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FXCM Discussion

  • #7,001
  • Feb 6, 2015 10:06am Feb 6, 2015 10:06am
Stand alone...any brokerage that loses $225 million shows me massive structural problems in risk management capabilities...I have moved on from FXCM (took my money and ran).
  • #7,002
  • Feb 6, 2015 10:15am Feb 6, 2015 10:15am
Quoting COGnizant
Stand alone...any brokerage that loses $225 million shows me massive structural problems in risk management capabilities...I have moved on from FXCM (took my money and ran).


Once again, as I feel I am repeating myself, as much as the NFA claims they are protecting the retail trader from the dangers of forex, their real mission is to get us to stop and move to futures. It is so evident by what they have done to trading conditions as well as refusal to protect clients funds. They increase margin requirements so we must deposit MORE money with brokers who they will not allow to segregate or insure our funds. Not to mention, most of the brokers under their watchful eye have disappeared with client funds, been fined numerous times and continue to ripoff their customers through artificial price spikes, freezing platforms, etc. I now trade with 4 offshore brokers, and my trading conditions are so much better than ANY of the 5 NFA regulated brokers I've used. So while some may find it scary sending money offshore, I find it scary sending it to these US brokers.
  • #7,003
  • Feb 6, 2015 10:24am Feb 6, 2015 10:24am
Quoting Profit Daily
{quote} Once again, as I feel I am repeating myself, as much as the NFA claims they are protecting the retail trader from the dangers of forex, their real mission is to get us to stop and move to futures. It is so evident by what they have done to trading conditions as well as refusal to protect clients funds. They increase margin requirements so we must deposit MORE money with brokers who they will not allow to segregate or insure our funds. Not to mention, most of the brokers under their watchful eye have disappeared with client funds,...
Oh, we've noticed...you are definitely repeating yourself.
  • #7,004
  • Feb 6, 2015 10:24am Feb 6, 2015 10:24am
I closed my account and I have been waiting on the check for almost 10 days.....ultra slow.
  • #7,005
  • Feb 6, 2015 10:59am Feb 6, 2015 10:59am
Quoting zznbrm
{quote} Oh, we've noticed...you are definitely repeating yourself.
It's for the benefit of the naïve, who might be considering a US broker under the "protection" of the NFA.
  • #7,006
  • Edited 11:23am Feb 6, 2015 11:07am | Edited 11:23am
Quoting Profit Daily
{quote} It's for the benefit of the naïve, who might be considering a US broker under the "protection" of the NFA.
Hi ProfitDaily,
can you please list the broker names? I am also looking for offshore broker. not happy with USA regulations and keeping all the money unsafely with them.

Thank you
newzTrader
  • #7,007
  • Feb 6, 2015 11:58am Feb 6, 2015 11:58am
Will FXCM get financial problem as most of my friends withdrawing money from them after SNB event? Just curious to know.

Thanks.
  • #7,008
  • Feb 6, 2015 1:00pm Feb 6, 2015 1:00pm
http://leaprate.com/2015/02/fxcm-asi...ount-balances/

FXCM Asia to make traders fully responsible for account balances
GBP/USD
  • #7,009
  • Feb 6, 2015 1:18pm Feb 6, 2015 1:18pm
deleted my post above concerning my withdrawal.... i withdraw money almost every week but my fear is it will be misunderstood.... will post the info elsewhere.....

have no intention of closing either of my fxcm accounts..... take care everyone.....h
to trade and code, keep both simple... no call to impress....h
  • #7,010
  • Feb 6, 2015 2:23pm Feb 6, 2015 2:23pm
Quoting calderone
I closed my account and I have been waiting on the check for almost 10 days.....ultra slow.
Hi Calderone,

Withdrawals are being processed as normal. Please keep in mind that if you requested a paper check, it would have been sent by regular mail which can take several days. If you send me a private message with your details, I would be happy to follow up with our Operations department regarding the status of your withdrawal.
  • #7,011
  • Feb 6, 2015 2:44pm Feb 6, 2015 2:44pm
Quoting ForexDao
as I said after SNB event whichever broker lost the most money is the One trading against their clients the most. So FXCM is the One. Now They starts doing crook, cheats, all creepy things to profit back from their clients. I see their action happening already. I am currently having an account with them via Freiberg canada with max leverage 1:30 which is sicken to my system. I am closing my account for another broker.
Quoting Mingary
{quote} It's the opposite. If they would have traded against their client FXCM would be most happy now...

Hi ForexDao,

Mingary is right. If there were any doubts before, it should be pretty clear now that FXCM does not benefit when clients lose on our No Dealing Desk (NDD) forex execution. That's because we offset each of your orders one-for-one with the best prices from competing liquidity providers. That means we don't profit from your losses, or lose from your profits. Instead, we make money from your trading volume.

By contrast, when you trade with a dealing desk broker or maker maker, at the most basic level, when you lose, they win. Some of these market makers are now announcing record profits as a result of their clients' losses after the SNB event. If the market would have moved in favor of these traders, then we may have been looking at a much different scenario.

For this reason, FXCM believes that NDD remains the fairest pricing model for forex traders, because it eliminates the conflict of interest that is present when you trade with a dealing desk broker. We don't hunt stops, because we have nothing to gain from you losing on a trade. In fact, we want you to be profitable so you can continue trading with us.
  • #7,012
  • Feb 6, 2015 2:48pm Feb 6, 2015 2:48pm
Quoting COGnizant
Stand alone...any brokerage that loses $225 million shows me massive structural problems in risk management capabilities...I have moved on from FXCM (took my money and ran).
Hi COGnizant,

The primary change we will be making to our risk management systems is removing currency pairs from the platform that carry significant risk due to over-active manipulation by their respective government either by a floor, ceiling, peg or band. Given what happened with EUR/CHF the industry is now looking very hard at any potentially similar issues, especially given the increased geopolitical risks in Southern and Eastern Europe.

