FXCM review - futures io
futures io



FXCM review


Discussion in Brokers

Updated
      Top Posters
    1. looks_one Jason Rogers with 54 posts (53 thanks)
    2. looks_two Big Mike with 21 posts (19 thanks)
    3. looks_3 sledmt with 15 posts (8 thanks)
    4. looks_4 Itchymoku with 10 posts (1 thanks)
      Best Posters
    1. looks_one IzhakHaim with 1.1 thanks per post
    2. looks_two Jason Rogers with 1 thanks per post
    3. looks_3 Blash with 1 thanks per post
    4. looks_4 Big Mike with 0.9 thanks per post
    1. trending_up 52,935 views
    2. thumb_up 181 thanks given
    3. group 47 followers
    1. forum 187 posts
    2. attach_file 3 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

FXCM review

(login for full post details)
  #1 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

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

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

Thx,
Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 4 users say Thank You to Big Mike for this post:

Journal Challenge April 2021 results (now extended!):
Competing for $1800 in prizes from Jigsaw
looks_oneMaking a Living with the Microsby sstheo
(82 thanks from 10 posts)
looks_twoDeetee’s DAX Trading Journal (time based)by Deetee
(25 thanks from 9 posts)
looks_3Salao's Journalby Salao
(23 thanks from 6 posts)
looks_4Learning to Profit - A journey in algorithms and optionsby Syntax
(12 thanks from 7 posts)
looks_5Maybe a little bit different journalby Malykubo
(3 thanks from 2 posts)
 
Best Threads (Most Thanked)
in the last 7 days on futures io
The Crude Dude Oil Trading System
73 thanks
futures io site changelog and issues/problem reporting
73 thanks
Would You Sell Your System?
71 thanks
FIO Journal Challenge - April 2021 w/Jigsaw Trading
32 thanks
Big Mike in Ecuador
25 thanks
 
(login for full post details)
  #3 (permalink)
 kbit 
Aurora, Il USA
 
Experience: Advanced
Platform: TradeStation
Trading: futures
 
kbit's Avatar
 
Posts: 5,902 since Nov 2010
Thanks: 3,294 given, 3,358 received


I been a customer for a number of years and don't have anything bad to say about them.a few years ago had a few issues but they cleaned up thier act and are ok. I have had accounts with a few other brokers as well and they are the best overall in my experience. One last note I don't use mt4 or5 ..did a demo and hated it, I just use generic platform and its fine for me. My only complaint resides with all the changes that have been put in place because of our big brother nanny state government but they all have to comply so...

Reply With Quote
The following 4 users say Thank You to kbit for this post:
 
(login for full post details)
  #4 (permalink)
 jungian 
Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus/ZF
Trading: ES, 6E, CL
 
jungian's Avatar
 
Posts: 99 since Aug 2009
Thanks: 88 given, 270 received

I used FXCM (micro) to test some strategies (purely manual). I had good experience with them even though their spreads are much worse than say Dukascopy.

They had a major crash of their system on a Friday afternoon and they refunded the money lost during the outage. It was all of a few bucks (micro acct But it was the thought that counted I suppose.

Cheers
Jungian

Reply With Quote
The following 3 users say Thank You to jungian for this post:
 
(login for full post details)
  #5 (permalink)
 traderandreas 
Darwin/Australia
 
Experience: Advanced
Platform: NinjaTrader
Broker: ninja
Trading: dax,6e
 
Posts: 26 since Jun 2009
Thanks: 12 given, 19 received

Fxcm is a market maker and from my understanding was notorious for stop hunting and other sly activites like stopping traders put on trades, closing profitable trades.........etc Have things changed with forex market makers. Also, the centralised nature of futures makes it the main reason why traders should do futures trading rather than deal with market makers.

Maybe things have changed with fxcm and the forex?

Reply With Quote
The following user says Thank You to traderandreas for this post:
 
(login for full post details)
  #6 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received


traderandreas View Post
Fxcm is a market maker and from my understanding was notorious for stop hunting and other sly activites like stopping traders put on trades, closing profitable trades.........etc Have things changed with forex market makers. Also, the centralised nature of futures makes it the main reason why traders should do futures trading rather than deal with market makers.

Maybe things have changed with fxcm and the forex?

I will let @Jason Rogers from FXCM answer since he can best speak for FXCM. But your concerns/questions are actually the primary reason I've invited FXCM to do a webinar for us on November 8th:



(more details to come)

I think that there are some misconceptions that are no longer true, so I wanted to get my questions answered and also allow for members questions to be answered as kind of a "forex vs futures" and "new to forex" type webinar.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 3 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #7 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


traderandreas View Post
Fxcm is a market maker and from my understanding was notorious for stop hunting and other sly activites like stopping traders put on trades, closing profitable trades.........etc Have things changed with forex market makers. Also, the centralised nature of futures makes it the main reason why traders should do futures trading rather than deal with market makers.

Maybe things have changed with fxcm and the forex?

Hi traderandreas,

FXCM is not a market maker for forex transactions, and I think this is a good opportunity to explain in detail how our NDD forex execution (agency model) differs from traditional forex brokers acting as a market maker (principal model). I have to apologize ahead because this is going to be a long but detailed post

First, let's go over how the quotes on the platform are determined. FXCM receives pricing from 10+ liquidity providers, and the pricing engine displays onto the platform the best bid/ask price plus a pip mark-up which is FXCM's compensation. The pip mark-up essentially acts as a commission on the trade. Let me give an example for a little more detail. Let’s suppose Bank A and Bank B are each quoting prices for GBP/USD. Here’s what each bank is quoting on the bid/ask:

Bank A: 1.6025 X 1.6027
Bank B: 1.6024 X 1.6026

The best price being offered on the sell side (bid) is 1.6025 by Bank A, and the best price being offered on the buy side (ask) is 1.6026 by Bank B. Therefore 1.6025 X 26 would be streamed onto the platform with a pip mark-up. If there's a mark-up of 1 pip, you would see 1.6024 X 27 on the platform for a 3 pip spread. I've dumbed down the example to 2 liquidity providers to make the example easy to explain, but this price competition is occurring with 10+ liquidity providers sending multiple quotes per second. Having multiple liquidity providers ensures that no one liquidity provider can manipulate pricing to their advantage.

This differs from a forex broker acting as the market maker (dealing desk) since a market maker is making the market. The dealing desk broker can set it's own pricing regardless of what their bank relationships may be offering them.

Second, let's go over how order execution works after the order is submitted. With FXCM's NDD forex execution, every order is immediately executed back to back with one of the several liquidity providers on our platform. Continuing with the pricing in the previous example, let's suppose you place a market order to buy GBP/USD at 1.6027. When you submit the order, the order is sent to FXCM for the price 1.6027 and FXCM routes the order to Bank A offering to sell at the price 1.6026. If the order is accepted, Bank A has a short position at the price 1.6026, you have a long position at the price 1.5027, and FXCM has gained 1 pip in revenue (difference between 1.6026 and 1.6027).

What if there is slippage? We can take the example one step further. If multiple orders are submitted or are waiting for the same price, there is then a queu for the orders to be executed. There is also a limited amount of liquidity at each point. For example, Bank A may be offering to sell 1 million notional amount of GBP/USD at the price 1.6026. If there is 1.2 million notional of traders orders waiting to be executed, that means 200k worth of orders will be slipped or cancelled depending on whether the trade is setup At Best or Market Range order. For this example, let’s say the order is submitted as an At Best market order. Your order arrives at Bank A, but the price 1.6026 is no longer available. The order is then re-submitted at the next best available price which happens to be 1.6027 from Bank B. The trade is executed so Bank B has a short position at 1.5027, you have a long position at 1.6028, and FXCM has gained 1 pip in revenue. Despite the slippage on the trade, FXCM’s revenue remains the same. And slippage isn't always negative. If the order can be filled at a better price, then your order is filled at the better price again dependent on liquidity.

This execution process differs from a dealing desk broker acting as the market maker. A dealing desk has the option to either offset client positions or internalize the risk by taking the other side of the trade. If the broker's dealing desk takes the other side of the trade, then the traders loss becomes the brokers profit and the brokers profit becomes the traders loss. This presents a conflict of interest between the broker and trader, and the conflict of interest is eliminated by FXCM's NDD forex execution.

Another advantage with NDD forex execution is that all orders are anonymous. The liquidity providers see orders as coming from FXCM rather than individual traders. Therefore traders can't be singled out with re-quotes or order restrictions as you may have when trading with a market maker.

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


-Jason

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
The following 18 users say Thank You to Jason Rogers for this post:
 
(login for full post details)
  #8 (permalink)
 Stocktastic 
Perth, Western Australia
 
Experience: Beginner
Platform: NinjaTrader
Trading: Forex
 
Stocktastic's Avatar
 
Posts: 35 since Oct 2011
Thanks: 13 given, 26 received

Hi,

In the thread below, Big Mike mentioned FXCM and Ninjatrader. Is it true that FXCM are working with Ninjatrader so we would be able to trade FXCM account via ninja ? I don't think this is available now ?



rgds

Stocktastic

Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Stocktastic for this post:
 
(login for full post details)
  #9 (permalink)
 NinjaTrader  NinjaTrader is an official Site Sponsor
Site Sponsor

Web: NinjaTrader
AMA: Ask Me Anything
Webinars: NinjaTrader Webinars
Elite offer: Click here
 
 
NinjaTrader's Avatar
 
Posts: 1,578 since May 2010
Thanks: 185 given, 2,457 received


Stocktastic View Post
Hi,

In the thread below, Big Mike mentioned FXCM and Ninjatrader. Is it true that FXCM are working with Ninjatrader so we would be able to trade FXCM account via ninja ? I don't think this is available now ?



rgds

Stocktastic


It is true that NinjaTrader and FXCM have entered into an agreement to provide an interface from NinjaTrader to FXCM. Barring any unforseen circumstances, we hope to deliver a production version in Q1 of 2012.

