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FXCM shut down (banned by CFTC from operating in the USA)


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FXCM shut down (banned by CFTC from operating in the USA)

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  #1 (permalink)
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Another reason I don't trade forex: too many broker shenanigans

FXCM banned by CFTC after taking positions against clients - MarketWatch

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shodson View Post
Another reason I don't trade forex: too many broker shenanigans

FXCM banned by CFTC after taking positions against clients - MarketWatch

Wow! Thanks brother. I also no longer trade forex for this very same reason. Initially thought this only (mainly) happened if you accounts with brokerages outside the US, but seems like it's almost all the same no matter where you turn.

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  #4 (permalink)
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1983tops View Post
Wow! Thanks brother. I also no longer trade forex for this very same reason. Initially thought this only (mainly) happened if you accounts with brokerages outside the US, but seems like it's almost all the same no matter where you turn.

Fellow Traders, So which accounts can I still trade FX using Ninjatrader if I want to trade using margin? Is FXCM the only broker Ninjatrader provides for FX trading?!?

Warcious

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  #5 (permalink)
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Maybe I am off base here but if the trading wisdom that most retail traders fail is true, wouldn't FXCM kind of automatically win just by taking the other side without any hanky panky playing with spreads and such. Someone please explain? Is taking the other side of the trade illegal? I thought equity brokers like TDA do it all the time.

For disclosure, I have no love for brokers and market makers.

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  #6 (permalink)
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warcious View Post
Fellow Traders, So which accounts can I still trade FX using Ninjatrader if I want to trade using margin? Is FXCM the only broker Ninjatrader provides for FX trading?!?

Warcious


I am in the same boat..

Interactive brokers is still an option with NT. atleast they were recently, but i think i heard you could only trade a max of 30,000 lots. i am about to start doing some research to find out for sure.
if anyone else has info please let us know!

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  #7 (permalink)
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mastercraft29 View Post
I am in the same boat..

Interactive brokers is still an option with NT. atleast they were recently, but i think i heard you could only trade a max of 30,000 lots. i am about to start doing some research to find out for sure.
if anyone else has info please let us know!

Sure, I will let you know what I find out.
IB does not allow margin when trading FX. So maybe there are not many options.

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I just hung up with FXCM. They could not tell me anything other than they with publish a communication in a few hours on their investor relations page with details.

Waiting.......

Here's the post from MarketWatch.....for your reading convenience....


Quoting 
WASHINGTON (MarketWatch) -- FXCM has been banned from operating in the U.S. after the Commodity Futures Trading Commission found the retail currency broker had an undisclosed interest in the market maker that consistently "won" the largest share of FXCM's trading volume - and thus was taking positions opposite its retail customers. The CFTC also found that FXCM willfully made false statements to the National Futures Association in order to conceal FXCM's role in the creation of its principal market maker as well as the fact that the market maker's owner had been an FXCM employee and managing director. FXCM also agreed to pay a $7 million fine and never seek to register with the CFTC, and the two founding partners, Dror Niv and William Ahdout, will withdraw from CFTC registration. FXCM, Niv and Ahdout didn't admit or deny the findings.

As far is as I know this has always been the case that FX brokers can take the other side of retail traders. Let'em take the other side of my trades.... I'll take anybodies cash, gladly.

Ron

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  #9 (permalink)
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Seahn View Post
Maybe I am off base here but if the trading wisdom that most retail traders fail is true, wouldn't FXCM kind of automatically win just by taking the other side without any hanky panky playing with spreads and such. Someone please explain? Is taking the other side of the trade illegal? I thought equity brokers like TDA do it all the time.

For disclosure, I have no love for brokers and market makers.

I think what you're saying about the long term odds being in favour of the house is true, but sadly both regulated and unregulated markets are less than squeaky clean. The temptation to increase the short term odds can prove irresistible. UK spreadbetting firms play games with handy little price spikes that don't appear on other companies charts. BATS supply data at two different speeds. The SEC have had their selective vision detailed in 'Fooling Some of the People All of the Time'.
The flash crash has been blamed on a UK trader, now extradited to face the US justice system, for placing spoof orders from his bedroom. FXCM made the schoolboy error of having no director with the surname 'Corzine'. The authorities have raised looking in the wrong direction to an art form.

There is one thing I definitely agree with Donald - the swamp is in need of drainage.

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

- sigh - I literally just opened an account with them since I couldn't trade FX at IB ($10M account minimum required for FX until Dodd-Frank gets a "do over").

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

FXCM will be withdrawing from business in the U.S. and has signed a non-binding letter of intent with GAIN Capital Holdings, Inc. (GAIN) under which GAIN would purchase FXCMs U.S. customer accounts. The transaction is subject to regulatory approval and a definitive agreement. FXCM and GAIN are working to determine the timing for the account transfer and expect to provide further information in that regard in the coming days. In 2016, FXCMs U.S. business had unaudited net revenues of approximately $48 million and generated an EBITDA[1] loss, but the costs associated with the business will not be transferring to GAIN. There will be no changes to FXCM customers outside of the United States.

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

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

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


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  #11 (permalink)
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warcious View Post
Fellow Traders, So which accounts can I still trade FX using Ninjatrader if I want to trade using margin? Is FXCM the only broker Ninjatrader provides for FX trading?!?

Warcious

LMAO finally FXCM got the nail in the coffin they had it coming for ages - cant wait to see what NinjaTrader will do now that they removed Gain Capital from their support list ;D

You can use Forex.com(Gain Capital) if you wan trade with them but you need to go trough a special step to get you account enable for NinjaTrader as i said it will only work with NT7 not NT8 as they have dropped support for it due to "not many demand" lol you think they will have demand for it next month?

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  #12 (permalink)
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kishisaki View Post
LMAO finally FXCM got the nail in the coffin they had it coming for ages - cant wait to see what NinjaTrader will do now that they removed Gain Capital from their support list ;D

You can use Forex.com(Gain Capital) if you wan trade with them but you need to go trough a special step to get you account enable for NinjaTrader as i said it will only work with NT7 not NT8 as they have dropped support for it due to "not many demand" lol you think they will have demand for it next month?



thanks for the info - what is the extra step you are talking about ?

Also do you know how much the commission costs are for gain (forex.com) ?

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  #13 (permalink)
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kishisaki View Post
LMAO finally FXCM got the nail in the coffin they had it coming for ages - cant wait to see what NinjaTrader will do now that they removed Gain Capital from their support list ;D

You can use Forex.com(Gain Capital) if you wan trade with them but you need to go trough a special step to get you account enable for NinjaTrader as i said it will only work with NT7 not NT8 as they have dropped support for it due to "not many demand" lol you think they will have demand for it next month?

Thanks for the post kishsaki!
Is Gain better then FXCM?
What about their fees and stability? Any experience?

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  #14 (permalink)
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mastercraft29 View Post
thanks for the info - what is the extra step you are talking about ?

Also do you know how much the commission costs are for gain (forex.com) ?


warcious View Post
Thanks for the post kishsaki!
Is Gain better then FXCM?
What about their fees and stability? Any experience?

