understand why it is like it is

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  #123 (permalink)
 theborntrader 
Stockholm Sweden
 
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Tommip View Post
I cant say for FXCM itself but I can quess - based on that what others do.Reason is that index/commodity based CFD's produce large numer of profits now for brokers.Much more then Forex.Revenue from index CFD are somethimes 2 or 3 times bigger then that on currencies so its easy to understand why it is like it is

I agree with you Tommip. And i think its ripping of your customers when in really you pay 10 times more for trading CFD than you do with futures. It makes no sence.

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  #124 (permalink)
 Jason Rogers 
New York
 
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theborntrader View Post
The spread in some of your CFD contracts are huge. Like NGAS that has a 10 tic spread. If i compare 100 cfd contracts (that is the same as 1 futures contract), the cost with FXCM is 100 $, instead of 10$+com that it would be with a futures contract with 1 tic spread.


Tommip View Post
I cant say for FXCM itself but I can quess - based on that what others do.Reason is that index/commodity based CFD's produce large numer of profits now for brokers.Much more then Forex.Revenue from index CFD are somethimes 2 or 3 times bigger then that on currencies so its easy to understand why it is like it is


theborntrader View Post
I agree with you Tommip. And i think its ripping of your customers when in really you pay 10 times more for trading CFD than you do with futures. It makes no sence.

In fairness, this is not an apples-to-apples comparison. If you trade a natural gas futures contract, the minimum trade size requires you to risk at least $10 per tick. By contrast, FXCM lets you trade in micro lots with our NGAS CFD allowing you to risk as little as 10 cents per tick. That's 100 times less than in the futures market.

For those looking to place smaller trades than futures markets allow and with less margin, FXCM's CFD products with micro lot trade sizes provide the solution. Many CFD brokers don't even offer micro lots and require traders to risk at least 1 pound per tick. Despite providing our clients with the flexibility of smaller trade sizes, FXCM's NGAS CFD spread is competitive with other CFD brokers.


theborntrader View Post
Why dont you change so CFD becomes commission based (as you did with FX) instead of a spread? That spread makes CFD useless for daytrading in my opinion.

As you have mentioned, with our No Dealing Desk (NDD) forex execution, FXCM offsets each client order one-for-one with the best prices from competing liquidity providers. We make no money on these raw FX spreads and instead profit by charging a commission on your trades.

Such a commission-based model is not possible for CFDs like NGAS because our clients can trade CFD micro lots (10 cents per tick) while the smallest trade size FXCM can offset with liquidity providers is $10 per tick. Simply put, our FX liquidity providers are able to individually offset micro lot FX orders, but our CFD liquidity providers can't offset micro lot CFD orders in a similar fashion -- at least not yet.

If you have questions about our services at FXCM please send me a Private Message.
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  #125 (permalink)
 Forexoil 
Bangkok thailand
 
Experience: Advanced
Platform: Multicharts, ninjatrader, tradestation, fxcm
Trading: Es forex
 
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theborntrader View Post
I agree with you Tommip. And i think its ripping of your customers when in really you pay 10 times more for trading CFD than you do with futures. It makes no sence.

i trade with both interactivebrokers and fxcm. interactivebrokers also has cfds: the advantage of trading them rather than the futures ( which they also have) is the small lot size. the disadvatage - which applies to both fxcm and interactivebrokers - is the spread on cfds.
Jason has already explained the reasons.

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Tommip
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Jason explain mostly why CFD are good for begginers.And I totally agree with that what he says - it is good to learn how markets move, especially if you are watching ( and analize) real futures quotes but trade on CFD.It is much better then sim ,,trading''.And even more - somethimes CFD are better then futures - for example CFD on Dax where I have less costs (spread + commission = 0.5/1 point) then on FDax.

But why cfd provider make big profits ? Mostly on swap's and spread.For example corn futures vs cfd:

CFD on corn 0.40 spread vs 0.25 on futures ... not bad isnt it ? But... if ZC quotes are 400/400.25 then you can buy at 400 and sell at 400.25.On cfd spreads are 400/400.40 so market must MOVE by 2 full ticks to 400.50 ... and you earn only 0.10 point on that.

Gold - futures tick is 0.10 vs also 0.10 on many ECN platforms ..but again,with futures you can place order inside spread while cfd must move 3 (!) tick's if you want to earn any money.

This is the reason why almost every week here in Europe we hear that new broker is created.This is extremally profitable bussiness...

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sledmt
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FXCM mini account spread: does someone know where I could find the average spread values used when trading the EUR/USD with FXCM?

Also, was wondering if anyone has any experience when it comes to using FXCM mini dealing desk?

Thanks

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 chr1s 
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sledmt View Post
FXCM mini account spread: does someone know where I could find the average spread values used when trading the EUR/USD with FXCM?

Also, was wondering if anyone has any experience when it comes to using FXCM mini dealing desk?

Thanks

is this something you are looking for?
https://www.fxcm.com/uk/advantages/spreads-commissions

cheers
Chris

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sledmt
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is this something you are looking for?
https://www.fxcm.com/uk/advantages/spreads-commissions

cheers
Chris

Thanks for the link Chris. From the link I would gather that FXCM is only showing the average spreads for the mini account. I was hoping someone on this forum would give me their first hand experience concerning the spreads that they paid on a mini account.