Follow me on Twitter Reply With Quote
The following 2 users say Thank You to NinjaTrader for this post:
 
(login for full post details)
  #10 (permalink)
 mea109 
france
 
Experience: Beginner
Platform: nt
 
mea109's Avatar
 
Posts: 201 since Oct 2009
Thanks: 1,776 given, 56 received



NinjaTrader View Post
It is true that NinjaTrader and FXCM have entered into an agreement to provide an interface from NinjaTrader to FXCM. Barring any unforseen circumstances, we hope to deliver a production version in Q1 of 2012.



hello, it would be only for forex? or that will also include cfd?

Reply With Quote
The following user says Thank You to mea109 for this post:
 
(login for full post details)
  #11 (permalink)
 NinjaTrader  NinjaTrader is an official Site Sponsor
Site Sponsor

Web: NinjaTrader
AMA: Ask Me Anything
Webinars: NinjaTrader Webinars
Elite offer: Click here
 
 
NinjaTrader's Avatar
 
Posts: 1,578 since May 2010
Thanks: 185 given, 2,457 received


mea109 View Post
hello, it would be only for forex? or that will also include cfd?

We will only support forex for NT7.

Follow me on Twitter Reply With Quote
The following user says Thank You to NinjaTrader for this post:
 
(login for full post details)
  #12 (permalink)
 Stocktastic 
Perth, Western Australia
 
Experience: Beginner
Platform: NinjaTrader
Trading: Forex
 
Stocktastic's Avatar
 
Posts: 35 since Oct 2011
Thanks: 13 given, 26 received

Hi,

Any news on fxcm working with Ninjatrader ?

rgds

Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Stocktastic for this post:
 
(login for full post details)
  #13 (permalink)
 NinjaTrader  NinjaTrader is an official Site Sponsor
Site Sponsor

Web: NinjaTrader
AMA: Ask Me Anything
Webinars: NinjaTrader Webinars
Elite offer: Click here
 
 
NinjaTrader's Avatar
 
Posts: 1,578 since May 2010
Thanks: 185 given, 2,457 received


Stocktastic View Post
Hi,

Any news on fxcm working with Ninjatrader ?

rgds

We are about to release beta. FXCM is just completing some compliance items and we are about to finish an informational page on our website. We are almost there.

Follow me on Twitter Reply With Quote
The following 2 users say Thank You to NinjaTrader for this post:
 
(login for full post details)
  #14 (permalink)
 Jaffels 
Wroclaw, Poland
 
Experience: Beginner
Platform: MT4
Broker: Oanda
Trading: Forex
 
Jaffels's Avatar
 
Posts: 43 since Mar 2011
Thanks: 78 given, 35 received

FXCM Discloses U.K. Regulatory Probe | Forex Magnates

Here we go again another investigation into FXCM.

Follow me on Twitter Reply With Quote
 
(login for full post details)
  #15 (permalink)
 traderandreas 
Darwin/Australia
 
Experience: Advanced
Platform: NinjaTrader
Broker: ninja
Trading: dax,6e
 
Posts: 26 since Jun 2009
Thanks: 12 given, 19 received

Why would you trade an uncentralised market, where you are exposed to dishonest practices without protection. Trading is difficult emough through a centralised exchange like the cme. You would have more luck putting your hand down a toliet and pulling out a gold watch then you would with making money, trading through scam market makers like fxcm and forex at large.

Reply With Quote
 
(login for full post details)
  #16 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


traderandreas View Post
Why would you trade an uncentralised market, where you are exposed to dishonest practices without protection. Trading is difficult emough through a centralised exchange like the cme. You would have more luck putting your hand down a toliet and pulling out a gold watch then you would with making money, trading through scam market makers like fxcm and forex at large.

Hi Andreas,

We can't comment on any on-going discussions with our regulators that haven't been publicly announced yet, but the extent of available information is located in our 10Q: FXCM - Investor Relations - SEC Filings

Over the years, the regulatory environment has improved in the forex market, and we have been advocates for greater transparency. That is why FXCM is publicly traded (NYSE:FXCM) and aside from being regulated in the UK, is also regulated in the US, Hong Kong and Australia. We have always addressed any of our regulators concerns and are proud to be providing trading services to over 200,000 live accounts with over $1 billion in client equity.

Jason

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #17 (permalink)
 trendisyourfriend 
Market Wizard
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,995 since Oct 2009
Thanks: 3,671 given, 5,159 received

@Jason Rogers

Hi Jason,

Do you know if it is possible to use Ninjatrader as platform if we are a resident of Canada. I could not find the information on your site. Thanks.

Reply With Quote
 
(login for full post details)
  #18 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


trendisyourfriend View Post
@Jason Rogers

Hi Jason,

Do you know if it is possible to use Ninjatrader as platform if we are a resident of Canada. I could not find the information on your site. Thanks.

Hi Trendisyourfriend,

Yes, you can open a NinjaTrader account. Since, you live in Canada, it would be through Friedberg Direct: https://www.fxcm.com/ca/

Aside from the Friedberg application, you'd also need to complete a Letter of Direction form for NinjaTrader. It's a PDF file. I can send it to you, if you email me at jrogers@fxcm.com

Jason

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
(login for full post details)
  #19 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received


Jason Rogers View Post
Letter of Direction form for NinjaTrader.

@Jason Rogers, what is this form? And can you attach it here?

Is this needed because of Canada, or because of NinjaTrader?

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #20 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


Big Mike View Post
@Jason Rogers, what is this form? And can you attach it here?

Is this needed because of Canada, or because of NinjaTrader?

Mike

The letter of direction form is needed for all NinjaTrader accounts even with FXCM US and FXCM UK.

Thanks for suggesting that I attach the PDF file here. Hadn't thought of that.

I've attached it here.

If you have questions about our services at FXCM please send me a Private Message.
Attached Thumbnails
FXCM review-ninjatraderletterofdirectioncanada.pdf  
Follow me on Twitter Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
(login for full post details)
  #21 (permalink)
 andby 
Norwich, UK
 
Experience: Intermediate
Platform: Multiple:research&executi
Broker: Started with Stage5/OEC ... multiple
Trading: Anything found profitable goes ...
 
andby's Avatar
 
Posts: 160 since Jul 2012
Thanks: 87 given, 85 received


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

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

Thx,
Mike

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

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

Thx

Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #22 (permalink)
 FB2012 
Munich Germany
 
Experience: Beginner
Platform: MultiCharts .NET,MultiCharts,Amibroker
Broker: Interactive Brokers IQFeed
Trading: Stocks,Index CFDs
 
Posts: 149 since Aug 2012
Thanks: 81 given, 82 received

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

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

I have not tested that yet.

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

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

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

Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to FB2012 for this post:
 
(login for full post details)
  #23 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


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

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

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
(login for full post details)
  #24 (permalink)
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011


Jason Rogers View Post

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

-Jason

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

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

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

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

Reply With Quote
 
(login for full post details)
  #25 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

@GaryD, also you might ask here:



Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #26 (permalink)
 FXCM Suhail 
Dallas, Texas, USA
 
Experience: Advanced
Platform: Trading Station
Trading: Forex
 
FXCM Suhail's Avatar
 
Posts: 13 since Mar 2013
Thanks: 3 given, 18 received


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

Hi Gary,

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

Suhail

If you have any questions about the products or services provided by FXCM, please send me a Private Message or use the BMT "Ask Me Anything" thread
Reply With Quote
 
(login for full post details)
  #27 (permalink)
 quantismo 
Waco TX.
 
Experience: Advanced
Platform: retired ...maybe
Trading: anything with the slightest edge..
 
quantismo's Avatar
 
Posts: 239 since Jul 2011
Thanks: 327 given, 174 received

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

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

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

Thanks Quantismo

Reply With Quote
The following 2 users say Thank You to quantismo for this post:
 
(login for full post details)
  #28 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received


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

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

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

Thanks Quantismo

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

Sent from my LG Optimus G Pro

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 3 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #29 (permalink)
 FXCM Brad 
New York, NY
 
Experience: Advanced
Platform: Trade Station, MT4
Trading: FX, CFD's
 
FXCM Brad's Avatar
 
Posts: 56 since Mar 2013
Thanks: 75 given, 46 received


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

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

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

Thanks Quantismo

Hi quantismo, thanks for the post!

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

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

Brad

If you have any questions about the products or services provided by FXCM, please send me a Private Message or use the BMT "Ask Me Anything" thread
Reply With Quote
 
(login for full post details)
  #30 (permalink)
 Pocketful 
Vancouver, BC, Canada
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ironbeam
Trading: MES YM
 
Posts: 26 since Jan 2013
Thanks: 30 given, 30 received

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

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

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

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

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

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

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

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

Until I'm an accredited investor ...

Reply With Quote
The following 2 users say Thank You to Pocketful for this post:
 
(login for full post details)
  #31 (permalink)
 trendisyourfriend 
Market Wizard
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,995 since Oct 2009
Thanks: 3,671 given, 5,159 received


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

Until I'm an accredited investor ...

Really! it costs double as much with NT? Why is it so?