NinjaTrader Connection Guide for GAIN Capital/Forex.com

yeah there is no commission lol that alone makes it better ;D that's what made me move away from FXCM in the first year.

spreads is fine as well but i am currently using the MT4 version due to NT dropping support for it on NT8 because its just a matter of time before NT7 gets axed - knowing NT history of dropping everybody off since they got their own brokerage like they did with AMP Futures ><

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  #15 (permalink)
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kishisaki View Post
NinjaTrader Connection Guide for GAIN Capital/Forex.com

yeah there is no commission lol that alone makes it better ;D that's what made me move away from FXCM in the first year.

spreads is fine as well but i am currently using the MT4 version due to NT dropping support for it on NT8 because its just a matter of time before NT7 gets axed - knowing NT history of dropping everybody off since they got their own brokerage like they did with AMP Futures ><

So you mean the only cost are the spreads? And you are fine with the spreads? What datafeed are you using?
I think NT will be forced to put them back on as supported broker as long as they dont have their own FX brokerage, which I do not think they will start.

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warcious View Post
So you mean the only cost are the spreads? And you are fine with the spreads? What datafeed are you using?
I think NT will be forced to put them back on as supported broker as long as they dont have their own FX brokerage, which I do not think they will start.

Correct, there is no commission the only cost of trading is the spread.

The data feed that comes with Gain Capital since Gain Capital is a liquidity provider it has his own data feed so it doesn't get its data from 3rd-party like FXCM like many others does.(i could be wrong) i just remember researching about it long time ago so things could have changed or will change ;D

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kishisaki View Post
Correct, there is no commission the only cost of trading is the spread.

The data feed that comes with Gain Capital since Gain Capital is a liquidity provider it has his own data feed so it doesn't get its data from 3rd-party like FXCM like many others does.(i could be wrong) i just remember researching about it long time ago so things could have changed or will change ;D

Apparently City Index is taking care of the Forex.com Australian accounts right now.
And they dont know if they support Ninjatrader. wonderful!
I will follow up with my findings.

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  #18 (permalink)
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warcious View Post
Apparently City Index is taking care of the Forex.com Australian accounts right now.
And they dont know if they support Ninjatrader. wonderful!
I will follow up with my findings.

They should as they are all going to the same place at the end - Gain Capital.
Make sure you talk with the right people and the right department.
regular tech support @ forex.com will also tell you that they dont support ninjatrader - but they do.

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  #19 (permalink)
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kishisaki View Post
They should as they are all going to the same place at the end - Gain Capital.
Make sure you talk with the right people and the right department.
regular tech support @ forex.com will also tell you that they dont support ninjatrader - but they do.

Correct, but they have outsourced all their Australian accounts to a company called CityIndex.
Seems to be a lot of manoeuvres in the FX business. Maybe its time to go over to FX futures instead?

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I called this almost 3 years ago:


artemiso View Post

Reading between the lines, am I right to understand that Lucid carries out internal crossings on a large portion of your institutional client (who could represent retirement and pension funds) order flow from FXCM Pro before sending them out to the broader, displayed markets?

Does FXCM or Lucid own Cognitive Data Dispatch LLC (to develop microwave networks) and Kinetic Global Markets Inc (to develop tools for textual news analysis)? What is V3 Markets's role in your ecosystem? How are such entities with significant technological advantages generating revenue responsibly while trading, or being used to trade, the same products as your institutional or retail clients?

I have nothing against FXCM specifically, and regardless of your responses to these questions, I feel that the answers should be available transparently if one is in the business of facilitating clients' trades. The heart of my proposal is that a broker, whether for institutional or retail clients, should work for his clients with no conflict of interest, and that such a practice warrants additional regulatory oversight.

and their rep's response to my questions was definitely opaque and unsatisfactory at the time. I feel an eerie sense of regret that I could have done more.

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warcious View Post
Correct, but they have outsourced all their Australian accounts to a company called CityIndex.
Seems to be a lot of manoeuvres in the FX business. Maybe its time to go over to FX futures instead?

yeah lol i came to that conclusion as well long time ago.
i am originally a futures trader, i got into spot forex later due to trade copiers available for MT4 ;D

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  #22 (permalink)
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My FXCM account is still working.

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kishisaki View Post
yeah lol i came to that conclusion as well long time ago.
i am originally a futures trader, i got into spot forex later due to trade copiers available for MT4 ;D

Are you using MT4 or Ninjatrader?
I believe you dont have as good margin with FX futures as you have with FX currency-pair trading, also the FX Futures does not have much volume, and only few pairs, maybe 7 majors are tradable. Whats your opinion?

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FXCM is a repeated offender with the CFTC. They also have hundred of lawsuits from forex traders for the same reason the CFTC alleges

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Another thought: Also, this puts Leucadia in a weird position as they had been GTFO of the commodities space on Jefferies's side and I'm guessing that they're going to be largest creditor if the non-US assets go under?

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Blash View Post
I just hung up with FXCM. They could not tell me anything other than they with publish a communication in a few hours on their investor relations page with details.

Waiting.......

Here's the post from MarketWatch.....for your reading convenience....



As far is as I know this has always been the case that FX brokers can take the other side of retail traders. Let'em take the other side of my trades.... I'll take anybodies cash, gladly.

Ron

Hi Ron,

Below is the statement we posted on the FXCM website.


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


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

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

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

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

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

Disclosure Regarding Forward-Looking Statements

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

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

About FXCM Inc.

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

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

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

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



Jaclyn Sales, 646-432-2463

Vice-President, Corporate Communications

jsales@fxcm.com

investorrelations@fxcm.com

If you have questions about our services at FXCM please send me a Private Message.
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  #27 (permalink)
Chicago IL USA
 
 
Posts: 24 since Aug 2012
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jodistrict View Post
My FXCM account is still working.

Until Feb 28th ;D


warcious View Post
Are you using MT4 or Ninjatrader?
I believe you dont have as good margin with FX futures as you have with FX currency-pair trading, also the FX Futures does not have much volume, and only few pairs, maybe 7 majors are tradable. Whats your opinion?

yeah futures is expensive for low capital compare to spot forex where you can open an account with hundreds of dollar lol
lol what volume? you have $20 billion dollar account to move that much volume? ;D
Even if you did under spot forex you would not wan trade with that much on retail brokerage level anyways.
Once you get to about a million you would wan use a prime brokerage deleverage.
You should always stick with majors when dealing with forex anyways better for taxes treatment purpose and safety.
I use NT mainly for futures MT4 for spot forex for trade copiers and Multicharts as backup.

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  #28 (permalink)
Brisbane + Australia
 
Experience: Advanced
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kishisaki View Post
Until Feb 28th ;D



yeah futures is expensive for low capital compare to spot forex where you can open an account with hundreds of dollar lol
lol what volume? you have $20 billion dollar account to move that much volume? ;D
Even if you did under spot forex you would not wan trade with that much on retail brokerage level anyways.
Once you get to about a million you would wan use a prime brokerage deleverage.
You should always stick with majors when dealing with forex anyways better for taxes treatment purpose and safety.
I use NT mainly for futures MT4 for spot forex for trade copiers and Multicharts as backup.

