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FXCM review
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FXCM review

  #91 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 164 since Aug 2010
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sledmt View Post
From someone looking for a forex broker, I am wondering what FXCM has done to insurance that things like what has happened in the past will not repeat in the future. What steps have been taking to fix the issues?

Hi Sledmt,

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

If you have questions about our services at FXCM please send me a Private Message.
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  #92 (permalink)
Trading for Fun
Kalispell montana
 
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Jason Rogers View Post
Hi Sledmt,

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

Thanks Jason

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  #93 (permalink)
Elite Member
Philadelphia
 
Futures Experience: None
Platform: gold blimp
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Itchymoku's Avatar
 
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anagnam View Post
At first I didn't believe in what I've heard from various sources about FXCM scamming their clients.

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

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

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

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

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

That is a big question!

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

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

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

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

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

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


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

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

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  #94 (permalink)
Elite Member
san diego
 
Futures Experience: Intermediate
Platform: FXCM MarketScope, NT, Interactive brokers, AMP
Broker/Data: FXCM, Interactive Brokers
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I am actively scalping on FXCM and so far no problems. But the amounts I am trading are too small to be of any concern to them. It would be interesting if someone here who trades size could comment. But I think most people here trade futures. If FXCM is not a market maker, like they say, then it shouldn't matter, but then the micro mechanics of this business is so complicated who knows what the incentives are?

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  #95 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
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Posts: 164 since Aug 2010
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Itchymoku View Post
I understand that @Jason Rogers can't comment on specific accounts, but maybe he can let us know if certain account activity like active scalping is a problem in the eyes of fxcm. Maybe there's some things we should avoid doing.

Hi Itchymoku,

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

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

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

Last edited by Jason Rogers; June 30th, 2015 at 07:20 PM.
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  #96 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
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Posts: 164 since Aug 2010
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jodistrict View Post
I am actively scalping on FXCM and so far no problems. But the amounts I am trading are too small to be of any concern to them. It would be interesting if someone here who trades size could comment. But I think most people here trade futures. If FXCM is not a market maker, like they say, then it shouldn't matter, but then the micro mechanics of this business is so complicated who knows what the incentives are?

Hi Jodistrict,

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

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

Last edited by Jason Rogers; July 1st, 2015 at 01:55 PM.
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  #97 (permalink)
Elite Member
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Very good article based on 43 million real trades placed on FXCM’s trading servers:
http://finance.yahoo.com/news/why-many-forex-traders-lose-214500903.html

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  #98 (permalink)
Site Administrator
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@TabbFORUM: NEWS: Leucadia Writes Down FXCM Bailout Loan by More Than $100 Million (Bloomberg) http://tinyurl.com/oz2sp5b

https://twitter.com/TabbFORUM/status/629347947164139521

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  #99 (permalink)
Market Wizard
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Big Mike View Post
@TabbFORUM: NEWS: Leucadia Writes Down FXCM Bailout Loan by More Than $100 Million (Bloomberg) http://tinyurl.com/oz2sp5b

https://twitter.com/TabbFORUM/status/629347947164139521

Sent from my phone

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

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

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

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

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

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

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

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