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FXCM Discussion

  • #1,441
  • Sep 22, 2010 8:30am Sep 22, 2010 8:30am
Quoting Slack
Jason,

Now that there is a formal business relationship between db and FXCM, do you know if current db customers will be able to transfer their acct over, or will we have to apply for a new acct?

Thanks
Hi Slack,

You would have to complete FXCM's application and trading agreement since we are separate companies.

It would be the same process as moving your account over to FXCM from any other broker. First complete the trading agreement, then have the broker wire the funds to your new FXCM account.

-Jason
  • #1,442
  • Sep 22, 2010 8:35am Sep 22, 2010 8:35am
OK.

Thank you very much for the reply.
  • #1,443
  • Sep 23, 2010 9:42am Sep 23, 2010 9:42am
why doesnt fxcm change pricing to 4 digits like the rest of the world?
  • #1,444
  • Sep 23, 2010 2:07pm Sep 23, 2010 2:07pm
Quoting mfoste1
why doesnt fxcm change pricing to 4 digits like the rest of the world?
Trading with 4 digits is like going to the store and only having things priced to the nearest $1. More often than not the price will be rounded up. May not sound like a lot, when when you're talking about billions in currency transactions it adds up to a lot. Quoting down to a fractional pip allows banks to be more competitive with their pricing which can also encourage tighter spreads. It's much easier and more likely for a bank to go from 2 pip spread to 1.9 than to go from 2 pip to 1 pip spread.

If you prefer not to see the 5th digit on the platform, there's an option to hide it or put it in brackets. Take a look at the below image, I circled where to find the option for the fractional pip format. I also drew boxes around the quotes and open position to show that the 5 digit is hidden:

http://img713.imageshack.us/img713/7...pipsoption.png


You can also have the 5th decimal within a bracket or parenthesis if you still want to see it there, but have it offset for easier reading.
  • #1,445
  • Sep 23, 2010 3:52pm Sep 23, 2010 3:52pm
Jason, will repatriated accounts have to use checks for withdrawal like the other US accounts? What's the fee amount for check withdrawal? Why not have both options of withdrawal, check and wire?
  • #1,446
  • Sep 23, 2010 4:39pm Sep 23, 2010 4:39pm
Quoting Jason Rogers
Trading with 4 digits is like going to the store and only having things priced to the nearest $1....

nice.....thank you for your help jason
  • #1,447
  • Sep 24, 2010 8:42am Sep 24, 2010 8:42am
Quoting sonicpunk32
Jason, will repatriated accounts have to use checks for withdrawal like the other US accounts? What's the fee amount for check withdrawal? Why not have both options of withdrawal, check and wire?
Hey Sonicpunk32,

For FXCM LLC (US) micro accounts, the withdrawal for US residents is sent back by paper check, and for international clients, the funds are sent back by bank wire. Here's the fee schedule for the withdrawal by check:

Domestic (United States) Clients Only for FXCM LLC (US)
$10.00 USD for the 1st check issued within a calendar month
$20.00 USD for the 2nd check issued within a calendar month
$30.00 USD for the 3rd and subsequent check issued within a calendar month

You would save $5 by having a paper check sent back compared to the wire option. I'll ask around on my side to see if wire withdrawal for US residents with FXCM (US) LLC has been given consideration.


For everyone's knowledge, the above information pertains to micro accounts only. Standard (10k) account holders have the option for withdrawal by bank wire, paper check, or credit/debit card (if funded by credit/debit card).

-Jason
  • #1,448
  • Sep 24, 2010 9:05am Sep 24, 2010 9:05am
Jason, according to the FXCM withdrawl form (for standard 10K accounts), the Online Deposit (ACH/EFT) option is listed as being available for US (as well as AUD) clients...is this option still available?
  • #1,449
  • Sep 24, 2010 10:43am Sep 24, 2010 10:43am
Quoting cica515
Jason, according to the FXCM withdrawl form (for standard 10K accounts), the Online Deposit (ACH/EFT) option is listed as being available for US (as well as AUD) clients...is this option still available?
Yes, ACH for withdrawal is an option for US residents with a US bank checking account. You can request an ACH withdrawal from your standard account even if you didn't deposit by ACH. My apologies on forgetting to list the ACH option in the previous post.

-Jason
  • #1,450
  • Sep 24, 2010 11:13am Sep 24, 2010 11:13am
Quoting Jason Rogers
You would save $5 by having a paper check sent back compared to the wire option.
Heh, $10..., that's just great. I suppose that is much better than the combined $30 fee I'd have to endure with a wire. That's because my bank would also charge $15 for incoming wires. So I guess that's one plus from all this. $10 is better than $30.

Is it still easy for one to transform a micro account into a standard later on down the road?
  • #1,451
  • Sep 24, 2010 11:21am Sep 24, 2010 11:21am
Quoting Jason Rogers
ACH for withdrawal is an option for US residents with a US bank checking account.
Wait, so standard accounts get the option of paper check (no bank fee), bank wire (possible bank fee), AND electronic ACH (no bank fee) transfers? (Yes I'm aware FXCM charges their own fee for each type of withdrawal.)
  • #1,452
  • Sep 24, 2010 1:23pm Sep 24, 2010 1:23pm
Quoting sonicpunk32
Heh, $10..., that's just great. I suppose that is much better than the combined $30 fee I'd have to endure with a wire. That's because my bank would also charge $15 for incoming wires. So I guess that's one plus from all this. $10 is better than $30.

