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  • #361
  • Sep 18, 2008 1:27am Sep 18, 2008 1:27am
Quoting johnedoe
I'm still getting proper interest payments with my brokr.
I have two other brokers that I trade with as well, ODL and thinkorswim. And I'm curious what their swaps were today. But I didn't have any trades open, and they don't advertise their swap rates. At least not that I could tell. I do intend to call tomorrow and find out though.
  • #362
  • Sep 18, 2008 1:33am Sep 18, 2008 1:33am
Quoting johnedoe
I'm still getting proper interest payments with my brokr.
Rollover/swaps haven't changed with my other broker either. FXCM seem to be the only broker doing this because I haven't seen anyone else complaining about their broker although FXCM told one trader on this forum that "all brokers were doing this" when he called to enquire why this was happening.
Nothing worth having is easy.
  • #363
  • Sep 18, 2008 2:15am Sep 18, 2008 2:15am
FXCM are thieves.
Trade what you see, not what you think.
  • #364
  • Sep 18, 2008 4:23am Sep 18, 2008 4:23am
Quoting tdion
well negative roll in both long and short is nothing new....

pretty standard practice for brokers to mark them up.
You misunderstood the story.
What happened is they gave you Positive Swaps; then after several days, they go back at your trades and say, it should be Negative Swaps, we are now charging it back to you.

I'd say this is False Advertisements, No Integrity, Cheaters!

If they are getting away with this, what is stopping them from telling you that your sell 10 Lots GBPUSD @ 2.0000 opened last month and just closed last week @ 1.7500 is nullified claiming perhaps oh, "this position was held too long and in big profit, we dont like it", or "No, this position never existed", or "our servers made an error and padded this position on your account by mistake".
  • #365
  • Sep 18, 2008 4:45am Sep 18, 2008 4:45am
FXCM user I hate this.

If it is what that they mean why would the EU long be soo much more expensive than the GU long? Just because nobody likes GBP?

thier big negative rolls is eating my money everyday. And the big spread like 4-6pips in EU is like 3times than normal rates. How would I gonna trade?
  • #366
  • Sep 18, 2008 4:49am Sep 18, 2008 4:49am
Quoting billymoney
FXCM user I hate this.

If it is what that they mean why would the EU long be soo much more expensive than the GU long? Just because nobody likes GBP?

thier big negative rolls is eating my money everyday. And the big spread like 4-6pips in EU is like 3times than normal rates. How would I gonna trade?
close your account, take your money and RUN!!
Trade what you see, not what you think.
  • #367
  • Sep 18, 2008 6:06am Sep 18, 2008 6:06am
Stupid Broker....

Hey guys, can anyone advise which broker allow single click trading besides this stupid FXCM ... It's irritating having to paid for negative roll. Moreover,
The spread is crazier during early asian sessions.

I'm gonna collect and run from this broker. But before that I need the single click broker.
Banker please return my pipins.
  • #368
  • Sep 18, 2008 8:32am Sep 18, 2008 8:32am
FXCM appreciates your concerns and would like to clarify a few of your questions.

This week we have large financial institutions fall due to what we believe was over exposure and taking on too much risk.

FXCM strives to limit unnecessary risk. FXCM operates under a No Dealing Desk Execution model. We provide you with streaming prices given to us directly from the banks and financial institutions. These are the prices you will see.

Brokers providing you with lower spreads may be tailoring the prices given to them by the banks and holding the risk on their end.

FXCM feels that it is in your best interest that we strive to limit our risk and will continue to provide you with the spreads and rollover rates we are receiving from the banks we work with.

In volatile market conditions like these that have caused multi-billion dollar entities to go under, we believe it would not require very many losses to wipe out a multi-million dollar entity. If they go bankrupt because of the risk they took on, you lose as well from having your funds frozen in bankruptcy litigation for years.

FXCM chose the no dealing desk execution model to avoid these conflicts and dilemmas with our clients.

