Friends, don't get fooled by FXCM's advertisement about guaranteed fill on all market conditions. Following is the transcript of my chat with one representative:
FXCM)8: Welcome to FXCM's Live Chat Feature. So that we may better serve you, feel free to provide me with your name and email address. How may I help you?
you: What happened to Market order using 'at best' option?
you: I placed an at best order to sell EUR/CAD after Canadian employment news and after 6 minutes I got a message that your order can not be filled
FXCM)8: the at best option is available
FXCM)8: and you used 'at best'?
you: Again after NFP I placed buy USD/JPY at best order and I am yet to receive any message
you: On both occassion I used 'at best' option.
you: This is in fact a bad advertisement for 'at best' option
FXCM)8: NFP was 24 minutes ago
FXCM)8: and you are still waiting execution?
FXCM)8: actually this is the first I am hearing
FXCM)8: this
FXCM)8: that an order would wait so long
FXCM)8: the only time you would get the above message with at best
FXCM)8: is if there are no quotes
you: No I am not waiting, but I didn't even get any message
FXCM)8: from any banks on a pair
FXCM)8: this could happen for a split second with crosses
FXCM)8: around something like nfp yes
FXCM)8: but if you see active prices
FXCM)8: at best will fill a trade3
you: Its very difficult to see in a split second whether there is any feed or not
FXCM)8: well, there were 4 that I saw that were grey immediately
FXCM)8: following the news
you: And what about the at best order to sell EUR/CAD after Canadian employment news
FXCM)8: that would be a perfect example, trading a cross, where the USD pair gapped 100 pips, the cross was not quoted at first.
FXCM)8: it is important to see that many of the largest forex dealer members are quoting any pairs
FXCM)8: even now
FXCM)8: our prices come from banks
FXCM)8: you can and do have grey outs
FXCM)8: but often for seconds
FXCM)8: rather than an hour or more
FXCM)8: this is the advertisement, this is the reason traders choose FXCM for their news speculation
you: But you should never say again that 'at best' option will surely be executed even in volatile markets. You must write down that there is no Guarantee to fill your market order using at best option during extremely volatile markets.
FXCM)8: I can completely understand your frustration, and it is something that should be looked into. We are subject to the banks, and the liquidity they provide. it is highly competitive in regards to other brokers, but you are right in that
FXCM)8: there should be no guarantee because unless a broker is taking the other side of the trade
FXCM)8: there is no way to guarantee a fill
you: And you must write down that 'at best' option doesn't work for crosses.
FXCM)8: again, I completely understand your frustration, but this is really not the case
you: Then why do you advertise 'at best' option is guaranteed fill
FXCM)8: if it greyed, and I saw that it did
FXCM)8: then it will not fill
FXCM)8: however, if the price is available
FXCM)8: you will get filled
you: I am not frustrated. But I am pointing to your hollow promise in advertisement
FXCM)8: if you would like, considering you are the only client who has made these assertions to me
FXCM)8: we can look into other factors
FXCM)8: including connection
FXCM)8: you can paste a ping of your ip to us here
FXCM)8: and I can review it with you
FXCM)8: also
FXCM)8: let me pull a report
FXCM)8: what is your account number?
you: During NFP I didn't receive any message, so I may have some problem regarding connection. However, during Canadian employment news I received a message from you and so there is no question about connection.
you: If you pull my report are you going to fill my 'at best' order?
FXCM)8: ok, well without any details on your account, without a report and without a trace route I am not sure there is anything else I can assist you with here
FXCM)8: I understand you are frustrated, and I have attempted to explain and can look into it further
FXCM)8: but at this point, without any more information I am not sure what else I can assist with here
you: I do not want any assistance from you unless you guarantee that my 'at best'order will be filled. Only thing I want is that henceforth whenever you advertise for 'at best' option you must say that there is no guarantee for it to be filled.
FXCM)8: if you are clicking on a price that is not greyed out, then yes it will fill
FXCM)8: is there anything else I can assist you with today?
you: So that you don't make a fool out of your clients
FXCM)8: understood. without the report I cannot even confirm that what you are asserting actually occured
you: Have fun. Have a good week end.