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 Jason Rogers 
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Thanks for the link Chris. From the link I would gather that FXCM is only showing the average spreads for the mini account. I was hoping someone on this forum would give me their first hand experience concerning the spreads that they paid on a mini account.

Hi Sledmt,

FXCM demo accounts show you the same spreads our live accounts. You can try a free Mini account demo and look at a tick (t1) chart to see our historical spreads.

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

FXCM demo accounts show you the same spreads our live accounts. You can try a free Mini account demo and look at a tick (t1) chart to see our historical spreads.

Thanks Jason. Will take a look at the tick chart and see the historical spreads. While I have your "ear", I have another question. Somewhere I was reading that the mini account with FXCM is a dealing desk. While the other two accounts are non-dealing desk. What information do you have concerning this question?

thanks.

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 Jason Rogers 
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Thanks Jason. Will take a look at the tick chart and see the historical spreads. While I have your "ear", I have another question. Somewhere I was reading that the mini account with FXCM is a dealing desk. While the other two accounts are non-dealing desk. What information do you have concerning this question?

thanks.

That's right. FXCM providers No Dealing Desk (NDD) forex execution to all Standard and Active Trader accounts, and DD execution to Mini accounts. Our website has more information so you can compare account types.

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

Is your server acts as a match maker for ask/bid orders? Do you play market maker if no counter match to my order and therefore provide liquidity?

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sledmt
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That's right. FXCM providers No Dealing Desk (NDD) forex execution to all Standard and Active Trader accounts, and DD execution to Mini accounts. Our website has more information so you can compare account types.

Between the NDD and DD, what differences does the trader experience? Volume, spreads, etc....?

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 Jason Rogers 
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Jason (FXCM)

Is your server acts as a match maker for ask/bid orders? Do you play market maker if no counter match to my order and therefore provide liquidity?

Hi Izhak,

With the No Dealing Desk (NDD) forex execution FXCM provides to all Standard accounts (5k account opening minimum) and Active Trader accounts (25k minimum) we offset each client order one-for-one with the best prices from competing liquidity providers.


With our NDD model, FXCM does not act as a market marker in any currency pairs. As such, FXCM is reliant on these external providers for currency pricing. Although this model promotes efficiency and competition for market pricing, there are certain limitations to liquidity that can affect the final execution of your order.

By contrast, with the DD execution, we provide to Mini accounts ($50 account opening minimum) we can act as the dealer on any or all currency pairs. Backup liquidity providers fill in when FXCM does not act as the dealer.

If you have questions about our services at FXCM please send me a Private Message.
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 IzhakHaim 
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Jason Rogers View Post
Hi Izhak,

With the No Dealing Desk (NDD) forex execution FXCM provides to all Standard accounts (5k account opening minimum) and Active Trader accounts (25k minimum) we offset each client order one-for-one with the best prices from competing liquidity providers.


With our NDD model, FXCM does not act as a market marker in any currency pairs. As such, FXCM is reliant on these external providers for currency pricing. Although this model promotes efficiency and competition for market pricing, there are certain limitations to liquidity that can affect the final execution of your order.

By contrast, with the DD execution, we provide to Mini accounts ($50 account opening minimum) we can act as the dealer on any or all currency pairs. Backup liquidity providers fill in when FXCM does not act as the dealer.


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?

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sledmt
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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?

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?

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sledmt
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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?


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)?

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 IzhakHaim 
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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?

Jason,

?

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 IzhakHaim 
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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?

Jason,

Your reply ?

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 IzhakHaim 
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Jason,

Your reply ?

No reply from FXCM for 2 days...?

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 Big Mike 
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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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 tturner86 
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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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 Jason Rogers 
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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.
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 Jason Rogers 
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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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 Jason Rogers 
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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.

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

Since Mini accounts use DD execution, it is up to the dealing desk's discretion regarding what market conditions warrant a change to the minimum stop/limit distance. With the No Dealing Desk (NDD) forex execution FXCM provides to Standard and Active Trader accounts, there are no order restrictions even during news events.

If you have questions about our services at FXCM please send me a Private Message.
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 Jason Rogers 
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sledmt View Post
By chance, do you know the ratio account types?

It's my pleasure!


sledmt View Post
By chance, do you know the ratio account types?

I don't have access to a breakdown of positive and negative slippage stats by account type but have passed on your request for this info. Perhaps it can be included in a future update to the execution page on our website.

If you have questions about our services at FXCM please send me a Private Message.
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 Jason Rogers 
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Somewhat unclear about your information above. During new events the DD is performing some level of re-quoting to the customer?

There are no re-quotes with FXCM regardless of your account type.


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

Yes, FXCM may take steps to mitigate its risk arising from providing DD execution to Mini accounts more effectively by, at our sole discretion and at any time and without previous consent, transferring your underlying account to our NDD execution for Standard accounts.

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.
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sledmt
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Jason Rogers View Post
It's my pleasure!



I don't have access to a breakdown of positive and negative slippage stats by account type but have passed on your request for this info. Perhaps it can be included in a future update to the execution page on our website.

If someone has some data on this question, I would enjoy seeing the information.

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sledmt
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Since Mini accounts use DD execution, it is up to the dealing desk's discretion regarding what market conditions warrant a change to the minimum stop/limit distance. With the No Dealing Desk (NDD) forex execution FXCM provides to Standard and Active Trader accounts, there are no order restrictions even during news events.