Reply I got from CityIndex:
-------------------
I believe this link is an old webpage from before City Index was acquired by Gain Capital.

Gain Capital previously was operating under the brand name FOREX.com in Australia, however, now we operate under City Index.

NinjaTrader is not available through City Index unfortunately, unless you can use the application as an add on with MT4.

I apologise for any inconvenience.

Best regards,
Daniel
-------------------
Sorry Australian FXCM account holders, such as myself, that enjoy Ninjatrader, tough luck

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  #29 (permalink)
Chicago IL USA
 
 
Posts: 24 since Aug 2012
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warcious View Post
Reply I got from CityIndex:
-------------------
I believe this link is an old webpage from before City Index was acquired by Gain Capital.

Gain Capital previously was operating under the brand name FOREX.com in Australia, however, now we operate under City Index.

NinjaTrader is not available through City Index unfortunately, unless you can use the application as an add on with MT4.

I apologise for any inconvenience.

Best regards,
Daniel
-------------------
Sorry Australian FXCM account holders, such as myself, that enjoy Ninjatrader, tough luck

guess so then there is also forex king - gain capital based.
thats why i always master more then one platform you never know when they will pull a one under you like this ;D

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  #30 (permalink)
Brisbane + Australia
 
Experience: Advanced
Platform: NinjaTrader
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Trading: NQ, FDAX
 
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kishisaki View Post
guess so then there is also forex king - gain capital based.
thats why i always master more then one platform you never know when they will pull a one under you like this ;D

What is their URL?

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  #31 (permalink)
Chicago IL USA
 
 
Posts: 24 since Aug 2012
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warcious View Post
What is their URL?

https://www.tradeking.com/forex/index.htm

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  #32 (permalink)
Brisbane + Australia
 
Experience: Advanced
Platform: NinjaTrader
Broker: CQG, NinjaTrader Brokerage
Trading: NQ, FDAX
 
Posts: 104 since Oct 2016
Thanks: 35 given, 20 received



No accounts for Australia unfortunately.
And they say they do not work with Ninjatrader.
No options!

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  #33 (permalink)
North Carolina
 
Experience: Beginner
Platform: NinjaTrader, Tradestation
Trading: es
 
Posts: 644 since Nov 2011

Below are the actual details-- sorry if already posted. It sounds like their counter parties, the other liquidity providers, may also have been impacted. It sounds like the conflict of interest became a problem when their HFT trader started "hanging" trades. But, it doesn't sound like that was on purpose. It sounds like the problem was due to how they were marketing. My analysis may be wrong but it sounds like if they had admitted the relationship then they may not have got in trouble. However, I'm not sure whether or not other liquidity providers knew they may not have been on a fair playing field either.

https://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfforexcapitalorder020617.pdf


Quoting 
In September 2011, an FXCM executive raised "Compliance Concerns" with members of
FXCM's Compliance department, noting a problem with HFT Co "hanging orders" that arose
from "the fact that the [HFT Co] adapter is different technology than the rest of the bank
adapters." An FXCM compliance officer responded: "Given the sensitivity of the counter party
involved we would prefer the events don't happen so that we do not draw unwanted attention."


Quoting 
The Forex Factory post, anonymously written by "fx insider," stated: "So I just heard
something interesting from a friend about FXCM' s 'no dealing desk'. Apparently their largest
liquidity provider by far is a small firm named [HFT Co], which is owned by FXCM itself and
was set up solely to act as counterparty to FXCM clients. They sit on top of FXCM' s liquidity
pool with last look so that for every FXCM trade, they can choose whether to take it or pass it on
to normal liquidity providers. Can anyone confirm this? It would be interesting to know how
much information is shared."


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  #34 (permalink)
Legendary Bought TSLA at 880
New York, NY
 
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tpredictor View Post
Below are the actual details-- sorry if already posted. It sounds like their counter parties, the other liquidity providers, may also have been impacted. It sounds like the conflict of interest became a problem when their HFT trader started "hanging" trades. But, it doesn't sound like that was on purpose. It sounds like the problem was due to how they were marketing. My analysis may be wrong but it sounds like if they had admitted the relationship then they may not have got in trouble. However, I'm not sure whether or not other liquidity providers knew they may not have been on a fair playing field either.

https://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfforexcapitalorder020617.pdf

Right, this is extremely dirty and I hope the other liquidity providers are not precluded from bringing forward a civil suit.

The other thing that's really dirty about this settlement is that the said affiliate of FXCM had made profits well in excess of the $7 million settlement by the 3rd year of its operation. (Its revenues were above the $100 million mark.)

Where's @nanex when you need him?

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  #35 (permalink)
Legendary Bought TSLA at 880
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tpredictor View Post
Below are the actual details-- sorry if already posted. It sounds like their counter parties, the other liquidity providers, may also have been impacted. It sounds like the conflict of interest became a problem when their HFT trader started "hanging" trades.

Another injustice from all of this is that CFTC incorrectly labels this firm as a "HFT trader". There's nothing in the spirit of "HFT" when you are slower than your competition and given a structural advantage over every other liquidity provider in the pool. If they're 'hanging trades', it probably means that they were slowing down the other liquidity providers who are using their speed to provide FXCM's clients with better pricing. Both FXCM's clients and these HFT firms were being taken advantage of.

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  #36 (permalink)
Legendary no drama Llama
Reading UK
 
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shodson View Post
Another reason I don't trade forex: too many broker shenanigans

FXCM banned by CFTC after taking positions against clients - MarketWatch

Ive started the process of closing my accounts. Trading station is very good, executions are lightning quick, support team were always efficient, so overall a good experience but this news worries me.

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  #37 (permalink)
Melbourne, Australia
 
Experience: Beginner
Platform: Ninja Trader
Broker: Ninjatrader Brokerage
Trading: Many
 
Posts: 136 since May 2012
Thanks: 167 given, 89 received

Ninja also has PhillipCapital as a Future's broker on its website. The Australian arm actually allows FX trading:
Forex Trading PhillipCapital Australia
Would that be an option for US users of Ninja, or non-US clients?

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  #38 (permalink)
Alexandria, Minnesota
 
Experience: Beginner
Platform: Ninja trader
Broker: IB / IQFeed
Trading: Forex
 
Posts: 135 since Jun 2014
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Hello,

a couple of notes on brokers for Forex and Ninja Trader.

Interactive brokers, is no longer taking retail clients.. You need millions to trade their or to trade unleveraged.

FXCM, we know the news and their going to Gain Capital.

Gain Capital, This is who will be taking FXCM retail accounts. They look to be an expensive broker with a lot of negative reviews. They have been fined a few times over the years. Here are the reviews at forexpeacearm.com https://www.forexpeacearmy.com/forex-reviews/66/www.forex.com

MB trading got on bought out by Trade King, I don't believe they support the Ninja Trader platform.

