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FXCM Discussion

  • #7,161
  • Feb 19, 2015 7:02pm Feb 19, 2015 7:02pm
Quoting Jason Rogers
{quote} Hi Carl, The Bid and Ask prices you see in your Market Watch window are the prices available to you for trading. You are trading on our new super-tight spread + commission pricing, more details here. The MT4 charts still show our old pricing because some clients on these servers have not yet been upgraded to the new pricing since it is rolled out on a region by region basis. MT4 servers can only show one price feed at a time. Many of our clients are...
Jason,

Thanks for the clarification.

Carl
  • #7,162
  • Feb 19, 2015 7:34pm Feb 19, 2015 7:34pm
Quoting ExpertFxMan
I used many brokers on my past 13 years of Forex trading and I must say FXCM still has the best platform and service out there, plus great customer support always there when you need it. I wanna thank you Jason for that. When it comes to SNB debacle, it didnt effect me at all, how? Unlike many gamblers out there most smart and experienced Fx traders knew it was just about to happen, it wasnt if but when. So people who complain they lost money because of their own idiocy nothing to do with the broker.So when you make money you dont share your gains...
Can you please explain to me exactly how your money is safe with a US based broker, when the bodies that regulate them prohibit segregated accounts and insurance of any kind on forex. Combine this with the fact you must put up 10-15 times more for margin than the brokers in the so-called mambo jambo countries, and it would appear to me THERE IS WAY MORE risk with a US based broker. I also have not traded any CHF pairs since the peg was put in place over 3 years ago, but my point is I put up $200 for margin to trade a standard lot of USDJPY, while you must pony up $3,030, I keep the other $2,800 in my bank account, which is safer than ANY BROKER.
  • #7,163
  • Edited 8:03pm Feb 19, 2015 7:51pm | Edited 8:03pm
Quoting ExpertFxMan
I used many brokers on my past 13 years of Forex trading and I must say FXCM still has the best platform and service out there, plus great customer support always there when you need it. I wanna thank you Jason for that. When it comes to SNB debacle, it didnt effect me at all, how? Unlike many gamblers out there most smart and experienced Fx traders knew it was just about to happen, it wasnt if but when. So people who complain they lost money because of their own idiocy nothing to do with the broker.So when you make money you dont share your gains...
Are you seriously saying Or making fun of traders who still with FXCM and other USA brokers?

Tell me, where is the safety, mate.

NFA regulation is mostly to protect banks and futures.

If you are comfortable leaving big fund in your trading account which can be gone if broker is insolvent (I believe FXCM was very close and got a deal to save them), please do so.

Do you know UK and Canada are protecting trader's funds with insurance? What is it with USA?

Say, if you have 100k in your account to trade in FXCM account, if FXCM became another Alpari with the latest dramatic events, would you get that single penny at all?

Do you know Alpari traders are covered up to 50K in UK for the same dramatic events?

Do you believe in Santa too? because NFA regulation of Forex trading is biggest joke in USA.

By having Insurance, I am ready to lose the dollars for my stupidity, not some broker's stupidity. makes sense?
newzTrader
  • #7,164
  • Feb 20, 2015 7:25am Feb 20, 2015 7:25am
@ExpertFxMan: I do fully agree with what william17 said. It's now time for FXCM to take responsibility for their promises they spread all over before the SNB event occurred. You can't state with plain language "At FXCM, your maximum risk of loss is limited by the amount in your account." (this is only one example; there are much more proofs all leaving you as a client to unequivocally believe that this holds) and then suddenly come up with ‘force majeure’ as the only FX broker in a way like "Hey guys, this was all clear to you as you signed a agreement with us that mentioned on page 153 under point 2a to 2b [not exact page and articles] that under very specific circumstances we don’t stick to our promise. Because you deposited a large amount of money in your balance and/or you are seen as experienced enough by us, it must be clear to you that this promise was only valid during times we judge by ourselves as being ‘normal market conditions’. Of course we could have mentioned this in our statements so that it would have been transparent to everyone, but hey, we all know, in this case we would have lost a vital income source as the clients would have noted that in reality we upheld our no debit policy at our own discretion."). I wrote it a bit in an ironic way, but the situation looks very close to that…

