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FXCM shut down (banned by CFTC from operating in the USA)


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FXCM shut down (banned by CFTC from operating in the USA)

  #51 (permalink)
thetamax8
Vancouver, BC
 
Posts: 25 since Sep 2014
Thanks Given: 0
Thanks Received: 17

Curious,

Would switching to futures contracts on forex be a simpler solution?

That would allow US based traders to use IB?

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  #52 (permalink)
 sienna 
Melbourne, Australia
 
Experience: Beginner
Platform: Ninja Trader
Broker: Ninjatrader Brokerage
Trading: Many
Frequency: Several times daily
Duration: Minutes
Posts: 162 since May 2012
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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

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  #53 (permalink)
 Pedropete 
United Kingdom
 
Experience: Intermediate
Platform: TS, IB, Ninja, Sierra
Trading: ES
Posts: 7 since Jul 2013
Thanks Given: 4
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panz View Post
......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.

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

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  #54 (permalink)
 
vitto's Avatar
 vitto 
London UK
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Futures
Posts: 12 since Mar 2012
Thanks Given: 51
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warcious View Post
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

NinjaTrader7 Metatrader4 Bridge PRO Edition | Conscious Trading

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  #55 (permalink)
 theborntrader 
Stockholm Sweden
 
Experience: Advanced
Platform: NT
Trading: HG
Posts: 11 since Jul 2013
Thanks Given: 3
Thanks Received: 2

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.

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  #56 (permalink)
 BerkutFX 
Spicewood TX USA
 
Experience: Advanced
Platform: MT5, TS, NT
Trading: FX, Futures, ETF
Posts: 7 since Jun 2015
Thanks Given: 2
Thanks Received: 2

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!

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  #57 (permalink)
 
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 Sad Planet 
Mossel Bay-South Africa
 
Experience: Intermediate
Platform: Sierra - MetaTrader 5
Broker: ActivTrades - Amp/Rithmic
Trading: Futures and FX
Posts: 62 since Aug 2010
Thanks Given: 18
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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?

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  #58 (permalink)
 
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 Blash 
Chicago, IL
Legendary Market Chamois
 
Experience: None
Platform: NT8,NT7,TWS
Broker: InteractiveBrokers, S5T, IQFeed
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
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shodson View Post
Another reason I don't trade forex: too many broker shenanigans

FXCM banned by CFTC after taking positions against clients - MarketWatch

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.


Quoting 

Source:
Behind the Collapse of MF Global | farmdocdaily.illinois.edu

MF Global was the largest broker at many of the world's commodity exchanges. But on Halloween Day - Oct. 31 - in 2011, the company filed for bankruptcy in what became the eighth-largest business failure in U.S. history. More important, as much as $1.6 billion was missing from customer accounts, despite longstanding safeguards designed to protect the funds of brokerage firm customers. As the bankruptcy process draws to a close, this paper reviews the events leading to MF Global's collapse, steps taken to recover the missing funds, and proposals to better protect customers from the misuse of their funds.

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.


Quoting 

Dealing Desk vs. [AUTOLINK]No Dealing Desk[/AUTOLINK] Forex Brokers | DailyForex

One of the biggest issues with a dealing desk broker is that they are quite often the person on the other side of the trade you take. If you think about this, it can be a significant conflict of interest. Your broker has a vested interest in seeing you lose on the trade. There have even been examples of brokers that have been indicted for playing games with their customers trades. You read stories of brokers that simply wipe their customers out, or refusing to pay profits as they will tell traders that the price of the trade was executed at a "false price".

@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...
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  #59 (permalink)
 mastercraft29 
central florida
 
Posts: 192 since Jul 2014


BerkutFX View Post
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!



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)

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  #60 (permalink)
 BerkutFX 
Spicewood TX USA
 
Experience: Advanced
Platform: MT5, TS, NT
Trading: FX, Futures, ETF
Posts: 7 since Jun 2015
Thanks Given: 2
Thanks Received: 2



mastercraft29 View 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.

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