Reply With Quote
 
(login for full post details)
  #32 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
 
Posts: 2,893 since Apr 2012
Thanks: 1,683 given, 3,667 received

does fxcm have range bars yet?

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
 
(login for full post details)
  #33 (permalink)
 michaelf 
Mérida, Mexico
 
Experience: Intermediate
Platform: NinjaTrader 8
Broker: NinjaTrader Brokerage
Trading: ES
 
michaelf's Avatar
 
Posts: 528 since Mar 2011
Thanks: 1,335 given, 559 received


Itchymoku View Post
does fxcm have range bars yet?

@Itchymoku

you can find here a lot of indicators and bar typs for FXCM platforms

FxCodeBase

Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #34 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
 
Posts: 2,893 since Apr 2012
Thanks: 1,683 given, 3,667 received


michaelf View Post
@Itchymoku

you can find here a lot of indicators and bar typs for FXCM platforms

FxCodeBase

thanks, I was hoping it would be included in their platform with out the need to download or install it. I'll look for it on this website.

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
 
(login for full post details)
  #35 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received


Itchymoku View Post
thanks, I was hoping it would be included in their platform with out the need to download or install it. I'll look for it on this website.

Just use NinjaTrader with FXCM.

Sent from my LG Optimus G Pro

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #36 (permalink)
 Pocketful 
Vancouver, BC, Canada
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ironbeam
Trading: MES YM
 
Posts: 26 since Jan 2013
Thanks: 30 given, 30 received


trendisyourfriend View Post
Really! it costs double as much with NT? Why is it so?

If you mean the instrument spread costs, they're whatever FXCM is showing in Trading Station and cost the same in whatever platform used for trading.

In my example, NT uses bid prices for charting and execution. The broker gets paid first; so you're down 4 ticks/pips right away. In SC, charts display the spread mid-point and handle executions differently. Any traders with more experience can correct me.

As I get successful, I plan to trade futures instruments because for FXCM customers in Canada, Friedberg Direct is the market maker for CFDs.

Reply With Quote
 
(login for full post details)
  #37 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


Pocketful View Post
If I decide to go 100% with NT, I would need a muti-license.


trendisyourfriend View Post
Really! it costs double as much with NT? Why is it so?


Hi guys,

If you open your trading account with $5000 and trade 500k per month in round turn notional volume, FXCM will pay for your NinjaTrader software license. If you already have a single broker NinjaTrader license and simply want to add FXCM, you can contact us at admin@fxcm.com for special instructions.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #38 (permalink)
 NinjaTrader  NinjaTrader is an official Site Sponsor
Site Sponsor

Web: NinjaTrader
AMA: Ask Me Anything
Webinars: NinjaTrader Webinars
Elite offer: Click here
 
 
NinjaTrader's Avatar
 
Posts: 1,578 since May 2010
Thanks: 185 given, 2,457 received


Pocketful View Post
In my example, NT uses bid prices for charting and execution. The broker gets paid first; so you're down 4 ticks/pips right away. In SC, charts display the spread mid-point and handle executions differently. Any traders with more experience can correct me.

Executions are not influenced by the platform. You submit your order through any platform, this order is then filled at FXCM and a fill price is reported back to the platform. Since there is no last trade data in FX, the platform provider must decide what to chart. Implying that using SC you would be down less is inaccurate. Let me provide you an example:

- Bid 31 x Ask 34
- You enter long at 34
- NT chart would show that you are down 3 pips relative to the bid price meaning, if you exited at market you would be filled at 31
- SC might chart 32.5 (mid point as you stated) might show you are only down 1.5 pips which is inaccurate since the bid is truly at 31 and is the price you would be filled at

Follow me on Twitter Reply With Quote
The following 2 users say Thank You to NinjaTrader for this post:
 
(login for full post details)
  #39 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
 
Posts: 2,893 since Apr 2012
Thanks: 1,683 given, 3,667 received

I find the mobile platform interesting but I don't see any way to really scale out of positions. Am I missing something? (I tried to do this on the downloadable software as well and can't find it either) It looks like what happens is that it shows a net position of all orders I've entered on a specific currency pair and allows only one stop/limit on that net position. Even if I enter more than one position it won't allow me to enter different limits or stops on those extra positions on the same pair. Would I have to connect FXCM to another platform other than their own to scale out of positions?

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
 
(login for full post details)
  #40 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


Itchymoku View Post
I find the mobile platform interesting but I don't see any way to really scale out of positions. Am I missing something? (I tried to do this on the downloadable software as well and can't find it either) It looks like what happens is that it shows a net position of all orders I've entered on a specific currency pair and allows only one stop/limit on that net position. Even if I enter more than one position it won't allow me to enter different limits or stops on those extra positions on the same pair. Would I have to connect FXCM to another platform other than their own to scale out of positions?

Hi Itchymoku,

I notice your forum profile mentions that you live in Philadelphia. The reason for the net positions is that as a US resident, your FXCM trading account has to comply with CFTC regulations regarding FIFO (first-in, first-out) execution. It is still possible for US traders to scale in and out of net positions on the FXCM platform, but it works a bit differently than for non-US accounts. Below are instructions on how to set multiple stop/limit levels for a position on an FXCM US account using Trading Station Mobile.


1. On the Rates screen, tap on the currency relevant currency pair.

2. On the Currency screen, tap on OCO (One Cancels the Other order type).

3. On the OCO screen, select the amount of your position that will be closed if this OCO order triggers and specify the price levels for both the stop and limit.

4. On the Orders screen you can see OCO orders designated by a connecting line. If one of those orders is triggered, the related order will automatically be cancelled.

Please let me know if you have any further questions.

Jason

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
(login for full post details)
  #41 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
 
Posts: 2,893 since Apr 2012
Thanks: 1,683 given, 3,667 received


Jason Rogers View Post
Hi Itchymoku,

I notice your forum profile mentions that you live in Philadelphia. The reason for the net positions is that as a US resident, your FXCM trading account has to comply with CFTC regulations regarding FIFO (first-in, first-out) execution. It is still possible for US traders to scale in and out of net positions on the FXCM platform, but it works a bit differently than for non-US accounts. Below are instructions on how to set multiple stop/limit levels for a position on an FXCM US account using Trading Station Mobile.


1. On the Rates screen, tap on the currency relevant currency pair.

2. On the Currency screen, tap on OCO (One Cancels the Other order type).

3. On the OCO screen, select the amount of your position that will be closed if this OCO order triggers and specify the price levels for both the stop and limit.

4. On the Orders screen you can see OCO orders designated by a connecting line. If one of those orders is triggered, the related order will automatically be cancelled.

Please let me know if you have any further questions.

Jason

Jason I hate to ask you this again differently but could you also show me with pictures how to scale out with the downloadable platform? I'd highly appreciate this thanks! (it would also serve for educational purposes for other traders as well)

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
 
(login for full post details)
  #42 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


Itchymoku View Post
Jason I hate to ask you this again differently but could you also show me with pictures how to scale out with the downloadable platform? I'd highly appreciate this thanks! (it would also serve for educational purposes for other traders as well)

It would be my pleasure, Itchymoku

Below are the steps to create partial stop/limits for your net positions on Trading Station for an FXCM US account.

1. Go to the menu bar at the top left of Trading Station desktop and select "Trading > Orders > Simple OCO"

2. In the Simple OCO window that appears select the Amount (K) and price levels for your stop and limit orders.

3. You will be able to see your OCO orders grouped together in the Orders window.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
(login for full post details)
  #43 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
 
Posts: 2,893 since Apr 2012
Thanks: 1,683 given, 3,667 received

Jason I wish you could put in a request to get market profile (tpo) charts for fxcm it would make my life a lot easier. I know they aren't that popular for currencies but I use them for trading. I have to actually set it up on sierra chart or other software to see it correctly. It would be nice to have it all on one platform so I don't have to pay for a software fee. You guys have a lot of good things going for you with server side oco and the mobile platform I just wish this last piece of the puzzle was there.

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
 
(login for full post details)
  #44 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received


Itchymoku View Post
Jason I wish you could put in a request to get market profile (tpo) charts for fxcm. I know they aren't that popular but I use them for trading. I have to actually get volume data and setup a volume profile for 6E to trade eur/usd. I know it's impractical to ask for volume data for the eur/usd but I'm sure the broker volume data isn't much different. lol

Why not just use Sierra Chart and FXCM? For TPO it would be fine. For VP you of course can't use Forex since there is no centralized volume.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #45 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
 
Posts: 2,893 since Apr 2012
Thanks: 1,683 given, 3,667 received


Big Mike View Post
Why not just use Sierra Chart and FXCM? For TPO it would be fine. For VP you of course can't use Forex since there is no centralized volume.

Mike

oh, just trying to cut the cost / hassle of going back and forth. I'm focusing mainly on forex atm and cutting out futures temporarily.

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
 
(login for full post details)
  #46 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received


Itchymoku View Post
oh, just trying to cut the cost / hassle of going back and forth. I'm focusing mainly on forex atm and cutting out futures temporarily.

Plotting 6E vollume to trade EUR/USD spot is going to have a problem because of the alignment. The two instruments can have an offset of several ticks which changes at rollover. While they move in unison during the day, this offset will be hard to overcome on charts.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #47 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
 
Posts: 2,893 since Apr 2012
Thanks: 1,683 given, 3,667 received


Big Mike View Post
Plotting 6E vollume to trade EUR/USD spot is going to have a problem because of the alignment. The two instruments can have an offset of several ticks which changes at rollover. While they move in unison during the day, this offset will be hard to overcome on charts.