So if you have Ninja Trader and want to trade Forex. Your kind of screwed..

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  #39 (permalink)
Naperville IL
 
Experience: Intermediate
Platform: MC.NET,Zorro,SC,TT,TWS
Broker: IB, OANDA, IQFeed
Trading: Futures, FOREX, Options, Stocks & ETFs
 
Posts: 10 since Apr 2015
Thanks: 2 given, 5 received

Surprised no one mentioned OANDA...

When I compared brokers earlier 2016 I saw the following statistics and tracked back history many quarters up to the point when this statistics is available.
Exclusive: Q1 US Retail Traders Profitability Falls, Accounts on the Rise | Finance Magnates

It seems IB and OANDA usually have highest percentage of profitable retail customers. The reason behind this percentage could be complex, but I certainly do not want to use a broker where the odds seems to be against me the most. Plus FXCM almost collapsed during the CHF incident.

Since IB's ultra-low leverage is painful for retail customers (and someone just said they do not take small retail accounts anymore?), I picked OANDA.

So I am using MultiCharts.NET with OANDA for technical analysis and manual trade. OANDA also supports MT4 for free but I don't like their verbose C++ grammar; so for execution I actually used the Zorro platform for its light weight and simplicity in coding: Take Money From The Rich And Give It To The Poor (the free version is good to play with but you need the paid version to execute with OANDA)

So far I am happy with this setup and feeling lucky that I didn't get affected by the FXCM fiasco.

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  #40 (permalink)
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, 142 received

FXCM still hasn't contacted its customers yet with any explanation. I have an FXCM account using NinaTrader. Ninjatrader has a Forex brokerage. I wonder if we can jut transfer to their broker, if we are already using NinjaTrader or was NinjaTrader actually an agent for FXCM?

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  #41 (permalink)
Alexandria, Minnesota
 
Experience: Beginner
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jodistrict View Post
FXCM still hasn't contacted its customers yet with any explanation. I have an FXCM account using NinaTrader. Ninjatrader has a Forex brokerage. I wonder if we can jut transfer to their broker, if we are already using NinjaTrader or was NinjaTrader actually an agent for FXCM?

I imagine they'll transfer everything over to Gain Capital. But I don't trust Gain Capital, based on the reviews and being fined for violations.

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  #42 (permalink)
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
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Looks like its time to get out. I hope there won't be much problems. They already have had 150 layoffs.

FXCM lays off 150 employees and redoes Leucadia agreement in wake of US market exit | LeapRate

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  #43 (permalink)
Alexandria, Minnesota
 
Experience: Beginner
Platform: Ninja trader
Broker: IB / IQFeed
Trading: Forex
 
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jodistrict View Post
Looks like its time to get out. I hope there won't be much problems. They already have had 150 layoffs.

FXCM lays off 150 employees and redoes Leucadia agreement in wake of US market exit | LeapRate

Just submitted a wire transfer.. Haven't heard anything but negative reviews for Gain capital. So I'm out, maybe time to drop Ninja Trader. Unless they can come up with a decent Forex company

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  #44 (permalink)
Germany
 
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Platform: Other
Trading: ES, YM, 6E
 
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fyi 2 links - just in case you were invested in FXCM stock or options:

FXCM NOTIFICATION: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of

Faruqi & Faruqi LLP - FXCM Inc.(FXCM)

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  #45 (permalink)
Spicewood TX USA
 
Experience: Advanced
Platform: MT5, TS, NT
Trading: FX, Futures, ETF
 
Posts: 7 since Jun 2015
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Magiklair View Post
Just submitted a wire transfer.. Haven't heard anything but negative reviews for Gain capital. So I'm out, maybe time to drop Ninja Trader. Unless they can come up with a decent Forex company

I have no idea why Ninjatrader will not go out and connect with Tradersway, Tallinex, or FX Choice. It would be nice to finally have Ninjatrader connected to a proper FX broker who allows standard forex rules (not US Dodd-Frank restricted rules).

I am setting up to use MT5 with Amp and FX Choice for both futures & forex trading. FX Choice takes US customers for MT4 or MT5.

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  #46 (permalink)
Brisbane + Australia
 
Experience: Advanced
Platform: NinjaTrader
Broker: CQG, NinjaTrader Brokerage
Trading: NQ, FDAX
 
Posts: 104 since Oct 2016
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sienna View Post
Ninja also has PhillipCapital as a Future's broker on its website. The Australian arm actually allows FX trading:
Forex Trading PhillipCapital Australia
Would that be an option for US users of Ninja, or non-US clients?

Great news! as I use FXCM in Australia, I will contact them right away and find out if I can trade FX through PhillipCapital. I use them for Futures already.

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  #47 (permalink)
Brisbane + Australia
 
Experience: Advanced
Platform: NinjaTrader
Broker: CQG, NinjaTrader Brokerage
Trading: NQ, FDAX
 
Posts: 104 since Oct 2016
Thanks: 35 given, 20 received

Ninjatrader has contacted me and posted a FAQ regarding this FXCM issue:

Frequently Asked Questions | NinjaTrader

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  #48 (permalink)
New York
 
Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 166 since Aug 2010
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jodistrict View Post
FXCM still hasn't contacted its customers yet with any explanation. I have an FXCM account using NinaTrader. Ninjatrader has a Forex brokerage. I wonder if we can jut transfer to their broker, if we are already using NinjaTrader or was NinjaTrader actually an agent for FXCM?

Hi Jodistrict,

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

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

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

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

If you have questions about our services at FXCM please send me a Private Message.
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  #49 (permalink)
Alexandria, Minnesota
 
Experience: Beginner
Platform: Ninja trader
Broker: IB / IQFeed
Trading: Forex
 
Posts: 135 since Jun 2014
Thanks: 30 given, 37 received


warcious View Post
Ninjatrader has contacted me and posted a FAQ regarding this FXCM issue:

Frequently Asked Questions | NinjaTrader

That's their solution. Gain Capital..

It has such rave reviews

Forex.com Forex Broker Reviews | Gain Capital | Forex Peace Army
https://www.forexrealm.com/brokers-reviews/fxcm-forex-capital-markets/#reviews
Unbiased Forex.com / Gain Capital Forex Broker Review | Forex Scam Alerts

It looks like it's great for losing traders. I'm likely going to dump Ninja Trader.

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  #50 (permalink)
Brisbane + Australia
 
Experience: Advanced
Platform: NinjaTrader
Broker: CQG, NinjaTrader Brokerage
Trading: NQ, FDAX
 
Posts: 104 since Oct 2016
Thanks: 35 given, 20 received



I trust that Ninjatrader will find a solution very soon.
One option is to make PhilipCapital that they are already using for Futures to also deliver trading for FX through Ninjatrader.
PC works great with NT for Future trading.
I contacted PC today, their Australian branch, and they will get back to me regarding if it is possible to trade FX using NT.

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  #51 (permalink)
Vancouver, BC
 
 
Posts: 25 since Sep 2014
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Curious,

Would switching to futures contracts on forex be a simpler solution?