I want to add something to your passage ", plus great customer support always there when you need it. I wanna thank you Jason for that.". I don't want to shot here against Jason even though I could do so as he also promoted FXCM’s (no) debit policy several times. I really appreciate his responsiveness to questions not related to what happened on 15 Jan. 2015 and the subsequent proceedings. The point I want to make is that the sale people of FXCM contacted their EURCHF clients regularly and promoted new ideas or asked if somebody needs further assistance. Everything that brought them additional business or accelerated the money transfer to them had a significant degree of support. Everybody is fine with that. But when clients have issues with FXCM (I take reference on the EURCHF event), their customer support was suddenly inexistent as nobody assisted/informed any more. For me this is what really matters as customer, that your FX broker is there for you when you need him most; besides sticking to its promises.
  • #7,165
  • Feb 20, 2015 9:38am Feb 20, 2015 9:38am
Quoting Westkey65
@ExpertFxMan: I do fully agree with what william17 said. It's now time for FXCM to take responsibility for their promises they spread all over before the SNB event occurred. You can't state with plain language "At FXCM, your maximum risk of loss is limited by the amount in your account." (this is only one example; there are much more proofs all leaving you as a client to unequivocally believe that this holds) and then suddenly come up with force majeure as the only FX broker in a way like "Hey guys, this was all clear to you as you signed a agreement...
well said and thoughtfully written.

Honoring the Policy and Supporting Customers under Normal Market Conditions is NOT a big deal; it should be honored and done when the Unforeseen Events happen; that is when and where the trust and credibility is established.
newzTrader
  • #7,166
  • Feb 20, 2015 11:48am Feb 20, 2015 11:48am
Greece Bailout Outcome May Impact Your Trading

Attention Traders

As pressure builds up in the eurozone to reach a deal to solve the ongoing crisis over Greece's bailout, the currency markets may face a significant impact today and through the weekend, and as such we recommend you take protective measures.

HOW COULD THIS IMPACT YOUR TRADING?

We believe there is a chance of disruption and highly illiquid conditions in the European forex market and a risk of the markets opening on Sunday, February 22, at a significantly different level from the close today.

When trading resumes following a major news event, price movements commonly have gaps—that is, currencies trade at prices considerably distant from previous levels. To manage your risk against any potentially disrupted market conditions, we recommend you take the following precautions:

 

  1. Reduce the size of any open EUR positions in order to free additional margin
  2. Increase your account balance to add available margin: Visit MyFXCM.com to deposit funds

  • #7,167
  • Feb 20, 2015 12:18pm Feb 20, 2015 12:18pm
Quoting Jason Rogers
Greece Bailout Outcome May Impact Your Trading Attention Traders As pressure builds up in the eurozone to reach a deal to solve the ongoing crisis over Greece's bailout, the currency markets may face a significant impact today and through the weekend, and as such we recommend you take protective measures. HOW COULD THIS IMPACT YOUR TRADING? We believe there is a chance of disruption and highly illiquid conditions in the European forex market and a risk of the markets opening on Sunday, February 22, at a significantly different level from the close...
Jason, does this mean that FXCM is going to issue a communication at 4:00pm today saying EUR pairs margin is increasing at 5:00pm like in the past? I love how much time we have when these announcements are made?
  • #7,168
  • Feb 20, 2015 12:34pm Feb 20, 2015 12:34pm
Quoting yazzie
{quote} Jason, does this mean that FXCM is going to issue a communication at 4:00pm today saying EUR pairs margin is increasing at 5:00pm like in the past? I love how much time we have when these announcements are made?
It appears that FXCM has no clue in the market and behaving like new trader in the Spot FX.

