FXCM Discussion | Page 457 | Metals Mine

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/JPY

Similar Threads

FXCM with Sierra Charts - Discussion and alternatives 8 replies

Elliott Waves discussion 4 replies

FXCM gets another CFTC fine, while Drew Niv leaves FXCM UK board 17 replies

Euro/Dollar discussion 9 replies

Forward Testing Discussion Thread 241 replies

Attachments: FXCM Discussion
Exit Attachments

FXCM Discussion

  • #9,121
  • Jun 8, 2016 6:25pm Jun 8, 2016 6:25pm
Quoting Jason Rogers
{quote} While I won't speak for other US brokers I would like to address questions you've raised about FXCM's trade execution. It's interesting you should also mentioned the SNB event last year: http://www.forexfactory.com/showthre...23#post8130023 {quote} {quote} As others here have rightly pointed out, the SNB flash crash last year proved FXCM provides genuine No Dealing Desk (NDD) forex execution, where we offset each of your orders one-for-one with the best prices...
How long has FXCM offered a NDD? 2years? Prior to that pure DD with all the tricks and manipulations that go with it. Under 2k, your clients are still subject to it.

Aside from the history of US brokers and all their games, my main point will continue to be....if I want to risk $3,000 on a trade, I see no reason to deposit $30,000 to do so. If I am trading 6 lots of GBP/AUD with a 50 pip stop, I am risking under $3k, so I will transfer $3k to my broker. If I want to execute the same trade with a US broker, I need to put up over $24K. I just cannot justify that.
  • #9,122
  • Jun 9, 2016 5:54am Jun 9, 2016 5:54am
Today I wrote 2000$ back to my account in Belgium. FXCM charged me 40$ for this ... 2% !!!!!!!!!!!!!!!
  • #9,123
  • Jun 9, 2016 9:28am Jun 9, 2016 9:28am
Quoting pipmaster77
{quote} How long has FXCM offered a NDD? 2years? Prior to that pure DD with all the tricks and manipulations that go with it. Under 2k, your clients are still subject to it. Aside from the history of US brokers and all their games, my main point will continue to be....if I want to risk $3,000 on a trade, I see no reason to deposit $30,000 to do so. If I am trading 6 lots of GBP/AUD with a 50 pip stop, I am risking under $3k, so I will transfer $3k to my broker. If I want to execute the same trade with a US broker, I need to put up over $24K. I just...

Dude, we get it, you hate US brokers. You made your point, let the man answer questions related to the broker.
You also started posting this same thing on other topics. I think is time to drop it.

If you want you can always open your own topic regarding any issues you have there.

Good trading to all.
  • #9,124
  • Jun 9, 2016 10:24am Jun 9, 2016 10:24am
Quoting CatMan
Today I wrote 2000$ back to my account in Belgium. FXCM charged me 40$ for this ... 2% !!!!!!!!!!!!!!!
Hi CatMan,

FXCM does not charge you a percentage-based fee on your withdrawals. The $40 fee you mentioned sounds like a bank wire transfer fee. Please note we also offer free withdrawal options. Since you live in Belgium, you can make free SEPA withdrawals to (and deposits from) your Euro-denominated bank account(s).
  • #9,125
  • Jun 9, 2016 10:32am Jun 9, 2016 10:32am
Quoting Stellan
{quote} Dude, we get it, you hate US brokers. You made your point, let the man answer questions related to the broker. You also started posting this same thing on other topics. I think is time to drop it. If you want you can always open your own topic regarding any issues you have there. Good trading to all.
For your first post, this is what you needed to address?. I'm just showing people the alternative. Everywhere I have posted is related to the subject.
  • #9,126
  • Jun 9, 2016 10:58am Jun 9, 2016 10:58am
what is the minimum amount to open an active trader account? do not want to put 150k to open account
  • #9,127
  • Jun 9, 2016 11:06am Jun 9, 2016 11:06am
Quoting pipmaster77
{quote} This is exactly my point, though. The US regulators do absolutely nothing to protect the trader or our funds. I understand you are going to defend FXCM, and I get that. But there is no denying all of the tricks all US brokers have been using for years and really nothing is done about it. The brokers here are being regulated by bodies that do not have the slightest clue regarding forex. So my point is, I don't trust any broker, period. If I can risk $3,000 on a trade(s) by depositing $3,000, why would I give any broker $30,000 in margin to...

