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FXCM Discussion

  • #8,981
  • Apr 28, 2016 12:02pm Apr 28, 2016 12:02pm
Hi Jason,
Does FXCM allow hedge ? I tried it on demo Its said prohibit ?
  • #8,982
  • Apr 28, 2016 2:37pm Apr 28, 2016 2:37pm
Quoting Jason Rogers
{quote} The fact that there is no record with your bank or us of your ACH attempt suggests that your request did not even make it past your computer. You may have completed the ACH deposit form incorrectly which prevented it from going through. Our live customer support team can walk you through the ACH deposit over the phone any time 24 hours a day, if you call us at 1-888-50-FOREX (36739). {quote} You said you use the terms debit and credit interchangeably. Is it possible that's what you did when you spoke with your bank? Credit card deposits...
Hi Jason,

When I attempt an ACH transfer, your system responds with "A notification has been received from our ACH vendor indicating that their information sources cannot verify part or all of the information entered in your deposit request."

Your vendor is rejecting the transfer -- not my bank. I'm not sure why as all the information is exactly correct and matches exactly with my bank's information.

I called your support line, and the rep suggested to send in a copy of my bank statement, and they would investigate. I did as requested two days ago. I also emailed my own support rep who confirmed that was the best move. I still haven't gotten a response. I also emailed my rep yesterday morning requesting a status update, and I still haven't heard anything back.

I don't know what the issue is, but the lack of response from customer service really has me concerned. If it takes this long to get a reply when I want to send you money, I don't want to find out how long it takes to get a reply when I want to get my money back.

If you can help at all, that'd be great.
  • #8,983
  • Apr 28, 2016 2:38pm Apr 28, 2016 2:38pm
Quoting Mianlien
Hi Jason, Does FXCM allow hedge ? I tried it on demo Its said prohibit ?
Hi Mianlien,

Your forum profile mentions you live in the US. CFTC regulations prohibit forex brokers from offering hedging to US traders.

FXCM allows hedging on all non-US trading accounts.

It's worth noting that with FXCM you can have multiple trading accounts. You could use one account to go long and the other account to go short in the same currency pair.
  • #8,984
  • Apr 28, 2016 2:41pm Apr 28, 2016 2:41pm
Quoting Jason Rogers
{quote} Hi Mianlien, Your forum profile mentions you live in the US. CFTC regulations prohibit forex brokers from offering hedging to US traders. FXCM allows hedging on all non-US trading accounts. It's worth noting that with FXCM you can have multiple trading accounts. You could use one account to go long and the other account to go short in the same currency pair.
Please what is the difference between hedging and placing OCO order. Thanks.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: 5.2%
  • #8,985
  • Apr 28, 2016 4:08pm Apr 28, 2016 4:08pm
Quoting Jason Rogers
{quote} Hi Mianlien, Your forum profile mentions you live in the US. CFTC regulations prohibit forex brokers from offering hedging to US traders. FXCM allows hedging on all non-US trading accounts. It's worth noting that with FXCM you can have multiple trading accounts. You could use one account to go long and the other account to go short in the same currency pair.
Thank for advised Jason
  • #8,986
  • Apr 28, 2016 6:42pm Apr 28, 2016 6:42pm
Jason i have been a very loyal client of FXCM for a very long time and now i find myself kicked in the teeth by them by way of reward ,I am of course an NZ client and am referring to the email i have just received adviseing me that i am to be transferred to Hallifax NZ .Mind you i must be fair i was given two choices, one - the transfer must be signed by june or account will be stopped and all the trades closed by FXCM, including negative positions which at the moment are being managed and will not be losses until i decide to terminate them, or two- Close your account and terminate the trades now including the negative positions withdraw the remaining funds yourself and change providers myself.Even an idiot can see that which ever way this is done i am going to sustain massive loss without the chance to manage my way out of these positions which you have been paid hansomly for by way of swap.The way that this is being handled by FXCM is reprehensable at the least and very very unprofesional ,i expected more from you,Maybe even an email explaining as to how i had become an unwanted piece of shit paper after haveing loyaly supported you for all these years .Do i sound bitter fucken oath i am and its not down to the position you find your selves in rather to your lack of customer relation skills and the way that this has been comunicated to me .I will hold off here at the moment because anger is starting to get the better of me and yes i have rung your customer service and no i didnt swear at them but it is the first time i have heard them speachless.
  • #8,987
  • Apr 28, 2016 6:58pm Apr 28, 2016 6:58pm
Quoting Mm8
Jason i have been a very loyal client of FXCM for a very long time and now i find myself kicked in the teeth by them by way of reward ,I am of course an NZ client and am referring to the email i have just received adviseing me that i am to be transferred to Hallifax NZ .Mind you i must be fair i was given two choices, one - the transfer must be signed by june or account will be stopped and all the trades closed by FXCM, including negative positions which at the moment are being managed and will not be losses until i decide to terminate them, or...
https://leaprate.com/2016/03/fxcm-tr...bel-agreement/
  • #8,988
  • Apr 28, 2016 9:22pm Apr 28, 2016 9:22pm
Jason:
Basic question for you. If FXCM has a non-dealing desk, in which customer can assume you aren't taking the other side of the trade, can you explain this statement from your website : "FXCM aggregates bid and ask prices from a pool of liquidity providers and is the final counterparty when trading forex on FXCM's dealing desk and No Dealing Desk (NDD) execution models." If being the final counterparty isn't taking the other side of the trade, what is it? This is an honest question, you've been answering questions on this forum for many years and I appreciate that. Just simply, yes or no, you're on the other side trading against clients. Thanks

