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FXCM Discussion

  • #7,081
  • Feb 11, 2015 5:35pm Feb 11, 2015 5:35pm
Quoting Kanzler
not sure what the revised loan terms mean for their plans
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 FXCM's revenue. In fact, today we announced certain key operating metrics for January 2015 as we do every month as a publicly-traded company (ticker: FXCM). 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.
  • #7,082
  • Feb 11, 2015 5:38pm Feb 11, 2015 5:38pm
Quoting Phylo
Breaking: FXCM Poised to Discontinue 13 High Risk Currency Pairs http://forexmagnates.com/breaking-fx...urrency-pairs/http://forexmagnates.com/breaking-fx...urrency-pairs/
The currency pairs we removed from the platform carry significant risk due to over-active manipulation by their respective government either by a floor, ceiling, peg or band. They had relatively little volume being traded by clients compared to the majors, but we still felt it best to remove these pairs due to the risk they pose.
  • #7,083
  • Edited 5:50pm Feb 11, 2015 5:40pm | Edited 5:50pm
Quoting qp2
{quote} Hi Jason it has been sorted I have been trading from my normal MT4 on the desk top and placing trades on the beeksfx VPS it worked but was cumbersome my first trade on the dedicated VPS came up with an invalid price again, I will play with it and get back but this is the screen shot. {file}
Hi qp2,

Please confirm the Maximum Deviation setting on your MT4 platform. Also, note that an "Invalid Prices" error is more likely to occur if trading during a news event. I couldn't make out the time you were trading from your screenshot.
  • #7,084
  • Edited 8:24pm Feb 11, 2015 8:06pm | Edited 8:24pm
FXCMs Retail Business Reports January Metrics in the Green up MoM & YoY - February 11, 2015.

http://forexmagnates.com/fxcms-retai...green-mom-yoy/​
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #7,085
  • Feb 11, 2015 8:58pm Feb 11, 2015 8:58pm
Quoting Jason Rogers
{quote} The currency pairs we removed from the platform carry significant risk due to over-active manipulation by their respective government either by a floor, ceiling, peg or band. They had relatively little volume being traded by clients compared to the majors, but we still felt it best to remove these pairs due to the risk they pose.
FXCM should adopt a hybrid broker approach.

Stupid people want to trade those stupid pairs and get rich in a few minutes....so let them.

ECN model for the tamed pairs and MM model for the rest.
So, you think you have rights? LOL
  • #7,086
  • Feb 11, 2015 9:20pm Feb 11, 2015 9:20pm
Hi Jason,

I was an FXCM customer for five years trading daily on the EURUSD. After the SNB move, FXCM lowered it's leverage for NZD accounts to 25 to 1. They have since increased it to 100 to 1. As a result of all this, I had to withdraw my funds and move to another broker. I am currently happy with my broker, however, I would love to move back to FXCM. The platform is just fantastic.

A couple questions:

1. When will FXCM implement a "guaranteed stop loss" which is what a lot of brokers actually offer? Having this option would have mitigated the hit FXCM took after the SNB move. True enough, not all clients would use guaranteed stop losses as there is a premium attached to that privilege. But I think given the recent paradigm shift in the forex industry after the SNB move... if FXCM did this, I think a lot of disappointed clients who left will return. FXCM's solvency would not be in question if a move like this is implemented.

2. Any update on increasing the leverage back to 200:1??

Thanks.

Chris
  • #7,087
  • Feb 12, 2015 12:29am Feb 12, 2015 12:29am
Quoting mitch77
{quote} I maybe wrong but this doesn't make sense! Why not open an account with a larger deposit ie $10000 NZ instead of 5000 GB Wouldn't it be better to have your account in the curreny that you use where you live. If you live and work in NZ and pay with NZ dollars why trade with a GBP account? Essentially you have a GBP/NZD position open constantly all be it without leverage.
Why doesn't it make sense? You have account of 10k for example, you risk say 2% per trade, you earn say 30% per month, you get 13k. You have 3k profit if you have NZD account and 6k profit if you have GBP account. In essence, you have to trade two months on NZD account vs one month for GBP account. What doesn't make sense is your writing you live in NZ, you pay in NZD, that's why it's called forex, it's easy to convert money, why restrict yourself?
  • #7,088
  • Feb 12, 2015 1:06am Feb 12, 2015 1:06am
FXCM & Australia

http://www.abc.net.au/news/2015-02-1...llions/6087976

More on Force Majeure in a few minutes....
  • #7,089
  • Edited 1:39am Feb 12, 2015 1:27am | Edited 1:39am
COSTA CONCORDIA (yeah the ship that cupsized in Italy) ________Vs. ___________ FXCM no relation??!!

