Not worth trading with anything but SB companies

I wanted to use Currenex rather than a sb account so I opened up an account with FXCC.

Firstly they misled me into thinking I could use the £ as my base currency. They had various currencies as options, but I was informed by email after the account was opened that only USD was available, wtf?

They asked for two id docs, but then requested I jump through more hoops and supply them with additional id on top of these. With sb I don't have to supply any. I can open an account and deposit in minutes.

The fee for depositing? 3%. 3%!!!! That's a whole months profits for many traders, assuming you are even profitable.

I'm assuming on top of all this I would get shafted with the exchange rate too, given that I have to deposit in USD.

Lastly, my account being in $ and imo, with a dollar crisis looming, I really don't feel comfortable with that arrangement. If I had deposited money into this account two weeks ago for example and not traded at all I would already have lost 6%! A 3% fee and 3% through a weakened dollar. This is not allowing for the bank screwing me over on the exchange rate either.




If I am missing something, please tell me. As much as I would like to use Currenex, I think I'll stick to my SB bucketshop. I don't care if I pay a pip or two extra on some pairs, it's less to think and worry about.

Sometimes, simplicity enables you to better concentrate on your trading.

3% for depositing - that's a bit steep.

So far as USD account is concerned may be a good idea to hedge it on your SB account (so you avoid any adverse moves). Of course you avoid in favour moves as well.

YouAreNotFree said:

The fee for depositing? 3%. 3%!!!! That's a whole months profits for many traders, assuming you are even profitable.

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This doesn't sound right.
FXCC charged you the fee?? or the method/money broker you used for deposit charged you the fee??

If you used a credit card to directly fund your account with fxcc without using a middleman then it's not likely that fxcc would charge you. If they do, then run quickly.

Peter

It's a fee charged by the processor.

I've heard it before from a Greek friend of mine - as I understood the banks there charge you when you deposit savings?

Best to ask if there are any Greek members to clarify.

And FXCC, don't promise me one thing and then give me another once you have all my personal details and identity documents.

Just to make clear, on the demo they explained only USD was available for that format. The suggestion being that other currencies were available for a live account. When it comes to opening a real account you can select EUR, GBP or USD. After you have submitted all the necessary docs and your account is open, you will get a second email stating only USD is available. In fact, review sites even state that multiple account currencies are an option.

Don't treat me like a fool please.

Why even deposit if they charge you that much? There's no way to deposit without the fee charge?

Doesn't sound good to me. You are in the hole before you start.

Peter

wackypete2 said:

Why even deposit if they charge you that much? There's no way to deposit without the fee charge?

Doesn't sound good to me. You are in the hole before you start.

Peter

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I haven't made a deposit. They inform you of the charge beforehand so I didn't bother.

Three chips just to get the wax on your broom handle? Time for a different broker.

Quite a lot of Brokers do charge to deposit funds, Pepperstone, FXPrimus both charge 3%.

Bit of a cheek really after the quick and easy process with SLM, no fee for credit card deposits and they show up immediately.

Still looking for a true ECN no dealing desk intervention Broker that does not charge to deposit and withdraw funds.

stiltskin said:

Quite a lot of Brokers do charge to deposit funds, Pepperstone, FXPrimus both charge 3%.

Bit of a cheek really after the quick and easy process with SLM, no fee for credit card deposits and they show up immediately.

Still looking for a true ECN no dealing desk intervention Broker that does not charge to deposit and withdraw funds.

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FXDD
www.fxdd.com
Use their Viking platform. It's currenex with charts and a few extra bells and whistles.

Peter

YouAreNotFree

Thanks for bringing this up. The Currenex issue should have been addressed. It’s not an attempt to mislead. It’s jumping the gun to where we were hoping to take the Currenex platform package. That’s in the pipe-line but you are 100% correct. The options available to traders should reflect what is currently on offer – not our anticipated upgrades to our product line.

We’re proud of our Currenex platform and in this instance we put the cart before the horse. This is being rectified and once completed, Currenex accounts will reflect the options currently available, and NOT where we want to go with the platform.

We don’t set out to treat people like fools and that is never our intention. Did we jump the gun on this one? Yes we did. Are you entitled to be p****d off? Yes you are. Did we set out to intentionally mislead people? Categorically not.

The question of charges to fund an account are unfortunately not something we can control. There is no charge on the part of FXCC. The charges for the various funding methods we support are those charged by our payment processors. I wish they were lower, but for the time being, the charges are what they are. Are they on the high side? Compared to some brokers, maybe yes, they are. Can we afford to cover these? No, simply put, we can’t.

The bottom line for FXCC is a commission per trade our clients place into our system. Our ECN model won’t allow us to cover funding charges. For the same reason, we don’t offer sign-up bonuses.

Casinos offer free rooms, free food and free drinks for a reason. Statistically, the longer they can keep you at the tables, the more likely you are to lose money. The cost of the rooms and other comps is more than covered by what people lose at the tables. I don’t think the casinos would keep offering comps if they were losing money.