FXCM)8: but I can tell you that anytime a price is available you can be filled with the at best option
FXCM)8: thank you and take care
FXCM)8: Welcome to FXCM's Live Chat Feature. So that we may better serve you, feel free to provide me with your name and email address. How may I help you?
you: What happened to Market order using 'at best' option?
you: I placed an at best order to sell EUR/CAD after Canadian employment news and after 6 minutes I got a message that your order can not be filled
FXCM)8: the at best option is available
FXCM)8: and you used 'at best'?
you: Again after NFP I placed buy USD/JPY at best order and I am yet to receive any message
you: On both occassion I used 'at best' option.
you: This is in fact a bad advertisement for 'at best' option
FXCM)8: NFP was 24 minutes ago
FXCM)8: and you are still waiting execution?
FXCM)8: actually this is the first I am hearing
FXCM)8: this
FXCM)8: that an order would wait so long
FXCM)8: the only time you would get the above message with at best
FXCM)8: is if there are no quotes
you: No I am not waiting, but I didn't even get any message
FXCM)8: from any banks on a pair
FXCM)8: this could happen for a split second with crosses
FXCM)8: around something like nfp yes
FXCM)8: but if you see active prices
FXCM)8: at best will fill a trade3
you: Its very difficult to see in a split second whether there is any feed or not
FXCM)8: well, there were 4 that I saw that were grey immediately
FXCM)8: following the news
you: And what about the at best order to sell EUR/CAD after Canadian employment news
FXCM)8: that would be a perfect example, trading a cross, where the USD pair gapped 100 pips, the cross was not quoted at first.
FXCM)8: it is important to see that many of the largest forex dealer members are quoting any pairs
FXCM)8: even now
FXCM)8: our prices come from banks
FXCM)8: you can and do have grey outs
FXCM)8: but often for seconds
FXCM)8: rather than an hour or more
FXCM)8: this is the advertisement, this is the reason traders choose FXCM for their news speculation
you: But you should never say again that 'at best' option will surely be executed even in volatile markets. You must write down that there is no Guarantee to fill your market order using at best option during extremely volatile markets.
FXCM)8: I can completely understand your frustration, and it is something that should be looked into. We are subject to the banks, and the liquidity they provide. it is highly competitive in regards to other brokers, but you are right in that
FXCM)8: there should be no guarantee because unless a broker is taking the other side of the trade
FXCM)8: there is no way to guarantee a fill
you: And you must write down that 'at best' option doesn't work for crosses.
FXCM)8: again, I completely understand your frustration, but this is really not the case
you: Then why do you advertise 'at best' option is guaranteed fill
FXCM)8: if it greyed, and I saw that it did
FXCM)8: then it will not fill
FXCM)8: however, if the price is available
FXCM)8: you will get filled
you: I am not frustrated. But I am pointing to your hollow promise in advertisement
FXCM)8: if you would like, considering you are the only client who has made these assertions to me
FXCM)8: we can look into other factors
FXCM)8: including connection
FXCM)8: you can paste a ping of your ip to us here
FXCM)8: and I can review it with you
FXCM)8: also
FXCM)8: let me pull a report
FXCM)8: what is your account number?
you: During NFP I didn't receive any message, so I may have some problem regarding connection. However, during Canadian employment news I received a message from you and so there is no question about connection.
you: If you pull my report are you going to fill my 'at best' order?
FXCM)8: ok, well without any details on your account, without a report and without a trace route I am not sure there is anything else I can assist you with here
FXCM)8: I understand you are frustrated, and I have attempted to explain and can look into it further
FXCM)8: but at this point, without any more information I am not sure what else I can assist with here
you: I do not want any assistance from you unless you guarantee that my 'at best'order will be filled. Only thing I want is that henceforth whenever you advertise for 'at best' option you must say that there is no guarantee for it to be filled.
FXCM)8: if you are clicking on a price that is not greyed out, then yes it will fill
FXCM)8: is there anything else I can assist you with today?
you: So that you don't make a fool out of your clients
FXCM)8: understood. without the report I cannot even confirm that what you are asserting actually occured
you: Have fun. Have a good week end.
FXCM)8: but I can tell you that anytime a price is available you can be filled with the at best option
FXCM)8: thank you and take care