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FXCM Discussion

  • #5,241
  • Oct 16, 2014 8:03am Oct 16, 2014 8:03am
Quoting albchr
Here Jason, you're so fond of providing links to brag how good FXCM is. Have a look. http://www.forexfactory.com/showthre...23#post7803823 << you can read from this forward or .... skip to each ... http://www.forexfactory.com/showthre...17#post7803917 http://www.forexfactory.com/showthre...75#post7804675 http://www.forexfactory.com/showthre...87#post7804687 It's bad enough we were forced into this.
Quoting scalpz
Really bad performance being shown by fxcm.
Hi guys, I appreciate your frustration. After all, as you both have said, the only reason you're trading with FXCM now is that your former broker decided it no longer wanted to provide service for MT4 accounts and so FXCM acquired them.

Chris, since you've linked to several posts, I wanted to make this short post now just to let you know that I will respond to them in this thread after I've had a chance to read through them all.

Thanks for bringing your concerns to me.

Jason
  • #5,242
  • Oct 16, 2014 8:35am Oct 16, 2014 8:35am
Quoting Jason Rogers
{quote} {quote} {quote} {quote} {quote} Hi Everyone, Forex Factory has told us they are currently working on an integration that will allow you to link your FXCM account to Trading Explorer using our Trading Station platform. Since all FXCM accounts have access to Trading Station, that will mean all FXCM clients, not just MT4 users, will be able to use Trade Explorer once Forex Factory has completed their work on this.
Ah similar to how MyFXBook doing it eh? That's a good news. Hurry!

Thanks for the feedback.
  • #5,243
  • Edited 12:22pm Oct 16, 2014 12:10pm | Edited 12:22pm
Quoting Jason Rogers
{quote} {quote} Hi guys, I appreciate your frustration. After all, as you both have said, the only reason you're trading with FXCM now is that your former broker decided it no longer wanted to provide service for MT4 accounts and so FXCM acquired them. Chris, since you've linked to several posts, I wanted to make this short post now just to let you know that I will respond to them in this thread after I've had a chance to read through them all. Thanks for bringing your concerns to me. Jason
Hi Jason,

While I appreciate the sentiment, let me save you some time in reading and responding to the links I posted. I really see no need for you to do so. The problems I'm experiencing now first hand are exactly the same as I've heard and read about since I first started searching for brokers 7 to 8 years ago. It seems rather obvious (to me at least) FXCM has no intention what so ever in ever doing anything to improve the situation for anyone who isn't a BIG player. Let's face it, the little guy has always been shit on the worst and he always will be.

While I understand your position as liaison between this inept company and us, all the "My Apologies" and "Let me assure you's" won't change any of that. I've read them by many for years. Not only am I still reading them, I'm now writing them as well.

I have a few friends with deeper pockets and larger accounts that are quite happy with FXCM and the service provided "them". So, one of two things (or both) has to change. 1) I have to become a big player with deep pockets or ... 2) FXCM has to start caring about the little guy the same as they do the big one. Now .... I'm not a betting man but, which do you suppose (if either) has a better chance of happening? I know what I'd lay my money on first.

Nothing personal to you of course Jason. Quite honestly, I wouldn't want your job. I'll be closing the account just as soon as I can arrange another broker to transfer to. Until then it will likely remain idle as I can't and won't open a trade without full confidence I'll have FULL control over it once I do. I'm sure you understand.
Ghost Rider - WWTBMD?
  • #5,244
  • Oct 16, 2014 12:46pm Oct 16, 2014 12:46pm
Quoting albchr
{quote} The problems I'm experiencing now first hand are exactly the same as I've heard and read about since I first started searching for brokers 7 to 8 years ago. It seems rather obvious (to me at least) FXCM has no intention what so ever in ever doing anything to improve the situation for anyone who isn't a BIG player.
If after 8 years of trading you still have a small account, maybe you should reconsider this line of business. Unless of course, you trade for fun.

And indeed, FXCM is moving away from small traders. A quote from a recent press release:

The US entity has also raised the open account minimum from $50 to $2,000. Other select targeted jurisdictions began offering a similar commission structure and raised their account minimums as well.

FXCM UK will be raising the open account minimums to 2,000 GBP starting today for new accounts.