That would allow US based traders to use IB?

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  #52 (permalink)
Melbourne, Australia
 
Experience: Beginner
Platform: Ninja Trader
Broker: Ninjatrader Brokerage
Trading: Many
 
Posts: 136 since May 2012
Thanks: 167 given, 89 received

Warcius.
Could you keep us in the loop please? As an Australian (not far from Melbourne) I was going to open a FXCM account, but hestiated. Now I am open to different broker solutions. Currently with Dorman for Futures. If PhillipCapital allows us to trade futures and spot FX, via Ninja, I'd be very interested.
Thanks

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  #53 (permalink)
United Kingdom
 
Experience: Intermediate
Platform: TS, IB, Ninja, Sierra
Trading: ES
 
Posts: 7 since Jul 2013
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panz View Post
......so for execution I actually used the Zorro platform for its light weight and simplicity in coding: Take Money From The Rich And Give It To The Poor (the free version is good to play with but you need the paid version to execute with OANDA)

So far I am happy with this setup and feeling lucky that I didn't get affected by the FXCM fiasco.

Thanks for this.Never heard of Zorro before, but that's a really interesting possibility. Tradestation dropped the ability to trade forex pairs which brought my autotrading of them to an end, but this reopens the possibility, as it looks simpler to learn than MT

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  #54 (permalink)
London UK
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Futures
 
vitto's Avatar
 
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warcious View Post
Fellow Traders, So which accounts can I still trade FX using Ninjatrader if I want to trade using margin? Is FXCM the only broker Ninjatrader provides for FX trading?!?

Warcious

NinjaTrader7 Metatrader4 Bridge PRO Edition | Conscious Trading

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  #55 (permalink)
Stockholm Sweden
 
Experience: Advanced
Platform: NT
Trading: HG
 
Posts: 11 since Jul 2013
Thanks: 3 given, 2 received

Its ironic that Ninjatrader blocked good futures brokerage like Optimus to "clean up" the industry and are now in bed with the worst (FXCM). If Forex.com is going to be the only option then its goodbye to ninjatrader.

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  #56 (permalink)
Spicewood TX USA
 
Experience: Advanced
Platform: MT5, TS, NT
Trading: FX, Futures, ETF
 
Posts: 7 since Jun 2015
Thanks: 2 given, 2 received

Ninjatrader has always known they could use Phillip Capital to allow all FX traders (even those in US) to trade FX on NT and use Phillip Capital offshore as the clearing agent. For some very odd reason, since early Fall of 2015, when this was first suggested to NT it just never happened. NT's solution was to stick with FXCM and I knew that was just a matter of time before that relationship ended badly.

My current solution - use MT5 through AMP for FREE and connect to FX Choice for my FX trading. MT5 is better than MT4 and you can trade futures on the MT5 platform through AMP. All I can say is, NT better hurry up and connect with Tallinex, Tradersway, or FX Choice in the next 30 days oe they are about to lose most all of their FX traders!

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  #57 (permalink)
Mossel Bay-South Africa
 
Experience: Intermediate
Platform: Sierra - MetaTrader 5
Broker: ActivTrades - Amp/Rithmic
Trading: Futures and FX
 
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Posts: 54 since Aug 2010
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Does anyone know what is going to happen with FXCM's other global offices? Were they doing the same thing everywhere? And if yes what is the FCA in the Uk going to do to them?

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  #58 (permalink)
Market Chamois
Chicago, IL
 
Experience: None
Platform: NT8,NT7,TWS
Broker: InteractiveBrokers, S5T, IQFeed
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
 
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shodson View Post
Another reason I don't trade forex: too many broker shenanigans

FXCM banned by CFTC after taking positions against clients - MarketWatch

We can't live in fear like this though. There is a reason not to do anything in life let alone a business with risk like trading when we do. Broker "shenanigans" abound in the trading world. MF Global comes to mind.


Quoting 

Source:
Behind the Collapse of MF Global | farmdocdaily.illinois.edu

MF Global was the largest broker at many of the world's commodity exchanges. But on Halloween Day - Oct. 31 - in 2011, the company filed for bankruptcy in what became the eighth-largest business failure in U.S. history. More important, as much as $1.6 billion was missing from customer accounts, despite longstanding safeguards designed to protect the funds of brokerage firm customers. As the bankruptcy process draws to a close, this paper reviews the events leading to MF Global's collapse, steps taken to recover the missing funds, and proposals to better protect customers from the misuse of their funds.

If FX is not in your business plan, totally cool....but not from a belief based on fear of brokers.

That being said, there seems to be a disparage in FX between larger and smaller accounts. Larger in some cases get, no dealing desk, advantage.


Quoting 

Dealing Desk vs. No Dealing Desk Forex Brokers | DailyForex

One of the biggest issues with a dealing desk broker is that they are quite often the person on the other side of the trade you take. If you think about this, it can be a significant conflict of interest. Your broker has a vested interest in seeing you lose on the trade. There have even been examples of brokers that have been indicted for playing games with their customers trades. You read stories of brokers that simply wipe their customers out, or refusing to pay profits as they will tell traders that the price of the trade was executed at a "false price".

@Jason Rogers care to offer any insights to this post please? Perhaps with more focus on the second quote please? Seems to be a common practice....

Ron

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
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  #59 (permalink)
central florida
 
 
Posts: 192 since Jul 2014


BerkutFX View Post
Ninjatrader has always known they could use Phillip Capital to allow all FX traders (even those in US) to trade FX on NT and use Phillip Capital offshore as the clearing agent. For some very odd reason, since early Fall of 2015, when this was first suggested to NT it just never happened. NT's solution was to stick with FXCM and I knew that was just a matter of time before that relationship ended badly.

My current solution - use MT5 through AMP for FREE and connect to FX Choice for my FX trading. MT5 is better than MT4 and you can trade futures on the MT5 platform through AMP. All I can say is, NT better hurry up and connect with Tallinex, Tradersway, or FX Choice in the next 30 days oe they are about to lose most all of their FX traders!



BerkutFX - thanks for the info, i think this may become my solution as well.

Just a quick question to make sure I understand this correctly

You use FX choice for your forex broker which offers MT5 for free ? Commissions are 0.035 for 1000 lots? (on the pro account) Or pay the spread (looks to be 1 pip) on the classic account

If this is the case then why is anyone using ninja trader anyways!! (i am because i own a license)

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  #60 (permalink)
Spicewood TX USA
 
Experience: Advanced
Platform: MT5, TS, NT
Trading: FX, Futures, ETF
 
Posts: 7 since Jun 2015
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mastercraft29 View Post
BerkutFX - thanks for the info, i think this may become my solution as well.

Just a quick question to make sure I understand this correctly

You use FX choice for your forex broker which offers MT5 for free ? Commissions are 0.035 for 1000 lots? (on the pro account) Or pay the spread (looks to be 1 pip) on the classic account

If this is the case then why is anyone using ninja trader anyways!! (i am because i own a license)

Now that AMP offered the MT5 platform for free to futures traders that really cuts into the NT business model. I see many leaving NT over this FXCM news unless NT rapidly adds some offshore FX broker capability...like before the end of the month.