Mike

yeah you are right, I mainly use tpo charts more so than volume atm. I'd be happy with just tpo charts tbh. I don't really need it to be super precise because if it were off a few ticks it probably wouldn't affect my trading by much. I understand why vp wouldn't be practical for a currency broker's software.

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
 
(login for full post details)
  #48 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


Itchymoku View Post
Jason I wish you could put in a request to get market profile (tpo) charts for fxcm it would make my life a lot easier. I know they aren't that popular for currencies but I use them for trading. I have to actually set it up on sierra chart or other software to see it correctly. It would be nice to have it all on one platform so I don't have to pay for a software fee. You guys have a lot of good things going for you with server side oco and the mobile platform I just wish this last piece of the puzzle was there.

Hi Itchymoku,

I'm glad you asked. Market profile (TPO) charts are actually available on FXCodeBase. You can find many free custom indicators and trading tools for FXCM platforms on that website.
As Mike suggested though, if you prefer Sierra Charts, you can actually set up an FXCM trading account with Sierra Charts as your introducing broker. Then you can do all your charting through their platform.

Jason

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #49 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

Case Summary


Quoting 
COMPLAINT:

On July 18, 2014, NFA issued a Complaint charging FXCM with doing business with an unregistered entity which was required to be registered as a CPO NFA Member and failing to submit trade data to NFA through FORTRESS.

DECISION:

On July 18, 2014, pursuant to a settlement offer submitted by FXCM, the firm was ordered to pay a $200,000 fine.

Attached are PDF complaint and PDF decision.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Attached Thumbnails
FXCM review-complaint_-wo-affd-_forexcapitalmarketsllc_2014_0718.pdf   FXCM review-decision_-wo-affd-_forexcapitalmarketsllc_2014_0718.pdf  
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #50 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


Big Mike View Post
Case Summary



Attached are PDF complaint and PDF decision.

Mike

Hi Mike,

FXCM has settled the complaint brought by the NFA relating to charges of doing business with an unregistered entity and for failing to submit certain trade data reports. We have resolved these matters and taken steps to avoid similar occurrences in the future.

Jason

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #51 (permalink)
Thxo
West Java
 
 
Posts: 145 since Apr 2014
Thanks: 143 given, 123 received

FXCM Launches New Pricing Model Offering Raw Forex Spreads On Average Reduces Trading Cost by 50% on Top 14 Currency Pairs Implements Tighter Spreads and Commission Pricing to be more Competitive and Transparent | Business Wire

Love the new raw spreads ... Good Job FXCM ...
From what i've seen so far, I think on average it is on par with the most tightest non US FX Brokers ...


Reply With Quote
The following user says Thank You to Thxo for this post:
 
(login for full post details)
  #52 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received



Hi Thxo, I'm glad you're please with the new spreads!

A reminder for FXCM US clients: On Friday, October 3rd your accounts were upgraded to our new pricing. That means you're now trading on raw FX spreads. The pip markups that were previously included in the spreads have been replaced with transparent low commissions. We believe that this pricing model reflects FXCM's core business principals, offering direct access to quotes from multiple liquidity providers and will be ideal for scalping while providing increased execution benefits to stop and limit orders.


1 Listed spreads and commissions will not apply to some customer accounts due to their relationship with certain intermediaries.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #53 (permalink)
 pvlee 
Hertfordshire England
 
Experience: Intermediate
Platform: NT
Trading: DAX
 
pvlee's Avatar
 
Posts: 92 since May 2011
Thanks: 96 given, 165 received

I have recently opened a live account (September 2014) and have had good execution and usually a 1 tick spread on the DAX. I have no complaints so far. I have previously traded FDAX and CL futures through US brokers and have not noticed any difference in execution through the spread betting account. The FXCM account is 'no dealing desk' which is comforting and is exactly the same feed as the non spreadbetting acccounts, according to FXCM. I haven't noticed anything out of the ordinary on slippage so far.

In fact my experience with FXCM's spreadbetting account has exceeded my expectations so far and I will be increasing my lot size soon hoping for no out of the ordinary slippage issues.

The lack of access to accurate volume is a slight issue for me but so far, so good :-) 9 out of 10

Reply With Quote
The following 3 users say Thank You to pvlee for this post:
 
(login for full post details)
  #54 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

FXCM near collapse after $250M loss post-SNB

Largest Retail FX Broker Stock Crashes 90% As Swiss Contagion Spreads | Zero Hedge

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following 3 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #55 (permalink)
 puma 
zurich
 
Experience: Advanced
Platform: Sierra ahRrrr CQG ...
Trading: Bund, ES, ...
 
puma's Avatar
 
Posts: 964 since Aug 2010
Thanks: 7,272 given, 1,501 received

zerohedge posts the usual half-truths.

based on the quoted statements oanda has handled the chf break well.

(zerohedge's russian overlords keep the leash a little loose these days - as it seems )

Follow me on Twitter Reply With Quote
 
(login for full post details)
  #56 (permalink)
 quantismo 
Waco TX.
 
Experience: Advanced
Platform: retired ...maybe
Trading: anything with the slightest edge..
 
quantismo's Avatar
 
Posts: 239 since Jul 2011
Thanks: 327 given, 174 received

knowing the valuation of the company was just under $600 million and they only lost half that I took a large equity position pre-market near the bottom price.

Right now there halted from trading.

Lets see if I was a Rockstar or a Rockhead ....when they get things sorted out


Quantismo....

Reply With Quote
The following 3 users say Thank You to quantismo for this post:
 
(login for full post details)
  #57 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received


quantismo View Post
knowing the valuation of the company was just under $600 million and they only lost half that I took a large equity position pre-market near the bottom price.

Right now there halted from trading.

Lets see if I was a Rockstar or a Rockhead ....when they get things sorted out


Quantismo....

I think you will be OK. I considered doing the same but was too occupied with my normal trades.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #58 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

Breaking: FXCM in Fire Sale Talks with Potential Buyers

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #59 (permalink)
 Bosch777 
Ireland
 
Experience: Intermediate
Platform: Ninja Trader
Trading: CL GC FDAX
 
Posts: 120 since Jul 2012
Thanks: 89 given, 53 received

And I thought these guys at FXCM were supposed to be whiter than white!!!

Goes to show you never can tell (as the song says)...

Reply With Quote
 
(login for full post details)
  #60 (permalink)
Thxo
West Java
 
 
Posts: 145 since Apr 2014
Thanks: 143 given, 123 received

https://www.zerohedge.com/news/2015-01-16/knight-20-jefferies-rescues-fxcm-300-million-bailout-cnbc-reports

Leucadia (parent of Jefferies) gives FXCM $300 million in financing to continue normal operations.

Reply With Quote
The following 2 users say Thank You to Thxo for this post:
 
(login for full post details)
  #61 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
 
Posts: 2,893 since Apr 2012
Thanks: 1,683 given, 3,667 received


R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
 
(login for full post details)
  #62 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

@TabbFORUM: NEWS: FXCM Lobbied Against Leverage Limit Before Franc Trades Went Bad (Bloomberg) tinyurl.com/k8unpo4



Sent from my phone

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #63 (permalink)
 sam028 
Site Moderator
 
 
sam028's Avatar
 
Posts: 3,670 since Jun 2009
Thanks: 3,789 given, 4,505 received

See this and FXCM, Inc. (FXCM) Pares Decline After Trade Resumption

I was ready to buy the stock just before the halt, around $1.30, but was too slow, now it's around $4...
I won't say this loss is nothing but the real value is their customers base, and this won't disappear in minutes.

Success requires no deodorant! (Sun Tzu)
Follow me on Twitter Reply With Quote
The following 4 users say Thank You to sam028 for this post:
 
(login for full post details)
  #64 (permalink)
 liquidcci 
Austin, TX
 
Experience: Master
Platform: ninjatrader, r-trader
Trading: NQ, CL
 
liquidcci's Avatar
 
Posts: 865 since Jun 2011
Thanks: 610 given, 1,070 received


sam028 View Post
See this and FXCM, Inc. (FXCM) Pares Decline After Trade Resumption

I was ready to buy the stock just before the halt, around $1.30, but was too slow, now it's around $4...
I won't say this loss is nothing but the real value is their customers base, and this won't disappear in minutes.

Me to. Was not going to break the bank but 1000 shares for a quick pop would have been nice.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Reply With Quote
 
(login for full post details)
  #65 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

FXCM letter to clients to repay negative balances | LeapRate

FXCM-2013.12.31-10K


Quoting 
Our policy is generally not to pursue claims for negative equity against our customers

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #66 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

https://www.zerohedge.com/news/2015-01-28/another-bailout-fxcm-forgive-90-its-mostly-foreign-negative-balance-customers

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #67 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received



Hi Mike,

Here's the statement from our press release this morning:

FXCM to Forgive Majority of Clients Who Incurred Negative Balances

NEW YORK, Jan. 28, 2015 (GLOBE NEWSWIRE) -- FXCM Inc. (NYSE:FXCM), announced today its decision to forgive approximately 90% of its clients who incurred negative balances in certain jurisdictions, on January 15, 2015 as a result of the Swiss National Bank announcement on that date. FXCM will notify the applicable clients and adjust applicable client account statements in the next 24-48 hours. "FXCM worked diligently to reach this decision and we are extremely appreciative of our clients for their patience and loyalty as we worked through this," said Drew Niv, CEO of FXCM.

