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  • #8,521
  • Jan 29, 2016 6:18am Jan 29, 2016 6:18am
Same here with fxcm uk account, between 10:39am and 10:58am (GMT+2), I can not open any trade GER30

Quoting pipphunter
Given what they have said about "no-requote", but how about the off quote issue? in about 15min i could not close the trade or place new trade {image}
  • #8,522
  • Jan 29, 2016 6:24am Jan 29, 2016 6:24am
And what is going on with ger30 the spread? flashing 4.00 or 5.00 or 6.00 only to revert back to about 1.5. On a tick chart it opens and closes randomly and frequently without actually printing a tick (but I'll bet it takes trades out tho.)
  • #8,523
  • Jan 29, 2016 11:57am Jan 29, 2016 11:57am
Quoting pipphunter
Given what they have said about "no-requote", but how about the off quote issue? in about 15min i could not close the trade or place new trade {image}
Normally, when you receive an "Off quotes" message, it's a good thing. That's because the message means the price that is available in the market is outside of the Maximum Deviation range you specified for your order thus protecting you from unwanted negative slippage. However, that does not seem to be what happened in this case based on the feedback you and others have provided.
Quoting Miche09
Same here with fxcm uk account, between 10:39am and 10:58am (GMT+2), I can not open any trade GER30 {quote}
Quoting nbfx
And what is going on with the ger30 spread? flashing 4.00 or 5.00 or 6.00 only to revert back to about 1.5. On a tick chart it opens and closes randomly and frequently without actually printing a tick (but I'll bet it takes trades out tho.)
Our tech support team is now investigating what might have happened with GER30 earlier today. In the meantime, if you have any positions you believe were negatively impacted, I encourage you to file a trade inquiry using our online form: http://bit.ly/1NbrGwj

The Trade Services Team will then review your case and can make the appropriate correction to your account if there was an error on our part.
  • #8,524
  • Jan 29, 2016 1:44pm Jan 29, 2016 1:44pm
Quoting nbfx
{quote} So just to be clear. FXCM are making the market on all the quoted indices and commodities, are the counter-party to the trades and as such control the pricing according to their order book (with regard to the underlying)?
Hi Nbfx,

Since your questions touch on a few different topics, I will address each of them separately to avoid any confusion.

Quoting nbfx
FXCM are making the market on all the quoted indices and commodities
Yes, FXCM acts as a market maker for indices, commodities and share CFDs. On Mini accounts, we also make markets on forex AKA dealing desk execution. For all Standard accounts, FXCM provides No Dealing Desk (NDD) forex execution.

Quoting nbfx
are the counter-party to the trades
Yes, FXCM is the counterparty on CFD trades where we are the market maker, but we are also the counterparty on forex trades where we offer NDD execution. It's important to understand that being your counterparty says nothing about the execution model we offer.

In fact, all forex and CFD brokers are the counterparties of their clients, regardless of the execution models they offer. These brokers are also the counterparties of their liquidity providers. That's because individual retail traders cannot be direct counterparties to the liquidity providers themselves.

Quoting nbfx
control the pricing according to their order book (with regard to the underlying)?
Yes, as a market maker for CFD trades (and forex trades on Mini accounts), FXCM determines the prices and spreads based on quotes we get from liquidity providers.

However, on Standard accounts, FXCM acts as a price aggregator for forex trades AKA No Dealing Desk forex execution. We take the best available bid and best ask prices from our liquidity providers (global banks, financial institutions and other market makers) and stream those prices to your platform.
  • #8,525
  • Jan 29, 2016 2:04pm Jan 29, 2016 2:04pm
Thank you Jason for your clarification. much appreciated.
  • #8,526
  • Jan 29, 2016 2:40pm Jan 29, 2016 2:40pm
Quoting Jason Rogers
{quote} These brokers are also the counterparties of their liquidity providers. That's because individual retail traders cannot be direct counterparties to the liquidity providers themselves. {quote}
Could you elaborate on that a bit more?

Or explain why this quote is conflicting with your statement:

"In a normal trading environment, a retail trader will be always acting as a liquidity taker. This means that the counterpart of your trades will always be a liquidity provider or maker, thus youre a liquidity taker. On selected ECNs (currently CNXa and LMAx) instead you may also be acting also as liquidity maker, so when place certain limit orders these will be visible to all market participants, thus the counterpart of your trades might be either a liquidity provider or another trader. In such case you may also be acting also as a price maker."

