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FXCM Discussion

  • #10,401
  • Oct 28, 2017 11:28am Oct 28, 2017 11:28am
Hi Jason

I see you have bit of a deal going on new spread betting accounts in the UK. What happens after 30 March 2018? Do the spreads go back up again or does the eligibility end then for new accounts?

"FXCM is now offering new lower spreads on Spread Betting accounts available from 22 October 2017 to 30 March 2018. Whether you open a Mini, Standard, or Active Trader account, you can have access to these new low spreads and trade the average spread of EUR/USD for as low as 0.7 pips, the GBP/USD for as low as 0.9 pips, or the USD/JPY for as low as 0.7 pips. Terms and Conditions apply to this Promotion."
  • #10,402
  • Oct 29, 2017 3:32pm Oct 29, 2017 3:32pm
Quoting midnight
{quote} The world is full of idiots and trading with FXCM is a great example! These idiots know FXCM have been found guilty of various crimes but they still willingly give fxcm money! Its like they want to get ripped off! If i was the owner of forexfactory.com i would not allow companys like fxcm on the forums to deceive people. While these idiots spend more time picking hotel rooms for there holiday than picking a broker, i feel FXCM's bad behaviour should not be rewarded.
Gutted to hear these guys are rip-off merchants. I'm desperately looking for a broker that offers OCO/OTO orders but they all seem to be con-artists......
  • #10,403
  • Nov 3, 2017 4:39am Nov 3, 2017 4:39am
Quoting scarletf
{quote} Gutted to hear these guys are rip-off merchants. I'm desperately looking for a broker that offers OCO/OTO orders but they all seem to be con-artists......
Hello Scarletf,

FXCM offers an extensive contingency order offering which in include OCO and OTO orders. To create a contingency order, go to Trading Station 2 and select a symbol. Right click on the symbol you wish to trade and select “Create Contingency Order”. From there you will be able to create a number of contingent orders.

Regarding finding a broker with which to use OCO and OTO orders, trust and transparency is important to FXCM, which is why we regularly release data on historical spreads, positive/negative slippage, and trade execution. Here are a few examples of data we release publicly:

Historical Spreads

In Quarter 1 of 2017, EUR/USD and USD/JPY each had an average spread of 0.2 and 0.3 pips respectively and a trading cost of $0.11 and $0.13 during peak hours: 70% of EUR/USD and 61% of USD/JPY volume occurred during peak hours.

Attached Image (click to enlarge)
Click to Enlarge Name: historical spreads 1.png Size: 123 KB


This report compiles forex trading data from FXCM’s Standard accounts for Q1 2017. The data reflects average spreads made available to FXCM clients during peak and non‐peak trading hours.

Recent historical spreads can be found in the spreads widget on our website where you can view our average spread down to the minute https://www.fxcm.com/uk/why-fxcm/exe...rical-spreads/

Positive / Negative Slippage

With FXCM's forex execution models, you can potentially receive price improvements on all orders as all orders fill with FXCM's best available price. From January 1, 2017 through May 31, 2017, more than 12 million orders were filled with positive slippage. To see the full report, https://docs.fxcorporate.com/execution-transparency.pdf

Attached Image (click to enlarge)
Click to Enlarge Name: Slippage 1.png Size: 174 KB


*The data above comes from various order types that executed through FXCM Group from January 1, 2017, to May 31, 2017. Certain non‐direct clients are excluded from the data.

Execution Data

FXCM completed a study that examined the quality of execution for FXCM LTD client orders versus the three largest FX trading venues globally, venues widely considered to represent the benchmark for reliable FX pricing. The results of this study show FXCM LTD retail client order prices to be better than the Futures Market and Interbank Market prices for FX (3). The results show FXCM's execution of orders provide customers significant advantages for FX.