PIPMASTER, I'm curious, what unregulated brokers (that accept US clients) did you find that meet your expectations?
  • #9,128
  • Jun 9, 2016 12:50pm Jun 9, 2016 12:50pm
Quoting vicki330
what is the minimum amount to open an active trader account? do not want to put 150k to open account
Well I don't know where you live but all the info is obviously on the web site for goodness sake https://www.fxcm.com/uk/open-account/
  • #9,129
  • Edited 1:08pm Jun 9, 2016 12:54pm | Edited 1:08pm
Quoting vicki330
what is the minimum amount to open an active trader account? do not want to put 150k to open account
Hi Vicki and welcome to the forum!

The minimum to open an Active Trader account is 25k. As Claudia mentioned, our website has more information about our Active Trader program.

If you would like to speak with a specialist, please send me a private message with your contact details and the best time when one of my colleagues can reach you.
  • #9,130
  • Jun 9, 2016 1:05pm Jun 9, 2016 1:05pm
Quoting Stellan
{quote} Dude, we get it, you hate US brokers. You made your point, let the man answer questions related to the broker. You also started posting this same thing on other topics. I think is time to drop it. If you want you can always open your own topic regarding any issues you have there. Good trading to all.
Welcome to the forum, Stellan!

Since the question came up, FXCM first introduced No Dealing Desk (NDD) forex execution in 2006. Our liquidity providers include global banks, financial institutions, prime brokers, and other market makers. FXCM LLC currently has 16 liquidity providers:

Attached Image (click to enlarge)
Click to Enlarge Name: liquidity-providers-logo-group-desktop.jpg Size: 145 KB
  • #9,131
  • Jun 9, 2016 1:12pm Jun 9, 2016 1:12pm
I am in usa. but travel abroad, trade futures contracts [fx and emini sp] have off shore forex. I am looking into fxcm usa account opening.

when the swiss removed the peg it was a scary time in forex [although I never traded a swiss pair]

I am trying to determine with fxcm if there are problems such as spreads getting to wide during news [trade eur/usd and gbp/usd]

What kind of slippage? Are their requotes?

It is hard to find this out. My normal size is 5 x 100,000 and I only daytrade and get in and out many times a day. [Please not interested in discussion of the merits per my daytrading] With futures fx contracts on cme exchange my broker offers daytrading margins, it is a shame that forex firms [in usa] can not or do not offer daytrading margins.
  • #9,132
  • Edited 2:54pm Jun 9, 2016 1:54pm | Edited 2:54pm
Quoting vicki330
I am trying to determine with fxcm if there are problems such as spreads getting to wide during news [trade eur/usd and gbp/usd]
Spreads can widen during periods of high volatility/low liquidity as with any broker and in any market. The advantage of FXCM's No Dealing Desk (NDD) forex execution is that you benefit from price competition between our liquidity providers which include several of the largest banks in the world. Therefore, even in volatile markets, we take the highest bid price and lowest ask price from competing sources, so your orders are executed with the best available spread.

Attached Image (click to enlarge)
Click to Enlarge Name: liquidity-providers-figure-1-desktop.jpg Size: 83 KB


Quoting vicki330
What kind of slippage?
A one-year study of orders executed through FXCM shows our clients receive positive slippage at least as often as they receive negative 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.


Quoting vicki330
Are their requotes?
There are no requotes with FXCM. On our NDD model, we offset each of your orders one-for-one with the best prices from competing liquidity providers as mentioned above. We don't profit from your losses or lose from your profits. Instead, we profit from your trading volume. Therefore, we want your orders to execute, so we can make money on the commissions.

Quoting vicki330
My normal size is 5 x 100,000 and I only daytrade and get in and out many times a day. [Please not interested in discussion of the merits per my daytrading] With futures fx contracts on cme exchange my broker offers daytrading margins, it is a shame that forex firms [in usa] can not or do not offer daytrading margins.
You are correct that CFTC regulations require a minimum margin of 2% on forex trades in the US which caps your leverage at 50:1. That said, your trade size suggests you might qualify for commission discounts through our Active Trader program.

One of our specialists could discuss that with you in more detail along with our order options like Market Range, Range Entry, Fill Or Kill and Immediate Or Cancel which are designed to help you minimize negative slippage while still receiving the full benefits of any positive slippage that's available. Send me a PM, if you'd like to arrange a follow up call.
  • #9,133
  • Jun 9, 2016 2:01pm Jun 9, 2016 2:01pm
quick question regarding the release of metrics:
How many institutional accounts does FXCM has compared to May 2015?
I couldn't find this info in what was announced today.
Thanks!
  • #9,134
  • Jun 9, 2016 2:26pm Jun 9, 2016 2:26pm
Quoting hatzius
quick question regarding the release of metrics: How many institutional accounts does FXCM has compared to May 2015? I couldn't find this info in what was announced today. Thanks!
Hi Hatzius,

I only have access to the same publicly available metrics as you. If you have any follow up questions regarding these, you are welcome to contact our Investor Relations department.
  • #9,135
  • Jun 9, 2016 3:27pm Jun 9, 2016 3:27pm
Quoting Jason Rogers
{quote} Hi Hatzius, I only have access to the same publicly available metrics as you. If you have any follow up questions regarding these, you are welcome to contact our Investor Relations department.
Thank you! I wrote them an email.
  • #9,136
  • Jun 9, 2016 5:22pm Jun 9, 2016 5:22pm
Beta Test FXCM's New Web-based Platform!


