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FXCM Discussion

  • #2,041
  • Aug 11, 2011 12:47pm Aug 11, 2011 12:47pm
Jason,

Does FXCM has any plan to introduce swap-free standard account in the nearest time?

cheers
  • #2,042
  • Aug 11, 2011 12:59pm Aug 11, 2011 12:59pm
And is it possible for FXCM to revise and allow market order more than 5000 pips (+/- $50.00) for XAU/USD trading?

Example, let say the current bid price at $1,760.00, then we are only able to open any sell limit maximum at $1,810.00 (not more than that), and buy limit at $1,710.00 (not less than that).

Please advices and have a nice day!
  • #2,043
  • Aug 11, 2011 3:18pm Aug 11, 2011 3:18pm
Quoting zam4ever
Jason,

Does FXCM has any plan to introduce swap-free standard account in the nearest time?

cheers
Hi Zam,

No we don't have plans to offer swap-free accounts since interest is a function of the FX market.

We do post rollover rates at dailyfx.com and include daily rollover per lot in the dealing rates window.

Good luck trading!

- Jason
  • #2,044
  • Aug 12, 2011 9:59am Aug 12, 2011 9:59am
Quoting zam4ever
And is it possible for FXCM to revise and allow market order more than 5000 pips (+/- $50.00) for XAU/USD trading?

Example, let say the current bid price at $1,760.00, then we are only able to open any sell limit maximum at $1,810.00 (not more than that), and buy limit at $1,710.00 (not less than that).

Please advices and have a nice day!
The max order distance from the market price is now 15,000 pips (+/-$150) for XAU/USD. I think this maximum restriction is technology-related. If I hear of any changes, then I will let you know!

Good luck trading!

- Jason
  • #2,045
  • Aug 12, 2011 10:09am Aug 12, 2011 10:09am
Quoting Jason Rogers
No we don't have plans to offer swap-free accounts since interest is a function of the FX market.

We do post rollover rates at dailyfx.com and include daily rollover per lot in the dealing rates window.
Thank you for above feedback.



Quoting Jason Rogers
The max order distance from the market price is now 15,000 pips (+/-$150) for XAU/USD. I think this maximum restriction is technology-related. If I hear of any changes, then I will let you know!
I just check, still unable to make any limit order more than 5,000 pips (+/- $50.00).

Evidence as attached.

Please advice
Attached Image
  • #2,046
  • Aug 12, 2011 10:28am Aug 12, 2011 10:28am
Quoting zam4ever

I just check, still unable to make any limit order more than 5,000 pips (+/- $50.00).

Evidence as attached.

Please advice
My apologies, I thought it had been changed but we must have run into issues. I will check and get back to you Zam.

Thanks,

- Jason
  • #2,047
  • Aug 12, 2011 10:36am Aug 12, 2011 10:36am
Quoting Jason Rogers
My apologies, I thought it had been changed but we must have run into issues. I will check and get back to you Zam.
No problem Jason. I think in the past few posts, many questions and arising issues voiced by me, hope it can be solved or improved by FXCM too.

Looking forward for your feedback and cheers
  • #2,048
  • Aug 13, 2011 2:07pm Aug 13, 2011 2:07pm
http://www.nfa.futures.org/basicnet/...16&contrib=NFA
CCI decipherer
  • #2,049
  • Edited 3:22pm Aug 13, 2011 3:18pm | Edited 3:22pm
For Immediate Release
For More Information Contact:
Larry Dyekman (312) 781-1372, [email protected]
Karen Wuertz (312) 781-1335, [email protected]
NFA levies $2,000,000 monetary sanction against FXCM and orders refunds to customers
August 12, Chicago - National Futures Association (NFA) has issued a Decision imposing a $2,000,000 monetary sanction against Forex Capital Markets LLC (FXCM) in settlement of a Complaint issued by NFA's Business Conduct Committee on August 12, 2011. The Complaint cited FXCM for retaining gains derived from asymmetrical positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; failing to adequately investigate suspicious activity in several customers' accounts; and - together with its principal Dror Niv - failing to supervise. FXCM is a Futures Commission Merchant, Retail Foreign Exchange Dealer, and Forex Dealer Member located in New York, New York.
In addition to the $2,000,000 monetary sanction, FXCM must credit the accounts of its customers the amount of asymmetrical positive slippage which its customers experienced on their trades from and after June 18, 2008 and provide verification to NFA of these credits. In the future, FXCM is prohibited from engaging in price slippage or margin liquidation practices, as described in the Complaint. FXCM must also enhance existing procedures to ensure efficient execution of customer orders and compliance with NFA's anti-money laundering requirements.
The complete text of the Complaint and Decision can be found on NFA's website (www.nfa.futures.org).
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.
Attached File(s)
File Type: pdf Complaint_ForexCapitalMarketsLLC&DrorNiv_2011_0812.pdf   491 KB | 586 downloads
Paul W
  • #2,050
  • Aug 13, 2011 5:39pm Aug 13, 2011 5:39pm
Quoting PaulZW
For Immediate Release NFA levies $2,000,000 monetary sanction against FXCM and orders refunds to customers
Hi Paul,