The SNB announcement, extreme price movements and the resulting lack of liquidity were exceptional and unprecedented events causing many market participants to incur trading losses. These events were unforeseen and beyond the control of FXCM.

FXCM will also notify certain clients (such as institutional, high net worth, and experienced traders who generally maintain higher account balances) requesting payment of negative balances, pursuant to the terms of the FXCM master trading agreements. This group represents approximately 10% of clients who incurred negative balances which comprises over 60% of the total debit balances owed.

Full press release: FXCM to Forgive Majority of Clients Who Incurred Negative Balances (NYSE:FXCM)

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #68 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

@TabbFORUM: NEWS: FXCM Adopts Poison Pill With 10% Trigger (WSJ)($) tinyurl.com/mscqou8



Sent from my phone

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #69 (permalink)
 theborntrader 
Stockholm Sweden
 
Experience: Advanced
Platform: NT
Trading: HG
 
Posts: 11 since Jul 2013
Thanks: 3 given, 2 received

I think it's a rude statement to say that you "forgive" customers with negative balance when you have promoted on your website that clients can't loose more than they deposit. Isn't that false marketing then?

Reply With Quote
The following user says Thank You to theborntrader for this post:
 
(login for full post details)
  #70 (permalink)
sharpshoota
Bodoe , Norway
 
 
Posts: 143 since Jun 2014
Thanks: 846 given, 122 received


theborntrader View Post
I think it's a rude statement to say that you "forgive" customers with negative balance when you have promoted on your website that clients can't loose more than they deposit. Isn't that false marketing then?

I think you misunderstood what they meant. When they wrote " clients can't loose more than they deposit" I think they meant that you can't have negative capital on your account there. You can't and will not owe them money, they will close your account when it comes down to zero.

...so when they forgive those who went into negative capital they mean that they will simply close their account and they will not have to repay any money because fxcm will set their account to zero.

Reply With Quote
 
(login for full post details)
  #71 (permalink)
 theborntrader 
Stockholm Sweden
 
Experience: Advanced
Platform: NT
Trading: HG
 
Posts: 11 since Jul 2013
Thanks: 3 given, 2 received

Yes I get it, and that is ok. But then you are just honoring what you have stated from the beginning that you should do, so who needs to be forgiven ?

Reply With Quote
 
(login for full post details)
  #72 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

Post #65

Sent from my phone

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #73 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received

Hi Everyone,

Our CEO Drew Niv held a Q&A with Forex Magnates which will answer many questions we have received over the past couple of weeks Exclusive: FXCM Inc. CEO Drew Niv Discusses Future of the Firm and Retail Forex. Please understand that some questions I can't answer since we are a publicly traded company and it may be material information, but we will get to all questions in due time.
What happened on January 15th after the SNB announcement? What was the immediate impact of the SNB announcement on the company’s systems?

At the time of the SNB announcement over 3,000 FXCM clients held slightly over $1 billion in open positions on EUR/CHF. Those same clients held approximately $80 million of collateral in their accounts. As you know this was the largest move of a major currency since currencies started floating 1971.

The EUR/CHF move was 44 standard deviation moves, while most risk management systems only contemplate 3-6 standard deviations. The moved wiped out those clients’ account equity as well as generated negative equity balances owed to FXCM of over $225 million. We believe that the FXCM system operated properly during this event.

The caveat of our no dealing-desk execution system is that traders are offset one for one with a liquidity provider. When a client entered a EUR/CHF trade with FXCM, FXCM Inc. had an identical trade with our liquidity providers. During the historic move, liquidity became extremely scarce and shallow, which affected execution prices. This liquidity issue resulted in some clients having a negative balance.

While clients could not cover their margin call with us we still had to cover the same margin call with our banks. When a client profits in the trade FXCM gives the profits to the customer, however, when the client is not profitable on that trade FXCM Inc. ends up having to pay the liquidity provider.

FXCM ended with a regulatory capital shortfall. Accordingly, FXCM needed to get a loan to cover this balance, which it did. For anyone that still thinks FXCM is running an FX dealing desk, we have now demonstrated that such is not the case.

Why do you think many people traded EUR/CHF with FXCM?

Because we are a no dealing-desk broker and offset each trade one-for-one with our liquidity providers, and only make money on trades not customer losses. We published a study a few years ago called “traits of successful traders” that looked at FXCM traders over a long period of time and their general behavior to find what was destructive behavior to stay away from and what worked for clients.

The study focuses on what the majority of profitable traders did to increase their odds of success. What the study found was that traders who traded during quiet range-bound market hours like Asian hours OR that traded rang- bound low volatility currency pairs tended to be more profitable.

Obviously many of our competitors who are on the opposite side of their clients’ trades did not find this trade to be helpful to their bottom line, as they lose money when traders profit. We saw many of the dealing desk firms begin to increase overnight rollover cost as well as raise margin requirements to get these trades off their system and that’s why FXCM and other STP brokers had much bigger exposure.

Why did FXCM require an emergency loan with such tough terms?

As a regulated broker we are required to notify our regulators in a timely manner when any event occurs that may be deemed sensitive to clients. When we notified the regulators, they required FXCM Inc.’s regulated entities to supplement their respective net capital on an expedited basis.

We explored multiple debt and equity financing alternatives in an effort to meet the regulator’s deadline. The deal we ended up doing with Leucadia was the only deal that could and would happen in the very short timeframe we were given by the regulators. The CEO and the president of Leucadia were here in the office working on the deal.

It was a tall order for someone outside of the FX industry to come in and write a $300 million dollar check. This was the type of thing only top management could do. But they see the sustainability of FXCM, and that was everyone’s end goal. We really are very thankful to Leucadia. The deal enables us to live and fight another day and gives us time to build shareholder value in the future.

You said you plan to pay back the loan with proceeds from sales of non-core assets so what are non-core assets and will that be enough?

We announced last week that we anticipate that with the proceeds from the sale of some non-core assets and continued earnings we can meet both near and long-term obligations of our financing, while preserving the strength of our franchise. It’s widely known and understood that FXCM’s core business has always been retail FX; It is the majority of FXCM’s revenue.

However, over the past few years, the company has spent over $250 million dollars making strategic acquisitions building up our non-core businesses, mainly the institutional side as we tried to diversify the firm. We are now looking to sell some of those non-core assets; But, we are not in a rush and are looking to get the highest valuations for these assets.

We are considering closing or selling smaller regulated entities that require large sums of capital requirements, but that offer increasingly low return on capital. The latter move allows us to free up significant amounts of cash that is currently trapped. We believe that in the near term we can pay down a majority of the loan. That’s our goal.

What happens after 90 days according to your agreement with Leucadia?

The agreement says we need to pay back $50 million of the loan along with $10 million in fees in 90 days. If we don’t pay that $60 million, we will be assessed an additional $30 million in fees when the loan is due in 2017. So we are going to pay our $60 million and hopefully more in 90 days and then go from there. To be clear, the financing does not force us to do anything at 90 days.

Will you be selling FXCM?

I absolutely do not plan on selling FXCM. Like I said we will be selling non-core assets but no I don’t plan on selling FXCM. That is also why we implemented the shareholder rights plan to prevent a hostile takeover. FXCM has been independent for over 15 years and we intend to stay that way.

Are client funds safe with FXCM?

Yes. As we have said, we believe FXCM’s systems operated properly during this event. I’ll stress it here again, FXCM is not insolvent, has not filed for any form of bankruptcy, and is in compliance with all regulatory capital requirements in the jurisdictions in which it operates. The financing we received from Leucadia has strengthened our balance sheet and gives us the opportunity to grow our core business. With Leucadia, our pockets are even deeper and we aren’t going anywhere. Additionally, all of our regulated entities except the U.S. provide clients with segregated funds. All of our global client base in our regulated entities minus US clients would be protected under a bankruptcy. 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.

What are the relationships like with your liquidity providers after this event?

Many of these relationships are long-standing relationships. The entire industry took a hit here. They understand what happened. Most everyone halted trading in EUR/CHF, but half of our liquidity providers kept providing prices in all other pairs the entire time. Half of the LPs did stop pricing FXCM on Friday January 16th, but most have returned. We presently only have two providers that have not yet returned, but we are optimistic that they will soon return. There is still plenty of liquidity on the platform. Most banks and other liquidity providers have been
working very closely with the FXCM team.

Where do you see FXCM in six months from now?

We will be well on our way to paying down the loan and continue to grow our core franchise. FXCM still has the best platform for retail traders, we still provide the fairest and more transparent execution in the business and we have a slew of new trading indicators and applications that no one in the space is even considering offering their clients. We’ll still be here; We may just look a little different. Here are a few things we are working to get out in the next six months:

Single Share CFDs – We are going to be offering the top 200 or so most traded US, UK, French and German stocks. We are going to offer these shares on the equivalent of NDD in FX.

Improving CFD execution – Sharpening execution capabilities to match some of the benefits of our FX capabilities for Index and Energy CFDs to remove restrictions on stops and limits, allowing APIs, along with tighter spreads.

Market Depth in FX – clients will be able to see the depth of liquidity which will provide them more transparency with execution quality and allow them to make more informed trading decisions.

Real Volume indicators – clients will have a real volume ticker of all trades done on the FXCM system, which will show clients’ actual order flow; they can see directional volume, so long, short, net or total volume as well as balance on volume per instrument; and finally we have an indicator to show the ratio of real volume divided into transactions per period. These indicators will let clients compare our trading activity against other independent providers who also publish volumes like the CME, and clients will be able to compare execution.