We apologies for this inconvenience, but will continue to only stream you the prices and rollover that are given to us directly from banks and financial institutions
Thank you,
Jaclyn Sales

Public Relations Coordinator
FXCM / DailyFX.com
Financial Square
32 Old Slip, 10th Floor
New York, NY 10005
Dir (646) 432-2463
Tel (212) 897-7660
[color=blue][email protected][/color]
________________________________________________________________________
FXCM and its affiliates assume no responsibility for errors, inaccuracies or omissions in these materials. They do not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXCM and its affiliates shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. This email is not a solicitation to buy or sell currency. All information contained in this e-mail is strictly confidential and is only intended for use by the recipient. All e-mail sent to or from this address will be received by the FXCM corporate e-mail system and is subject to archival and review by someone other than the recipient.
  • #369
  • Sep 18, 2008 8:32am Sep 18, 2008 8:32am
FXCM appreciates your concerns and would like to clarify a few of your questions.

This week we have large financial institutions fall due to what we believe was over exposure and taking on too much risk.

FXCM strives to limit unnecessary risk. FXCM operates under a No Dealing Desk Execution model. We provide you with streaming prices given to us directly from the banks and financial institutions. These are the prices you will see.

Brokers providing you with lower spreads may be tailoring the prices given to them by the banks and holding the risk on their end.

FXCM feels that it is in your best interest that we strive to limit our risk and will continue to provide you with the spreads and rollover rates we are receiving from the banks we work with.

In volatile market conditions like these that have caused multi-billion dollar entities to go under, we believe it would not require very many losses to wipe out a multi-million dollar entity. If they go bankrupt because of the risk they took on, you lose as well from having your funds frozen in bankruptcy litigation for years.

FXCM chose the no dealing desk execution model to avoid these conflicts and dilemmas with our clients.

We apologies for this inconvenience, but will continue to only stream you the prices and rollover that are given to us directly from banks and financial institutions
Thank you,
Jaclyn Sales

Public Relations Coordinator
FXCM / DailyFX.com
Financial Square
32 Old Slip, 10th Floor
New York, NY 10005
Dir (646) 432-2463
Tel (212) 897-7660
[color=blue][email protected][/color]
________________________________________________________________________
FXCM and its affiliates assume no responsibility for errors, inaccuracies or omissions in these materials. They do not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXCM and its affiliates shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. This email is not a solicitation to buy or sell currency. All information contained in this e-mail is strictly confidential and is only intended for use by the recipient. All e-mail sent to or from this address will be received by the FXCM corporate e-mail system and is subject to archival and review by someone other than the recipient.
  • #370
  • Sep 18, 2008 9:31am Sep 18, 2008 9:31am
LOL

FXCM is the counter party to our trades according to the new customer agreement yet they are blaming the "real" market for the change in swap rates? It seems they want to have their cake and eat it too.

As far a retroactively removing your positive swap, this is a new low for forex brokers and should be brought to the attention of the NFA.
  • #371
  • Sep 18, 2008 9:35am Sep 18, 2008 9:35am
Oh...

Not again the same explaination from FXCM. Well, I dont buy that stories anyway. Decision made.
Banker please return my pipins.
  • #372
  • Sep 18, 2008 9:58am Sep 18, 2008 9:58am
Do you guys read Bloomberg or something? You know, interbank short-term interest rates are quite out of whack at the moment. Dec EuroFX trades 1-2 pips above spot at the moment (means nearly flat interest-rate differential), Eurodollar futs are trading at 96.75 just now, implying a 3.75% rate for 3-month USD Libor. O/N libor is all over the place. Its certainly justified to adjust rolls (altho doing so in hindsight is bad practice of course..).
  • #373
  • Sep 18, 2008 10:46am Sep 18, 2008 10:46am
Quoting ragnakore
You misunderstood the story.
What happened is they gave you Positive Swaps; then after several days, they go back at your trades and say, it should be Negative Swaps, we are now charging it back to you.

I'd say this is False Advertisements, No Integrity, Cheaters!

If they are getting away with this, what is stopping them from telling you that your sell 10 Lots GBPUSD @ 2.0000 opened last month and just closed last week @ 1.7500 is nullified claiming perhaps oh, "this position was held too long and in big profit, we dont like it", or "No, this position never existed", or "our servers made an error and padded this position on your account by mistake".
Whoa, whoa, guys, they are NOT retro activly taking back positive swaps. Before this rumor mongering gets any further all of my positve swaps are still in my account. They did not go back on any trades. The only negative swaps are going forward.
  • #374
  • Sep 18, 2008 11:48am Sep 18, 2008 11:48am
hey guys, look at Alpari also!

http://www.alpari-idc.com/en/service...er-policy.html

I was having positive interest on my open trades and now they're charging me interest instead!

