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FXCM's Suhail Afzal and Brad Gleason - Ask Me Anything (AMA)
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FXCM's Suhail Afzal and Brad Gleason - Ask Me Anything (AMA)

  #121 (permalink)
Elite Member
London, England
 
Futures Experience: Beginner
Platform: NT, TOS, MT4
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Jason Rogers View Post
Hi Chris,

A letter of direction (LOD) form is no longer needed to set up a NinjaTrader account with FXCM. As long as your have a Trading Station account with hedging disabled, then you can get a key from NinjaTrader to trade that account with their platform. Since you have a lifetime multibroker license with them, that key should be free. Would you prefer to set up a new FXCM account to work with NinjaTrader or to convert an existing account?

Hi Jason,

Thank you for you reply.

I would like to open a fresh new spread betting account where I can use NT7 to trade, the webpage is not updated:
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Please correct me if I'm wrong - having multibroker lifetime licence for NT7 I do not have to fill in LOD when applying for a new spread betting account with FXCM. I can use my own multibroker licence to trade with NT7 from that account.

Thank you
Chris

Consistency over time
 
  #122 (permalink)
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San Jose, Ca
 
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Mr. Rogers,

I believe in simplicity and straight forward answers; after all, it is our money at stake.

On my First question, "Lets assume the worst thing that can happen, happens to FXCM, will clients lose their funds? Just a "yes" or "no" please!"
The answer here is a simple "YES", since I live in the US and don't enjoy the same protection when it comes to FOREX, against the filling of bankruptcy as other countries do!

The fact you are a publicly traded company has nothing to do with the fact that you can file for protection under the federal bankruptcy at anytime, and we, US clients are out in the cold.

I'm sorry, but I'm not willing to take that risk, especially with the latest FXCM is going through.

-Joseph

 
  #123 (permalink)
 Vendor: www.fxcm.com 
New York
 
Futures Experience: Intermediate
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Joseph689 View Post
The fact you are a publicly traded company has nothing to do with the fact that you can file for protection under the federal bankruptcy at anytime, and we, US clients are out in the cold.

The concerns you have raised would apply to any US brokerage, since segregated funds and insurance are not available for forex accounts under US regulations. The fact that FXCM is a publicly-traded firm is relevant, because it means we provide details regarding our financials that are not readily available from the privately-held companies that operate as forex brokers in the US.

Furthermore, that fact that we are one of the only retail forex brokers in the world that is regulated on four continents means we are subject to even more oversight than the average international forex broker. And as mentioned in my previous post, FXCM is in compliance with all regulatory capital requirements in the jurisdictions in which we operate. The financing we received from Leucadia has strengthened our balance sheet and gives us the opportunity to grow our core business. With Leucadia, our pockets are even deeper and we aren’t going anywhere.

If you have questions about our services at FXCM please send me a Private Message.
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  #124 (permalink)
 Vendor: www.fxcm.com 
New York
 
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chr1s View Post
Please correct me if I'm wrong - having multibroker lifetime licence for NT7 I do not have to fill in LOD when applying for a new spread betting account with FXCM. I can use my own multibroker licence to trade with NT7 from that account.

Thank you
Chris

That's correct. Instead of completing the LOD, simply contact NinjaTrader support after receiving your new FXCM account number, and they should be able to set up access to the account for you through their platform.

If you have questions about our services at FXCM please send me a Private Message.
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  #125 (permalink)
Elite Member
London, England
 
Futures Experience: Beginner
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Jason Rogers View Post
That's correct. Instead of completing the LOD, simply contact NinjaTrader support after receiving your new FXCM account number, and they should be able to set up access to the account for you through their platform.

Great, thank you

Consistency over time
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  #126 (permalink)
 Vendor: www.fxcm.com 
New York
 
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Posts: 164 since Aug 2010
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zanoza View Post
what will happen to company now?


Joseph689 View Post
I was seriously thinking of coming over from IB with 10,000. to start trading Forex, now??

Lets assume the worst thing that can happen, happens to FXCM, will clients lose their funds? Just a "yes" or "no" please!


