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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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
The following user says Thank You to warcious for this 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.
The following user says Thank You to Seahn for this post:
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!
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,268 since Nov 2011
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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....
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
...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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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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- 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").
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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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.
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.
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?
The following user says Thank You to warcious for this 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?
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?
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 FXCM’s 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, FXCM’s 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 FXCM’s 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 GAIN’s 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 FXCM’s 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 FXCM’s plans to shut down its US subsidiary and a potential sale of its US customer accounts, risks associated with FXCM’s 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 FXCM’s obligations under its other financing agreements, risks related to FXCM's dependence on FX market makers, market conditions, risks associated with FXCM’s 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 FXCM’s 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.
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.
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
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.
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.)
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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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.
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?
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..
The following user says Thank You to Magiklair for this post:
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.
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?
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.
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.
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 GAIN’s retail brand, FOREX.com, will be orderly, expeditious and seamless. We want to express our most sincere thanks to all our US customers like you who have been with us over the years and wish you all the best following this transition.
That said, there will be no changes for clients outside of the US, and I will continue to be available on this forum to you and other traders who have questions about FXCM. Since our US entity has not been a contributor to overall profits for the firm over the past few years, FXCM will target significant cost cutting by closing FXCM US. Specifically, withdrawing from this business will free approximately $52 million in capital. We will use the proceeds from any sale of the US accounts, as well as the large amount of regulatory capital currently tied up, to reduce the balance of our loan from Leucadia.
With the reduction of this loan balance, along with sales of non-core assets that were previously announced, FXCM could be in a position to fully pay off the Leucadia loan before the end of this year. As a result, we will be in a better position to service our international customers and focus on our profitable subsidiaries. Our full financials can be found here and we will announce our Q4 and full year 2016 financials in the next few weeks.
If you have questions about our services at FXCM please send me a Private Message.
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.
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
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
It´s 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 it´s goodbye to ninjatrader.
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!
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?
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,268 since Nov 2011
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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.
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.
@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.
Buy Low And Sell High (read left to right or right to left....lol)
The following user says Thank You to Blash for this 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.
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
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 ?
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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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:
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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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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
The following user says Thank You to sienna for this post:
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.
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)
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 ?
I got this response from my local branch after emailing them asking them the situation:
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,
The following user says Thank You to Grantx for this post:
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.
The following user says Thank You to Magiklair for this post:
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.
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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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.
The following user says Thank You to Brandenton for this 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.
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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.
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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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).
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?
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.
The following user says Thank You to BerkutFX for this post:
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.
The following user says Thank You to warcious for this post:
- 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").