Cost of the ship: Euro 450M ____________________________________Valuation of FXCM early Jan'15: USD 800M ($17 x 47M shares)
Scrap value of the ship : Euro 13.5M (50kT x 270) __________________ Valuation of FXCM Feb 11th: USD 105M (2.23 x 47M)
Salvage cost: Euro 1'000M _____________________________________ Rescue plan USD 300M + 'minor' interests


Probably 2 cases of Force Majeure!!! Well, not if Captain goes to jail!

Attached Image
  • #7,090
  • Feb 12, 2015 3:03am Feb 12, 2015 3:03am
Quoting Jason Rogers
{quote} Hi qp2, Please confirm the Maximum Deviation setting on your MT4 platform. Also, note that an "Invalid Prices" error is more likely to occur if trading during a news event. I couldn't make out the time you were trading from your screenshot.
Hi Jason
The time it happened was 1.15 market time and I have just had at 10:38 local time a requote which I accepted but did not get filled I have never had a requote from FXCM ever before then an invalad price I got my order filled second time arround went to close 1/2 got another invalid price then got a new order ticket up which in the heat of the moment I did not realise defauklted to normal position size and managed to close all the position when only 1/2 was required.

I have increased the deviation to 3000 all this is on the Beeksfx VPS .

I dont know what to do.

Regards Allan.
  • #7,091
  • Feb 12, 2015 5:39am Feb 12, 2015 5:39am
Quoting adi17
FXCM & Australia http://www.abc.net.au/news/2015-02-1...llions/6087976 More on Force Majeure in a few minutes....
On this report, FXCM lied on how many claim letters they sent out to Australian victims. FXCM's CEO said they only sent out 10 claim letters in the entire Australia is a big joke. It is much much greater than that. Also he said FXCM would only go after the high net worth is also a big joke. All my friends who are very far away from being a high net worth all got claim letters.
  • #7,092
  • Feb 12, 2015 6:43am Feb 12, 2015 6:43am
Quoting tim10167
{quote} On this report, FXCM lied on how many claim letters they sent out to Australian victims. FXCM's CEO said they only sent out 10 claim letters in the entire Australia is a big joke. It is much much greater than that. Also he said FXCM would only go after the high net worth is also a big joke. All my friends who are very far away from being a high net worth all got claim letters.
The article of abc.net.au says:

Quote
The company said it has notified 10 clients that their negative balances need to be repaid. Those clients each have either $1 million in net assets, or have deposited more than $250,000 into their accounts over the lifetime of their account, and have at least two years trading experience.
FXCM said the negative balances of the other 105 clients have been forgiven.

If FXCM made a public statement they have to comply. It's evidence your friends can use.
  • #7,093
  • Feb 12, 2015 8:03am Feb 12, 2015 8:03am
Quoting tim10167
FXCM's CEO said they only sent out 10 claim letters in the entire Australia is a big joke. It is much much greater than that.
So how many claim letters were sent out?

Quoting tim10167
Also he said FXCM would only go after the high net worth is also a big joke. All my friends who are very far away from being a high net worth all got claim letters.
What is the net worth for all your friends who received claim letters? And please don't say you can't answer...no one on this forum knows who you are or who all your friends are...there is no way making this information public could possibly offend anyone.
  • #7,094
  • Feb 12, 2015 8:36am Feb 12, 2015 8:36am
Quoting zznbrm
What is the net worth for all your friends who received claim letters? And please don't say you can't answer...no one on this forum knows who you are or who all your friends are...there is no way making this information public could possibly offend anyone.
I can not reply for the Aussies, but in Europe, the situation might be a bit different... because of the leverage offered to us.

I give you here under 2 situations, which I believe are pretty close to reality in all European countries:
- You are a small fish, net worth $200k to 400k, trading A/C of say $20 to 40k, you were exposed to the EURCHF, your down by 300k to 500k. Yes, FXCM respected their commitments. No need to claim for a Force Majeure for these guys.
- You are 'big' fish, net worth $1M to 1.5M, trading A/C of say 150k to 400k, blablabla, your down $2M. Now, this is force majeure & FXCM ask you to repay.

So, it is the same impact to small or big fishes, regardless of your net worth.

BUT THE REAL QUESTION IS NOT HERE; the real question is WHY should they foot the bill?? Based on what? The big & the small fish trusted their broker, the NDD broker, the one that never trades against you. No negative balance, written & heard any languages, highlighted non stop.