You can get the MT5 platform for free from AMP. FX Choice may offer that platform for free also. I already had my MT5 platform before I connected to FX Choice. I use the Pro account option with FX Choice.

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  #61 (permalink)
Market Chamois
Chicago, IL
 
Experience: None
Platform: NT8,NT7,TWS
Broker: InteractiveBrokers, S5T, IQFeed
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
 
Blash's Avatar
 
Posts: 2,268 since Nov 2011
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Two hours ago I received this email from Ninja.







Here is the current FQA FX page on Ninja's site...







and the address.....



Frequently Asked Questions | NinjaTrader



Ron

Edit: typo

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #62 (permalink)
Chicago IL USA
 
 
Posts: 24 since Aug 2012
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theborntrader View Post
Its ironic that Ninjatrader blocked good futures brokerage like Optimus to "clean up" the industry and are now in bed with the worst (FXCM). If Forex.com is going to be the only option then its goodbye to ninjatrader.

exactly - like they did with AMP Futures, Global Futures and deepdiscounttrading and many more.
i think its more likely for NT to open their own forex brokerage as they did with futures and its a lot easier too,
i am sure they wont pass the opportunity of doing so now, i think their goal is to make NT a 1st-party app.
i dont think they are that interesting in being a 3rd-party app any more which is also ironic as that's what
made NT so good way back when i even dropped eSignal for NT lol
I think MT5 and Multicharts are taking over now so it's safe to say goodbye for NT ;D

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  #63 (permalink)
central florida
 
 
Posts: 192 since Jul 2014


BerkutFX View Post
Now that AMP offered the MT5 platform for free to futures traders that really cuts into the NT business model. I see many leaving NT over this FXCM news unless NT rapidly adds some offshore FX broker capability...like before the end of the month.

You can get the MT5 platform for free from AMP. FX Choice may offer that platform for free also. I already had my MT5 platform before I connected to FX Choice. I use the Pro account option with FX Choice.

I agree, ninja trader is going to lose out over this deal unless they find another broker fast. I am not interested in switching to GAIN. I only trade forex though and if i remember correctly AMP doesnt offer forex.

I cant seem to find pricing for MT4 or MT5 anywhere, do you know what you paid for it ?

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  #64 (permalink)
central florida
 
 
Posts: 192 since Jul 2014

BerkutFX disregard - i just spoke with FX choice and they do offer MT5 free to their account holders..

Looks like a good alternative and even better commissions than FXCM ! ($7 round turn for a full lot).

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  #65 (permalink)
Alexandria, Minnesota
 
Experience: Beginner
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mastercraft29 View Post
BerkutFX disregard - i just spoke with FX choice and they do offer MT5 free to their account holders..

Looks like a good alternative and even better commissions than FXCM ! ($7 round turn for a full lot).

Lack of regulations would steer me clear of them. In Belize, no thanks..

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  #66 (permalink)
Brisbane + Australia
 
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sienna View Post
Warcius.
Could you keep us in the loop please? As an Australian (not far from Melbourne) I was going to open a FXCM account, but hestiated. Now I am open to different broker solutions. Currently with Dorman for Futures. If PhillipCapital allows us to trade futures and spot FX, via Ninja, I'd be very interested.
Thanks

Will do Sienna, no worries.
Do you use Futures today to trade FX (FX futures)?
Also, how do you find the time difference when trading from Australia?

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  #67 (permalink)
Spicewood TX USA
 
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Trading: FX, Futures, ETF
 
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Magiklair View Post
Lack of regulations would steer me clear of them. In Belize, no thanks..

What regulations? Regulations in the US are a facade. Look at the US regulators who missed Refco, MF Global, and PFG. I can do a better job of researching a company and their financials than any US regulatory body. The US regulatory bodies are there to keep a "rigged game" in place...not protect the little guy.

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  #68 (permalink)
Spicewood TX USA
 
Experience: Advanced
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mastercraft29 View Post
I agree, ninja trader is going to lose out over this deal unless they find another broker fast. I am not interested in switching to GAIN. I only trade forex though and if i remember correctly AMP doesnt offer forex.

I cant seem to find pricing for MT4 or MT5 anywhere, do you know what you paid for it ?

FX Choice Pro Account - https://myfxchoice.com

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  #69 (permalink)
Legendary Bought TSLA at 880
New York, NY
 
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artemiso View Post
Right, this is extremely dirty and I hope the other liquidity providers are not precluded from bringing forward a civil suit.

No lawsuits coming from liquidity providers yet, which makes sense since they will probably have lower seniority in their claims compared to the shareholders, but looks like two class action lawsuits were filed against them already. Do follow the links to seek class action settlement if any of you are shareholders. ( FXCM Inc.: Rosen Law and http://www.globenewswire.com/news-release/2017/02/09/915356/0/en/Gainey-McKenna-Egleston-Announces-A-Class-Action-Lawsuit-Has-Been-Filed-Against-FXCM-Inc-FXCM.html).


artemiso View Post
Another thought: Also, this puts Leucadia in a weird position as they had been GTFO of the commodities space on Jefferies's side and I'm guessing that they're going to be largest creditor if the non-US assets go under?

There's still possibility that Leucadia is going to get sued by their shareholders now because there's no way in hell they're going to get $300M back from this toxic deal now.

Also, sorry to whoever feels sorry for their soon-to-be/already former employees, I hate to say this but they were almost complicit in this sham when I brought my concerns with their NDD 3 years ago:


artemiso View Post
The guys who are really trying to sweep things under the rug are... and FXCM (doesn't mention Lucid/V3 as much as possible). Zero Hedge should be going after these guys.


Jason Rogers View Post
FXCM's deep and diverse pool of liquidity providers helps to ensure that our NDD prices are reliable – not set by a single provider...


Jason Rogers View Post
FXCM applies the same fixed pip markup to all quotes on our NDD price feed, so liquidity providers can compete with each other on equal terms.


Jason Rogers View Post
By contrast, a forex broker that offsets client orders internally through their own dealing desk (AKA a market maker) has an informational edge.


Jason Rogers View Post
When FXCM acquired Lucid Markets in the summer of 2012, we stated in the public presentation that Lucid won't be making markets for retail clients on our No Dealing Desk (NDD) forex execution, and that's still the case today.

Lucid makes markets for our institutional clients and retail DD clients who account for less than 1% of our retail volume, but there is no internalization whatsoever on our NDD execution as all order flow goes to independent third party liquidity providers – global banks, financial institutions, and other market makers.


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  #70 (permalink)
 
 
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Posts: 2,487 since Sep 2010
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It is sad that it always takes a big player to go down to change the regulatory environment and find out how things are done behind the scenes. I am never happy when customers suffer or have the sense of discomfort in lieu of such events. Nonetheless, this also makes a better and more informed trader. You will ask one more additional question when you shop, and that may make all the difference in the world where you end up.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
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  #71 (permalink)
Melbourne, Australia
 
Experience: Beginner
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warcious View Post
Will do Sienna, no worries.
Do you use Futures today to trade FX (FX futures)?
Also, how do you find the time difference when trading from Australia?