Jim
  • #8,989
  • Apr 29, 2016 4:21pm Apr 29, 2016 4:21pm
Quoting 9jatrader
{quote} Please what is the difference between hedging and placing OCO order. Thanks.
Hi 9jatrader,

Hedging is having positions and short positions in the same currency pair simultaneously. For example, you could have a 300K Buy position in EUR/USD open at the same time as you have a 200K Sell position. If the price rises, then you will make money on your long position, but lose money on your short position. If the price falls, you will make money on your short position, but lose money on your long position.

US regulations prohibit hedging, but your forum profile mentions you live in Nigeria. That means you can open an account with FXCM UK where hedging is allowed.

OCO stands for one-cancels-the-other. With an OCO order, you have at least two different pending orders. If one of those pending orders gets triggered, then the other pending order gets canceled automatically. FXCM offers both simple and complex OCO order functionality to all of our clients regardless of where they live.

Inserted Video
  • #8,990
  • Apr 29, 2016 4:22pm Apr 29, 2016 4:22pm
Quoting Mianlien
{quote} Thank for advised Jason
It's my pleasure, Mianlien
  • #8,991
  • Apr 29, 2016 4:42pm Apr 29, 2016 4:42pm
Quoting Mm8
Jason i have been a very loyal client of FXCM for a very long time and now i find myself kicked in the teeth by them by way of reward ,I am of course an NZ client and am referring to the email i have just received adviseing me that i am to be transferred to Hallifax NZ .Mind you i must be fair i was given two choices, one - the transfer must be signed by june or account will be stopped and all the trades closed by FXCM, including negative positions which at the moment are being managed and will not be losses until i decide to terminate them, or...
Hi Mm8,

First, thank for being a long time client of FXCM.

New Zealand's Financial Market Authority has been phasing in new rules to the effect that any offer of derivatives to NZ residents will require appropriate licensing as a derivatives issuer in NZ. As a result, many brokers have already discontinued service in New Zealand altogether. Since neither FXCM Australia nor FXCM UK have an FMA derivatives issuer license, we have partnered with Halifax New Zealand which is appropriately licensed, so we can continue to offer you our services through them.

Halifax New Zealand is a licensed “Issuer” with the New Zealand Financial Markets Authority and under the new partnership, Halifax New Zealand will enable its clients to access the FXCM Trading Station or MT4 trading platforms and services. Halifax New Zealand clients will now benefit from FXCM’s distinctive No Dealing Desk Forex and Enhanced CFD execution models, while trading with a locally regulated broker.