So when I read "the big ones should have known better", make me really feel angry! (I try to be polite in all circumstances)
  • #7,095
  • Feb 12, 2015 1:54pm Feb 12, 2015 1:54pm
again, this is the TIME to GET OUT and Trade somewhere; if you are in UK, there are so many decent brokerage companies.

In US, move towards offshore companies who accepts and fund 25% of what you fund in US. which should be enough with the leverage you get.

Forget the brokers who do not honor their policies. PERIOD.
newzTrader
  • #7,096
  • Feb 12, 2015 2:31pm Feb 12, 2015 2:31pm
Quoting zznbrm
{quote} So hprobablyclaim letters were sent out? {quote} What is the net worth for all your friends who received claim letters? And please don't say you can't answer...no one on this forum knows who you are or who all your friends are...there is no way making this information public could possibly offend anyone.
Of course I can provide answers. I can very easily use a couple examples. But id rather use this as evidence to our regulatory body, lawers and news reporters. Just wait for more victims interviewed on more Australian news in the comming weeks and youll see.
  • #7,097
  • Feb 12, 2015 2:48pm Feb 12, 2015 2:48pm
Hi zzbrn,

Everyone in the world now knows FXCM is lying on the numer of clients they are chasing for negative balance:

http://www.forexlive.com/!/fxcm-amen...ances-20150206
  • #7,098
  • Feb 12, 2015 3:21pm Feb 12, 2015 3:21pm
Quoting newzTrader
again, this is the TIME to GET OUT and Trade somewhere; if you are in UK, there are so many decent brokerage companies. In US, move towards offshore companies who accepts and fund 25% of what you fund in US. which should be enough with the leverage you get. Forget the brokers who do not honor their policies. PERIOD.
If you are in the US, there are 5 offshore brokers I personally use that are true STP/ECN, no price spikes, freezing platforms or any of the garbage the brokers under the watchful eye of the NFA get away with. I have watch price come within .001 of my stops with all of these brokers and not get hit. My withdrawals are in my account next business day. Best part is, to trade a standard lot requires $200 vs. $3,000 in the USA. I only transfer what's required for my existing trades and keep the rest in my bank account. There is no safer way of protecting your funds. THEY ARE NOT SAFE WITH ANY BROKER.
  • #7,099
  • Feb 12, 2015 5:06pm Feb 12, 2015 5:06pm
Quoting Profit Daily
{quote} If you are in the US, there are 5 offshore brokers I personally use that are true STP/ECN, no price spikes, freezing platforms or any of the garbage the brokers under the watchful eye of the NFA get away with. I have watch price come within .001 of my stops with all of these brokers and not get hit. My withdrawals are in my account next business day. Best part is, to trade a standard lot requires $200 vs. $3,000 in the USA. I only transfer what's required for my existing trades and keep the rest in my bank account. There is no...

THEY ARE NOT SAFE WITH ANY BROKER. should be THEY ARE NOT SAFE WITH ANY FOREX BROKER in USA.

UK and Canada traders are covered by Insurance in case of incidents. There are brokers in USA, waiting for right time to declare bankruptcy; when it happens, the funds will be gone.

either move to stocks or offshore brokers. that all guys.
newzTrader
  • #7,100
  • Feb 12, 2015 7:38pm Feb 12, 2015 7:38pm
Quoting chrisreka
Hi Jason, I was an FXCM customer for five years trading daily on the EURUSD. After the SNB move, FXCM lowered it's leverage for NZD accounts to 25 to 1. They have since increased it to 100 to 1. As a result of all this, I had to withdraw my funds and move to another broker. I am currently happy with my broker, however, I would love to move back to FXCM. The platform is just fantastic.
Hi Chris,

I'm glad you're please with FXCM's Trading Station platform.

Quoting chrisreka
When will FXCM implement a "guaranteed stop loss" which is what a lot of brokers actually offer?
The feature you described is typically offered by dealing desk brokers. Since they take can take the market risk on the other side of their clients' trades, it's easy for them to offer a guaranteed stop loss. When their clients get stopped out, they can take the profit on the other side without having to offset any orders in the wider market.

By contrast, FXCM offers traders No Dealing Desk (NDD) forex execution. When a stop is triggered on our platform, it becomes a market order and is offset at the best available price from competing liquidity providers. That means FXCM does not profit from client losses eliminating the conflict of interest that can exist with dealing desk execution when it comes to the fair execution of stop orders.

Quoting chrisreka
Any update on increasing the leverage back to 200:1??
No updates at this time, but I will keep you posted here.
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