Don't you think, this is where FXCM should ask LPs to provide the liquidity no matter what, because brokers have commitment to traders; brokers can increase margin, reduce leverage, widen spread; above all if no liquidity also a factor to consider, is it some sort of BS?
newzTrader
  • #7,169
  • Feb 20, 2015 12:52pm Feb 20, 2015 12:52pm
Dukascopy, just like they reduced leverage in the CHF pairs back in October, has reduced leverage on all EUR pairs as of 18:00 GMT, normal leverage will return at market open on Sunday. IMHO, they are far and away, the best broker out there. I sure wish I could trade with them. In their efforts to protect me, I guess the NFA feels a US based broker is better than a Swiss regulated bank.
  • #7,170
  • Feb 20, 2015 1:02pm Feb 20, 2015 1:02pm
Quoting Profit Daily
Dukascopy, just like they reduced leverage in the CHF pairs back in October, has reduced leverage on all EUR pairs as of 18:00 GMT, normal leverage will return at market open on Sunday. IMHO, they are far and away, the best broker out there. I sure wish I could trade with them. In their efforts to protect me, I guess the NFA feels a US based broker is better than a Swiss regulated bank.
The problem with NFA is they are not traders, especially Spot Forex.

The Future and Stock trading is way different than trading Spot FX.

That is the reason they don't understand and don't want to understand.

If NFA had right people with trader's mindset, they see what you and me see, ProfitDaily.

I am with you on this.
newzTrader
  • #7,171
  • Feb 21, 2015 2:05am Feb 21, 2015 2:05am
Quoting Jason Rogers
Greece Bailout Outcome May Impact Your Trading blablabla....
we recommend you take the following precautions:
- Reduce the size of any open EUR positions in order to free additional margin
- Increase your account balance to add available margin: Visit MyFXCM.com to deposit funds
Of course, among all options, how come I did not think of that!! Stupid me!! Let me deposit 300M, this should keep the Greeks... and Jefferies away...
  • #7,172
  • Feb 22, 2015 3:00am Feb 22, 2015 3:00am
Quoting Jason Rogers
{quote} Hi Buytosell, While it's not currently possible to trade VIX with FXCM, you can still view it on Trading Station's Marketscope charts using the Yahoo Finance Chart View. T.....

Thank you for reply. You said everything except what I was asking you. As I said no need to trade it just be able to view it in MT4. ...Not interested even to view it in Trading station's marketscope. I know where I can find them on internet...I was asking for MT4...I can have those charts in esignal....I am asking if FXCM is going to have those markets in MT4 if not why not?
There is a winner and a loser, nothing in between.
  • #7,173
  • Edited Feb 24, 2015 3:37am Feb 23, 2015 9:02am | Edited Feb 24, 2015 3:37am
Peculiarity of FXCM MT4 dual spreads

Two Ask and two Bid (two for the price of one !)

  1. 1st Ask: Gray top solid line corresponds to chart default Ask. Proof: The color of this line can be changed from → Properties (F8) → Colors → Ask Line.
  2. 1st Bid: Gray bottom solid line corresponds to chart default Bid. Proof: The color of this line can be changed from → Properties (F8) → Colors → Grid.
  3. The Red Candle confirms Bid at bottom solid line. ***
  4. 2nd Ask: Green upper dash-line corresponds to the order panel BUY and is mapped by an indicator added to the chart. *
  5. 2nd Bid: Red lower dash-line corresponds to the order panel SELL and is mapped by an indicator added to the chart. *
  6. An additional indicator confirms the order panel BUY and SELL and corresponding spread. **

The hash-lines correspond to commission spread and solid lines to old non-commission spread. Spread Lines indicator can be used to map commission Ask/Bid lines - see ↓↓.

Attached Image
* Free here - Spread Lines - https://www.mql5.com/en/code/12482
** Free here - Ask Bid Spread - https://www.mql5.com/en/code/10680
*** Free here - MA Colored Candles - https://www.mql5.com/en/code/10791
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #7,174
  • Feb 24, 2015 4:16am Feb 24, 2015 4:16am
Guys, everything now is becoming quieter and no doubt that Jason Rogers will post the latest interview done with FXCM's CEO explaining how FXCM still has the legal right to collect negative balances...bla bla bla....

Let's keep the fire burning!

FXCM has misleading advertisements and now they are trying to remove all evidence, but lucky I keep record of their materials.

Here is FXCM Australia's web screen shot under the "Safety of Funds" tab on 10 Feb 2015 and today, 24 Feb 2015...With a click of mouse, they are trying to remove their no-debit-policy statement!




KEEP THE NEWS GOING!!!!!!!!!!!!!!!!!!!!!!