I would be happy to put you in touch with one my colleagues in our Sydney office who is the point man for helping our New Zealand clients make a smooth transition to trading through Halifax. There is no reason why you cannot reopen the same positions with them that you close with us, sometime between now and June.
  • #8,992
  • Apr 29, 2016 4:49pm Apr 29, 2016 4:49pm
Quoting bigjim1958
Jason: Basic question for you. If FXCM has a non-dealing desk, in which customer can assume you aren't taking the other side of the trade, can you explain this statement from your website : "FXCM aggregates bid and ask prices from a pool of liquidity providers and is the final counterparty when trading forex on FXCM's dealing desk and No Dealing Desk (NDD) execution models." If being the final counterparty isn't taking the other side of the trade, what is it? This is an honest question, you've been answering questions on this forum for many years...
Hi Jim,

All retail forex 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.

It's important to understand that being your counterparty says nothing about the execution model we offer. On our No Dealing Desk (NDD) forex execution, FXCM offsets 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 on our NDD model. Instead, we profit from your trading volume via the commission.

In addition to the NDD execution we provide to all Standard and Active Trader accounts, FXCM also has a Mini account option using DD execution. The Mini account has a lower opening minimum of $50 compared to 2k for a Standard account. The Mini account also offers leverage of up to 400:1, while leverage on our NDD execution is capped at 100:1 for risk management purposes.

What sets us apart from some brokers offering a DD option is that we also offer an NDD option to our clients.

Transparency has always been at the core of everything we offer at FXCM. While other brokers don't tell you what the restrictions are with their execution and you end up finding the hard way, FXCM provides you all the information you need to make the right decision and have an excellent trading experience that meets your expectations.

On the DD option, we will face market risk as a result of entering into trades with clients. Because of this risk, FXCM needs to implement certain restrictions* during news events. Additionally, we may take steps to mitigate the risk arising from market making more effectively by transferring your underlying account to our NDD offering.

That means, we don't have to resort to the dealer practices about which you have expressed concerns, and you can have confidence in trading your FXCM account regardless of the account type you choose.


* The typical 2-5 pip minimum distance from current market rate for stop and limit orders on DD accounts could increase to upwards of 10 pips. Note that NDD accounts with FXCM have no such restrictions regarding order placement.
  • #8,993
  • Edited Apr 30, 2016 2:02pm Apr 29, 2016 7:51pm | Edited Apr 30, 2016 2:02pm
Quoting Jason Rogers
{quote} Hi Jim, .......... Transparency has always been at the core of everything we offer at FXCM.......
Always: every time; on every occasion; without exception.
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http://www.fca.org.uk/news/fca-fines...n-with-the-fca
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #8,994
  • Apr 30, 2016 12:59am Apr 30, 2016 12:59am
Quoting Jason Rogers
{quote} Hi 9jatrader, Hedging is having positions and short positions in the same currency pair simultaneously. For example, you could have a 300K Buy position in EUR/USD open at the same time as you have a 200K Sell position. If the price rises, then you will make money on your long position, but lose money on your short position. If the price falls, you will make money on your short position, but lose money on your long position. US regulations prohibit hedging, but your forum profile mentions you live in Nigeria. That means you can open an account...
I really appreciate your response/reply
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: 5.2%
  • #8,995
  • May 1, 2016 8:43am May 1, 2016 8:43am
Hi Bruce Rogers.
In my History, why I can't see all my trading history from the very first time to the recent ones? I already change the time period to ALL TIME but no change?
Good Things Come to those who patiently wait
  • #8,996
  • May 1, 2016 5:58pm May 1, 2016 5:58pm
Quoting Jason Rogers
{quote} Hi Mm8, First, thank for being a long time client of FXCM. New Zealand's Financial Market Authority has been phasing in new rules to the effect that any offer of derivatives to NZ residents will require appropriate licensing as a derivatives issuer in NZ. As a result, many brokers have already discontinued service in New Zealand altogether. Since neither FXCM Australia nor FXCM UK have an FMA derivatives issuer license, we have partnered with Halifax New Zealand which is appropriately licensed, so we can continue to offer you our services...
http://www.financemagnates.com/forex...uded-register/
  • #8,997
  • May 1, 2016 10:05pm May 1, 2016 10:05pm
Quoting Jason Rogers
{quote} Hi Mm8, First, thank for being a long time client of FXCM. New Zealand's Financial Market Authority has been phasing in new rules to the effect that any offer of derivatives to NZ residents will require appropriate licensing as a derivatives issuer in NZ. As a result, many brokers have already discontinued service in New Zealand altogether. Since neither FXCM Australia nor FXCM UK have an FMA derivatives issuer license, we have partnered with Halifax New Zealand which is appropriately licensed, so we can continue to offer you our services...
hello Jason that would be nice thankyou as i am confused as to how trades with a negative balance can be closed and reopend without me sustaining a loss in them .
  • #8,998
  • May 2, 2016 7:09pm May 2, 2016 7:09pm
Quoting Phylo
{quote} Always: every time; on every occasion; without exception.
You're right, Phylo