FXCM LTD was equal to or better than the quoted futures price 81.34% of the time compared to the spot equivalent quoted futures prices on the CME leading to potential savings of $42,529,156 for FXCM LTD clients

Attached Image


FXCM LTD was equal to or better than the quoted interbank market price 94.84% of the time compared to the spot equivalent quoted interbank market price leading to potential savings of $114,588,455 for FXCM LTD clients.

Attached Image


This is but a very small portion of the very detailed execution study presentation and FAQ you should read through.

We are constantly working to improve our execution and pricing for our traders.

Jason


*The information provided is historical in nature and does not imply that FXCM maintains a particular capacity or performance level. Past results are not indicative of future performance. The price at which an order is executed does not negate the high level of risk involved with forex trading. Trading could result in losses regardless of the pricing quality of opening or closing transactions. Spreads Data comes from all available liquidity providers – liquidity providers subject to change.
*Trading foreign exchange and/or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds.
(1) An Active Account represents an account that has traded at least once in the previous twelve months and represents total trading accounts for both retail and institutional.
(2) Volume that FXCM customers traded in period is translated into US dollars.
(3) The study does not in away way attempt to represent that FXCM maintains a particular capacity or performance level. The figures in this study are provided for information purposes only, and are not intended for trading purposes or advice. FXCM is not liable for any information errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. Past results are not indicative of future performance.
Material Assumptions
FXCMs Retail Clients are defined as individual, joint, and corporate accounts trading on our retail price stream.
The comparison to each of the Futures and Interbank data is made at the time that the FXCM client order is executed. Normal market slippage and slippage due to rejections by liquidity providers are already included by the time the FXCM client order is executed. However, there is an assumption that there is no slippage on the Futures or Interbank market data.
In order to maintain consistency, Futures Market data and Interbank data used the same acceptable ranges in market trades. The summary of findings is based on the assumption that the maximum acceptable difference between the FXCM price and the Interbank/Futures market price is 5 pips in either direction.
Fees that a participant would pay on the Futures or Interbank market, such as CME Exchange Fees, FCM Fees, Clearing Fees, and other commissions, were excluded from the study. Similarly, FXCM Commissions are excluded from the study.
  • #10,404
  • Nov 3, 2017 4:41am Nov 3, 2017 4:41am
Quoting C-12
Hi Jason I see you have bit of a deal going on new spread betting accounts in the UK. What happens after 30 March 2018? Do the spreads go back up again or does the eligibility end then for new accounts? "FXCM is now offering new lower spreads on Spread Betting accounts available from 22 October 2017 to 30 March 2018. Whether you open a Mini, Standard, or Active Trader account, you can have access to these new low spreads and trade the average spread of EUR/USD for as low as 0.7 pips, the GBP/USD for as low as 0.9 pips, or the USD/JPY for as low...
Hello C-12,

As a result of the developed relationship with our Liquidity Providers, FXCM can offer lower spreads for Spread Betting accounts.

The promotion is temporary as we review the spreads and their impact during this period. At this stage, we are unable to commit to these spreads being kept permanently, but our traders can enjoy the lower spreads through March 30, 2018.

Jason
  • #10,405
  • Nov 6, 2017 2:11am Nov 6, 2017 2:11am
Hi Jason, I trust all is well on your side.

I would like to have clarity on something I believe I'm not grasping.
I have an EA that opens trades with a slippage of 7pips/70points. If the EA opens a sellstop for example at 1.00000, does that mean that it can only be filled from 1.00000 to 1.00070 (and won't allow order to be filled beyond 1.00070)?

