FXCM review - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


FXCM review
Updated: Views / Replies:34,931 / 187
Created: by Big Mike Attachments:4

Welcome to futures io.

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

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you dont need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 4  
 
Thread Tools Search this Thread
 

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
Thanks: 122 given, 153 received


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

Hi Sledmt,

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

If you have questions about our services at FXCM please send me a Private Message.
Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
  #92 (permalink)
Trading for Fun
Kalispell montana
 
Futures Experience: Beginner
Platform: ninjatrader
Favorite Futures: es
 
Posts: 158 since Jan 2015
Thanks: 157 given, 23 received


Jason Rogers View Post
Hi Sledmt,

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

Thanks Jason

Reply With Quote
The following user says Thank You to sledmt for this post:
 
  #93 (permalink)
Elite Member
Philadelphia
 
Futures Experience: None
Platform: corded black telephone
Favorite Futures: ticker tape
 
Itchymoku's Avatar
 
Posts: 2,888 since Apr 2012
Thanks: 1,673 given, 3,611 received



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

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

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

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

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

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

That is a big question!

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

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

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

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

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

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


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

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

Reply With Quote
The following user says Thank You to Itchymoku for this post:
 
  #94 (permalink)
Elite Member
san diego
 
Futures Experience: Intermediate
Platform: FXCM MarketScope, NT, Interactive brokers, AMP
Broker/Data: FXCM, Interactive Brokers
Favorite Futures: FOREX, IWM, SPY, XLE, NQ
 
Posts: 219 since Apr 2010
Thanks: 69 given, 122 received

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

Reply With Quote
The following user says Thank You to jodistrict for this post:
 
  #95 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 164 since Aug 2010
Thanks: 122 given, 153 received


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

Hi Itchymoku,

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

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

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

Last edited by Jason Rogers; June 30th, 2015 at 07:20 PM.
Reply With Quote
The following user says Thank You to Jason Rogers for this post:
 
  #96 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
Platform: Strategy Trader
 
Jason Rogers's Avatar
 
Posts: 164 since Aug 2010
Thanks: 122 given, 153 received


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

Hi Jodistrict,

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

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

Last edited by Jason Rogers; July 1st, 2015 at 01:55 PM.
Reply With Quote
 
  #97 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,691 since Oct 2009
Thanks: 3,040 given, 4,480 received

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

Reply With Quote
The following 4 users say Thank You to trendisyourfriend for this post:
 
  #98 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,163 since Jun 2009
Thanks: 29,275 given, 82,773 received

@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

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #99 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,048 since Dec 2013
Thanks: 1,697 given, 3,218 received
Forum Reputation: Legendary


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

Reply With Quote
The following 2 users say Thank You to SMCJB for this post:
 
  #100 (permalink)
Membership Temporarily Revoked
Berlin+Germany
 
Futures Experience: Intermediate
Platform: MetaTrader
Favorite Futures: Forex
 
Sumatra's Avatar
 
Posts: 12 since Aug 2015
Thanks: 1 given, 0 received



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

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

Reply With Quote

Reply



futures io > > > > FXCM review

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)
 

Introducing daytradr by Jigsaw, new stand-alone platform

Oct 19
 

RandBots: AutoTrading Bots to diversify your trading

Oct 24
 

TopstepTrader: Profiting Without Risking Your Own Money

Oct 26

Building Open Source Indicators for NT8 w/Fat Tails @ Lizard Indicators

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
FXCM vs MB Trading Big Mike Reviews of Brokers and Data Feeds 16 September 16th, 2011 07:12 AM
NFA fines FXCM $2MM plus orders refunds to customers Big Mike Reviews of Brokers and Data Feeds 13 August 15th, 2011 02:58 PM
FXCM Strategy Trader ??? xTrader1 Platforms and Indicators 14 July 24th, 2011 08:48 AM
Class Action Lawsuits Filed Against FXCM and FXDD Slack News and Current Events 6 February 17th, 2011 06:48 PM


All times are GMT -4. The time now is 06:51 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-10-19 in 0.14 seconds with 21 queries on phoenix via your IP 54.224.50.28