Thanks for the info. Do you have any idea on the amount of time between placing an market order and DD filling that order?

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 Jason Rogers 
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If someone has some data on this question, I would enjoy seeing the information.


sledmt View Post
Thanks for the info. Do you have any idea on the amount of time between placing an market order and DD filling that order?

While I don't have access to those stats at this time, I'll include these requests with the other feedback you provided on our execution data. Thanks again!

If you have questions about our services at FXCM please send me a Private Message.
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sledmt
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While I don't have access to those stats at this time, I'll include these requests with the other feedback you provided on our execution data. Thanks again!

thanks for your help Jason

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 Blash 
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Jason

Thanks for the pm the other day, family and I were on the last few days of a Hawaiian vacation.
The thing holding me back from opening an account at FXCM with $100k is the lack of two step authentication account login.

I'm currently looking at https://roboforex.com/ because they have this technology. https://roboforex.com/operations/verification/2-step-authentication/

I would love to open one with you guys and make my life simpler because I could still use Ninja.

From the info you posted in the pm to me....

Showing you guys being a big player why don't you have the latest tech, please.

Due to this hacking I require two-step authentication...shouldn't be to big of an ask in light of the fact you had a problem with hacking already and it seems you clearly have the resources to make a change of this size https://mobile.reuters.com/article/idUSL3N1213FH20151001

Ron


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 Blash 
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Jason

Thanks for the pm the other day, family and I were on the last few days of a Hawaiian vacation.
The thing holding me back from opening an account at FXCM with $100k is the lack of two step authentication account login.

I'm currently looking at RoboForex - 24x5 Online Forex Trading | Currency Trading Broker because they have this technology. Two-step authentication

I would love to open one with you guys and make my life simpler because I could still use Ninja.

From the info you posted in the pm to me....

Showing you guys being a big player why don't you have the latest tech, please.

Due to this hacking I require two-step authentication...shouldn't be to big of an ask in light of the fact you had a problem with hacking already and it seems you clearly have the resources to make a change of this size UPDATE 2-Hackers attack forex broker FXCM | Reuters

Ron


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SHOOT

Just realized the fine print at the bottom of the roboforex site..they dont take US clients..........Wonderful........lol

Looks like Im stuck with FXCM................ let's implement two-step people...............

Ron

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 Jason Rogers 
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SHOOT

Just realized the fine print at the bottom of the roboforex site..they dont take US clients..........Wonderful........lol

Looks like Im stuck with FXCM................ let's implement two-step people...............

Ron

Hi Ron,

I followed up with our relevant teams regarding your request for two-factor authentication. While this is currently being discussed, I don't have a time frame for you regarding whether this will be offered anytime soon.

That said, the amount you intend to deposit would qualify you for an Active Trader account with FXCM. Active Trader benefits include dedicated support, premium services and custom solutions. If you like, I could ask one of my colleagues in Active Trader support to follow up with you to discuss alternatives. You can send me a PM with your contact details and the best time for us to reach you.

If you have questions about our services at FXCM please send me a Private Message.
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 Blash 
Market Chamois
Chicago, IL
 
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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


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 IzhakHaim 
white plains new york
 
 
Posts: 66 since Apr 2016

Blash,

Good luck.

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."


I only trade currency futures. Futures market registered and regulated. The currency moves is similar to the cash market but without the above disadvantage-some times rigged market.

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  #163 (permalink)
 SilverFut 
Brisbane + Queensland/Australia
 
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IzhakHaim View Post
Blash,

Good luck.

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."


I only trade currency futures. Futures market registered and regulated. The currency moves is similar to the cash market but without the above disadvantage-some times rigged market.


There is not necessarily anything wrong with a broker taking the other side of the order and never sending it to market. For a broker as big as FXCM, I don't have to many concerns about it. They have a reputation and brand to uphold BUT it must also be understood that 90% of small/new traders are going to be unprofitable over time. This is just a simple fact.

As long as there is transparency, this shouldn't cause much concern about who actually profits - the broker or the wider market. A loosing trade is still a loosing trade regardless. If the broker is taking the other side, they gain the losses but also cover the wins. I'm sure they would have a robust risk management team that would be offsetting any large aggregate internal customer risk with broker trades into the wider market.

At least FXCM are upfront and tell the customer that this is what happens.

That is not the case with a lot of other brokers who will claim to send the orders through to market but will in reality be taking the other side and no one will ever really know.

Forex is notoriously bad for all sorts of games being played at the customers expense. Anyone (You included) can setup a Forex brokerage using "white label" tools and get up and running for a relatively small outlay.

Bucket shops use "white label" and slap on their own branding, then rob their customers blind at every opportunity.
Just 1 tool provider
https://www.fxglobe.com/en/forex-white-label

There are tools available for "bucket shop" brokers that allow the manipulation of the clients data feed that then allow "stop hunting" for client orders that are not passed through to the market. This means they might cause the clients data feed to print down/up a few extra ticks but in reality the market never went to that price.
If the bucket shop broker is taking the other side of the order, they know the clients stop level AND they then manipulate the clients data feed so as to run those stops. This is where the MAJOR problem is with not passing the order through to market and the broker having the other side.