Warcious, I occasionally trade currency futures (left FX a few years ago but considering a return with better marketknowledge..'considering', not 100% gung ho). Yes the time difference is killing me on futures, so I am slowly investigating trading longer timeframes and tracking CL and HG. This is about FXCM, so I'd better stay on topic

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  #72 (permalink)
Alexandria, Minnesota
 
Experience: Beginner
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BerkutFX View Post
What regulations? Regulations in the US are a facade. Look at the US regulators who missed Refco, MF Global, and PFG. I can do a better job of researching a company and their financials than any US regulatory body. The US regulatory bodies are there to keep a "rigged game" in place...not protect the little guy.

That's my opinion of the company. I just wouldn't feel comfortable with my funds there.

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  #73 (permalink)
Brisbane + Australia
 
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sienna View Post
Warcious, I occasionally trade currency futures (left FX a few years ago but considering a return with better marketknowledge..'considering', not 100% gung ho). Yes the time difference is killing me on futures, so I am slowly investigating trading longer timeframes and tracking CL and HG. This is about FXCM, so I'd better stay on topic

Yes, I am having the same issue with the time-frames.
Maybe we can move this conversation into a private conversation over Skype or such.
I am trading mostly FX currencypairs, but slowly moving to FX Futures and other Futures as the quotes are more centralized.
Btw, I have still not received any answer from PhillipCapital.

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  #74 (permalink)
Melbourne, Australia
 
Experience: Beginner
Platform: Ninja Trader
Broker: Ninjatrader Brokerage
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Posts: 136 since May 2012
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I got this back from Ninja:
"Thank you for contacting NinjaTrader support.
At this time, the recent announcements from FXCM only affect US accounts. This should not affect accounts with FXCM Australia. NinjaTrader's introducing broker relationship with Phillip Capital only supports futures trading. At this time, it would not be possible to trade spot forex with Phillip Capital. In addition to FXCM, NinjaTrader also supports spot forex trading with Interactive Brokers for non-US accounts. Let me know if I may be of further assistance.

Sincerely,
Christopher
NinjaTrader Platform Customer Service

RE private contact to continue exchanges, that wuld be good. How do we do this in this platform? (Raw Newbie Q)

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  #75 (permalink)
United Kingdom
 
Experience: Intermediate
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mattz View Post
It is sad that it always takes a big player to go down to change the regulatory environment and find out how things are done behind the scenes. I am never happy when customers suffer or have the sense of discomfort in lieu of such events. Nonetheless, this also makes a better and more informed trader. You will ask one more additional question when you shop, and that may make all the difference in the world where you end up.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

As a broker you may be subjected to a flurry of small scale modifications of regulations by the authorities, but why would this change the regulatory environment?

Regarding technical aspects of how things are done behind the scenes, readers who aren't aware of him may like to look at Nanex/ Eric Hunsader, for an analysis of the flash crash etc

I'm curious to know, what is the additional question when you shop that will elicit an honest illuminating answer ?

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  #76 (permalink)
Legendary no drama Llama
Reading UK
 
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I got this response from my local branch after emailing them asking them the situation:



Quoting 
The American deal is to sell off our US clients to Gain Capital. It has absolutely no impact on FXCM LTD for which your account and funds reside in accordance to the Financial Conduct Authority's regulatory jurisdiction. All of our trading infrastructure, technology etc remain intact.

Being FCA regulated means your funds are held on shore (over in Canary Wharf) in accordance to client money rules and are reconciled daily at trade rollover. Any breach in funds could lead to immediate disqualification of our license and then our regulatory capital on reserves would be called in to cover.

Additionally in the U.K. You have the FSCS protection scheme covering you for a guaranteed 50,000 per person in the event of misappropriation of funds in the client money account that is reconciled daily.

At the end of the day, it was a commercial decision to close the US branch down. In doing this the company is able to recoup over 50M USD back from regulatory capital lodged with the regulator there, and to allocate to other resources as well as lean down an operation which was not profitable for the FXCM group for many years.

That is a lot of capital tied up, not earning interest or generating revenue. Think of that as a good faith deposit just to be able to do business in the US. Not many other brokers, especially European brokers even do business in the states due to he high costs of compliance and capital requirements required. You'll notice the two other major FX/Spreadbet providers In the U.K. - IG, and CMC don't have any offices in the states at all.

This isn't a fly-by-night operation at all as you can see. We plan to not only be here tomorrow and the day after, but aggressively grow in regions that are profitable and have active clients using our technology.

Specific to your accounts with FXCM UK LTD, Everything including the trading conditions, funds security, trades and margin etc that you had on Monday morning are exactly the same as they are right now (post news announcement of the sale). Nothing has changed at all and we continue to service over 120,000 accounts like yours across the globe.

Should you have any other questions or concerns let's schedule a call and I'll address all of them for you?

I have closed my forex accounts primarily because I am now focusing on futures trading. I have had nothing but excellent service from FXCM. The platform is good, the trade executions are lightning quick, I really dont have anything bad to say about the UK office. However, I dont like how the owners have conducted themselves in the US. Quite devious,

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  #77 (permalink)
Alexandria, Minnesota
 
Experience: Beginner
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Broker: IB / IQFeed
Trading: Forex
 
Posts: 135 since Jun 2014
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The best broker for Forex and non-US residents would be Interactive Brokers IMHO. They support ninja trader and I believe multicharts. But it is catered to the more high-end client.

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  #78 (permalink)
Naperville IL
 
Experience: Intermediate
Platform: MC.NET,Zorro,SC,TT,TWS
Broker: IB, OANDA, IQFeed
Trading: Futures, FOREX, Options, Stocks & ETFs
 
Posts: 10 since Apr 2015
Thanks: 2 given, 5 received

Does anyone have comment on OANDA as forex broker, especially for US customers?

I wonder if I am the only one with OANDA here, which makes me nervous. :-)


Sent from my iPhone using futures.io

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  #79 (permalink)
Chicago IL USA
 
 
Posts: 24 since Aug 2012
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panz View Post
Does anyone have comment on OANDA as forex broker, especially for US customers?

I wonder if I am the only one with OANDA here, which makes me nervous. :-)


Sent from my iPhone using futures.io

I hear good things about OANDA on my circle, but personally i never used them.

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  #80 (permalink)
Alexandria, Minnesota
 
Experience: Beginner
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Broker: IB / IQFeed
Trading: Forex
 
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panz View Post
Does anyone have comment on OANDA as forex broker, especially for US customers?

I wonder if I am the only one with OANDA here, which makes me nervous. :-)


Sent from my iPhone using futures.io

Yeah same as the previous member commented. Probably the best broker for the US. As options have dwindled due to regulations and other miscellaneous stuff.

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  #81 (permalink)
Market Wizard
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
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panz View Post
Does anyone have comment on OANDA as forex broker, especially for US customers?

