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FXCM Discussion

  • #5,061
  • Sep 28, 2014 3:44am Sep 28, 2014 3:44am
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  • #5,062
  • Sep 28, 2014 9:38am Sep 28, 2014 9:38am
Just saw this thread http://www.forexfactory.com/showthread.php?t=505626

Now we can see why FXCM is trying to price their business like an equities broker. Oh well, I guess it is their business to ruin. Really there is no point in complaining about it because their long-term goal is going to prevent them from listening anyway. Money talks, so when the money (clients) walks, they will have learned their lesson. Again, all I know is I used to trade stock options with all their entry costs, exit costs, and spread costs. I had to profit $35-$50 just to break even. Now, with the commission pricing not only confusing how to calculate trade size, but also doubling the current spread costs...ALL happening during a collapsing currency market where it will be difficult to profit against the increased spread...well, doesn't look good for the "long-term" goal of FXCM. They can keep the goal, as it is their business, but when no one is using their over-priced business, what is the point of being in business?
You cannot be extraordinary by being normal
  • #5,063
  • Sep 29, 2014 11:21am Sep 29, 2014 11:21am
Quoting smash1820
FXCM customer support, where have you gone??? I am trying to contact you now.
Hi Smash,

I'm available to answer questions on this forum during daytime hours in the US, and my colleagues in our customer service team are available to you 24/7 by phone: http://www.fxcm.com/support/contact-...0000000MusRAAS

That said, it's possible the hold times may have been longer for you this past weekend with the 13,000 new accounts we onboarded from IBFX, and the news of FXCM US launching our new lower pricing. For this I apologize.
  • #5,064
  • Sep 29, 2014 11:21am Sep 29, 2014 11:21am
Hey There,

Does anybody know a good introducing broker for FXCM?

Thanks
  • #5,065
  • Sep 29, 2014 1:09pm Sep 29, 2014 1:09pm
Quoting Deutschland
FXCM best global broker, period
Thanks Deutschland and welcome to the discussion
  • #5,066
  • Edited 1:53pm Sep 29, 2014 1:38pm | Edited 1:53pm
Quoting dkrock
If you do not trade one of the "14" designated currency pairs, your transaction cost will actually go up.
Hi Dkrock,

I would like to address your concerns. First, to what 14 designated currency pairs are you referring? FXCM US clients can now trade on raw FX spreads with no markups* for all 58 currency pairs we offer:

http://i.imgur.com/dgUvQMn.png



Commission Schedule 1 applies to the 7 most popular currency pairs, and Commission Schedule 2 applies to the rest:

http://i.imgur.com/Jx5a15q.png

Listed commissions will not apply to some customer accounts due to their relationship with certain intermediaries.



Quoting dkrock
For instance, the average spread on USD/DKK is 5.5, however it never fills at that. Somehow it runs 5.7 to 10 pips of slippage on every entry. Once entered, then the spread converts to 5.5 and you do get instant exit pricing. Really not sure why only the entry slips EVERY time, wink wink.
It sounds like the entry orders you're using are stop orders. It's worth noting that while stop orders are more likely to receive negative slippage, this is not something specific to FXCM, but instead has to do with the momentum of price movement when such orders are triggered.

The advantage of trading with FXCM is that it's also possible for you to benefit from positive slippage where your order is filled at a better price than you originally requested. Limit orders are more likely to benefit from positive slippage due to the moment of price movement when such orders are triggered.

Below are stats compiled from over 43 million trades executed through FXCM from August 2013 to January 2014:

  1. 73% of all orders had no slippage.
  2. 15% of all orders received positive slippage.
  3. 12% of all orders received negative slippage.
  4. Over 60% of all limit and limit entry orders received positive slippage.
  5. 53.32% of all stop and stop entry orders received negative slippage.