Since the updates we made in 2010, FXCM has passed all positive slippage onto our clients, but we should have done so from the beginning when we first introduced No Dealing Desk (NDD) execution to the retail forex industry in 2006. How do you feel about brokers that withhold positive slippage from their clients and slippage stats from the public to this day?

It's important to understand that as an industry leader, FXCM is subject to a greater level of scrutiny than smaller, less-regulated forex brokers. We are one of the only retail forex brokers in the world that's publicly-traded and regulated on three continents. We welcome this position of responsibility, and our retail clients who place 563,123 trades through us per day* are glad we do.

FXCM takes regulations very seriously and believe it is in the best interest of our clients for us to have regulatory oversight and transparency. That's why we have over 80 employees in our compliance department as mentioned by our CEO Drew Niv in a recent earnings call. That's not to excuse previous regulatory actions, but rather to emphasize how we actively work with our regulators to resolve issues and ensure the best trading environment possible for our clients.

The FCA action for positive slippage not being passed on prior to 2010 is a case in point. FXCM reimbursed current and former clients who were affected in full. Furthermore, the changes we made in 2010 mean FXCM is now one of the only firms in the industry to pass on positive slippage on all order types including market and limit orders.

It's worth noting that to this day, some brokers may still not provide positive slippage to their clients, while others may provide positive slippage on some order types, but don't provide it on other order types. Some brokers may re-quote their clients when the price moves in their clients' favor but fail to re-quote when the price moves against them. There are no re-quotes at FXCM.

Furthermore, FXCM offers true limit orders on all the platforms we offer including MT4. That means our clients cannot receive negative slippage on their limit orders, only positive slippage. By contrast, some brokers treat limit orders on MT4 like market orders when triggered opening up the possibility of negative slippage.

When FXCM was founded in 1999, we were one of the pioneers in what is still a relatively young and quickly evolving industry that is retail forex. The key to our continued growth and success while others have come and gone is due in no small part to our ability to adapt to and lead change in this market. The stats below demonstrate this.

Below are the data from orders executed through FXCM over a twelve month period from September 2013 through August 2014. In that year alone, FXCM clients benefited from over $21 million in positive slippage.

  1. 76.2% of all orders had no slippage.
  2. 13.5% of all orders received positive slippage.
  3. 10.2% of all orders received negative slippage.
  4. Over 58% of all limit and limit entry orders received positive slippage.
  5. 52% of all stop and stop entry orders received negative slippage.

Note how FXCM clients received positive slippage more frequently than negative slippage. That's due in part to the Market Range and Range Entry order types on our Trading Station platform that allow clients to specify the amount of negative slippage they are willing to accept on market and pending orders respectively. These unique order types allow FXCM clients to limit their negative slippage while still receiving the full benefits of any positive slippage that's available in the market.


* As of the latest publicly available data from March 2016

  • #8,999
  • May 2, 2016 7:10pm May 2, 2016 7:10pm
Quoting 9jatrader
{quote} I really appreciate your response/reply
It's my pleasure, 9jatrader!
  • #9,000
  • May 2, 2016 7:14pm May 2, 2016 7:14pm
Quoting mybest
Hi Bruce Rogers. In my History, why I can't see all my trading history from the very first time to the recent ones? I already change the time period to ALL TIME but no change?
Hi Mybest,

Are you using the MT4 platform? If so, please see my earlier post with the solution: http://www.forexfactory.com/showthre...40#post8896640

Please let me know if you have additional questions.

Thanks,
Jason Rogers
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