Source: http://www.fastbrokers.com/trading/ecnforex.php

Thank you
  • #8,527
  • Jan 29, 2016 4:26pm Jan 29, 2016 4:26pm
Quoting Drolph
{quote} Could you elaborate on that a bit more? Or explain why this quote is conflicting with your statement...
Hi Drolph,

I'm happy to answer questions you have about FXCM but would rather not comment on claims made by another company. They should be able to answer the questions you have regarding their statements.
  • #8,528
  • Jan 29, 2016 4:27pm Jan 29, 2016 4:27pm
Quoting nbfx
Thank you Jason for your clarification. much appreciated.
It's my pleasure, Nbfx
  • #8,529
  • Jan 29, 2016 5:03pm Jan 29, 2016 5:03pm
Quoting Jason Rogers
{quote} Hi Drolph, I'm happy to answer questions you have about FXCM but would rather not comment on claims made by another company. They should be able to answer the questions you have regarding their statements.

Well, let's not mix things up: i only asked u to comment on your own claim - the one you stated.

"These brokers are also the counterparties of their liquidity providers. That's because individual retail traders cannot be direct counterparties to the liquidity providers themselves."

I only presented one random example stating otherwise. If you are right, you could enlighten me and satisfy my curiosity as well easily i guess.

It would help me a lot.
Thanks in advance.
  • #8,530
  • Feb 1, 2016 4:02am Feb 1, 2016 4:02am
When it comes to the award of being the messiest broker on the planet ... The price goes to FXCM ... a mile ahead of all the rest !
The quotes on the demo and the live account for example GER30 have always been different. The one was 4 digits and 2 decimals and the other had no decimals. This is really a pain in the butt when you want to backtest on demo and than use on Live. But now I have even on the same live account two quotes !
Attached Image (click to enlarge)
Click to Enlarge Name: Quote FXCM.jpg Size: 131 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Quote FXCM-2.jpg Size: 142 KB

As you can see it is 2 times my same live account and on the same server. The first one, with spread 1.0 is on my VPS. The second one with same account but spread 100.0 is on my home PC. This although the quote on the right side of the screen appears the same ! This makes testing a nightmare. I am considering to leave FXCM because I have enough of these negligences.
  • #8,531
  • Feb 1, 2016 4:42am Feb 1, 2016 4:42am
Quoting CatMan
When it comes to the award of being the messiest broker on the planet ... The price goes to FXCM ... a mile ahead of all the rest ! The quotes on the demo and the live account for example GER30 have always been different. The one was 4 digits and 2 decimals and the other had no decimals. This is really a pain in the butt when you want to backtest on demo and than use on Live. But now I have even on the same live account two quotes ! {image} {image} As you can see it is 2 times my same live account and on the same server. The first one, with spread...
And do not forget about the ever present disease of "requotes"
I wonder how much money are they stealing on a daily basis from their clients by the requotes........???
One of these days you will see an investigation into FXCM's operations of how they cheat their clients out of their money.
I do not understand why traders continue to trade with them.......?
Never Ever Give Up!
  • #8,532
  • Feb 1, 2016 4:54am Feb 1, 2016 4:54am
Plugins into the MT4 servers of FXCM.
Used to manipulate price ( requotes, slippage, spread widening and the rest of the 101 ways of how to scam retail clients out of their money)
Attached Image
Never Ever Give Up!
  • #8,533
  • Feb 1, 2016 1:57pm Feb 1, 2016 1:57pm
Hello Jason.

Way back in November of 2014 I asked why are the bid/ask prices different on the MT4 chart as compared to the marketwatch prices. Well, it has been 14+months and my MT4 charts still don't show correctly.

Why after this amount of time hasn't this 'problem' been corrected? Is this a problem with the FXCM-USDReal07 server only, or are all servers and trading platforms showing this incorrect information? I setup a live MT4 mini account hoping that things would show differently. I was thinking the mini account would use a different server. But, since the mini account is on the same server as the standard account the problem appears on those charts also.

Thanks again for your time.

1greyfox

Attached Image (click to enlarge)
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  • #8,534
  • Edited 3:20pm Feb 1, 2016 2:56pm | Edited 3:20pm
It looks very much like FXCM cannot afford (at present)

  1. more MT4 server licences/leasings
  2. more data servers
  3. more of the required technical staff

but FXCM will bring out the woolies about FXCM programmers cooking up an eminent (non materializing) solution.