In just those six months alone, FXCM clients benefited from over $15 million in positive slippage: http://www.fxcm.com/advantages/forex...0000000MusRAAS

Important insights gathered from these stats include the following:

  1. Limit and limit entry orders are the most likely to receive positive slippage
  2. Stop and stop entry orders are the most likely to receive negative slippage
  3. The Market Range feature on our Trading Station platform help traders to minimize negative slippage while still enjoying the full benefits of positive slippage: http://www.fxcm.com/products/trading...0000000MusRAAS


Quoting dkrock
One of the main incentives for trading Forex was the lack of commission costs. All the pricing was in the spread, making it super simple to figure trade size, profit points, stop losses, etc. Now, they have to screw it all up by making it look like the equities market. Their excuse? Removing hidden costs, LOL. So, by ADDING hidden costs, they are actually removing them. My intuition is on high alert that something incredibly suspicious is going on here. I have this strange sensation FXCM is turning into a phone company or cable company where they...
Like you, I appreciate the simplicity of our old pricing model where our fixed pip markups were already built into the spread with no additional commissions. That's the model our NDD price feed had used since it's inception in 2007.

That said, it's worth considering the benefits of our new raw FX spreads and low commissions. With raw spreads, traders can see the exact prices FXCM receives from liquidity providers on our NDD price feed with no markups*. The tighter spreads also mean increased execution benefits to stop and limit orders. For example, your limit orders can get triggered sooner, because there is no markup on your exit price. Also, while you've expressed concerns about hidden costs, our new commission model increases transparency. FXCM clients can now see the exact commission fees they are being charged on trades.


Quoting dkrock
Had the pricing model actually been equal across all pairs, maybe it would be less suspicious.
In most industries, it's common for more popular products to have a lower per unit cost. Similarly, FXCM charges a lower commission on the most popular currency pairs, because we can make up for this from the higher trading volume these pairs generate for us.


Quoting dkrock
Had the pricing model actually been equal across all pairs, maybe it would be less suspicious. If the spread was LOCKED, it would be less suspicious.
Locked spreads, or fixed spreads as they are more commonly known, are only possible with dealing desk brokers. A fixed-spread broker that tells you they will not change their spreads even during news events has to manage the additional risk they take on from quoting prices that may not reflect changes in the spreads coming from their liquidity providers. This could result in re-quotes for their clients.

By contrast, FXCM's raw FX price feed, has variable spreads precisely because we show you the exact best bid and best ask prices we receive from 10+ competing liquidity providers without any markups*. That is why there no re-quotes on our platform.


* In some instances, accounts for clients of certain intermediaries are subject to a markup.
  • #5,067
  • Sep 29, 2014 2:12pm Sep 29, 2014 2:12pm
Quoting MarginCalled
{quote} I think they are cheaper now, I only trade majors so.....
Hi MC,

I'm glad you've noticed that your total transaction costs (spread+commission) are now lower.


Quoting MarginCalled
They may go the "bait and switch" way with low spreads now and increasing it slowly. So in time you will have lets say 1.5 pips spread plus commission.
Under our new pricing model, FXCM makes money from the commission, not the spread. Your spread cost goes directly to our liquidity providers. That means if the spreads widen during a news event, none of that widening benefits FXCM's bottom line. It's solely due to our liquidity providers widening the spreads they quote us.

It's worth noting that even in such circumstances our NDD pricing model is working for you by making liquidity providers compete with each other for your order flow. Only the liquidity provider quoting the best available price at the time will get to offset your order. FXCM makes the same amount on your trades regardless of the spreads. Therefore, our goal is to provide you with the best spreads possible, so you will trade more.
  • #5,068
  • Edited Sep 30, 2014 12:24pm Sep 29, 2014 2:51pm | Edited Sep 30, 2014 12:24pm
Quoting scalpz
{quote} AND the extra commision is not shown against the trade in the normal commission column in the Trading Tab. It is actioned off your account balance and hidden away in the History Tab. Really suxs fxcm, just such a suspect way to run your doctored version of the MT4 platform. scalpz
Hi Scalpz,

It's important to keep in mind that MT4 is a third-party platform. For some brokers, MT4 may be the only platform they offer, and they typically use the back office system provided by MetaQuotes. By contrast, FXCM clients can have access to multiple trading platforms through a single account login: http://www.fxcm.com/products/compare...0000000MusRAAS

This single sign on functionality is achieved through FXCM's own back office system. There is nothing intentional on our part in the way commissions appear in your MT4 Account History instead of the commission column, but it's a limitation of how the MT4 platform integrates with our back office.