Is it still easy for one to transform a micro account into a standard later on down the road?
Yes, you can always convert from micro to standard down the road whenever you want. Just ask client services for the online form to submit, and we'll get it taken care of for you.

And to answer your second post reiterating the withdrawal options for standard 10k accounts with FXCM LLC (US):

Paper Check: free
Credit/Debit Card: free
ACH: $5
Wire: $25 (Domestic US wire for USD denominated accounts)

-Jason
  • #1,453
  • Sep 24, 2010 2:39pm Sep 24, 2010 2:39pm
Jason, what happens if I deposit funds into my new FXCM US account with a valid credit card in my name, and that credit card is later canceled completely or replaced with a new credit card number (due to loss or theft of the original credit card)? Will I still be able to make withdrawals through the 3 other options (bank wire, paper check, or ACH/EFT) or provide FXCM with my new credit card number?

Also, are there any transaction fees associated with depositing funds into FXCM US accounts using a credit card? Is this transaction treated as a regular credit transaction, as compared to a cash advance? Finally, is there a maximum limit to a credit card deposit amount (aside of my available credit card balance)?
  • #1,454
  • Sep 27, 2010 8:59am Sep 27, 2010 8:59am
Quoting cica515
Jason, what happens if I deposit funds into my new FXCM US account with a valid credit card in my name, and that credit card is later canceled completely or replaced with a new credit card number (due to loss or theft of the original credit card)? Will I still be able to make withdrawals through the 3 other options (bank wire, paper check, or ACH/EFT) or provide FXCM with my new credit card number?
This comes up from time to time, and the operations team will help get your funds back to you even if it means sending it back by a different method such as bank wire, paper check or ACH. We understand these situations can occur and will work to get the funds back to you.

Quote
Also, are there any transaction fees associated with depositing funds into FXCM US accounts using a credit card? Is this transaction treated as a regular credit transaction, as compared to a cash advance? Finally, is there a maximum limit to a credit card deposit amount (aside of my available credit card balance)?

There is no fee charged by FXCM for depositing via credit/debit card. It's treated as regular credit transaction as though you were making a purchase at a store. So you will not be hit with cash advance charges. The maximum you can deposit by credit card per calendar month is 10,000 of your accounts base currency.
  • #1,455
  • Sep 27, 2010 9:14am Sep 27, 2010 9:14am
  •  valpre
  • | Joined May 2010 | Status: Up or down? Which way wil it go? | 17 Posts
Hallo Jason

Has the issues with FXCM MT4 been sorted out? Can positions be partially closed?
I know FXCM is punting their new strategy trader but I like many other traders prefer MT4.

Thank you
  • #1,456
  • Sep 27, 2010 11:57am Sep 27, 2010 11:57am
Quoting valpre
Hallo Jason

Has the issues with FXCM MT4 been sorted out? Can positions be partially closed?
I know FXCM is punting their new strategy trader but I like many other traders prefer MT4.

Thank you
Hi valpre,

FXCM's MT4 platform does not have the option to partially close open positions, so you will need to open multiple tickets instead of one combined ticket if you want to scale out of positions.

Of course you could use the Strategy Trader platform if you want to partially close positions as you mentioned.

-Jason
  • #1,457
  • Sep 27, 2010 3:50pm Sep 27, 2010 3:50pm
Here's some more important information about the rules going into place on October 18th concerning FIFO:

For FXCM LLC (US), the platform's default setting will remain FIFO compliant. This means if you close orders through the summary window or by using the Buy/Sell buttons at the top of the platform, it will close positions according to FIFO.

However, individual trades may be offset in an order other than FIFO if you provide specific authorization. This means if you use the Open Positions window to close trades, you can authorize a specific ticket to close even if it is not in FIFO order.

This will take effect by October 18th for traders with FXCM LLC (US).
  • #1,458
  • Sep 27, 2010 3:57pm Sep 27, 2010 3:57pm
For those of us who have FXCM UK accounts that will convert to FXCM US accounts by October 18th, will we need to (1) uninstall the FXCM UK version of Trading Station and (2) download/install the FXCM US version of Trading Station? I assume this should occur after the close of trading on Friday, October 15th and before the open of trading on Sunday, October 17th (US time).

Will our account numbers remain the same?
  • #1,459
  • Sep 27, 2010 4:40pm Sep 27, 2010 4:40pm
Quoting cica515
For those of us who have FXCM UK accounts that will convert to FXCM US accounts by October 18th, will we need to (1) uninstall the FXCM UK version of Trading Station and (2) download/install the FXCM US version of Trading Station?
The same copy you have installed of FXTS2 can connect to any standard and micro account (demo, live, UK, US, whatever). Not sure about active trader accounts though.
  • #1,460
  • Sep 27, 2010 4:41pm Sep 27, 2010 4:41pm
Quoting cica515
For those of us who have FXCM UK accounts that will convert to FXCM US accounts by October 18th, will we need to (1) uninstall the FXCM UK version of Trading Station and (2) download/install the FXCM US version of Trading Station? I assume this should occur after the close of trading on Friday, October 15th and before the open of trading on Sunday, October 17th (US time).

Will our account numbers remain the same?
Hi Cica,

No need to uninstall/reinstall the platform. The platform you currently have on your computer will continue to work.

Your username/account number and password will also remain the same.

-Jason
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