Sentiment Index – We will be providing FXCM’s client sentiment data in real-time as a default on the platform so clients can see where the rest of the clients are.

These software updates and platform features are bringing much more transparency to the retail FX market aimed at improving the client experience in the market.

With your stock price so low, is that an indication of the health of your company?

While it is true that FXCM’s stock price dropped after the events of January 15th, we do not believe that the present stock price is indicative of the health of the company. The stock price does not impact our day to day operations as a company.
With the injection of cash from the Leucadia financing, the core retail business is functioning completely as normal. We have excess regulatory capital in all our regulated entities and never had to pause trading or interrupt client’s trading experience. As we announced in our business update, daily volume on the retail side was on pace to set an all-time company record.

Why didn’t the dealing desk brokers have these types of losses?

A dealing desk broker does not have offsetting trades. If the customer is long a trade the broker is short that trade, so when the customer makes a profit on a trade the broker loses. When the customer loses on the trade then the broker is profitable.

Obviously on January 15th most clients lost money so the dealer was very profitable. Even for clients that blew through their stops and had negative balances with these firms, the dealer doesn’t have a liquidity provider that it owes money to. They can essentially act like the negative balances never happened and enjoy their profits.

What is FXCM changing with regards to their risk management systems?

The primary change we will be making is removing currency pairs from the platform that carry significant risk due to over-active manipulation by their respective government either by a floor, ceiling, peg or band. Given what happened with EUR/CHF the industry is now looking very hard at any potentially similar issues, especially given the increased geopolitical risks in Southern and Eastern Europe.

We will also be raising margin requirements for other pairs as well. Some of these changes will be permanent while others may change as geopolitical risks change. The pairs we are removing from the platform were not material to our volume or our revenue. Some of the currencies we are removing include DKK, SGD, HKD, PLN and CZK.

FXCM made some material changes in margin requirements for clients. Are those changes permanent or temporary in nature?

When you look at some of the changes we made to margin requirements, look at them in three different categories: 1. Some of the changes we made were required by regulators, and therefore we had to comply with these changes. 2. When you look at emerging market currencies, the banks and our liquidity providers were raising margin requirements to eliminate any potential risk of large gaps. 3. Previously liquid Western country currencies, like the DKK or CHF, which now carry risk because they are manipulated currencies, have become less liquid.

Despite what the media thinks about leverage, we know the clients like it and want more, it’s the number 1 or number 2 request our sales staff has been getting the past week. We understand the importance of this to our clients but we just need to be smart about it moving forward.

What is Black Thursday’s long-term impact on the retail foreign exchange industry? In what ways has it changed the direction the industry is going?

Banks are raising their margin requirements, too. A lot of these currencies that carry any type of geopolitical risk with them are going to lose support and liquidity. Investors always had little faith in emerging market currencies but always believed in Western countries’ currencies even if they were manipulated in some way, but that’s gone.

Switzerland is a Western country and if they can pull the shenanigans they did with their currency, what’s to say other western countries won’t do the same? The market is going to be very sceptical as they can only stand to lose; The risk is just too high now. It’s too bad really as these pairs historically had low volatility, were range-bound and were very profitable trades for clients.

- See more at: Exclusive: FXCM Inc. CEO Drew Niv Discusses Future of the Firm and Retail Forex

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #74 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

@TabbFORUM: NEWS: FXCM updates policy to cover first $50,000 (MarketWatch) tinyurl.com/ocw8fgb



Sent from my phone

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #75 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


Jason Rogers View Post
You said you plan to pay back the loan with proceeds from sales of non-core assets so what are non-core assets and will that be enough?

We announced last week that we anticipate that with the proceeds from the sale of some non-core assets and continued earnings we can meet both near and long-term obligations of our financing, while preserving the strength of our franchise. It’s widely known and understood that FXCM’s core business has always been retail FX; It is the majority of FXCM’s revenue.

However, over the past few years, the company has spent over $250 million dollars making strategic acquisitions building up our non-core businesses, mainly the institutional side as we tried to diversify the firm. We are now looking to sell some of those non-core assets; But, we are not in a rush and are looking to get the highest valuations for these assets.

During the February 4th Q&A our CEO Drew Niv explained that we intended to sell certain non-core assets in order to repay the Leucadia loan, and today we have announced the first:
FXCM to Sell FXCM Japan to Rakuten Sec for $62 Million

NEW YORK, March 25, 2015 (GLOBE NEWSWIRE) -- FXCM Inc. (NYSE:FXCM) a leading online provider of foreign exchange (FX) trading and related services, today announced that FXCM Holdings, LLC and FXCM Newco, LLC ("FXCM") have signed a definitive agreement to sell FXCM Japan Securities Co., Ltd ("FXCM Japan") to Rakuten Securities, Inc. ("Rakuten Sec"), a top 5 FX broker in Japan, and a subsidiary of Rakuten, Inc. ("Rakuten") (TOKYO:4755), one of the world's largest Internet services companies, for a purchase price of approximately $62 million.

Read full press release: FXCM to Sell FXCM Japan to Rakuten Sec for $62 Million (NYSE:FXCM)
The potential list of non-core assets was released in our most recent earnings presentation:


You can view the full presentation on our IR site Forex Capital Markets - Investor Relations

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #76 (permalink)
anagnam
doha, qatar
 
 
Posts: 10 since Jun 2014
Thanks: 0 given, 2 received

At first I didn't believe in what I've heard from various sources about FXCM scamming their clients.

I asked myself, how come such a big broker, one of the oldest, listed in NYSE and a regulated broker can scam a client with such established reputation?
So I go with FXCM because of the above mentioned criteria plus I find their "education arm" very helpful.

But all these high hopes of making money because you have a trusted broker burst like a bubble when on March 24, 2015, I was scalping the market on a volatile EUR/USD manually opening and closing orders before taking another; when I found out I can no longer execute an order.

Many trade opportunities have passed and since I though that's a bug so I decided to report it.
But I was astonished to see an email from their compliance department stating that they will be terminating my account.

So that's the reason why I can no longer execute an order. With no explanations as to why they terminate my account (and with no warnings even), I am really confused and frustrated.

How come when I was starting out and blowing my account, I did not receive such notice?
How come funding my account back again and again is a breeze.
How come when I am about to become consistently profitable... then they did this to me?

That is a big question!

I emailed them back but no reply. Now I don't even know if my capital/earnings will ever be back again.

With your money in their hands and they shut you down immediately for no reason or warnings at all; and they can no longer be contacted is a typical "modus operandi" of a SCAM group where they can pull the plug anytime and whenever they want just so they can get away with your money in just a blink of an eye.

Note: I am not accusing them. I am demanding justice!

Jason Rogers if you are reading this, please do not reply to me and say please email compliance. Ask them and tell them to reply back and state the reason of the termination.

Until they never reply back stating the reason as to why they terminate my account and until they haven't refunded my money/earnings back then....

Beware dealing with FXCM!
Looks can be decieving - you could be the next target!

Reply With Quote
The following user says Thank You to anagnam for this post:
 
(login for full post details)
  #77 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


anagnam View Post
But I was astonished to see an email from their compliance department stating that they will be terminating my account.

Hello anagnam,

Thank you for choosing FXCM, and I am sorry we are no longer able to service your account. As a regulated broker, we may be unable to provide services for some individuals. Our compliance department can be reached at compliance@fxcm.com with questions.

Jason

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #78 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

NEWS: FXCM's institutional business to focus on HFT, wholesale and Prime of Prime as firm disposes of no... tinyurl.com/kbx5pxh

Sent from my phone

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #79 (permalink)
 theborntrader 
Stockholm Sweden
 
Experience: Advanced
Platform: NT
Trading: HG
 
Posts: 11 since Jul 2013
Thanks: 3 given, 2 received

"Single Share CFDs – We are going to be offering the top 200 or so most traded US, UK, French and German stocks. We are going to offer these shares on the equivalent of NDD in FX.

Improving CFD execution – Sharpening execution capabilities to match some of the benefits of our FX capabilities for Index and Energy CFDs to remove restrictions on stops and limits, allowing APIs, along with tighter spreads."

Are you know offering single share cfd? If so, you have not exactly promoted it.

When is the improvements in index and energy cfd coming?

Reply With Quote
 
(login for full post details)
  #80 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


theborntrader View Post
Are you know offering single share cfd? If so, you have not exactly promoted it.

Thanks for your interest in our Share CFDs. You're correct that so far we haven't done much in the way of promoting them. Since this is a new offering, we've currently limited the roll out to a beta group of customers on our MT4 platform and are actively seeking their feedback.

If you are interested in learning more and possibly trading Share CFDs with FXCM, please send me a PM, and I can provide you with details on how to get access to them on your account.


theborntrader View Post
When is the improvements in index and energy cfd coming?

This is part of our broader goal of extending the benefits of our No Dealing Desk (NDD) forex execution to include other markets including Index and Energy CFDs. While I don't have the specific date for you at this time, I can post an update for you here when this is available.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
(login for full post details)
  #81 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


SuperSaan View Post
I am considering opening an account at FXCM. However, I am a bit reluctant since I heard on the news that they were in financial problems in January. I checked their stock and it really plunged from 17 to now 1.5 USD.

While I'm not authorized to comment on our stock, you can contact our Investor Relations department with any related questions at investorrelations@fxcm.com. It's worth noting that since we are a publicly-traded company (NYSE ticker: FXCM), the details of our finances are readily available in contrast to brokers that are privately-held firms.


SMCJB View Post
They took a beating in the Swiss Franc move.

