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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)
Trading Apprentice
Vancouver, BC
 
Futures Experience: Beginner
Platform: Other
Favorite Futures: MJY, M6A, M6E, M6G, N225M, MCD
 
Posts: 25 since Sep 2014
Thanks: 0 given, 17 received

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
 
Futures Experience: Beginner
Platform: Ninja Trader
Broker/Data: Ninjatrader Brokerage
Favorite Futures: Transiting to ES,CL, YM
 
Posts: 41 since May 2012
Thanks: 22 given, 9 received

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)
Elite Member
United Kingdom
 
Futures Experience: Intermediate
Platform: TS, IB, Ninja, Sierra
Favorite Futures: ES
 
Posts: 6 since Jul 2013
Thanks: 4 given, 4 received



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)
Elite Member
London UK
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: Futures
 
vitto's Avatar
 
Posts: 11 since Mar 2012
Thanks: 48 given, 3 received


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)
Elite Member
Stockholm Sweden
 
Futures Experience: Advanced
Platform: NT
Favorite Futures: HG
 
Posts: 11 since Jul 2013
Thanks: 3 given, 2 received

Irony

Itīs 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 itīs goodbye to ninjatrader.

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  #56 (permalink)
Elite Member
Spicewood TX USA
 
Futures Experience: Advanced
Platform: MT5, TS, NT
Favorite Futures: FX, Futures, ETF
 
Posts: 7 since Jun 2015
Thanks: 2 given, 1 received

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)
Elite Member
Mossel Bay-South Africa
 
Futures Experience: Intermediate
Platform: Sierra - MetaTrader 5
Broker/Data: ActivTrades - Amp/Rithmic
Favorite Futures: Futures and FX
 
Sad Planet's Avatar
 
Posts: 31 since Aug 2010
Thanks: 9 given, 27 received

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)
Elite Member
Chicago, IL
 
Futures Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
Favorite Futures: The one I'm creating in the present....ES, ZF, ZN, ZB, FX pairs
 
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Posts: 1,545 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. No Dealing Desk 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

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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The following user says Thank You to Blash for this post:
 
  #59 (permalink)
Trading for Fun
central florida
 
Futures Experience: Advanced
Platform: NinjaTrader
Favorite Futures: EUR/USD
 
Posts: 188 since Jul 2014
Thanks: 12 given, 235 received


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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The following user says Thank You to mastercraft29 for this post:
 
  #60 (permalink)
Elite Member
Spicewood TX USA
 
Futures Experience: Advanced
Platform: MT5, TS, NT
Favorite Futures: FX, Futures, ETF
 
Posts: 7 since Jun 2015
Thanks: 2 given, 1 received



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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