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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)

  #71 (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


warcious View Post
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?

Warcious, I occasionally trade currency futures (left FX a few years ago but considering a return with better marketknowledge..'considering', not 100% gung ho). Yes the time difference is killing me on futures, so I am slowly investigating trading longer timeframes and tracking CL and HG. This is about FXCM, so I'd better stay on topic

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  #72 (permalink)
Shakes
Alexandria, Minnesota
 
Futures Experience: Beginner
Platform: Ninja trader
Broker/Data: IB / IQFeed
Favorite Futures: Forex
 
Posts: 135 since Jun 2014
Thanks: 30 given, 33 received


BerkutFX View Post
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.

That's my opinion of the company. I just wouldn't feel comfortable with my funds there.

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  #73 (permalink)
Elite Member
Brisbane + Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: CQG, NinjaTrader Brokerage
Favorite Futures: NQ, FDAX
 
Posts: 94 since Oct 2016
Thanks: 33 given, 14 received



sienna View Post
Warcious, I occasionally trade currency futures (left FX a few years ago but considering a return with better marketknowledge..'considering', not 100% gung ho). Yes the time difference is killing me on futures, so I am slowly investigating trading longer timeframes and tracking CL and HG. This is about FXCM, so I'd better stay on topic

Yes, I am having the same issue with the time-frames.
Maybe we can move this conversation into a private conversation over Skype or such.
I am trading mostly FX currencypairs, but slowly moving to FX Futures and other Futures as the quotes are more centralized.
Btw, I have still not received any answer from PhillipCapital.

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  #74 (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

I got this back from Ninja:
"Thank you for contacting NinjaTrader support.
At this time, the recent announcements from FXCM only affect US accounts. This should not affect accounts with FXCM Australia. NinjaTrader's introducing broker relationship with Phillip Capital only supports futures trading. At this time, it would not be possible to trade spot forex with Phillip Capital. In addition to FXCM, NinjaTrader also supports spot forex trading with Interactive Brokers for non-US accounts. Let me know if I may be of further assistance.

Sincerely,
Christopher
NinjaTrader Platform Customer Service

RE private contact to continue exchanges, that wuld be good. How do we do this in this platform? (Raw Newbie Q)

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  #75 (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


mattz View Post
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
Optimus Futures

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

As a broker you may be subjected to a flurry of small scale modifications of regulations by the authorities, but why would this change the regulatory environment?

Regarding technical aspects of how things are done behind the scenes, readers who aren't aware of him may like to look at Nanex/ Eric Hunsader, for an analysis of the flash crash etc

I'm curious to know, what is the additional question when you shop that will elicit an honest illuminating answer ?

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  #76 (permalink)
Market Wizard
Reading UK
 
Futures Experience: None
Platform: Sierra
Broker/Data: Lmax
Favorite Futures: My 3 boys
 
Grantx's Avatar
 
Posts: 795 since Oct 2016
Thanks: 713 given, 961 received
Forum Reputation: Legendary

I got this response from my local branch after emailing them asking them the situation:



Quoting 
The American deal is to sell off our US clients to Gain Capital. It has absolutely no impact on FXCM LTD for which your account and funds reside in accordance to the Financial Conduct Authority's regulatory jurisdiction. All of our trading infrastructure, technology etc remain intact.

Being FCA regulated means your funds are held on shore (over in Canary Wharf) in accordance to client money rules and are reconciled daily at trade rollover. Any breach in funds could lead to immediate disqualification of our license and then our regulatory capital on reserves would be called in to cover.

Additionally in the U.K. You have the FSCS protection scheme covering you for a guaranteed £50,000 per person in the event of misappropriation of funds in the client money account that is reconciled daily.

At the end of the day, it was a commercial decision to close the US branch down. In doing this the company is able to recoup over 50M USD back from regulatory capital lodged with the regulator there, and to allocate to other resources as well as lean down an operation which was not profitable for the FXCM group for many years.

That is a lot of capital tied up, not earning interest or generating revenue. Think of that as a good faith deposit just to be able to do business in the US. Not many other brokers, especially European brokers even do business in the states due to he high costs of compliance and capital requirements required. You'll notice the two other major FX/Spreadbet providers In the U.K. - IG, and CMC don't have any offices in the states at all.

This isn't a fly-by-night operation at all as you can see. We plan to not only be here tomorrow and the day after, but aggressively grow in regions that are profitable and have active clients using our technology.

Specific to your accounts with FXCM UK LTD, Everything including the trading conditions, funds security, trades and margin etc that you had on Monday morning are exactly the same as they are right now (post news announcement of the sale). Nothing has changed at all and we continue to service over 120,000 accounts like yours across the globe.

Should you have any other questions or concerns let's schedule a call and I'll address all of them for you?

I have closed my forex accounts primarily because I am now focusing on futures trading. I have had nothing but excellent service from FXCM. The platform is good, the trade executions are lightning quick, I really dont have anything bad to say about the UK office. However, I dont like how the owners have conducted themselves in the US. Quite devious,

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  #77 (permalink)
Shakes
Alexandria, Minnesota
 
Futures Experience: Beginner
Platform: Ninja trader
Broker/Data: IB / IQFeed
Favorite Futures: Forex
 
Posts: 135 since Jun 2014
Thanks: 30 given, 33 received

The best broker for Forex and non-US residents would be Interactive Brokers IMHO. They support ninja trader and I believe multicharts. But it is catered to the more high-end client.

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  #78 (permalink)
Elite Member
Naperville IL
 
Futures Experience: Intermediate
Platform: MC(.NET&EL),Zorro,TT,TWS
Broker/Data: IB, OANDA, IQFeed
Favorite Futures: Futures, FOREX, Options, Stocks & ETFs
 
Posts: 9 since Apr 2015
Thanks: 2 given, 5 received

Does anyone have comment on OANDA as forex broker, especially for US customers?

I wonder if I am the only one with OANDA here, which makes me nervous. :-)


Sent from my iPhone using futures.io

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  #79 (permalink)
Trading Apprentice
Chicago IL USA
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Gain Capital
Favorite Futures: ES
 
kishisaki's Avatar
 
Posts: 23 since Aug 2012
Thanks: 1 given, 2 received


panz View Post
Does anyone have comment on OANDA as forex broker, especially for US customers?

I wonder if I am the only one with OANDA here, which makes me nervous. :-)


Sent from my iPhone using futures.io

I hear good things about OANDA on my circle, but personally i never used them.

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  #80 (permalink)
Shakes
Alexandria, Minnesota
 
Futures Experience: Beginner
Platform: Ninja trader
Broker/Data: IB / IQFeed
Favorite Futures: Forex
 
Posts: 135 since Jun 2014
Thanks: 30 given, 33 received



panz View Post
Does anyone have comment on OANDA as forex broker, especially for US customers?

I wonder if I am the only one with OANDA here, which makes me nervous. :-)


Sent from my iPhone using futures.io

Yeah same as the previous member commented. Probably the best broker for the US. As options have dwindled due to regulations and other miscellaneous stuff.

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