I can understand that as a former IBFX client whose MT4 account was recently transferred to FXCM, when IBFX chose to stop supporting the MT4 platform, the ability to use your account login to access our other platforms may hold limited appeal for you. However, I hope you will still find that the benefits to you of trading with FXCM, such as lower transaction costs, NDD forex execution, and the ability to continue using MT4 will outweigh the fact that commissions are visible in your Account History tab instead of the commission column.
  • #5,069
  • Sep 29, 2014 3:26pm Sep 29, 2014 3:26pm
Quoting dkrock
Just saw this thread http://www.forexfactory.com/showthread.php?t=505626 Now we can see why FXCM is trying to price their business like an equities broker.
Hi Dkrock,

Our plans to offer single share CFDs are not related to the decision to lower forex transaction costs with our new spreads and commissions. Also, since I noticed your forum profile mentions you live in the US, I just wanted to clarify that US regulations don't allow us to offer CFD products to US traders, only forex.
  • #5,070
  • Sep 29, 2014 5:27pm Sep 29, 2014 5:27pm
Quoting Jason Rogers
{quote} ...... I just wanted to clarify that US regulations don't allow us to offer CFD products to US traders, only forex.
It has nothing to do with "US regulations" come on Jason!

FXCM could offer anything they want to their customers.

Interactive brokers and others do. Why not you guys?

You guys may found that going to the hassle of applying for other licenses and raising capital reserves may not compensate.

That will be more in line with the truth.
Don't call me. I call you!
  • #5,071
  • Sep 30, 2014 4:18am Sep 30, 2014 4:18am
Quoting dkrock
Just saw this thread http://www.forexfactory.com/showthread.php?t=505626 Now we can see why FXCM is trying to price their business like an equities broker. Oh well, I guess it is their business to ruin. Really there is no point in complaining about it because their long-term goal is going to prevent them from listening anyway. Money talks, so when the money (clients) walks, they will have learned their lesson. Again, all I know is I used to trade stock options with all their entry costs, exit costs, and spread costs. I had to profit $35-$50...
ok, i can agree with you and i could feel your frustration. but it's your business to deal with adversity here. i don't get it why fxcm has chosen to change the price structure on oct the 3rd (too many important news). but anyway...
you seem experienced since you say you trade options, that's why I don't get why you're confused with the position size. just .xls your new data and it's like ever before.

i can't complain of FXCM, except the few times i got disconnected. jason is great (i said it before), customer service is great, now they lowered the spreads. what else would we like? cfds? maybe :-) but nfa & cftc are qualified babysitters, my friend :-)

let's not forget that we are trading spot currencies and we are calling ourselves retail traders. tough business. a decade ago you and I wouldn't have been able to trade a dime in a foreign currency. at least, let's see some opportunity here (some of us trade such a small size that no legit brokerage business would care for).
on mt4 you'll never be able to trade successfully and consistently FOMC and other mega news, that's clear, unless you deleverage yourself to extinction. but people seem to keep trying, then they are getting paranoid, and they blame it on their broker.
my advice to everyone is to bite your tongue before you spill your guts all over this thread. it's bad karma for your account(s)!
  • #5,072
  • Sep 30, 2014 12:40pm Sep 30, 2014 12:40pm
Quoting MarginCalled
{quote} It has nothing to do with "US regulations" come on Jason! FXCM could offer anything they want to their customers.
Quoting Poolsuckswat
jason is great (i said it before), customer service is great, now they lowered the spreads. what else would we like? cfds? maybe :-) but nfa & cftc are qualified babysitters, my friend :-)
Hi MC,

Just to clarify, I was referring to CFDs (contracts for difference) for single share trading, and as PSW has confirmed, CFD trading is indeed prohibited by US regulations. That means no broker can legally offer CFDs for single shares, stock indices, metals, energy or commodities to US traders. However, FXCM does offer CFD trading to non-US residents: http://www.fxcm.com/uk/markets/cfds/...0000000MusRAAS
  • #5,073
  • Sep 30, 2014 12:47pm Sep 30, 2014 12:47pm
Quoting Poolsuckswat
i don't get it why fxcm has chosen to change the price structure on oct the 3rd (too many important news).
Hi PSW,

If you have an existing FXCM US account, then your account will be upgraded to our new raw FX spreads* after trading closes on Friday, October 3rd at 5pm New York time. That means, this change will not impact your trades on Friday itself. The first time you can trade on our new pricing will be when the trading desk opens for the new week at 5pm New York time on Sunday, October 5th.

http://i.imgur.com/84mAq8B.png

*In some instances, accounts for clients of certain intermediaries are subject to a markup.