Yesterday's action from the NFA primarily concerns positive slippage, and I would like to shed more light on how positive slippage with FXCM's NDD forex execution system used to work prior to August 2010 and how it has worked since then.

FXCM’s platforms display the best bid/ask spread streamed from the firm’s liquidity providers plus FXCM’s mark-up. Every FXCM NDD forex trade is automatically offset in a two-step process, designed to ensure that FXCM does not profit from a trader’s losses. In the first step of the execution process, a trader clicks on the price and the order is sent to FXCM. In the second step, FXCM automatically sends the client’s order to one of its liquidity providers to offset the trade.

FXCM’s execution system prior to August 2010 only offered price improvements to clients in the first step of the process. If a better price became available on FXCM’s platform in the fraction of a second after the client submitted the order but before the order was received by FXCM, the client would benefit from the price improvement. However, FXCM’s previous execution system did not provide clients with price improvements in the second step of the execution process, even if FXCM was able to offset the order at a better price, excluding FXCM’s markup. FXCM enhanced the execution system in 2010 so that clients now benefit from price improvements in both steps of a transaction for all order types.

It is important to note: By the end of 2010 FXCM enhanced its execution system to offer price improvements on all trades. You may remember from my forum posts last August that I announced positive slippage for limit and limit entry orders on this thread. All orders now eligible to receive positive slippage, and all price improvements are subject to available liquidity.

The settlement amount and the client price improvement credit will have no negative impact on FXCM's financial balance sheet because several founding partners of FXCM have reimbursed the company for the credit and the fines. As of June 30, 2011, FXCM Inc. had over $200 million in cash and no debt.

FXCM's goal is to have a fair and transparent system, and we are proud to offer an execution system that passes on any price improvements. FXCM has compiled statistics from July 1, 2010 until now to display the percentage of orders positive slipped and negatively slipped, and which orders most frequently experience each. The percentage of orders between positive and negative slippage has been roughly equal.

http://img823.imageshack.us/img823/1...agehighlig.jpg




And we have broken this down even further to display the number of orders on a monthly basis positively and negatively slipped:

http://img232.imageshack.us/img232/2...ppagestats.jpg


Limit and limit entry orders are the most likely to experience positive slippage which is why we highlight using limit and limit entry orders in the execution center on our website. You can find even more data on slippage broken down per order type in the complete report here: Slippage Statistics

Please let me know if you have any additional questions. I will do my best to answer them as thoroughly as possible.

Jason
FXCM
  • #2,051
  • Aug 14, 2011 4:08am Aug 14, 2011 4:08am
is there hedge with FXCM ? or its prohibited ?
  • #2,052
  • Aug 14, 2011 9:59am Aug 14, 2011 9:59am
Quoting sparten
is there hedge with FXCM ? or its prohibited ?
As far as I recall, only FXCM (US) and applies to other US brokers do not permit hedging due to regulations. But other FXCM offices (outside US) are permitting it. Probably Jason will re-confirm it.