Jason Rogers View Post
The financing we received from Leucadia has strengthened our balance sheet and gives us the opportunity to grow our core business. With Leucadia, our pockets are even deeper and we arenít going anywhere.

We anticipate that with the proceeds from the sale of some non-core assets and continued earnings we can meet both near and long-term obligations of our financing, while preserving the strength of our franchise. It's widely known and understood that FXCM's core business has always been retail FX; It is the majority of our revenue. Earlier this month, we announced certain key operating metrics for January 2015 as we do every month as a publicly-traded company. The data show that it was our second best month ever in terms of retail volume.

However, over the past few years, the company has spent over $250 million dollars making strategic acquisitions building up our non-core businesses, mainly the institutional side as we tried to diversify the firm. We are now looking to sell some of those non-core assets; But, we are not in a rush and are looking to get the highest valuations for these assets. We are considering closing or selling smaller regulated entities that require large sums of capital requirements, but that offer increasingly low return on capital. The latter move allows us to free up significant amounts of cash that is currently trapped. We believe that in the near term we can pay down a majority of the loan.

Just as a follow up to my earlier post, here's an article in today's Wall Street Journal where Leucadia confirms that they have begun to receive payments from us and expect to recover more than a quarter of their investment within three months of the deal's closing: Leucadia Begins Recovering FXCM Investment - WSJ

If you have questions about our services at FXCM please send me a Private Message.
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  #127 (permalink)
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Hello,

I'm trying to setup a "Practice Account" and when I click on the Submit bar it highlights but doesn't submit my data.

Did you guys disable Practice Accounts?

Thanks.

Joseph

 
  #128 (permalink)
 Vendor: www.fxcm.com 
New York
 
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Platform: Strategy Trader
 
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Thanks: 122 given, 153 received


Joseph689 View Post
Hello,

I'm trying to setup a "Practice Account" and when I click on the Submit bar it highlights but doesn't submit my data.

Did you guys disable Practice Accounts?

Thanks.

Joseph

Hi Joseph,

The practice account registration form has not been disabled. Can you copy/paste the page URL on which you are trying to register for the practice account so we can try from our side.

Thanks,

Jason

If you have questions about our services at FXCM please send me a Private Message.
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  #129 (permalink)
Elite Member
San Jose, Ca
 
Futures Experience: Beginner
Platform: MetaTrader 4
Broker/Data: Interactive Brokers
Favorite Futures: Forex
 
Joseph689's Avatar
 
Posts: 121 since Sep 2012
Thanks: 113 given, 36 received


Jason Rogers View Post
Hi Joseph,

The practice account registration form has not been disabled. Can you copy/paste the page URL on which you are trying to register for the practice account so we can try from our side.

Thanks,

Jason

Hi Jason,
The process worked and I have a practice account now. What happened was, once the Submit button was pressed, there was no acknowledgment/message/landing page of info having been submitted successfully.
Thanks for the response Jason.
Joseph

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  #130 (permalink)
Elite Member
San Jose, Ca
 
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Posts: 121 since Sep 2012
Thanks: 113 given, 36 received


Can you please explain the event(s) of 6th of March, around 12:30 as well as further back into the chart; spikes that "appear" to be "stop hunting/harvesting" by FXCM!!??

These events were NOT present on other major brokers charts!!

I've attached firstly a FXCM chart, followed by several other brokers charts as well, including ATC.

I would very much like to hear FXCM's official explanation of these occurrences, and if this is common practice.

Thanks.

Joseph

Attached Thumbnails
FXCM's Suhail Afzal and Brad Gleason - Ask Me Anything (AMA)-usdcad-nfp-fxcm-m15.png   FXCM's Suhail Afzal and Brad Gleason - Ask Me Anything (AMA)-atc.jpg   FXCM's Suhail Afzal and Brad Gleason - Ask Me Anything (AMA)-usdcad-nfp-ava-m15.png   FXCM's Suhail Afzal and Brad Gleason - Ask Me Anything (AMA)-usdcad-nfp-esignal-m15.png   FXCM's Suhail Afzal and Brad Gleason - Ask Me Anything (AMA)-usdcad-nfp-windsor-direct-m15.png  

Last edited by Joseph689; March 9th, 2015 at 01:11 PM.
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