No programming wizardry is going to solve a leasing and infrastructure problem.

TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #8,535
  • Feb 1, 2016 3:55pm Feb 1, 2016 3:55pm
Quoting 1greyfox
Hello Jason. Way back in November of 2014 I asked why are the bid/ask prices different on the MT4 chart as compared to the marketwatch prices. Well, it has been 14+months and my MT4 charts still don't show correctly. Why after this amount of time hasn't this 'problem' been corrected? Is this a problem with the FXCM-USDReal07 server only, or are all servers and trading platforms showing this incorrect information? I setup a live MT4 mini account hoping that things would show differently. I was thinking the mini account would use a different server....
Price markup? I don' t see how Marketwatch can give a price that covers the price of all fx OTC markets. What kind of account do you have?
  • #8,536
  • Feb 1, 2016 4:08pm Feb 1, 2016 4:08pm
Boy oh boy oh boy,

A lot of peeps here complaining about execution and no proof seen that it is actually FXCM that does it deliberately.

Trust me, I love to see some real evidence as I also have my concerns with brokers, but I haven't seen it yet even with the hundreds of threads about companies that SCAM. But mostly it is related by bad analysis from the side of the author.

I am new here, so I am not going to over-analyse posts and getting personal. But what I see doesn't necessarily mean that it is the broker's fault.
  • #8,537
  • Feb 1, 2016 4:27pm Feb 1, 2016 4:27pm
Quoting Drolph
{quote} Well, let's not mix things up: i only asked u to comment on your own claim - the one you stated. "These brokers are also the counterparties of their liquidity providers. That's because individual retail traders cannot be direct counterparties to the liquidity providers themselves." I only presented one random example stating otherwise. If you are right, you could enlighten me and satisfy my curiosity as well easily i guess. It would help me a lot. Thanks in advance.
"In a normal trading environment, a retail trader will be always acting as a liquidity taker. This means that the counterpart of your trades will always be a liquidity provider or maker, thus youre a liquidity taker. On selected ECNs (currently CNXa and LMAx) instead you may also be acting also as liquidity maker, so when place certain limit orders these will be visible to all market participants, thus the counterpart of your trades might be either a liquidity provider or another trader. In such case you may also be acting also as a price maker."

It means that you are not a direct market participant and have to approach the market through a liquidity maker, in this case FXCM. FXCM looks for other FXCM traders for traders that have an opposite order for you, or acts as counterparty themselves, or places them on the ECN-market to get liquidity from there. In other words they 'create' liquidity for you so that you have someone that takes your order at the price you want. Hence the term 'Liquidit maker (creator). However, when you have a true ECN account yourself you are a direct marketparticipant and your orders will not be handled by FXCM but countered by othe ECN market participants directly.

ECN-markets aren't looking for mini-lots trades, so to be able to trade you need someone that combines those mini-orders that will actually be accepted on the ECN-market. So what Jason is saying is correct, as a retail trader you are not seen as a market participant themselves.

(It is very normal to have $ 20M on ECN-markets, do you think that they are waiting for mini-lots trades? They would have to find 1000 mini-lots trades and one $ 19M trade to fill that one $20M trade. By that time the price has already moved.)
  • #8,538
  • Feb 1, 2016 6:11pm Feb 1, 2016 6:11pm
Quoting CatMan
When it comes to the award of being the messiest broker on the planet ... The price goes to FXCM ... a mile ahead of all the rest ! The quotes on the demo and the live account for example GER30 have always been different. The one was 4 digits and 2 decimals and the other had no decimals. This is really a pain in the butt when you want to backtest on demo and than use on Live. But now I have even on the same live account two quotes ! {image} {image} As you can see it is 2 times my same live account and on the same server. The first one, with spread...
Hi CatMan,

As I mentioned to you previously, we are in the process of rolling out CFD decimalization across our servers. That means the CFD prices will be quoted to two decimal places. The pip value itself will remain the same. That is why one of your charts shows a GER30 (DAX) spread of 1 while the other shows a spread of 100. The spread is 1 point is both cases but one server is already decimalized while the other isn't yet.

I appreciate that this has made it frustrating for you to test you strategies, and I have a solution for you. Please send me a PM telling me what servers you are currently using (live and demo). I will try to set you up on demos that are at the same stage of CFD decimalization as your live accounts so you won't have to adjust for any changes in decimal points yourself when switching between live and demo.