Despite the events of January 15, 2015, FXCM remains in a strong competitive position with excess regulatory capital (over $200 million worldwide) and operation cash (over $300 million) similar to before the SNB event.


SuperSaan View Post
What will happen with my money when they go bankrupt? And how likely is it they will?

I'll stress it here again, FXCM is not insolvent, has not filed for any form of bankruptcy, and is in compliance with all regulatory capital requirements in the jurisdictions in which we operate. Additionally, all of our regulated entities except the US provide clients with segregated funds. All of our global client base in our regulated entities minus US clients would be protected under a bankruptcy. 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.

@SuperSaan, since you live in the Netherlands, you can open an account with FXCM UK and benefit from the 50k FSCS protection.

@SMCJB, since you live in the US, below are recent capital figures for US-regulated forex brokers (RFEDs) as reported to the CFTC.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
(login for full post details)
  #82 (permalink)
 SMCJB 
Legendary Market Wizard
Houston, TX
 
Experience: Advanced
Platform: Trading Technologies
Broker: Primary Advantage Futures. Also ED&F and Tradestation
Trading: Primarily Energy but also a little GE, GC, SI & Bitcoin
 
Posts: 4,035 since Dec 2013
Thanks: 3,341 given, 7,955 received


Jason Rogers View Post
@SMCJB, since you live in the US, below are recent capital figures for US-regulated forex brokers (RFEDs) as reported to the CFTC.

I don't personally trade FX and was just trying to direct @SuperSaan to somebody who could answer his questions (ie your FXCM threads) but since you brought me into the equation I would point out that you never actually answered @SuperSaan 's question

SuperSaan
What will happen with my money when they go bankrupt? And how likely is it they will?

Obviously you can't answer the second half of the question but what about the first half of the question? What happen's to his money if you go bankrupt? Personally I would add to the question "How does this compare to Refco, PFG Best and MF Global who all also had "Segregated client funds". I realize @SuperSaan 's is in the Netherlands and not the US, but this question is especially important for US clients since you highlight that your US clients don't have segregated funds?

Jason Rogers View Post
Additionally, all of our regulated entities except the US provide clients with segregated funds. All of our global client base in our regulated entities minus US clients would be protected under a bankruptcy.


Reply With Quote
The following 2 users say Thank You to SMCJB for this post:
 
(login for full post details)
  #83 (permalink)
 Tymbeline 
Leeds UK
 
Experience: Intermediate
Platform: TradingView
Broker: LCG, Oanda
Trading: ES, 6E, Cable
 
Tymbeline's Avatar
 
Posts: 474 since Apr 2015
Thanks: 1,254 given, 656 received

In my opinion, all this business about FXCM's loan arrangements and their ability to service the interest-payments arising from them are actually kind of tangential to the main question hanging over them, which relates to whether one should really want to trade with a company with their history of regulatory investigations and fines relating directly to the ways in which they've treated their customers in the past.

Reply With Quote
The following user says Thank You to Tymbeline for this post:
 
(login for full post details)
  #84 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


SMCJB View Post
I don't personally trade FX and was just trying to direct @SuperSaan to somebody who could answer his questions (ie your FXCM threads) but since you brought me into the equation I would point out that you never actually answered @SuperSaan 's question

Obviously you can't answer the second half of the question but what about the first half of the question? What happen's to his money if you go bankrupt? Personally I would add to the question "How does this compare to Refco, PFG Best and MF Global who all also had "Segregated client funds". I realize @SuperSaan 's is in the Netherlands and not the US, but this question is especially important for US clients since you highlight that your US clients don't have segregated funds?

Hi SMCJB,

You raise a good point about forex trading in the US.

Unlike in other countries, there is no insurance for forex accounts when trading through a US-regulated broker. However, US regulations prohibit anyone but US-regulated brokers from offering forex trading to US residents. That means, if a US broker goes bankrupt, as happened with PFG Best, Refco and MF Global, then there is no insurance in the US to protect their clients. (It's worth noting that international clients of those firms who traded through their UK and Canadian entities did have their funds protected by the insurance programs available in those countries, which I mentioned in my previous post.)

If you're trading forex in the US, the capitalization of your broker becomes all the more important. That's why I highlighted for you our net capital figures both in the US and worldwide, which show that despite the events of January 15th, FXCM remains in a strong competitive position.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #85 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


Tymbeline View Post
In my opinion, all this business about FXCM's loan arrangements and their ability to service the interest-payments arising from them are actually kind of tangential to the main question hanging over them, which relates to whether one should really want to trade with a company with their history of regulatory investigations and fines relating directly to the ways in which they've treated their customers in the past.

Hi Tymbeline,

FXCM takes regulations very seriously, and we believe it is in our clients' best interests to have regulatory oversight and transparency. That's why we are regulated in multiple jurisdictions across 4 continents and have over 80 employees in our compliance department as mentioned by our CEO Drew Niv in a recent earnings call. This is not to excuse past regulatory actions, but to emphasize how proactive we are in identifying problems and making sure they are corrected.

FXCM actively works with regulators to resolve issues and ensure the best trading environment possible for our clients. For example, the NFA and FCA actions for positive slippage not being passed on prior to 2010 were mentioned earlier in this thread. We reimbursed current and former clients who were affected in full, and the changes we made then mean that, since 2010, FXCM passes on positive slippage on all order types including market and limit orders.

It's important to note that to this day, some brokers may still not provide positive slippage to their clients, while others may provide positive slippage on some order types, but don't provide it on other order types. Some brokers may re-quote their clients when the price moves in their clients' favor but fail to re-quote when the price moves against them. There are no re-quotes at FXCM.

In addition, FXCM offers true limit orders on all the platforms we offer including MT4. That means our clients cannot receive negative slippage on their limit orders, only positive slippage. By contrast, some forex brokers treat limit orders on MT4 like market orders when triggered opening up the possibility of negative slippage.

When FXCM was founded in 1999, we were one of the pioneers in what is still a relatively young and quickly evolving industry that is retail forex. Our popularity is due in no small part to our ability to adapt to and lead change in this market. The stats below demonstrate this.

A study of over 43 million trades executed through FXCM over a 12-month period from September 2013 through August 2014 revealed in that year FXCM clients benefited from over $21 million in positive slippage.
  • 76.2% of all orders had no slippage.
  • 13.5% of all orders received positive slippage. (AKA price improvements)
  • 10.2% of all orders received negative slippage.
  • Over 58% of all limit and limit entry orders received positive slippage.
  • 52% of all stop and stop entry orders received negative slippage.

Our greater size means we are under a greater amount of scrutiny than other firms. We appreciate that responsibility and believe in leading the way in transparency. Our recent transition to a raw FX spread pricing model with separate commissions is just the latest example.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #86 (permalink)
 jodistrict 
san diego
 
Experience: Intermediate
Platform: FXCM MarketScope, NT, Interactive brokers, AMP
Broker: FXCM, Interactive Brokers
Trading: FOREX, IWM, SPY, XLE, NQ
 
Posts: 228 since Apr 2010
Thanks: 72 given, 143 received

I can verify that on many trades I have gotten positive slippage when the price moves rapidly through my target. Once, I got close to 20 pips negative slippage on my stop, but that was on an HFT. I don't think FXCM has anything to do with that. It is HFTs in the eur/usd that you have to watch for.

I talked about that here.


Reply With Quote
The following user says Thank You to jodistrict for this post:
 
(login for full post details)
  #87 (permalink)
 Tymbeline 
Leeds UK
 
Experience: Intermediate
Platform: TradingView
Broker: LCG, Oanda
Trading: ES, 6E, Cable
 
Tymbeline's Avatar
 
Posts: 474 since Apr 2015
Thanks: 1,254 given, 656 received


Jason Rogers View Post
Hi Tymbeline,

I note everything you say, Jason.

You have your job to do, here, and you do it well.

But nothing you said actually addresses my opinion that the main question for people considering trading through FXCM at the moment relates to whether one should really want to trade with a company with your history of regulatory investigations and fines relating directly to the ways in which you've treated your customers in the past.

You can't deny what's happened in the past, and that the regulators have fined your company so much money over adverse regulatory findings about exactly that.

I don't see much potential gain, from your perspective, in discussing all that in detail, but I'm happy to, if you really want to. (I'd just "let it go", if I were you.)

Reply With Quote
The following user says Thank You to Tymbeline for this post:
 
(login for full post details)
  #88 (permalink)
sledmt
Kalispell montana
 
 
Posts: 158 since Jan 2015
Thanks: 157 given, 23 received

From someone looking for a forex broker, I am wondering what FXCM has done to insurance that things like what has happened in the past will not repeat in the future. What steps have been taking to fix the issues?

Reply With Quote
The following user says Thank You to sledmt for this post:
 
(login for full post details)
  #89 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


jodistrict View Post
I can verify that on many trades I have gotten positive slippage when the price moves rapidly through my target. Once, I got close to 20 pips negative slippage on my stop, but that was on an HFT. I don't think FXCM has anything to do with that. It is HFTs in the eur/usd that you have to watch for.

I talked about that here.


Thanks for your feedback, Jodistrict. I'm glad you have benefited from positive slippage on trades with us. The stats above show that positive slippage is more common with limit orders, while negative slippage is more common with stop orders. This has to do with the momentum of price movement when such order types are triggered.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #90 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


Tymbeline View Post
You can't deny what's happened in the past

Nor would we want to do that. A key to our popularity is that our goal is not only to lead the retail forex industry in terms of accounts and trading volume, but also in terms of transparency with regards to both our financials and trade execution. This is why we're one of the only retail forex brokers to be regulated on four continents.