Check out this Forex Anti-Scam site and read in the comments of this link. Look for Pete and Emmet Moore's comments down the bottom in the comments section particularly to see how easy and prevalent this type of thing is in the Forex industry.
https://www.tradingschools.org/reviews/profit-forex-signals/




As long as the broker is not manipulating the data feed to the client, there really is no issue with them taking the other side of the order.

I used to have a Active Trader account with FXCM when I traded Forex. I still have a mini with them to play with but I left trading Forex because no matter what broker you are with, you can NEVER get all the information. There is no centralized exchange to figure out real volume or order flow so your always trading with 1 hand tied behind your back, hopping on 1 leg while being poked in the eye. That's with a GOOD broker. Simply because of how the market is structured.



Then if you have a broker playing games against you it just becomes a absolute joke to ever think you have a chance.



Occasionally I will still play around with trading something like oil on FXCM because it allows smaller Tick $/values but I use the futures market data through Sierra Charts or NT to pick trades from while executing on FXCM.


I have never noticed any issue with FXCM. They seem to be upfront and straight down the line. They had a pretty big shake up with the Swiss currency uncoupling awhile ago and from the sounds of it there were a number of customers who got caught out badly and FXCM stepped in and covered their losses and wore some of the loss themselves. From what I could gather, anything beyond the customers account balance, FXCM ended up covering and it wasn't nickle and dime accounts in some cases.

I haven't really kept up to data on the ongoing outcome of that but at the time I thought it spoke volumes about who FXCM were as a broker and their relationship they had with their customers. They now run a pretty robust risk management system and regularly send out updates days before risk events on margin requirements that change to adapt to potential market conditions.


If you don't want FXCM to be the counter party, the simple fix is to choose an account type that allows you the option to choose otherwise. At least FXCM are honest about the process and your position.

Many others brokers have claimed to send through to market but it then comes to light months or years later that was never the case. Others are just outright bucket shops set up to fleece customers of their money.


If you MUST trade Forex, FXCM is one of the better brokers around IMHO. But make sure to always do your OWN due diligence.

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  #164 (permalink)
 IzhakHaim 
white plains new york
 
 
Posts: 66 since Apr 2016

Silver,

With the FX market, there is NO central regulated Ask/Bid/ official rate.

Every broker can post to you whatever they want. You have no idea what's going on on their servers. You can buy the software to run your FX operation and widen the spread as you wish whenever you want.

Hypothetical (or not): think what it means having a broker that is your counter party: Since the account at FX brokers are NOT segregated (all in one pot) and not regulated/audited by the Gov., when someone lose, they are able to take a way the money and out from the pot. When u win and ask to withdraw profits, where is the money comes from? - the POT (other traders money).

BTW, same goes to binary options business model. (I know about some that created the software to run such operations)

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  #165 (permalink)
 Blash 
Market Chamois
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IzhakHaim View Post
Blash,



Good luck.



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."




I only trade currency futures. Futures market registered and regulated. The currency moves is similar to the cash market but without the above disadvantage-some times rigged market.



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


Sent from my iPhone using Tapatalk

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #166 (permalink)
 SilverFut 
Brisbane + Queensland/Australia
 
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IzhakHaim View Post
Silver,

With the FX market, there is NO central regulated Ask/Bid/ official rate.

True, but you are able to track what rates and spreads different parties are offering. ANYONE trading Forex should be keeping a regular eye on how their broker rates compared to a pool of other sources for your own piece of mind.




IzhakHaim View Post
Every broker can post to you whatever they want. You have no idea what's going on on their servers.

As I pointed out in my original reply, "bucket shops" often participate in this sort of actions. That does not automatically mean the EVERY Forex broker undertakes such activities. While you might not know what is going on DIRECTLY on the brokers servers, you certainly have the ability to track what multiple providers are doing at the same time and track any unusual widening of spreads on specific brokers that would indicate that they "may" be artificially widening spreads.

As far as FXCM, I've often noted that they have some of the tightest spreads when tracked live with other brokers back when I used them.





IzhakHaim View Post
You can buy the software to run your FX operation and widen the spread as you wish whenever you want.

This is exactly what I was referencing with the "white label" reference and the link to that very software. But once again that does not then equate to EVERY Forex broker is guilty of running bucket shops and artificially widening spreads.
Guns exist and some places in the world, lots of people own one but that doesn't then mean each person will shot someone in cold blood.
The point is, yes these tools do exist but it doesn't mean that every Forex broker is using them to go after their clients money. The onus is on the client, especially in a industry like Forex to track and ensure for themselves that their broker is being honest and constantly hold them accountable by personally checking that you are getting what they say they are giving you. Just like there are tools for unscrupulous brokers to mess with the data, there are also tools for the client to track a wider data pool to ensure those games are not being played on you.

I've personally watched spreads on one broker be 12 pips more then on another at the same time. Yes there will be differences because of the decentralized nature of Forex but when you get a broker who consistently fluctuates to the high/wide side while other brokers are moving in near lock step, then you need to be watching carefully and starting to ask questions.



IzhakHaim View Post
Hypothetical (or not): think what it means having a broker that is your counter party: Since the account at FX brokers are NOT segregated (all in one pot) and not regulated/audited by the Gov., when someone lose, they are able to take a way the money and out from the pot. When u win and ask to withdraw profits, where is the money comes from? - the POT (other traders money).