Thank you.
  • #10,406
  • Nov 6, 2017 6:01am Nov 6, 2017 6:01am
Quoting KatlegoPhohu
Hi Jason, I trust all is well on your side. I would like to have clarity on something I believe I'm not grasping. I have an EA that opens trades with a slippage of 7pips/70points. If the EA opens a sellstop for example at 1.00000, does that mean that it can only be filled from 1.00000 to 1.00070 (and won't allow order to be filled beyond 1.00070)? Thank you.
It can be filled from 1.00070 to 0.99930.
  • #10,407
  • Nov 6, 2017 8:46am Nov 6, 2017 8:46am
Quoting mw108
{quote} It can be filled from 1.00070 to 0.99930.
Oh yes sorry, thinking about a buystop.
So what would it mean if I opened a sell stop at 1.00000 with a slippage of 7.0 pips and it opens the sell order at 0.99760 (24 pips away). Wasn't it suppose to open it within the specified 7 pips?
  • #10,408
  • Nov 8, 2017 4:59am Nov 8, 2017 4:59am
Quoting KatlegoPhohu
I have an EA that opens trades with a slippage of 7pips/70points. If the EA opens a sellstop for example at 1.00000, does that mean that it can only be filled from 1.00000 to 1.00070 (and won't allow order to be filled beyond 1.00070)?
Hello KatlegoPhohu,

You are correct. However, it is important to note that MT4 is a third party platform and the platform’s definition of a pip can be different from FXCM’s. When you set max deviation 7 pips in MT4 it would apply to the movement of the price digit furthest right irrespective of instrument and the FXCM definition of a “pip” for that instrument. In the screenshot below if you set a max deviation of 7 pips in MT4 on GBP/USD then the platform will allow for only .7 pips slippage since one pip, in this example, is technically the fourth decimal place.

Attached Image (click to enlarge)
Click to Enlarge Name: MT4 pip.png Size: 65 KB


Quoting mw108
{quote} It can be filled from 1.00070 to 0.99930.
Hello mw 108,

Our trading policy allows for unlimited positive slippage on all order types. Therefore, we developed a way to override the restriction that the maximum deviation feature places on positive slippage. All orders placed with FXCM fill with the greatest amount of positive slippage possible.

Jason
  • #10,409
  • Nov 13, 2017 4:23am Nov 13, 2017 4:23am
Jason,

Do you have a link to a list of all main currency pairs with FXCM current swap/rollover rates ?

Thanks
  • #10,410
  • Nov 17, 2017 6:42am Nov 17, 2017 6:42am
Quoting NoStopsXXL
Jason, Do you have a link to a list of all main currency pairs with FXCM current swap/rollover rates ? Thanks
Hello NoStopsXXL,

There isn’t a link that provides this information as Rollover changes daily. However, rollover can be viewed with a demo or live account at any time in the Trading Station platform in the Dealing Rates as Roll S and Roll B depending on if you are long or short.

Jason
  • #10,411
  • Nov 27, 2017 5:21am Nov 27, 2017 5:21am
Good day. Can you please tell us what the Global Brokerage bankruptcy proceedings will mean for FXCM clients?
  • #10,412
  • Nov 27, 2017 8:01am Nov 27, 2017 8:01am
Quoting ZeleniCaj
Good day. Can you please tell us what the Global Brokerage bankruptcy proceedings will mean for FXCM clients?
It seems like FXCM always finds a way to pull a rabbit out of the hat, so to answer your question. I'm sure it means zero effect and now their loan repayment deadline has been extended to another full year.

So it's business as usual, it would seem.

https://globenewswire.com/news-relea...Extension.html
  • #10,413
  • Edited 11:14am Nov 27, 2017 8:12am | Edited 11:14am
Quoting Jason Rogers
{quote} Hello NoStopsXXL, There isn’t a link that provides this information as Rollover changes daily. However, rollover can be viewed with a demo or live account at any time in the Trading Station platform in the Dealing Rates as Roll S and Roll B depending on if you are long or short. Jason
Jason, on the FXCM platform it contains the Point & Figure Chart, however, why doesn't the X and O boxes show up? Instead, the chart shows a bunch of lines.