  • #5,074
  • Sep 30, 2014 12:57pm Sep 30, 2014 12:57pm
Quoting Jason Rogers
{quote} Hi PSW, If you have an existing FXCM US account, then your account will be upgraded to our new raw FX spreads* after trading closes on Friday, October 3rd at 5pm New York time. That means, this change will not impact your trades on Friday itself. The first time you can trade on our new pricing will be when the trading desk opens for the new week at 5pm New York time on Sunday, October 5th. {image} *In some instances, accounts for clients of certain intermediaries are subject to a markup.
ok, that sounds great!
  • #5,075
  • Sep 30, 2014 3:34pm Sep 30, 2014 3:34pm
Hi,

do you already have exact date of release of this new pricing model for Europe?
  • #5,076
  • Sep 30, 2014 6:40pm Sep 30, 2014 6:40pm
Quoting Seitecu
Hi, do you already have exact date of release of this new pricing model for Europe?
Hi Seitecu,

I will let you know as soon as an official date is announced.
  • #5,077
  • Sep 30, 2014 6:46pm Sep 30, 2014 6:46pm
Quoting Jason Rogers
{quote} {quote} Hi MC, Just to clarify, I was referring to CFDs (contracts for difference) for single share trading, and as PSW has confirmed, CFD trading is indeed prohibited by US regulations. That means no broker can legally offer CFDs for single shares, stock indices, metals, energy or commodities to US traders. However, FXCM does offer CFD trading to non-US residents: http://www.fxcm.com/uk/markets/cfds/...0000000MusRAAS
Got that.

I was commenting more on the " only Forex " part of your post.

You guys can be considered a "big" broker but offer nothing more than Forex, just like a small broker.
Don't call me. I call you!
  • #5,078
  • Sep 30, 2014 11:28pm Sep 30, 2014 11:28pm
Quoting Jason Rogers
{quote} {quote} Hi MC, Just to clarify, I was referring to CFDs (contracts for difference) for single share trading, and as PSW has confirmed, CFD trading is indeed prohibited by US regulations. That means no broker can legally offer CFDs for single shares, stock indices, metals, energy or commodities to US traders. However, FXCM does offer CFD trading to non-US residents: http://www.fxcm.com/uk/markets/cfds/...0000000MusRAAS
hi, i'm from mongolia, why then not possible to trade cfd's?

Quote
customer service is great,

i'm not able to contact customer service...
Money is made by sitting, not trading. Jesse L. Livermore
  • #5,079
  • Oct 1, 2014 4:32pm Oct 1, 2014 4:32pm
Quoting sam69
{quote} hi, i'm from mongolia, why then not possible to trade cfd's?
Hi Sam,

Since you live in Mongolia, you can trade CFDs through FXCM. If you don't see CFD products on your platform, that suggests your trading account is currently set up under FXCM's US-regulated entity. Note that when FXCM acquired IBFX's MT4 accounts, all IBFX US accounts were transferred to FXCM US, and all IBFX AU accounts were transferred to FXCM AU.

If you have an FXCM US account that you would like to transfer to another FXCM entity in order to trade CFDs, then you can do so by completing this online forum: http://www.fxcm.com/forms/llc-to-ltd...0000000MusRAAS


Quoting sam69
{quote} i'm not able to contact customer service...
You can contact FXCM's live customer support team 24 hours a day, 7 days a week by phone: http://www.fxcm.com/support/contact-...tional-numbers

If you post your questions here on the forum, I can respond during daytime hours in the US.
  • #5,080
  • Oct 1, 2014 5:48pm Oct 1, 2014 5:48pm
Jason,

Is the new tighter spreads with commission structure available to Canadian accounts thru Friedberg Direct?

Thanks,

Morpheous
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