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


FXCM review
Updated: Views / Replies:34,939 / 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 Ė 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 donít 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

  #81 (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


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

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


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

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


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

I'll stress it here again, FXCM is not insolvent, has not filed for any form of bankruptcy, and is in compliance with all regulatory capital requirements in the jurisdictions in which we operate. Additionally, all of our regulated entities except the US provide clients with segregated funds. All of our global client base in our regulated entities minus US clients would be protected under a bankruptcy. Our UK regulated entity through the FSCS even offers clients £50,000 per person in protection. Canada has similar insurance for retail traders of up to $1 million.

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

@SMCJB, since you live in the US, below are recent capital figures for US-regulated forex brokers (RFEDs) as reported to the CFTC.
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

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:
 
  #82 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,049 since Dec 2013
Thanks: 1,697 given, 3,222 received
Forum Reputation: Legendary


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

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

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

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

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


Reply With Quote
The following 2 users say Thank You to SMCJB for this post:
 
  #83 (permalink)
Elite Member
Leeds UK
 
Futures Experience: Intermediate
Platform: FXTrade
Broker/Data: Interactive Brokers, CapitalSpreads, Oanda
Favorite Futures: GBP/USD
 
Tymbeline's Avatar
 
Posts: 393 since Apr 2015
Thanks: 864 given, 475 received


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

Reply With Quote
The following user says Thank You to Tymbeline for this post:
 
  #84 (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


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

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

Hi SMCJB,

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

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

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

If you have questions about our services at FXCM please send me a Private Message.
Reply With Quote
 
  #85 (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


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

Hi Tymbeline,

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

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

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

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

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

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

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

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

Last edited by Jason Rogers; June 25th, 2015 at 01:53 PM. Reason: fixed typo
Reply With Quote
 
  #86 (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 can verify that on many trades I have gotten positive slippage when the price moves rapidly through my target. Once, I got close to 20 pips negative slippage on my stop, but that was on an HFT. I don't think FXCM has anything to do with that. It is HFTs in the eur/usd that you have to watch for.

I talked about that here.

https://futures.io/forex-currency-trading/36080-eur-usd-too-risky-trade.html

Reply With Quote
The following user says Thank You to jodistrict for this post:
 
  #87 (permalink)
Elite Member
Leeds UK
 
Futures Experience: Intermediate
Platform: FXTrade
Broker/Data: Interactive Brokers, CapitalSpreads, Oanda
Favorite Futures: GBP/USD
 
Tymbeline's Avatar
 
Posts: 393 since Apr 2015
Thanks: 864 given, 475 received


Jason Rogers View Post
Hi Tymbeline,

I note everything you say, Jason.

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

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

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

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

Reply With Quote
The following user says Thank You to Tymbeline for this post:
 
  #88 (permalink)
Trading for Fun
Kalispell montana
 
Futures Experience: Beginner
Platform: ninjatrader
Favorite Futures: es
 
Posts: 158 since Jan 2015
Thanks: 157 given, 23 received

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

Reply With Quote
The following user says Thank You to sledmt for this post:
 
  #89 (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 can verify that on many trades I have gotten positive slippage when the price moves rapidly through my target. Once, I got close to 20 pips negative slippage on my stop, but that was on an HFT. I don't think FXCM has anything to do with that. It is HFTs in the eur/usd that you have to watch for.

I talked about that here.

https://futures.io/forex-currency-trading/36080-eur-usd-too-risky-trade.html

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

If you have questions about our services at FXCM please send me a Private Message.
Reply With Quote
 
  #90 (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



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

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

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

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

Last edited by Jason Rogers; June 25th, 2015 at 05:58 PM.
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 04:21 PM.

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 0.16 seconds with 20 queries on phoenix via your IP 54.81.45.122