BTW, same goes to binary options business model. (I know about some that created the software to run such operations)

I think you are a little mixed up on how that would work even in the worst bucket shop if they wanted to maintain the operation for even a small amount of time they would have to ensure to have the operating capital to cover any short term client wins while they waited for the inevitable payoff that would come from the client blowing up their own account and loosing it all.

The whole idea of not sending to market is that there is (As an example) 80% chance that inexperienced traders will NOT win. Therefore, there is a 20% chance that they will. So, its FREE, LOW RISK money 80% of the time to take the other side of the trade. This is without any games, no spread widening - just the simple fact that inexperienced traders DO NOT win. A loss is a loss, regardless if its to the wider market or to the broker. In BOTH cases, the LOSS is debited from the clients account. That's what happens when you have a loosing trade. On the 20% of the time the inexperienced trader might win, the broker deposits the amount into your account. They would have no issue with this as they know that there is a 80% chance they will get it back sooner or later when the inexperienced trader losses on a future trade.

WHO the client is loosing money to makes no difference. The real issue at fault is that the client made a loosing trade. As long as the client keeps an eye on the bids/offers and spreads offered across a wider number of brokers and there is nothing out of line noticed with the clients broker bids/offer and spreads, then there is no one else to blame but the client themselves for making bad trades that loose.

As for taking the money from the clients account, if the client makes a bad trade and looses -
Client order - broker takes other side = Money taken from the client account, Broker gets the spread and the loss.
Client order - market takes other side = Money taken from the client account, Broker gets the spread and the market gets the loss.

The ONLY issue anyone needs to watch are manipulations of the spreads or market data. Without something like that happening, there is no real difference. Yes there is the RISK that a broker who takes the other side of your order MIGHT game the spreads or market data so at to run your stops BUT you are able to compare what is happening through other brokers and check if your broker is actually doing that.

Don't get me wrong, I FULLY understand your concern. I watched out for manipulations all the time and saw it happening with some brokers. But it doesn't mean that EVERY broker is guilty of doing it.



As for how customer funds are held by FXCM. This is a quote from their webpage. In my case being in Australia, I'm more then happy with the steps FXCM take with keeping my money separate and they paid out fine when I took it out. The only question I was asked was if I was taking it out due to some issue with their service (it wasn't). Then it was in my bank account within 2-3 days from memory.

Each country might have different regulations that must be complied with and you should check what those regulations are for your country and then check that any Forex broker you are looking at using complies with those. (Some will get around it by basing things offshore or some other loop hole. The onus is on the client to do due diligence.)
https://www.fxcm.com/au/
------------------------------------------------------------------------------------------------------------------
How are my funds secured with FXCM Australia?

In accordance with the Australian client money rules, FXCM Australia’s client funds are held in segregated bank accounts with an Australian authorized deposit-taking institution (Australian ADI), and held separately to FXCM Australia's corporate/operational funds accounts. This is a control which aims to protect customer funds to the fullest extent possible.

FXCM strictly follows the Australian Client Money Rules when making deposits into, withdrawals from or making payments out of the client money account. Client money received is paid into the segregated client money trust account on the day it is received or by the next business day it is received by FXCM. For withdrawals or payments, for example, payments may be made out of the client money account under your written directions or to pay off any obligations incurred by FXCM in connection with the transaction you have entered into.
------------------------------------------------------------------------------------------------------------------


Personally, I won't touch Binary options ever. As for Forex, I left trading it because it can't offer the WHOLE picture of the WHOLE market. This is just a simple fact that results from a decentralized market like Forex is. The more I learned about trading the more I noticed that the majority of systems, indicators are ALL lagging and relying of old data that has already happened long before we can make a decision from it. Even candle sticks of any type are all lagging indications of price as it shows what has already happened. These systems and methods of trading work on the chance that what happened in the past is likely to happen again in the future - its nothing more then a educated guess (EG - back-testing might demonstrate that on a 4hr chart, price will reject from a 30 SMA 72% of the time). Once I started reading up on volume and order flow it opened up a whole new dimension of data and information that is just not available in Forex.

Start adding in order flow on the DOM and instead of relying on % chance, you start seeing which are the 72% of the times that it will hold and cutting out the 28% of losses. It then moves from relying on guesses and chance to being a real business where you base your decision making on facts.


While I don't trade Forex actively anymore, I will say that FXCM has never done anything wrong by me as far as I can tell. They have been straight in everything I have checked, have consistently kept tight spreads when compared to other brokers. Its been some time since I've used them in any regular way but when I did, I had no complaint personally.

Its up to each and every person to do their own due diligence and to ensure standards are maintained when your using a service. Don't just assume, actually check. Especially with a industry like Forex because there ARE extremely bad operators in the mix.

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 Magiklair 
Alexandria, Minnesota
 
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I was helping my mom with her FXCM application. She went https://www.fxcm.com/open-account/ chose ninja trader and standard account. Completed all the information and submitted it. She gets an email trade station account is set up. So she goes to chat and they say have to sign up through ninjatrader directly.. But I hope this isn't the case..I'm burnt out with FXCM right now. Any FXCM support on here would be great!

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Magiklair View Post
I was helping my mom with her FXCM application. She went https://www.fxcm.com/open-account/ chose ninja trader and standard account. Completed all the information and submitted it. She gets an email trade station account is set up. So she goes to chat and they say have to sign up through ninjatrader directly.. But I hope this isn't the case..I'm burnt out with FXCM right now. Any FXCM support on here would be great!