Have a nice day!
  • #2,053
  • Aug 14, 2011 1:01pm Aug 14, 2011 1:01pm
Quoting PaulZW
For Immediate Release
For More Information Contact:
Larry Dyekman (312) 781-1372, [email protected]
Karen Wuertz (312) 781-1335, [email protected]
NFA levies $2,000,000 monetary sanction against FXCM and orders refunds to customers
August 12, Chicago - National Futures Association (NFA) has issued a Decision imposing a $2,000,000 monetary sanction...
Hi,

does this mean that FXCM will refund customer across all FXCM customers not only US. Or FXCM UK will keep the non dealing desk scam claim?

Thanks
13
Brokers are angels
  • #2,054
  • Aug 15, 2011 8:06am Aug 15, 2011 8:06am
Quoting fx13
Hi,

does this mean that FXCM will refund customer across all FXCM customers not only US.
The change to our execution process made last year adds positive slippage on all orders to all clients regardless of their jurisdiction. However, the settlement only impacted FXCM US accounts. No other accounts are eligible for a credit.

-Jason
  • #2,055
  • Aug 15, 2011 8:09am Aug 15, 2011 8:09am
Quoting sparten
is there hedge with FXCM ? or its prohibited ?
Hi sparten,

Hedging is available through all of FXCM's entities except for FXCM US (LLC) which is prohibited from offering it due to US regulations. I see you list the location on your profile as Egypt, so you would be able to open your account through FXCM UK which offers hedging.

-Jason
  • #2,056
  • Aug 15, 2011 8:21am Aug 15, 2011 8:21am
Quoting Jason Rogers
The change to our execution process made last year adds positive slippage on all orders to all clients regardless of their jurisdiction. However, the settlement only impacted FXCM US accounts. No other accounts are eligible for a credit.

-Jason
Interesting. So if you can historically look back and see that other people regardless of jurisdiction are due positive slippage credit, isn't it just good business practice to refund those people also?
Measure trends automatically with zero lag
  • #2,057
  • Aug 15, 2011 1:00pm Aug 15, 2011 1:00pm
Asking on behalf of my friend. He is using American Express credit card, issued by one of Malaysia local bank. When he check deposit options by using credit card, he saw that Visa, Mastercard and Visa Electron are accepted, but not AMEX card.

When he asked me, I'm also wondering why majority of brokers are like to accept Mastercard or Visa, but not AMEX. Is there any specific reason behind this issue?

Please advice and cheers
  • #2,058
  • Edited 1:57pm Aug 15, 2011 1:47pm | Edited 1:57pm
Quoting zam4ever
Asking on behalf of my friend. He is using American Express credit card, issued by one of Malaysia local bank. When he check deposit options by using credit card, he saw that Visa, Mastercard and Visa Electron are accepted, but not AMEX card.

When he asked me, I'm also wondering why majority of brokers are like to accept Mastercard or Visa, but not AMEX. Is there any specific reason behind this issue?

Please advice and cheers
Thanks for asking Zam. Deciding to accept specific credit card providers is a business decision and due to the costs involved for FXCM to accept deposits using certain payment methods. Each card provider charges a percentage of the transaction amount as a fee, and the fee for AMEX is higher Mastercard and Visa.

I would suggest to have your friend contact FXCM's Client Services so they can provide other funding options like bank wire.

If you have any other questions, then let me know!

- Jason Rogers
  • #2,059
  • Aug 16, 2011 11:49am Aug 16, 2011 11:49am
Quoting Jason Rogers
Thanks for asking Zam. Deciding to accept specific credit card providers is a business decision and due to the costs involved for FXCM to accept deposits using certain payment methods. Each card provider charges a percentage of the transaction amount as a fee, and the fee for AMEX is higher Mastercard and Visa.

I would suggest to have your friend contact FXCM's Client Services so they can provide other funding options like bank wire.

If you have any other questions, then let me know!

- Jason Rogers
Thanks Jason,

He is choosing and using bank wire option.

cheers
  • #2,060
  • Aug 16, 2011 12:07pm Aug 16, 2011 12:07pm
Quoting ybfjax
Interesting. So if you can historically look back and see that other people regardless of jurisdiction are due positive slippage credit, isn't it just good business practice to refund those people also?
Actually this is the big question, from what Jason has said nobody else will be compensated. Are we to believe that they only did this to US clients or is it just a case of the NFA not being able to force them to refund UK or other clients?
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