Decimalized pricing on CFDs allows you to trade with:

  1. Increased precision in stop orders
  2. Increased transparency as the pricing will more accurately reflect the underlying market


CFD decimalization will benefit FXCM clients as shown in this example:

Suppose the DAX price is 9713.48 and you are long GER30 with a stop at 9713.00. Previously, with no decimalization, you would have been stopped out of your trade, because the price would have rounded down to 9713. With decimalized quotes, however, you can still be in this trade.

  • #8,539
  • Feb 1, 2016 6:29pm Feb 1, 2016 6:29pm
Quoting Cobra
{quote} And do not forget about the ever present disease of "requotes" I wonder how much money are they stealing on a daily basis from their clients by the requotes........??? One of these days you will see an investigation into FXCM's operations of how they cheat their clients out of their money. I do not understand why traders continue to trade with them.......?
Hi Cobra,

Your comments about requotes with FXCM are unfounded. First, there are no requotes with FXCM. Second, you are trading on a demo account. Even brokers that requote their clients on live accounts wouldn't requote demo traders.

As I explained to you previously, the "Off quotes" message you get is a good thing. It means the price available in the market is outside of the Maximum Deviation range you specified for the order, and so it was canceled to protect you from unwanted negative slippage: http://www.forexfactory.com/showthre...48#post8497348

It's good you are learning this lesson on a demo. If you want to reduce your frequency of "Off quotes" messages, you can increase your Maximum Deviation setting. It's that simple, and the benefit is that, unlike with other brokers, FXCM gives you control by letting you choose how much negative slippage you are willing to accept.

Quoting Cobra
Plugins into the MT4 servers of FXCM. Used to manipulate price ( requotes, slippage, spread widening and the rest of the 101 ways of how to scam retail clients out of their money) {image}
Note that our Maximum Deviation feature only limits your negative slippage, not your positive slippage. It's one of the reasons why FXCM clients receive positive slippage more than negative slippage overall: http://bit.ly/1KWaV8g
  • #8,540
  • Feb 1, 2016 6:57pm Feb 1, 2016 6:57pm
Quoting Phylo
It looks very much like FXCM cannot afford (at present) more MT4 server licences/leasings more data servers more of the required technical staff but FXCM will bring out the woolies about FXCM programmers cooking up an eminent (non materializing) solution. No programming wizardry is going to solve a leasing and infrastructure problem.
Hi Phylo,

If you try registering for a free demo on our MT4 platform (by going to File > Open an Account), you will see that FXCM operates 20 live and demo MT4 servers. You would be hard-pressed to find another broker that has as many MT4 servers, and it's a testament to the volume of business FXCM does.

The issue is not one of funding or resources as you suggest. Nor is it one of us trying to prevent clients from getting accurate prices as you have suggested in the past. In fact, 1greyfox hit the nail on the head by pointing out that we have different account types on the same servers.

Quoting 1greyfox
I was thinking the mini account would use a different server. But, since the mini account is on the same server as the standard account the problem appears on those charts also.
Quoting Stoekadoe
{quote} Price markup? I don' t see how Marketwatch can give a price that covers the price of all fx OTC markets. What kind of account do you have?
Hi Stoekadoe,

Standard FXCM accounts trade on raw FX spreads and pay a separate commission. Mini accounts trade on all inclusive spreads with no commissions. Based on 1greyfox's description, he is trading on a Standard account. The Marketwatch window already displays the raw bid and ask prices that standard accounts can trade on, but MT4 charts on all USD servers still display the pricing model which includes a markup to the spread.

Quoting 1greyfox
Why after this amount of time hasn't this 'problem' been corrected? Is this a problem with the FXCM-USDReal07 server only, or are all servers and trading platforms showing this incorrect information?
Hi 1greyfox,

MT4 charts have a limitation in that they can only display the pricing for one account type per server. At this time our USD MT4 servers all display our pricing model that includes all inclusive spreads. That issue will be addressed in an upcoming update. Then you will be able to see MT4 charts that match the raw FX pricing you already see on your Marketwatch window.

Our non-USD MT4 servers have already been updated. It's worth noting that even for standard MT4 accounts on our USD servers such as yours, if you log into our Trading Station platform, the Marketscope charts will already show you the raw FX spreads available to you for trading.
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