Sorry for the frustration. It is true that going through NinjaTrader.com is hassle free however, I don't believe that it is required. Can you PM me your email address and contact information and I will have someone from our brokerage team follow up.

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 Magiklair 
Alexandria, Minnesota
 
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Sorry for the frustration. It is true that going through NinjaTrader.com is hassle free however, I don't believe that it is required. Can you PM me your email address and contact information and I will have someone from our brokerage team follow up.

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

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 Jason Rogers 
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Sorry for the frustration. It is true that going through NinjaTrader.com is hassle free however, I don't believe that it is required. Can you PM me your email address and contact information and I will have someone from our brokerage team follow up.

Thanks for offering to help Magiklair.

If you have questions about our services at FXCM please send me a Private Message.
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 Jason Rogers 
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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.
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 Jason Rogers 
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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.
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 Blash 
Market Chamois
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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

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
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 Jason Rogers 
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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.


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.


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.
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 Blash 
Market Chamois
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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


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...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #176 (permalink)
 IzhakHaim 
white plains new york
 
 
Posts: 66 since Apr 2016

Blash,

Good luck. What you going to trade?

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  #177 (permalink)
 Blash 
Market Chamois
Chicago, IL
 
Experience: None
Platform: NT8,NT7,TWS
Broker: InteractiveBrokers, S5T, IQFeed
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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.

Ron


Sent from my iPhone using Tapatalk

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #178 (permalink)
 Magiklair 
Alexandria, Minnesota
 
Experience: Beginner
Platform: Ninja trader
Broker: IB / IQFeed
Trading: Forex
 
Posts: 135 since Jun 2014
Thanks: 30 given, 37 received


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!

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  #179 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
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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.
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  #180 (permalink)
 gilik 
Argentina
 
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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.

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  #181 (permalink)
 Blash 
Market Chamois
Chicago, IL
 
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Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
 
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Blash View Post
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.

Ron


Sent from my iPhone using Tapatalk



Trade worked well.

Trade value people......cure yourselves from wavy lines syndrome.



Ron



Sent from my iPhone using Tapatalk

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
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  #182 (permalink)
 Jason Rogers 
New York
 
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gilik View Post
Mi recommendation, no enter in the spot Market never.

Hi Gilik,

Thanks for sharing your concerns about the spot forex market. While I won't speak for other forex brokers, I would like to address your comments as they apply to the industry in general and FXCM specifically, since you posted in our thread.


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

While your expertise is in advertising, your comments about spot forex ignore the size and diversity of this market. The latest industry report for Q2 of 2016 by Finance Magnates shows daily retail forex volume to be $335 billion (to say nothing of the over $5 trillion per day traded in OTC spot FX overall according to the latest BIS survey). Even if you exclude the trading volume of smaller, less-regulated brokers, the same report shows the combined daily retail forex volume of the 20 largest forex brokers in the world is still greater than the $210 billion per day volume in FX futures on the CME.

In major financial centers around the world, retail forex is regulated by many of the same government bodies that oversee other financial markets. For example, in the US, we are regulated by the CFTC and NFA, the same two bodies that oversee futures trading on the CME. Also, in compliance with rules regarding price slippage and price re-quoting that were finalized in 2012, retail forex brokers in the US provide daily trade reports to the NFA which monitors and supervises our 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.


gilik View Post
Search in google: forex, spot market, scam, fraud, account audits, the bussines of the brokers of spot market is take the money traders .

To be fair, you could probably perform a search like this for almost any industry and find similar results. Furthermore, in 2006, FXCM introduced No Dealing Desk (NDD) forex execution, and we continue to offer this to all Standard accounts. With the NDD model, we offset each client order one-for-one with the best prices sourced from multiple liquidity providers. This provides you with two key benefits as a trader. First, NDD means FXCM does not profit from your losses or lose from your profits. Instead, we make money from your trading volume. Therefore, FXCM wants you to be profitable, so you can trade more!

Second, NDD means competitive prices. FXCM takes the best available bid and ask prices from our liquidity providers — global banks, financial institutions and other market makers — and stream those prices to your platform. This large, diverse group of liquidity providers makes this model special: The more advantageous the prices, the more order flow the provider receives. Through competition, NDD ensures prices are market-driven and fair.


FXCM also provides Mini accounts with a dealing desk (DD) offering in which we act as the liquidity provider. This execution option is offered on smaller accounts in order to manage the risk. It's worth noting the base price used for DD execution on Mini accounts before adding the spread markup is the same base price used for NDD forex execution with the spread + commission pricing model. That's a key reason you can have confidence trading with FXCM regardless of the account type you choose.

Speaking of which, your forum profile mentions your futures experience is at the beginner level. Therefore, it's worth mentioning how the trading environment and market participants can be very different when comparing the futures market to FXCM's NDD execution and how that could impact your trading.

Market participants in futures such as high frequency trading and similar highly sophisticated market makers are acting as both price makers and price takers. This can negatively impact quality of execution for a retail trader. That's because it's a speed race at the institutional level. If you break up the trading steps, at a very basic level, from receiving market data, making a trading decision and then placing the trade, institutional participants are trading in speeds measured in microseconds and even nanoseconds compared to a retail trader making trading decisions that take at least a few seconds.