All that said, I respect your decision on whom to trade with and wish you all the best with your trading.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #91 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


sledmt View Post
From someone looking for a forex broker, I am wondering what FXCM has done to insurance that things like what has happened in the past will not repeat in the future. What steps have been taking to fix the issues?

Hi Sledmt,

Given what happened with EUR/CHF on January 15th, the industry is now looking very hard at any potentially similar issues, especially with the increased geopolitical risks in Southern and Eastern Europe. The primary change FXCM has made is to remove currency pairs from our platform that carry significant risk due to over-active manipulation by their respective government either by a floor, ceiling, peg or band. We also raised margin requirements for other pairs as well. Some of these changes will be permanent while others may change as geopolitical risks change.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
(login for full post details)
  #92 (permalink)
sledmt
Kalispell montana
 
 
Posts: 158 since Jan 2015
Thanks: 157 given, 23 received


Jason Rogers View Post
Hi Sledmt,

Given what happened with EUR/CHF on January 15th, the industry is now looking very hard at any potentially similar issues, especially with the increased geopolitical risks in Southern and Eastern Europe. The primary change FXCM has made is to remove currency pairs from our platform that carry significant risk due to over-active manipulation by their respective government either by a floor, ceiling, peg or band. We also raised margin requirements for other pairs as well. Some of these changes will be permanent while others may change as geopolitical risks change.

Thanks Jason

Reply With Quote
The following user says Thank You to sledmt for this post:
 
(login for full post details)
  #93 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
 
Posts: 2,893 since Apr 2012
Thanks: 1,683 given, 3,667 received


anagnam View Post
At first I didn't believe in what I've heard from various sources about FXCM scamming their clients.

I asked myself, how come such a big broker, one of the oldest, listed in NYSE and a regulated broker can scam a client with such established reputation?
So I go with FXCM because of the above mentioned criteria plus I find their "education arm" very helpful.

But all these high hopes of making money because you have a trusted broker burst like a bubble when on March 24, 2015, I was scalping the market on a volatile EUR/USD manually opening and closing orders before taking another; when I found out I can no longer execute an order.

Many trade opportunities have passed and since I though that's a bug so I decided to report it.
But I was astonished to see an email from their compliance department stating that they will be terminating my account.

So that's the reason why I can no longer execute an order. With no explanations as to why they terminate my account (and with no warnings even), I am really confused and frustrated.

How come when I was starting out and blowing my account, I did not receive such notice?
How come funding my account back again and again is a breeze.
How come when I am about to become consistently profitable... then they did this to me?

That is a big question!

I emailed them back but no reply. Now I don't even know if my capital/earnings will ever be back again.

With your money in their hands and they shut you down immediately for no reason or warnings at all; and they can no longer be contacted is a typical "modus operandi" of a SCAM group where they can pull the plug anytime and whenever they want just so they can get away with your money in just a blink of an eye.

Note: I am not accusing them. I am demanding justice!

Jason Rogers if you are reading this, please do not reply to me and say please email compliance. Ask them and tell them to reply back and state the reason of the termination.

Until they never reply back stating the reason as to why they terminate my account and until they haven't refunded my money/earnings back then....

Beware dealing with FXCM!
Looks can be decieving - you could be the next target!


I'd really like to know what the reason for the termination is myself. I've heard of this happening to someone else as well. I mean, is active scalping customers considered some sort of problem for fxcm? I don't know why they'd have the commission structure the way they have it now and then be against scalpers because I'd assume it attracts scalpers.

I understand that @Jason Rogers can't comment on specific accounts, but maybe he can let us know if certain account activity like active scalping is a problem in the eyes of fxcm. Maybe there's some things we should avoid doing.

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
The following user says Thank You to Itchymoku for this post:
 
(login for full post details)
  #94 (permalink)
 jodistrict 
san diego
 
Experience: Intermediate
Platform: FXCM MarketScope, NT, Interactive brokers, AMP
Broker: FXCM, Interactive Brokers
Trading: FOREX, IWM, SPY, XLE, NQ
 
Posts: 228 since Apr 2010
Thanks: 72 given, 143 received

I am actively scalping on FXCM and so far no problems. But the amounts I am trading are too small to be of any concern to them. It would be interesting if someone here who trades size could comment. But I think most people here trade futures. If FXCM is not a market maker, like they say, then it shouldn't matter, but then the micro mechanics of this business is so complicated who knows what the incentives are?

Reply With Quote
The following user says Thank You to jodistrict for this post:
 
(login for full post details)
  #95 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


Itchymoku View Post
I understand that @Jason Rogers can't comment on specific accounts, but maybe he can let us know if certain account activity like active scalping is a problem in the eyes of fxcm. Maybe there's some things we should avoid doing.

Hi Itchymoku,

While I cannot comment on any specific case for security reasons, it's important to note that as a regulated firm, FXCM is required to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines in our client screening process both before and after an account is opened with us. These regulations may prohibit us from providing service to a particular individual, and this impacts most financial institutions.

In regards to active scalping, this would not be a reason for your FXCM account to be closed, since we offer you No Dealing Desk (NDD) forex execution. On the NDD model, FXCM offsets each of your orders one-for-one with the best prices from competing liquidity providers. Since we don't take the market risk on the other side of your trades, we don't profit from your losses or lose from your profits. Instead, we make our money from your trading volume. That means active scalpers are some of our best clients, because of the higher volume they generate.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
(login for full post details)
  #96 (permalink)
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
Thanks: 122 given, 153 received


jodistrict View Post
I am actively scalping on FXCM and so far no problems. But the amounts I am trading are too small to be of any concern to them. It would be interesting if someone here who trades size could comment. But I think most people here trade futures. If FXCM is not a market maker, like they say, then it shouldn't matter, but then the micro mechanics of this business is so complicated who knows what the incentives are?

Hi Jodistrict,

Since we make money from your trading volume on our NDD model, we would love nothing more than for you to be profitable, so you can scalp on even larger trade sizes. In fact, we even offer an Active Trader account type specifically to attract and retain such clients. Active Trader accounts are designed for individuals and institutions that trade 10 million notional per month or deposit $25,000. When you open an Active Trader account, you gain access to a wide range of relationship managers, service specialists, forex instructors and market analysts who can help you get the most out of your account.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
 
(login for full post details)
  #97 (permalink)
 trendisyourfriend 
Market Wizard
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,995 since Oct 2009
Thanks: 3,671 given, 5,159 received

Very good article based on 43 million real trades placed on FXCM’s trading servers:
https://finance.yahoo.com/news/why-many-forex-traders-lose-214500903.html

Reply With Quote
The following 4 users say Thank You to trendisyourfriend for this post:
 
(login for full post details)
  #98 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 49,965 since Jun 2009
Thanks: 32,433 given, 98,167 received

@TabbFORUM: NEWS: Leucadia Writes Down FXCM Bailout Loan by More Than $100 Million (Bloomberg) https://tabbforum.com/news/leucadia-writes-down-fxcm-bailout-loan-by-more-than-100-dollars-million



Sent from my phone

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #99 (permalink)
 SMCJB 
Legendary Market Wizard
Houston, TX
 
Experience: Advanced
Platform: Trading Technologies
Broker: Primary Advantage Futures. Also ED&F and Tradestation
Trading: Primarily Energy but also a little GE, GC, SI & Bitcoin
 
Posts: 4,035 since Dec 2013
Thanks: 3,341 given, 7,955 received


Big Mike View Post
@TabbFORUM: NEWS: Leucadia Writes Down FXCM Bailout Loan by More Than $100 Million (Bloomberg) https://tabbforum.com/news/leucadia-writes-down-fxcm-bailout-loan-by-more-than-100-dollars-million



Sent from my phone

I believe that's a little bit of a misleading headline - to me it implies that FXCM is in trouble. The Bloomberg article says

Leucadia National Corp. said the value of its bailout loan to online currency-trading firm FXCM Inc. declined by more than $100 million even as the firm more than doubled its money on the deal.

The $300 million rescue loan and associated rights are now valued at $759 million, the New York-based parent of Jefferies Group said Wednesday in a regulatory filing. The company had valued the investment at $947 million as of March 31.

Leucadia also said it received $75.9 million in cash payments from FXCM during the second quarter, bringing the total received to $94.5 million.
Which implies to me that FXCM is doing well and that Leucadia made an excellent investment.

Leucadia Writes Down FXCM Bailout Loan by More Than $100 Million - Bloomberg Business

Reply With Quote
The following 2 users say Thank You to SMCJB for this post:
 
(login for full post details)
  #100 (permalink)
 Sumatra 
Berlin+Germany
 
 
Posts: 12 since Aug 2015


jodistrict View Post
I am actively scalping on FXCM and so far no problems. But the amounts I am trading are too small to be of any concern to them. It would be interesting if someone here who trades size could comment. But I think most people here trade futures. If FXCM is not a market maker, like they say, then it shouldn't matter, but then the micro mechanics of this business is so complicated who knows what the incentives are?

Is FXCM really good for scalping? Why do you choose it: low spreads or ...?

Reply With Quote


futures io Trading Community Trading Reviews and Vendors Brokers > FXCM review


Last Updated on February 7, 2017


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
 

Journal Challenge w/$1,800 in prizes!

April
 

Seven Trading Mistakes Solved With Smart Trading Tools w/Brannigan Barrett

Elite only
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts