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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)

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

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Last edited by Blash; February 8th, 2017 at 04:43 PM.
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  #62 (permalink)
Trading Apprentice
Chicago IL USA
 
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theborntrader View Post
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.

exactly - like they did with AMP Futures, Global Futures and deepdiscounttrading and many more.
i think its more likely for NT to open their own forex brokerage as they did with futures and its a lot easier too,
i am sure they wont pass the opportunity of doing so now, i think their goal is to make NT a 1st-party app.
i dont think they are that interesting in being a 3rd-party app any more which is also ironic as that's what
made NT so good way back when i even dropped eSignal for NT lol
I think MT5 and Multicharts are taking over now so it's safe to say goodbye for NT ;D

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  #63 (permalink)
Trading for Fun
central florida
 
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BerkutFX View Post
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.

I agree, ninja trader is going to lose out over this deal unless they find another broker fast. I am not interested in switching to GAIN. I only trade forex though and if i remember correctly AMP doesnt offer forex.

I cant seem to find pricing for MT4 or MT5 anywhere, do you know what you paid for it ?

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  #64 (permalink)
Trading for Fun
central florida
 
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BerkutFX disregard - i just spoke with FX choice and they do offer MT5 free to their account holders..

Looks like a good alternative and even better commissions than FXCM ! ($7 round turn for a full lot).

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  #65 (permalink)
Shakes
Alexandria, Minnesota
 
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mastercraft29 View Post
BerkutFX disregard - i just spoke with FX choice and they do offer MT5 free to their account holders..

Looks like a good alternative and even better commissions than FXCM ! ($7 round turn for a full lot).

Lack of regulations would steer me clear of them. In Belize, no thanks..

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  #66 (permalink)
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sienna View Post
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

Will do Sienna, no worries.
Do you use Futures today to trade FX (FX futures)?
Also, how do you find the time difference when trading from Australia?

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  #67 (permalink)
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Spicewood TX USA
 
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Magiklair View Post
Lack of regulations would steer me clear of them. In Belize, no thanks..

What regulations? Regulations in the US are a facade. Look at the US regulators who missed Refco, MF Global, and PFG. I can do a better job of researching a company and their financials than any US regulatory body. The US regulatory bodies are there to keep a "rigged game" in place...not protect the little guy.

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  #68 (permalink)
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Spicewood TX USA
 
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mastercraft29 View Post
I agree, ninja trader is going to lose out over this deal unless they find another broker fast. I am not interested in switching to GAIN. I only trade forex though and if i remember correctly AMP doesnt offer forex.

I cant seem to find pricing for MT4 or MT5 anywhere, do you know what you paid for it ?

FX Choice Pro Account - https://en.myfxchoice.com/accounts/pro-account/

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  #69 (permalink)
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artemiso View Post
Right, this is extremely dirty and I hope the other liquidity providers are not precluded from bringing forward a civil suit.

No lawsuits coming from liquidity providers yet, which makes sense since they will probably have lower seniority in their claims compared to the shareholders, but looks like two class action lawsuits were filed against them already. Do follow the links to seek class action settlement if any of you are shareholders. (FXCM Inc.: Rosen Law and https://globenewswire.com/news-release/2017/02/09/915356/0/en/Gainey-McKenna-Egl...ainst-FXCM-Inc-FXCM.html).


artemiso View Post
Another thought: Also, this puts Leucadia in a weird position as they had been GTFO of the commodities space on Jefferies's side and I'm guessing that they're going to be largest creditor if the non-US assets go under?

There's still possibility that Leucadia is going to get sued by their shareholders now because there's no way in hell they're going to get $300M back from this toxic deal now.

Also, sorry to whoever feels sorry for their soon-to-be/already former employees, I hate to say this but they were almost complicit in this sham when I brought my concerns with their NDD 3 years ago:


artemiso View Post
The guys who are really trying to sweep things under the rug are... and FXCM (doesn't mention Lucid/V3 as much as possible). Zero Hedge should be going after these guys.


Jason Rogers View Post
FXCM's deep and diverse pool of liquidity providers helps to ensure that our NDD prices are reliable – not set by a single provider...


Jason Rogers View Post
FXCM applies the same fixed pip markup to all quotes on our NDD price feed, so liquidity providers can compete with each other on equal terms.


Jason Rogers View Post
By contrast, a forex broker that offsets client orders internally through their own dealing desk (AKA a market maker) has an informational edge.


Jason Rogers View Post
When FXCM acquired Lucid Markets in the summer of 2012, we stated in the public presentation that Lucid won't be making markets for retail clients on our No Dealing Desk (NDD) forex execution, and that's still the case today.

Lucid makes markets for our institutional clients and retail DD clients who account for less than 1% of our retail volume, but there is no internalization whatsoever on our NDD execution as all order flow goes to independent third party liquidity providers – global banks, financial institutions, and other market makers.


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  #70 (permalink)
Market Wizard
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It is sad that it always takes a big player to go down to change the regulatory environment and find out how things are done behind the scenes. I am never happy when customers suffer or have the sense of discomfort in lieu of such events. Nonetheless, this also makes a better and more informed trader. You will ask one more additional question when you shop, and that may make all the difference in the world where you end up.

Matt Z
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There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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