FXCM AU will be raising the open account minimums to 2,000 AUD starting today for new accounts.

http://ir.fxcm.com/releasedetail.cfm?ReleaseID=871892
  • #5,245
  • Oct 16, 2014 1:09pm Oct 16, 2014 1:09pm
Quoting Adal
{quote} If after 8 years of trading you still have a small account, maybe you should reconsider this line of business. Unless of course, you trade for fun.
LOL .. who said I've been actively trading for 8 years? And nope, it's not for fun.
Ghost Rider - WWTBMD?
  • #5,246
  • Oct 16, 2014 5:13pm Oct 16, 2014 5:13pm
Quoting Jason Rogers
{quote} {quote} {quote} Hi ZS, This is the first I'm hearing of a connection issue at the time you made the posts above. Can you confirm for me the setup you were using? Were you logging in using the emulator you mentioned earlier of via another method? Also, you referred to both MT4 and Trading Station. Which platform were you using when you encountered this issue? And what error messages if any did you receive? Thanks, Jason
I was using the Web-based platform with my live account ... . Can't recall what the error message was ... .

In any event, happy to hear that FXCM will be getting set up to push data from Trading Station to Forex Factory.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #5,247
  • Oct 16, 2014 6:09pm Oct 16, 2014 6:09pm
Quoting smikester
Mine appears to be working properly now, although some pending orders were opened at about 25 pips slippage. I'm obviously not happy. I'm subscribed to this thread and I'll let others know the outcome. Failures are allowed. It's how they are put right that matters.
Well I filled in the forms from Jason's links yesterday (I was a bit slow) and received a refund today in less than 24 hours.
Gone to a better place
  • #5,248
  • Oct 17, 2014 3:26am Oct 17, 2014 3:26am
Quoting Adal
{quote} If after 8 years of trading you still have a small account, maybe you should reconsider this line of business. Unless of course, you trade for fun. And indeed, FXCM is moving away from small traders. A quote from a recent press release: The US entity has also raised the open account minimum from $50 to $2,000. Other select targeted jurisdictions began offering a similar commission structure and raised their account minimums as well. FXCM UK will be raising the open account minimums to 2,000 GBP starting today for new accounts. FXCM AU will...
You are making jokes here ????
  • #5,249
  • Oct 17, 2014 3:59am Oct 17, 2014 3:59am
Quoting Adal
{quote} If after 8 years of trading you still have a small account, maybe you should reconsider this line of business. Unless of course, you trade for fun. And indeed, FXCM is moving away from small traders. A quote from a recent press release: The US entity has also raised the open account minimum from $50 to $2,000. Other select targeted jurisdictions began offering a similar commission structure and raised their account minimums as well. FXCM UK will be raising the open account minimums to 2,000 GBP starting today for new accounts. FXCM AU will...

The FX-Market is an over-the-counter market, meaning the price your broker gives youis the price you get (re-quotes etc.). It may be difficult for the trader to determine if their broker is quoting them FAIR prices! It's standard practice in the FX World to trade against your clients.

What do you think where the Orders and SL come from ??? - if you see this (today EURJPY) (see my picture)

ASK your BROKER if they place your ORDERS (i.e. Stop Losses and Take Profits) anonymously on the interbank market ????? If they say YES - and let it be confirmed in writing to you. I bet, you will never ever get this!!!!! Most of them place your orders naked on the interbank market! If you se re-quotes or anything, this should be a CLEAR SIGN that your broker is trading against you!
Attached Image
  • #5,250
  • Oct 17, 2014 9:55am Oct 17, 2014 9:55am
Hello Jason and thread..I see that some FXCM user has some techinqual issues well that techknology everything cant brake and go down, but that just my view of it i dont whant to make the fire bigger .I read that someone posted here that FXCM is changing the starting balance for an account opening so i whant to us a i'm a user of this company i shoul add the balance to the amount or i just sta with balance thati have now..Us you understund i'm asking because i dont run a 2K account.It a smaller acc and i'm learning to trade by real.Getting the taest of psychology feelings.The time period that i use this broker is not to long but i still never had an issue with them.

Thanks a lot

Alone
  • #5,251
  • Oct 17, 2014 11:15am Oct 17, 2014 11:15am
Jason, is it possible to get access to the DailyFX Volatility Index (as seen in the article below)?