Of couse, they're blaming the current market turmoil. How come other brokers are not doing this? This makes you think.

Well, I'm thinking of closing my account on them and open an account elsewhere.
  • #375
  • Sep 18, 2008 12:02pm Sep 18, 2008 12:02pm
Quoting Patience
FXCM told one trader on this forum that "all brokers were doing this"
Wrong.

http://individuals.interactivebroker...?ib_entity=llc

Don't believe a single word any rep from FXCM ever tells you.
  • #376
  • Sep 18, 2008 12:27pm Sep 18, 2008 12:27pm
Quoting mrsirplus
I've been hearing many comments about FXCM's Negative and unfair interest rate rolls. It seems today they made all euro/usd rates negative in both long and short directions. Traders with positive roll rates equaling hundreds or even thousands in interest were seized and taken back by FXCM. What kind of Bull Shit is That !! Blaming it on the banks they use? Liars !! People beware
Everyone please take note: As current market volatility continues, you will most likely see more and more brokers increase spread, and charge LARGE, negative rolls on both long and short positions on many pairs.

Anytime the market is in this kind of volatile state(VIX 25+), you're likely to see banks secure themselves by charging huge prices to enter trades and roll a trade over to the next day... that in turn gets passed down to your liquidity provider, then your broker, and then finally to you.
  • #377
  • Sep 18, 2008 12:33pm Sep 18, 2008 12:33pm
Quoting ragnakore
You misunderstood the story.
What happened is they gave you Positive Swaps; then after several days, they go back at your trades and say, it should be Negative Swaps, we are now charging it back to you.

I'd say this is False Advertisements, No Integrity, Cheaters!

If they are getting away with this, what is stopping them from telling you that your sell 10 Lots GBPUSD @ 2.0000 opened last month and just closed last week @ 1.7500 is nullified claiming perhaps oh, "this position was held too long and in big profit, we dont like it", or "No, this position never existed", or "our servers made an error and padded this position on your account by mistake".
To be honest guys, if your broker has not increased their spread, swaps, and even increased their margin requirements, then I'd say you should be concerned about the risk your broker has taken on. I appreciate that FXCM looks to cover themselves from possibly taking on poor positions and losing too much money(which could then in turn cause them to fold and then you lose ALL your money). The lack of security in some of these other brokers isn't worth a few extra pips in spread or not paying rolls to be in a trade.
  • #378
  • Sep 18, 2008 3:04pm Sep 18, 2008 3:04pm
Just noticed that for now the swap rates are back to normal. The central banks are injecting massive amounts of liquidity at the moment.
  • #379
  • Sep 18, 2008 3:26pm Sep 18, 2008 3:26pm
Quoting JRowaboat
To be honest guys, if your broker has not increased their spread, swaps, and even increased their margin requirements, then I'd say you should be concerned about the risk your broker has taken on.
I disagree.

Spreads and swaps are market-driven variables. Your broker should not have the discretion to increase spreads and swaps irrespective of the same variables in the market. Yes, brokers can do so, but they do so at the detriment of their clients. Any broker charging interest on long EUR/USD or GBP/JPY is ripping off their clients, plain and simple (aside from the brief spike in dollar LIBOR rates this week).
  • #380
  • Sep 18, 2008 3:59pm Sep 18, 2008 3:59pm
Quoting Trader KGB
I disagree.

Spreads and swaps are market-driven variables. Your broker should not have the discretion to increase spreads and swaps irrespective of the same variables in the market. Yes, brokers can do so, but they do so at the detriment of their clients. Any broker charging interest on long EUR/USD or GBP/JPY is ripping off their clients, plain and simple (aside from the brief spike in dollar LIBOR rates this week).
The change in a broker's spread and roll is directly influenced on what their bank or liquidity provider is charging them. Brokers make fractions of the spread and role you are charged. Basically, they have to increase spreads and rolls based on whatever they are being charged to fill and roll-over your trade or else they won't be making any money.
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