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FXCM Discussion

  • #8,081
  • Sep 22, 2015 1:37am Sep 22, 2015 1:37am
Quoting Jason Rogers
FXCM's $10,000 Monthly Challenge Attention US traders, Our new monthly contest lets you showcase your skills and compete for $10,000 in cash prizes. {image} All FXCM US Mini account holders are automatically entered. The best percentage return each month wins. Visit the contest webpage for complete rules and the current leaderboard. {image} A great way to track your performance is through FXCM's Trading Analytics. This new online app analyzes your trades so you can easily see what areas need improvement. You can...
The monthly traders competition is the oldest broker scam. because no client or customer will ever win it even if he or she trades 10000% profit. all the broker does is always manufacture a faceless trader from china that miraculously tops the competition with 10002%
  • #8,082
  • Sep 22, 2015 6:02am Sep 22, 2015 6:02am
Quoting Makavell
{quote} The monthly traders competition is the oldest broker scam. because no client or customer will ever win it even if he or she trades 10000% profit. all the broker does is always manufacture a faceless trader from china that miraculously tops the competition with 10002%
AND ... may we see mister Y.S. from Atlanta Georgia who turned 100$ in to 1542$ in 1 month ... (hahahah) may we see his results also in the next few months ? Because in order to get this kind of insane results (if they are not simply sucked out of the thumb of the promotion dep.) you need to take insane risk ... Combined with the fact that even people trading with micro lots on a 50$ account are allowed to participate ... What a BS. Taking risk on a 50$ account is at best a funny exercise. Trying to turn 10.000$ in to 150.000$ ... and doing that EVERY MONTH ... that is an achievement ! But this competition is nonsense !
  • #8,083
  • Sep 22, 2015 6:09pm Sep 22, 2015 6:09pm
Quoting Makavell
{quote} The monthly traders competition is the oldest broker scam. because no client or customer will ever win it even if he or she trades 10000% profit.
Hi Makavell,

FXCM is one of the only retail forex brokers that's regulated by government bodies on four continents. We can't make claims of offering prizes to our clients in a trading contest without actually doing so.

Quoting Makavell
all the broker does is always manufacture a faceless trader from china that miraculously tops the competition with 10002%
Also, it's worth noting that right now, only clients of FXCM US are eligible for this contest. If you live outside the US and are a client of FXCM US, then you may participate, but leverage on your trades will be limited to 50:1 in compliance with CFTC regulations.
  • #8,084
  • Sep 22, 2015 6:13pm Sep 22, 2015 6:13pm
Quoting CatMan
{quote} AND ... may we see mister Y.S. from Atlanta Georgia who turned 100$ in to 1542$ in 1 month
Hi CatMan,

As mentioned in the contest rules, "To be eligible to receive a prize pursuant to the Contest, a Monthly Winner must be willing to permit their name, winner's survey, and trading record ("Trader Information") for the Month to be published".

That means if Y.S. from Atlanta finishes the month in first place and claims the prize, you will be able to see that information.
  • #8,085
  • Sep 22, 2015 6:18pm Sep 22, 2015 6:18pm
Quoting CatMan
this competition is nonsense !
Your forum profile mentions that you live in Belgium, so it's worth noting that this contest is only for FXCM US accounts. If you have an FXCM US account but don't want to participate in the contest, then that is your right.

As mentioned in the contest rules, "Eligible Traders are not required to participate in the Contest. Eligible Traders can choose to opt-out of the Contest at any time before, during, or after the Contest."
  • #8,086
  • Sep 23, 2015 5:44pm Sep 23, 2015 5:44pm
If you could make those sorts of returns, why on earth would you want to win a teeny tiny amount in a competition? I know I wouldn't.
  • #8,087
  • Sep 24, 2015 7:41am Sep 24, 2015 7:41am
How can I compete in the monthly challenge? What is the maximum/minimum account balance to be eligible?
  • #8,088
  • Sep 24, 2015 1:22pm Sep 24, 2015 1:22pm
Well i am in this challenge.So i was wondering how can somebody make 1600% in first week or so,and then suddenly dissapear,if we have high margin requirements to open 1k lot in EUR/USD is 26$ if i am not mistaken
  • #8,089
  • Sep 24, 2015 5:27pm Sep 24, 2015 5:27pm
Quoting TheGreatMilenko
If you could make those sorts of returns, why on earth would you want to win a teeny tiny amount in a competition? I know I wouldn't.
Hi GM,

Keep in mind that this trading contest is open to all Mini Account holders in the US, and an FXCM US Mini account can be opened with as little as $50. That means a trader could theoretically open a Mini Account with the minimum $50 and win the $5000 first place prize which would be 100 times greater than their starting balance.
  • #8,090
  • Sep 24, 2015 5:38pm Sep 24, 2015 5:38pm
Quoting TopHat1234
How can I compete in the monthly challenge?
Welcome to the forum, TopHat!

Any trader with a live FXCM US Mini Account at the start of the month is automatically entered in the contest for that month. If you don't have an FXCM US Mini Account already, you still have time to open one and compete in the contest for October: http://bit.ly/1FYyWUC

Quoting TopHat1234
What is the maximum/minimum account balance to be eligible?
The minimum to open a Mini Account is $50, and you can have up to $20,000 in a Mini Account before it is converted into a Standard Account.
  • #8,091
  • Sep 24, 2015 5:42pm Sep 24, 2015 5:42pm
Quoting SashaP
Well i am in this challenge.So i was wondering how can somebody make 1600% in first week or so,and then suddenly dissapear,if we have high margin requirements to open 1k lot in EUR/USD is 26$ if i am not mistaken
Hi Sasha,

You make a good point about margin requirements. Receiving a "margin call" will disqualify an otherwise eligible trader from the contest for that month. All accounts in this contest must comply with US regulations requiring at least 2% margin. That caps the available leverage at 50:1.
  • #8,092
  • Sep 25, 2015 3:44am Sep 25, 2015 3:44am
This may have been brought up here before, but I'm furious about this now, so here goes...