HFTs on exchange spend millions of dollars on the fastest access to market data, customized computer systems for fast algo processing, and collocated servers to transmit trades as quickly as possible. You can read about the lengths institutional participants will go to by reading Flash Boys by Michael Lewis or take a look at the amounts of money being spent on telecommunications and collocation services by publicly traded market making firms such as Virtu. Institutional participants at the futures level put such a high priority on speed because in a trading venue filled with these super‐fast traders, the slowest person loses the race to be the first to trade.

Therefore, a safer route for institutional liquidity providers to take is to quote smaller sizes at wider prices to minimize margin of error of being picked off. Mistakes are very costly. If your algorithm is wrong, it's better to be wrong at a smaller amount and wider price. The risks involved make market making a fishing expedition based on speed where quality pricing and liquidity could be punished. The competition in the highly sophisticated institutional market is too great to provide the best pricing possible along with deep liquidity if the institution is exposed to the risk of being picked off by other fast and sophisticated market participants.

So if you're the average retail trader likely receiving information from a website or TV channel, over a regular cable internet line, manually placing trades from your average desktop computer, back over our internet connection with any latency involved, do you think you're going to beat the Virtu's of the world for the best price available?

How is FXCM's trading environment different?

On our NDD model for Standard and Active Trader accounts, liquidity providers are only allowed to be price makers and not price takers. Only retail clients are allowed to take pricing. The liquidity providers do not have to constantly watch their back, worrying about predatory high frequency trading because the liquidity providers are only allowed to be price makers for our retail clients. They know that liquidity provider A (who may be a predatory liquidity provider on the futures market) is not allowed to crossover and take a price from liquidity provider B. 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.
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  #183 (permalink)
 Stillgreen 
Oregon
 
Experience: Beginner
Platform: Sierra Chart
Trading: ES
 
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@Jason Rogers, this was posted the other day by Sierra Chart team :

Finally FXCM has completed the work on their side for us to offer our new connection model to FXCM which has no minimum account balance requirements and uses a central FIX connection.

Advantages:
-No minimum account balance with FXCM required
-Long-term order fill history maintained
-Server-side OCO and Bracket orders
-Very simplified connection to FXCM


Can you confirm this ? Will FXCM be offering SC as a regular platform soon ?

Thanks.

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  #184 (permalink)
 Jason Rogers 
New York
 
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Stillgreen View Post
@Jason Rogers, this was posted the other day by Sierra Chart team :

Finally FXCM has completed the work on their side for us to offer our new connection model to FXCM which has no minimum account balance requirements and uses a central FIX connection.

Advantages:
-No minimum account balance with FXCM required
-Long-term order fill history maintained
-Server-side OCO and Bracket orders
-Very simplified connection to FXCM


Can you confirm this ? Will FXCM be offering SC as a regular platform soon ?

Thanks.

Hi Stillgreen,

The information Sierra Charts provided you is accurate. Their website can provide you with more details on how to set up your FXCM account to use with their platform.

If you have questions about our services at FXCM please send me a Private Message.
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  #185 (permalink)
 chr1s 
London, England
 
Experience: Beginner
Platform: NT, TOS, MT4
Broker: TOS, CQG (NT), FXCM
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Hi @Jason Rogers

Can you comment on this please?


Chris

Consistency over time
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  #186 (permalink)
 Jason Rogers 
New York
 
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Hi Chris,

Below is the statement we posted on the FXCM website.


FXCM US Reaches Settlement with NFA and CFTC
FXCM to Exit the U.S.
Sells Accounts to GAIN
FXCM to Pay down Loan


NEW YORK, February 6, 2017-- FXCM Inc. (NASDAQ:FXCM) (FXCM) today announced simultaneous regulatory settlements with the National Futures Association ("NFA") and the Commodity Futures Trading Commission (CFTC) against its U.S. subsidiary, Forex Capital Markets LLC and certain of its principals. FXCM Holdings, LLC was also named in the CFTC settlement. The named FXCM entities and principals neither admit nor deny the allegations associated with the settlements. The NFA settlement has no monetary fine, and the CFTC settlement has a $7 million fine.

FXCM will be withdrawing from business in the U.S. and has signed a non-binding letter of intent with GAIN Capital Holdings, Inc. (GAIN) under which GAIN would purchase FXCMs U.S. customer accounts. The transaction is subject to regulatory approval and a definitive agreement. FXCM and GAIN are working to determine the timing for the account transfer and expect to provide further information in that regard in the coming days. In 2016, FXCMs U.S. business had unaudited net revenues of approximately $48 million and generated an EBITDA loss, but the costs associated with the business will not be transferring to GAIN. There will be no changes to FXCM customers outside of the United States.

Withdrawing from this business will free approximately $52 million in capital. Proceeds from the account sale and the release of capital will go toward the further repaying of FXCMs loan from Leucadia National Corporation.

FXCM will for the interim period continue to service its U.S. customers and to provide top quality trade execution pending the customer-account sale and business withdrawal. FXCM will also be working diligently to be sure that an account transition to GAINs retail brand, FOREX.com, will be orderly, expeditious and seamless. FXCM wants to express its most sincere thanks to those U.S. customers who have been with FXCM over the years and wish you all the best of luck following this transition.