Hi Everyone,

We're currently developing a new trading platform, and I invite you to join our beta testing group.

While this new platform offers charting and trading functionality on par with Trading Station Desktop, it's web-based. That means it requires no downloading and works on all computers including Macs to offer you convenience and greater accessibility with many bells and whistles. For example, we're integrating unique features into the platform like our economic calendar, videos, and news feeds with more to come!

WE WANT YOUR FEEDBACK! Tell us what you want in the platform as part of your everyday trading experience. Gathering valuable feedback on your initial reaction and level of satisfaction for the platform will help us identify areas that need improvement.

Attached Image


Beta testing the platform is easy.

  1. Log in using your existing account credentials at https://www-beta.fxcorporate.com/
  2. Use the platform as you normally would. NOTE: Beta testing is only available on demo accounts.
  3. Make the platform "your own". Move things around, use any features you want, etc.
  4. Provide your feedback, suggestions, bugs or errors via email to [email protected]


We're very excited about this platform and look forward to your feedback and comments.

In appreciation for your time, we'll give you $300 free credit to spend in the FXCM App Store. Once we receive your feedback, we'll send you a promotional code to use at FXCMapps.com. It's that simple.

Please let me know if you have any questions.

Thanks,
Jason

  • #9,137
  • Jun 10, 2016 2:25pm Jun 10, 2016 2:25pm
Quoting Jason Rogers
{quote} ....However, we continue to receive requests for higher leverage (lower margin requirements) particularly from traders in emerging markets where the average account balance is smaller. Offering these traders a DD option through Mini accounts ($50 minimum) in addition to our existing NDD model for Standard accounts (2k minimum) and Active Trader accounts (25k minimum) allows us to cater to their demand for higher leverage from a risk management perspective.
Hi Jason, Only 5 minutes ago I was on chat with Adam at FXCM and I asked him if I can open a Standard account with $2000. He told me the account opening minimum for standard account was $5000 , not $2000. I even showed him one of your web pages where it states that.

Your statement and his seem to contradict eachother. Can you confirm to us now that we can open a standard account for $2000 ?
Thanks
John
p.s sorry to see Jason Matos is no longer there
  • #9,138
  • Jun 11, 2016 6:33am Jun 11, 2016 6:33am
Quoting JohnTR
{quote} Hi Jason, Only 5 minutes ago I was on chat with Adam at FXCM and I asked him if I can open a Standard account with $2000. He told me the account opening minimum for standard account was $5000 , not $2000. I even showed him one of your web pages where it states that. Your statement and his seem to contradict eachother. Can you confirm to us now that we can open a standard account for $2000 ? Thanks John p.s sorry to see...
Just got an email from FXCM, the fine print states starting September 2016 all standard accounts below $4000 balance will receive a $10 monthly maintenance fee.

yay...
Attached Image (click to enlarge)
Click to Enlarge Name: FXCM.png Size: 75 KB
Trust the Market
  • #9,139
  • Jun 11, 2016 7:03am Jun 11, 2016 7:03am
Quoting Jason Rogers
{quote} As the June 23rd date of the Brexit vote approaches, expect more GBP volatility with each new poll that indicates some shift in voter sentiment.
I'm assuming it was an SEC mandate that brokers increase forex margin requirements by 50% and probably due to the Brexit?

Is there any information about if this increase is only temporary and go back down next month (or sooner)?
Attached Image
Trust the Market
  • #9,140
  • Jun 11, 2016 7:44am Jun 11, 2016 7:44am
Thanks Hawkins!! Great info. Overall all I think it does help stabilize the broker, and therefore helps protect our own money, in the event of wild market swings. I would think of the 10 per month as Insurance against the broker going under. It's almost a relief that forces account holders to step up. I mean, no body trades for kicks, we're all here to make it big, and that's more likely to happen with a well funded account. Not saying I like it, but that it is better for the broker and therefore better for the safety of my money. Ultimately better for my success.

On the other hand, for the same price you can open a futures account and trade forex futures in a much more regulated and consistent structure, that spot.
12 traders viewing now