Attached Image (click to enlarge)
Click to Enlarge Name: forex-trading-forecast-for-the-week-ahead_body_Picture_3.png Size: 81 KB


http://www.dailyfx.com/forex/fundame...eek-ahead.html
  • #5,252
  • Oct 17, 2014 4:30pm Oct 17, 2014 4:30pm
sir jason, how can i become IB agent?
  • #5,253
  • Oct 18, 2014 2:32am Oct 18, 2014 2:32am
Hi, I'm from Vietnam. But the asian fxcm website doesn't support the raw spread. So can I open an account with Australian FXCM to benefit from the raw spread program? Thanks
  • #5,254
  • Oct 18, 2014 3:34pm Oct 18, 2014 3:34pm
Interesting discussion gong on here. things aren't what they seem.

http://forexmagnates.com/fxcm-au-int...pricing-model/
  • #5,255
  • Oct 18, 2014 6:54pm Oct 18, 2014 6:54pm
Quoting ericnyamu
Interesting discussion gong on here. things aren't what they seem. http://forexmagnates.com/fxcm-au-int...pricing-model/
"The statement effectively means that the raw spreads being provided by FXCM could be amended accordingly depending on the firm’s commercial decisions, hence clients would be paying a mark-up (spread) and a commission to follow. The question of broker discretion dependent on market conditions still stands – so although FXCM are introducing a new pricing model, the same market intricacies apply..."
  • #5,256
  • Oct 18, 2014 6:58pm Oct 18, 2014 6:58pm
http://www.easyfreesmileys.com/smile...mileys-759.gif i don't know how you deal with these crying traders Jason http://www.easyfreesmileys.com/smile...mileys-406.gif
  • #5,257
  • Oct 19, 2014 10:21am Oct 19, 2014 10:21am
Hi Jason : I would like to know whether FXCM has any plans in future for accepting e-currencies as deposit/withdrawals like neteller , webmoney ,skrill , etc.
There are a lot of restrictions in some countries for sending wire transfer to an outside country. Also can't use a credit/debit card in any forex company.
Striving to Develop & Implement Innovative Ideas
  • #5,258
  • Oct 19, 2014 10:42am Oct 19, 2014 10:42am
Quoting New-Pragati
Hi Jason : I would like to know whether FXCM has any plans in future for accepting e-currencies as deposit/withdrawals like neteller , webmoney ,skrill , etc. There are a lot of restrictions in some countries for sending wire transfer to an outside country. Also can't use a credit/debit card in any forex company.

you are right.

I am also wondering to ask the same thing. A lot of countries don't allow their citizens to deposit and withdraw money from any foreign currency brokers.

I am also expecting a reply for this problem, if any form of e currencies or even paypal kind of payments would also be fine too....

hmm..
  • #5,259
  • Oct 19, 2014 3:11pm Oct 19, 2014 3:11pm
Quoting ericnyamu
Interesting discussion gong on here. things aren't what they seem. http://forexmagnates.com/fxcm-au-int...pricing-model/
Quoting Aad
{quote} "The statement effectively means that the raw spreads being provided by FXCM could be amended accordingly depending on the firm’s commercial decisions, hence clients would be paying a mark-up (spread) and a commission to follow. The question of broker discretion dependent on market conditions still stands – so although FXCM are introducing a new pricing model, the same market intricacies apply..."
Hi guys,

Unfortunately, the article you refer to is mistaken. All traders on FXCM's new pricing model trade on raw FX spreads with the exception of the clients of certain intermediaries. An example of this would be a client whose account is set up under an introducing broker that charges the client a markup on top of the raw spread as compensation for value-added services provided such as trading strategies, premium charting, etc.

We already responded to the writer of that article with further clarification, so hopefully he will post a correction. To reiterate, on our new pricing model, the only compensation FXCM receives when you place a forex trade is the commission. The raw FX spread cost you pay goes to the liquidity providers. If your account is set up under an introducing broker that charges you an additional markup to the raw FX spread, then that markup would go to them.

Our super tight raw FX spreads will be ideal for scalping and can help improve trading execution across the board. We believe that this pricing model reflects FXCM's core business principals, offering direct access to quotes from multiple liquidity providers with no markup and transparent low commissions that we believe will be very popular with traders.
  • #5,260
  • Oct 19, 2014 3:24pm Oct 19, 2014 3:24pm
Quoting faststare08
sir jason, how can i become IB agent?
Hi Faststare08,

Please send me a private message with your name and contact details. I will have one of my colleagues in our IB department follow up with you.

Thanks,
Jason
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