FXCM wants to stress that these settlements have no impact on any customer of FXCMs global businesses. FXCM and its global subsidiaries will continue to provide excellent execution and competitive pricing to its customers overseas through its award-winning technology, customer service and trading tools.

Disclosure Regarding Forward-Looking Statements

In addition to historical information, this release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and/or the Private Securities Litigation Reform Act of 1995, which reflect FXCM's current views with respect to, among other things, its operations and financial performance in the future. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about FXCM's industry, business plans, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict including, without limitation, risks associated with FXCMs plans to shut down its US subsidiary and a potential sale of its US customer accounts, risks associated with FXCMs strategy to focus on its operations outside the United States, risks associated with the events that took place in the currency markets on January 15, 2015 and their impact on FXCM's capital structure, risks associated with FXCM's ability to recover all or a portion of any capital losses, risks relating to the ability of FXCM to satisfy the terms and conditions of or make payments pursuant to the terms of the finance agreements with Leucadia, as well as risks associated with FXCMs obligations under its other financing agreements, risks related to FXCM's dependence on FX market makers, market conditions, risks associated with FXCMs litigation with the National Futures Association or any other potential litigation or regulatory inquiries to which FXCM may become subject, risks associated with potential reputational damage to FXCM resulting from FXCMs plans to shut down its US subsidiary, and those other risks described under "Risk Factors" in FXCM Inc.'s Annual Report on Form 10-K, FXCM Inc.'s latest Quarterly Report on Form 10-Q, and other reports or documents FXCM files with, or furnishes to, the SEC from time to time, which are accessible on the SEC website at sec.gov. This information should also be read in conjunction with FXCM's Consolidated Financial Statements and the Notes thereto contained in FXCM's Annual Report on Form 10-K, FXCM Inc.'s latest Quarterly Report on Form 10-Q, and in other reports or documents FXCM files with, or furnishes to, the SEC from time to time, which are accessible on the SEC website at sec.gov.

These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our SEC filings. FXCM Inc. undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

About FXCM Inc.

FXCM Inc. (NASDAQ:FXCM) is a publicly traded company which owns 50.1% of FXCM Group, LLC (FXCM Group).

FXCM Group is a holding company of Forex Capital Markets LLC, (FXCM US), Forex Capital Markets Limited, inclusive of all EU branches (FXCM UK), FXCM Australia Pty. Limited, (FXCM AU), and all affiliates of aforementioned firms, or other firms under the FXCM group of companies [collectively "FXCM"]. FXCM Group is owned and operated by FXCM Inc. (NASDAQ:FXCM) and Leucadia National Corporation (NYSE:LUK). Leucadia National Corporation is a multi-billion dollar diversified holding company engaged through its consolidated subsidiaries in a variety of businesses.

FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, spread betting and related services. The company's mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime.

Trading foreign exchange and CFDs on margin carries a high level of risk, which may result in losses that could exceed your deposits, therefore may not be suitable for all investors.



Jaclyn Sales, 646-432-2463

Vice-President, Corporate Communications

jsales@fxcm.com

investorrelations@fxcm.com

If you have questions about our services at FXCM please send me a Private Message.
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  #187 (permalink)
 Blash 
Market Chamois
Chicago, IL
 
Experience: None
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Broker: InteractiveBrokers, S5T, IQFeed
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
 
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@Jason Rogers

Curious what this means for employees like yourself? I enjoyed our exchanges here on FIO and will a bit sad if there gone.

Ron


Sent from my iPhone using futures.io

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #188 (permalink)
 Jason Rogers 
New York
 
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Blash View Post
@Jason Rogers

Curious what this means for employees like yourself? I enjoyed our exchanges here on FIO and will a bit sad if there gone.

Ron

I too have enjoyed our discussions here, Ron

Since you live in the US, it's important to note that part of our settlement with the NFA and CFTC was to close our US subsidiary. FXCM has signed a non-binding letter of intent with GAIN Capital Holdings, Inc. (“GAIN”) under which GAIN would purchase FXCM's US customer accounts. The transaction is subject to regulatory approval and a definitive agreement. FXCM and GAIN are working to determine the timing for the account transfer and expect to provide further information in that regard in the coming days.

We will for the interim period continue to service our US customers and to provide top quality trade execution pending the customer-account sale and business withdrawal. FXCM will also be working diligently to be sure that an account transition to GAIN’s retail brand, FOREX.com, will be orderly, expeditious and seamless. We want to express our most sincere thanks to all our US customers like you who have been with us over the years and wish you all the best following this transition.

That said, there will be no changes for clients outside of the US, and I will continue to be available on this forum to you and other traders who have questions about FXCM. Since our US entity has not been a contributor to overall profits for the firm over the past few years, FXCM will target significant cost cutting by closing FXCM US. Specifically, withdrawing from this business will free approximately $52 million in capital. We will use the proceeds from any sale of the US accounts, as well as the large amount of regulatory capital currently tied up, to reduce the balance of our loan from Leucadia.

With the reduction of this loan balance, along with sales of non-core assets that were previously announced, FXCM could be in a position to fully pay off the Leucadia loan before the end of this year. As a result, we will be in a better position to service our international customers and focus on our profitable subsidiaries. Our full financials can be found here and we will announce our Q4 and full year 2016 financials in the next few weeks.

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