I have an account with FXCM Australia that was recently switched to a mini account. Fine, so be it. But in the process, FXCM bumped up my leverage from 50:1 to 400:1 without telling me and then took away the mechanism to change it back from their MyFXCM portal.

I'm so glad I pulled my funds from you in January.

FXCM - go fsck yourself.
  • #8,093
  • Sep 25, 2015 4:00am Sep 25, 2015 4:00am
Quoting Tarvold
This may have been brought up here before, but I'm furious about this now, so here goes... I have an account with FXCM Australia that was recently switched to a mini account. Fine, so be it. But in the process, FXCM bumped up my leverage from 50:1 to 400:1 without telling me and then took away the mechanism to change it back from their MyFXCM portal. I'm so glad I pulled my funds from you in January. FXCM - go fsck yourself.
just cause you have more leverage doesn't mean you have to use it
  • #8,094
  • Sep 25, 2015 7:18am Sep 25, 2015 7:18am
Quoting Tarvold
This may have been brought up here before, but I'm furious about this now, so here goes... I have an account with FXCM Australia that was recently switched to a mini account. Fine, so be it. But in the process, FXCM bumped up my leverage from 50:1 to 400:1 without telling me and then took away the mechanism to change it back from their MyFXCM portal. I'm so glad I pulled my funds from you in January. FXCM - go fsck yourself.
Yeah another guy is right.U got more leverage ,but u stick to ur plan.Greed is good)
  • #8,095
  • Sep 25, 2015 12:29pm Sep 25, 2015 12:29pm
>Revenues down
>Move to "hybrid execution model"
>Put "mini" accounts on dealing desk model
>Conflict of interest imminent
>Bait unsophisticated investors with contest and $10,000 prize
>Contest only for mini accounts on DD model
>Revenues increase as mini accounts get blown trying to win $10,000
>$10,000 payout miniscule compared to revenue generated from unsophisticated investors blowing accounts on dealing desk execution


Pretty simple. Standard operating procedure of a company that's become a penny stock.

Humor me, anyone: If someone say, wins $10,000 off a $50 account, are they able to simply withdraw the $10,000 and participate again with only $50?
  • #8,096
  • Sep 25, 2015 1:57pm Sep 25, 2015 1:57pm
Quoting Bilstein
If someone say, wins $10,000 off a $50 account, are they able to simply withdraw the $10,000 and participate again with only $50?
Hi Bilstein,

While the total monthly prize pool $10,000, the prize for first place is $5,000.

Attached Image (click to enlarge)
Click to Enlarge Name: monthly-prize-pool.jpg Size: 68 KB

A trader who wins the contest is free to withdraw the $5,000 cash prize and compete again with $50.
  • #8,097
  • Sep 25, 2015 2:02pm Sep 25, 2015 2:02pm
Quoting Tarvold
This may have been brought up here before, but I'm furious about this now, so here goes... I have an account with FXCM Australia that was recently switched to a mini account. Fine, so be it. But in the process, FXCM bumped up my leverage from 50:1 to 400:1 without telling me and then took away the mechanism to change it back from their MyFXCM portal. I'm so glad I pulled my funds from you in January. FXCM - go fsck yourself.
Quoting PoundTrader
{quote} just cause you have more leverage doesn't mean you have to use it
Quoting SashaP
{quote} Yeah another guy is right.U got more leverage ,but u stick to ur plan.Greed is good)
Hi Tarvold,

As PoundTrader and SashaP have pointed out, just because you have up to 400:1 leverage available to you in your account, it does not mean that you have to use it. It simply means that the minimum margin requirement for your trades is only 0.25% instead of the previous 2% when your account was set to 50:1 max leverage.

If you do not wish to exceed 50:1 leverage on your trades, then make sure you have at least $20 in your account for every micro lot (1k on Trading Station, or 0.01 lots on MT4) that you have in open positions.
  • #8,098
  • Sep 25, 2015 11:19pm Sep 25, 2015 11:19pm
hi jason, i have fxcm us account, but i am not from usa. Can i participate...?
If i can, Does my account automatically participate the contest ?
  • #8,099
  • Sep 26, 2015 4:05am Sep 26, 2015 4:05am
Quoting Jason Rogers
{quote} Hi Tasco, The Swiss Franc move resulted in negative balances totaling approximately $276 million as mentioned in our February 2015 Operating Metrics release. If you have any further questions about this, you can contact our Investor Relations department: http://bit.ly/1SEYg7W It's important to note that despite the events of January 15th, our capitalization remains at levels similar to before the SNB event: http://bit.ly/10Pq5FJ Your forum...
Couldn't find any mention of $276 million in your February 2015 Operating Metrics release.When will clients affected by the SNB event receive the Form 1099-C?
  • #8,100
  • Sep 28, 2015 3:51am Sep 28, 2015 3:51am
Quoting Jason Rogers
{quote} {quote} {quote} Hi Tarvold, As PoundTrader and SashaP have pointed out, just because you have up to 400:1 leverage available to you in your account, it does not mean that you have to use it. It simply means that the minimum margin requirement for your trades is only 0.25% instead of the previous 2% when your account was set to 50:1 max leverage. If you do not wish to exceed 50:1 leverage on your trades, then make sure you have at least $20 in your account for every micro lot (1k on Trading Station, or 0.01 lots on MT4) that you have in open...
Leverage and position size is not the point.

The point is that FXCM is misleading their clients and forcibly increasing their risk exposure.
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