Thank You
Best Regards

Thuglife

PS: Hello, Jason, don't worry, the X and O boxes have now shown up.
  • #10,414
  • Nov 27, 2017 9:38pm Nov 27, 2017 9:38pm
[quote=Jason Rogers;10505125]{quote}

Hi Jason, can u tell me what is the new regulatory compliance which I have received from you guys (in EU) regarding the citizenship documents to be sent to you online. I am in a bit of dilemma as to what to do in my case. I have sent the message, can you please reply to that.
  • #10,415
  • Nov 30, 2017 5:38am Nov 30, 2017 5:38am
Quoting ZeleniCaj
Good day. Can you please tell us what the Global Brokerage bankruptcy proceedings will mean for FXCM clients?

Hello ZeleniCaj,

It doesn't affect FXCM accounts.

The Global Brokerage Restructuring is a very positive thing for FXCM. We and Leucadia believe that GLBR’s ability to resolve all outstanding issues in a manner that satisfies the existing convertible note holders and that leaves all other parties unimpaired is, indeed, a very positive thing for FXCM that will allow us to put to rest any remaining uncertainties surrounding our ability to drive forward and continue to plan for the future following the changes in early 2017

Although Global Brokerage holds a 50% voting interest in FXCM Group and a minority economic interest, Global Brokerage is not the same thing as FXCM. To the contrary, FXCM management and its Board of Directors have engaged in efforts to insulate FXCM from Global Brokerage’s issues, and those efforts were further strengthened as part of recent announcements. FXCM’s other shareholder is Leucadia National Corporation, with a 50% voting interest and the majority economic interest, is a NYSE-listed holding company with a $9 billion market cap.

Jason
  • #10,416
  • Nov 30, 2017 5:52am Nov 30, 2017 5:52am
[quote=civilpes2001;10535429]
Quoting Jason Rogers
{quote} Hi Jason, can u tell me what is the new regulatory compliance which I have received from you guys (in EU) regarding the citizenship documents to be sent to you online. I am in a bit of dilemma as to what to do in my case. I have sent the message, can you please reply to that.
Hello Civilpes2001,

In an effort to make financial markets more transparent, competitive and with more protection given to traders, from 3rd January 2018, the European regulators are introducing the new ‘Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation’, commonly known as "MiFID II”.

We require you to update your citizenship and a relevant identification number via MyFXCM. As of now, FXCM does not require any additional documentation.

Jason
  • #10,417
  • Nov 30, 2017 6:03am Nov 30, 2017 6:03am
Quoting ThugLife
{quote} Jason, on the FXCM platform it contains the Point & Figure Chart, however, why doesn't the X and O boxes show up? Instead, the chart shows a bunch of lines. Thank You Best Regards Thuglife PS: Hello, Jason, don't worry, the X and O boxes have now shown up.
Thanks for letting me know and good to hear it is sorted.
  • #10,418
  • Nov 30, 2017 3:11pm Nov 30, 2017 3:11pm
Quoting Jason Rogers
{quote} Thanks for letting me know and good to hear it is sorted.
Can you trust FXCM? When they were in USA they said that they were ECN........
  • #10,419
  • Dec 1, 2017 2:13pm Dec 1, 2017 2:13pm
Quoting trader76
{quote}When they were in USA they said that they were ECN........
Something at odds with what you are saying is that FXCM would not have suffered more than $200 million dollars in losses during the SNB flash crash had we been taking the other side of client trades – unlike many dealing desk firms in the industry. On NDD forex execution, every order is offset one-for-one with a liquidity provider. The trader has a position with FXCM and FXCM has an offsetting position with the liquidity provider. When the trader went into a debit balance, that meant FXCM also had a debit balance with the liquidity provider that had to be covered.
  • #10,420
  • Dec 1, 2017 3:11pm Dec 1, 2017 3:11pm
Part 2 of our 3 part series on algo trading is now available. This is a great series to learn more about algo trading and automating a strategy.

Inserted Video


Part 2 discusses:

  1. FXCM RESTful API
  2. FXCM Python API Wrapper
  3. Retrieving historical data
  4. Working with streaming data
  5. Placing orders

Have a great weekend!

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