IF THINGS ARE BECOMING QUITE, LET'S REMIND EVERYONE HOW FXCM IS TREATING THEIR CLIENT!
Attached Images
  • #7,175
  • Feb 24, 2015 4:57am Feb 24, 2015 4:57am
fxcm spreads are the cheapest in the u.s. right now i hope they hold up threw the storm
  • #7,176
  • Feb 24, 2015 11:23am Feb 24, 2015 11:23am
Quoting rayzz
Guys, everything now is becoming quieter and no doubt that Jason Rogers will post the latest interview done with FXCM's CEO explaining how FXCM still has the legal right to collect negative balances...bla bla bla.... Let's keep the fire burning! FXCM has misleading advertisements and now they are trying to remove all evidence, but lucky I keep record of their materials. Here is FXCM Australia's web screen shot under the "Safety of Funds" tab on 10 Feb 2015 and today, 24 Feb 2015...With a click of mouse, they are trying to remove their no-debit-policy...
I think you are overreacting here, they are simply changing policy IMO rather than "removing all evidence." As long as they are transparent about the changes, they have the right to do so. Do you really think if clients and FXCM face each other in court in lieu of the negative balances, FXCM will try to hide their misleading advertisements from previous years? I do not think anybody is that dumb with all the evidence out there like screen shots, email and forum exchanges, etc. Long story short, they got burnt and are changing tact so from now on there would not be any contradiction between their different legal disclosures
  • #7,177
  • Feb 24, 2015 12:44pm Feb 24, 2015 12:44pm
Biggest Issues Now....

While this is a forum for discussion about FXCM, there remain issues bigger than FXCM, but which all FXCM clients - or would-be clients - must consider. Failure to do so is at their own peril. And "Profit Daily" has done well to try and keep these far more important issues in the limelight.

These issues are:
1. USA regulated brokers cannot offer segregated accounts for the added protection of retail traders.
2. USA regulated brokers cannot therefore obtain insurance against retail trader margin losses, relieving the retail traders of that liability.
3. USA regulated brokers cannot offer reasonable margin/leverage, which is a key element to making money (ask any bank trading desk).
4. USA regulated brokers cannot offer hedging, which is a key element to managing risk (ask any successful hedge fund).
5. USA regulated brokers cannot allow trades to be closed in whatever order allows the trader to maximize profit, or minimize loss (ask yourself, why?).

These "False Regulators", CFTC and NFA, do not regulate for the benefit of retail traders of the spot forex market. Quite the opposite, actually, and the evidence is here to prove it.

So, while some mire around in superfluous issues, don't forget the real ones!

-tah
  • #7,178
  • Feb 24, 2015 1:31pm Feb 24, 2015 1:31pm
Quoting traderathome
Biggest Issues Now.... While this is a forum for discussion about FXCM, there remain issues bigger than FXCM, but which all FXCM clients - or would-be clients - must consider. Failure to do so is at their own peril. And "Profit Daily" has done well to try and keep these far more important issues in the limelight. These issues are: 1. USA regulated brokers cannot offer segregated accounts for the added protection of retail traders. 2. USA regulated brokers cannot therefore obtain insurance against retail trader margin losses, relieving the retail...
  • #7,179
  • Feb 24, 2015 1:39pm Feb 24, 2015 1:39pm
Quoting traderathome
Biggest Issues Now.... While this is a forum for discussion about FXCM, there remain issues bigger than FXCM, but which all FXCM clients - or would-be clients - must consider. Failure to do so is at their own peril. And "Profit Daily" has done well to try and keep these far more important issues in the limelight. These issues are: 1. USA regulated brokers cannot offer segregated accounts for the added protection of retail traders. 2. USA regulated brokers cannot therefore obtain insurance against retail trader margin losses, relieving the retail...
... And I agree. Until you sir, ProfitDaily has done a remarkable job trying to point this out.
Ghost Rider - WWTBMD?
  • #7,180
  • Feb 24, 2015 2:02pm Feb 24, 2015 2:02pm
So...to sum up, is fxcm gonna end up like Alpari during the next storm ?

And why did they remove nok/jpy and sek/jpy trading ?
COT: The precious data ignored
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