I wonder if I am the only one with OANDA here, which makes me nervous. :-)


Sent from my iPhone using futures.io

I have an account with Oanda since 2009 and never had any problem. I am located in Canada and the regulations here are more severe than in the US and they always complied with the regulation requirements.

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  #82 (permalink)
New Bedford, Ma.
 
Experience: Intermediate
Platform: Ninjatrader
Trading: Cl, Gc, Nq
 
Posts: 8 since Jan 2012
Thanks: 166 given, 8 received

I just got set up trading with FXCM, taking advice from others here, in which if they were to start over again trading one thing they would do is trade with less risk, so I've been trading forex so I can trade smaller, less tight stops, and not fearful, its been working great, figures I've got to deal with this, but I think I'm going to let FXCM transfer me to Forex.com and learn a new platform, I'm just not sure about Forex.com, I've heard mixed reviews about them and Gain, anyone else have any trouble with Forex.com?

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  #83 (permalink)
Virginia Beach, VA
 
Experience: Intermediate
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PSchofield View Post
I just got set up trading with FXCM, taking advice from others here, in which if they were to start over again trading one thing they would do is trade with less risk, so I've been trading forex so I can trade smaller, less tight stops, and not fearful, its been working great, figures I've got to deal with this, but I think I'm going to let FXCM transfer me to Forex.com and learn a new platform, I'm just not sure about Forex.com, I've heard mixed reviews about them and Gain, anyone else have any trouble with Forex.com?

I was with FOREX.com for quite some time and never had any issues with them. None at all. Never had any issues with order executions or money withdrawals and customer service has been pretty good. The reason I left FOREX.com was because it wasn't compatible with NinjaTrader 8. On the NinjaTrader website, they have a FAQs section specifically about the whole FXCM debacle and it sounds like they might have something in the works for Gain and NT8.

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  #84 (permalink)
Alexandria, Minnesota
 
Experience: Beginner
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SaltyStag View Post
I was with FOREX.com for quite some time and never had any issues with them. None at all. Never had any issues with order executions or money withdrawals and customer service has been pretty good. The reason I left FOREX.com was because it wasn't compatible with NinjaTrader 8. On the NinjaTrader website, they have a FAQs section specifically about the whole FXCM debacle and it sounds like they might have something in the works for Gain and NT8.

I posted earlier some reviews from Gain Capital / Forex.com. Going by those I wouldn't bother with them. I wired my funds out of FXCM right after that fiasco. Didn't want to have issues with Gain Capital. Ninja Trader is supposed to have some news on a new Forex broker for the US next week. Hopefully it is Oanda, if I had to choose a broker that supports NT and US investors.

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  #85 (permalink)
Virginia Beach, VA
 
Experience: Intermediate
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Magiklair View Post
I posted earlier some reviews from Gain Capital / Forex.com. Going by those I wouldn't bother with them. I wired my funds out of FXCM right after that fiasco. Didn't want to have issues with Gain Capital. Ninja Trader is supposed to have some news on a new Forex broker for the US next week. Hopefully it is Oanda, if I had to choose a broker that supports NT and US investors.

Yeah, I am looking forward to see who NT partners up with. Whoever it is, I am sure it will boost their business.

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  #86 (permalink)
Alexandria, Minnesota
 
Experience: Beginner
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Posts: 135 since Jun 2014
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A member from NT support said, the following and then deleted it..

New connection technologies require extensive internal development and testing before we can release them for use to our clients. Support for Oanda is currently under development however I have no timeline on when this will be completed.

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  #87 (permalink)
New Bedford, Ma.
 
Experience: Intermediate
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Posts: 8 since Jan 2012
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I've pulled my funds from FXCM before they switched me to Forex.com and am going with Oanda, they seem to be the best choice whether Ninja Trader decides to go with them or not and their platform is fairly simple, I really don't need a fancy platform, I have no indicators on my charts, just look at daily, 1 hour and 5 min and switch between those charts to make judgements that might last a day or up to a week, so far so good, thanks for all the input you guys gave in this thread, it really helped me decide!!

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  #88 (permalink)
Market Chamois
Chicago, IL
 
Experience: None
Platform: NT8,NT7,TWS
Broker: InteractiveBrokers, S5T, IQFeed
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
 
Blash's Avatar
 
Posts: 2,268 since Nov 2011
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Just received this from FOREX.COM/Gain...



Ron

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #89 (permalink)
central florida
 
 
Posts: 192 since Jul 2014

Is anyone else using GAIN and NT this morning? I have had a few issues, mainly the qty difference between GAIN and FXCM (1000 lots is a qty of 1 instead of 1000), and the ATM strategies. Depending on what you have the pip quote set to it affects your ATM. For example if you have it set on tenth pips (rec by NT) then a 10 pip stop is 100. I also cannot seem to figure out what i am paying for spread (GAIN does not have any reports with this info and i have not been able to find it in NT, waiting on NT response now).

Just wondering about others experiences ?

Thanks,
Josh

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  #90 (permalink)
central florida
 
 
Posts: 192 since Jul 2014

update from above

Hello - I would like to find a way to determine what my spread was on an individual trade? I have checked with GAIN and they do not provide any report with this information. I have also looked through the NT platform and cannot find the cost anywhere. Please advise.

Thanks,


Hello mastercraft29,

Thank you for your post,

NinjaTrader does not store the spread, though Bid/Ask information can be viewed in the Tools > Historical Data Manager > Edit tab.

Let us know if we may assist further.



Sorry if this sounds rude, but this is insane. So basically I am trading blindly, never knowing what i paid or will pay for a trade? Between NT and GAIN, this should be addressed. There is no way other brokers and platforms do not inform their customers of the costs associated with trading.

Thank you Eric, I know it is not your fault. Can this be escalated higher so customers can have transparency when it comes to trading costs?

Thanks again,
Josh



If I am wrong, someone please let me know! Lol

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  #91 (permalink)
Spicewood TX USA
 
Experience: Advanced
Platform: MT5, TS, NT
Trading: FX, Futures, ETF
 
Posts: 7 since Jun 2015
Thanks: 2 given, 2 received


Magiklair View Post
That's my opinion of the company. I just wouldn't feel comfortable with my funds there.

All good and I completely understand. I have very in depth knowledge from international fund contacts so I know who is "good" and who is "junk" these days. That is the info I use to make my decisions where to park my capital.

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  #92 (permalink)
Brisbane + Australia
 
Experience: Advanced
Platform: NinjaTrader
Broker: CQG, NinjaTrader Brokerage
Trading: NQ, FDAX
 
Posts: 104 since Oct 2016
Thanks: 35 given, 20 received

Ok Fellow Traders,

Just to summarise my actions since I started this thread:
I have went over to AMP (Ampfutures.com) and will be trading Futures only as they have good margins and allows Australian residents to use margin. Their prices is best as well.

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futures io Trading Community Trading Reviews and Vendors Brokers > FXCM shut down (banned by CFTC from operating in the USA)


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