We have also raised margin requirements for other pairs as well. Some of these changes will be permanent while others may change as geopolitical risks change. The pairs we are removing from the platform were not material to our volume or our revenue. Some of the currencies we are removing include DKK, SGD, HKD, PLN and CZK.
  • #7,013
  • Feb 6, 2015 2:53pm Feb 6, 2015 2:53pm
Quoting MarcusChin
Will FXCM get financial problem as most of my friends withdrawing money from them after SNB event? Just curious to know. Thanks.
Hi Marcus,

Since we are a publicly-traded company (ticker: FXCM), details regarding our financials are readily available and updated every quarter on our website. The next quarterly update is scheduled for March. In the meantime, I can confirm that FXCM is in compliance with all regulatory capital requirements in the jurisdictions in which it operates. That means trading, deposits and withdrawals continue as normal. You will be able to see our latest monthly trading volume metrics for January published next week. Here's a link to the previous month's metrics so you will be able to compare: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=891140

In addition, below are recent comments from our CEO Drew Niv:

"A week after the unprecedented movement of the Swiss Franc, and our financing agreement with Leucadia, FXCM continues to operate in the normal course of business. All of our entities have capital in excess of regulatory requirements. As our month-to-date metrics show, FXCM continues to be a global leader in retail FX with volumes on pace to set a record. We are especially thankful for our customers' loyalty and support. The financing we received from Leucadia has strengthened our balance sheet and gives us the opportunity to grow our core business while reducing our debt through the sale of non-core assets. We anticipate that the proceeds from these sales and continued earnings, we can meet both near and long term obligations of our financing, while preserving the strength of our franchise."
  • #7,014
  • Edited 3:08pm Feb 6, 2015 2:55pm | Edited 3:08pm
Quoting Jason Rogers
Trading Station What’s New FAQ - February 2015 Update The latest Trading Station Desktop update adds many new features to enhance your trading experience. Summary: New! Market Behavior Indicators New! Set Entry Order expirations to any future time New! Show or Hide Candle Gaps New! Run Reports in Your Time Zone New! 176 Other Performance Enhancements Details: https://www.youtube.com/watch?v=2TOqRVTi9UE Real Volume and Transactions Experience five ground-breaking indicators...
Just a reminder that the next update for Trading Station Desktop will go live after trading closes for the weekend at 5pm New York Time today. After that, your platform will update automatically the next time you log into it.
  • #7,015
  • Feb 6, 2015 4:31pm Feb 6, 2015 4:31pm
Typical of Jason Rogers avoiding a straightforward question. Maybe he hopes the question gets buried away.

So let me ask again, ALL OF YOU SHOULD TAKE NOTE IF JASON IS AVOIDING my question again.

Jason, does FXCM has a no-debit-balance policy or not?
  • #7,016
  • Edited 5:37pm Feb 6, 2015 5:06pm | Edited 5:37pm
Quoting Jason Rogers
{quote}Hi Everyone, I wanted to let you know that the minimum margin requirements on FXCM UK and FXCM AU accounts are being lowered from 2% down to 1% allowing you up to 100:1 leverage on most major currencies. You should see this reflected on your platforms later today. UK & AU Forex margin requirements {image} UK & AU CFD margin requirements {image} Minimum margin requirements on FXCM US accounts will remain as shown here: http://bit.ly/1JJsALU
Too little, too late. Changing the margin requirement on the Indices, without any notice or even the courtesy of notification after the event, forced me to close out trades for a significant loss to avoid margin calls. Prior to the change I had more than enough margin to wait for the prices to move further against me waiting for the retrace.

I also note it seems the margins were only changed on accounts with a balance over 50k. I understand the NFA proposed that limit but they have no jurisdiction in the UK.

So thanks but no thanks. Having always championed FXCM until now, very disappointed in the change of ethos that I had personally experienced, perhaps I should have given more credence to statements from other traders.
Full-time trader and loving it!
  • #7,017
  • Feb 6, 2015 5:34pm Feb 6, 2015 5:34pm
Quoting rayzz
Typical of Jason Rogers avoiding a straightforward question. Maybe he hopes the question gets buried away. So let me ask again, ALL OF YOU SHOULD TAKE NOTE IF JASON IS AVOIDING my question again. Jason, does FXCM has a no-debit-balance policy or not?
I would kindly like an answer to this as well. The public statement said FXCM would forgive negative balances but that doesn't seem to be the case at first glance with the recent proceedings against top 10% account holders. What we are seeking is a clarification of FXCM's legal policy here.
  • #7,018
  • Feb 6, 2015 5:38pm Feb 6, 2015 5:38pm
Quoting rayzz
Typical of Jason Rogers avoiding a straightforward question. Maybe he hopes the question gets buried away. So let me ask again, ALL OF YOU SHOULD TAKE NOTE IF JASON IS AVOIDING my question again. Jason, does FXCM has a no-debit-balance policy or not?
It depends which "Jason" you're talking about, rayzz. Read his(?) profile to see what I mean.
Full-time trader and loving it!
  • #7,019
  • Feb 6, 2015 11:01pm Feb 6, 2015 11:01pm
anyone in uk and us entity of fxcm here? i would like to know the progress of how they collect the fund. seem they did not sent the email to other entity, such as asia, aust. would anyone update the progress here ?
  • #7,020
  • Feb 6, 2015 11:10pm Feb 6, 2015 11:10pm
The relevant regulatory bodies in each country fxcm has an operation in are looking into fxcm. We cant talk too much in this forum but things are going behind the scene and it will hit the newswire all in one go.
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