In Dollar and cents terms, once you’re trading with FXCC, we do our absolute best to make sure your trading is profitable. That’s not from an overly developed “generous” gene. We make our money from the commissions we generate on our client trades. The more our clients trade, the more money we make. Profitable traders are repeat traders and repeat traders make more money for us.

We don’t offer sign-up bonuses in cash terms. We do offer a comprehensive suite of trading tools that have a substantial monetary value. I would add the value of these tools far outweighs the cost of funding with FXCC, but that’s not the purpose behind these tools.

We’ve got big dreams for FXCC. Some of those future plans found their way into the current line-up of product offerings. That should not have happened but the intention was never to mislead.

Apologies for this rather lengthy reply. Simple fact is your concerns deserved as concise a response as possible.

Many thanks for bringing this to my attention.
Andrew

I wanted to use Currenex rather than a sb account so I opened up an account with FXCC.

Firstly they misled me into thinking I could use the £ as my base currency. They had various currencies as options, but I was informed by email after the account was opened that only USD was available, wtf?

They asked for two id docs, but then requested I jump through more hoops and supply them with additional id on top of these. With sb I don't have to supply any. I can open an account and deposit in minutes.

The fee for depositing? 3%. 3%!!!! That's a whole months profits for many traders, assuming you are even profitable.

I'm assuming on top of all this I would get shafted with the exchange rate too, given that I have to deposit in USD.

Lastly, my account being in $ and imo, with a dollar crisis looming, I really don't feel comfortable with that arrangement. If I had deposited money into this account two weeks ago for example and not traded at all I would already have lost 6%! A 3% fee and 3% through a weakened dollar. This is not allowing for the bank screwing me over on the exchange rate either.

If I am missing something, please tell me. As much as I would like to use Currenex, I think I'll stick to my SB bucketshop. I don't care if I pay a pip or two extra on some pairs, it's less to think and worry about.


If I may add a few things;

Fx firms are more regulated than the sb firms.
3% on each grand is only thirty quid.
The sb firms' current offers on the euro, of approx one pip spread, are excellent.
Calling them bucket shops is just plain wrong, the top five or six are top companies
You are overly sensitive about a few quid now, thatll disappear once you have a few years of experience. Whilst it's right to be professional don't get too obsessional.
Not quite getting the logic of a six percent loss due falling dollar, why not just profit from it, that's what we do..
Once you have a decent size account you might want to consider position trading/investing the surplus money you have, no point in leaving 90% of you trading funds in a currency you have no fundamental faith in is there?

Black Swan said:

Calling them bucket shops is just plain wrong, the top five or six are top companies

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I agree with this one. Sweeping statements don't benefit the industry. Ok, fair dues, we are essentially in competition with every single broker out there, including spread betting firms, so FXCC might be better served by bashing everybody else.

Thing is, that would be a disservice to an industry I personally have very deep feelings for. I can no longer trade unfortunately, as that would go against regulatory limitations and if I can't trade under my own name, I won't trade full stop.

Obviously, I'd love to see people giving FXCC a fair crack of the whip. I'd love to see people from the forum trying out our approach to a full service brokerage. Our INTENT is to offer the best trading experience possible.

FXCC isn't the only way to make an omelette and I'd be the first to admit there are some other excellent firms out there.

We just happen to have a different set of core values and a different image for where we want FXCC to go and it's an image I'm pretty pleased to be a part of.

Thanks

Just to clarify if the 3% fee for depositing funds is a charge by the payment processor, then i am assuming there are a range of alternative methods for depositing funds and not all of them will be subject to this charge. Is this correct or is it a blanket 3% however you choose to deposit funds?

Mata Nui said:

Just to clarify if the 3% fee for depositing funds is a charge by the payment processor, then i am assuming there are a range of alternative methods for depositing funds and not all of them will be subject to this charge. Is this correct or is it a blanket 3% however you choose to deposit funds?

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Mata Nui, thanks for stopping by.

The 3% is a payment processor fee. FXCC does not profit from these charges in any way, shape or form.

Charges from payment processors do vary. The example quoted in the thread was a credit card funding and liable to the 2.9%.

Anything under $1,000, then Credit Card is the cheapest. Over $1,000 and personally I would use a Bank Transfer, which would be the most cost-effective way and certainly far below the 2.9% rate for credit cards.

PS: Available funding options are:

http://www.fxcc.com/funding-an-account

YouAreNotFree said:

I wanted to use Currenex rather than a sb account so I opened up an account with FXCC.

Firstly they misled me into thinking I could use the £ as my base currency. They had various currencies as options, but I was informed by email after the account was opened that only USD was available, wtf?

They asked for two id docs, but then requested I jump through more hoops and supply them with additional id on top of these. With sb I don't have to supply any. I can open an account and deposit in minutes.

The fee for depositing? 3%. 3%!!!! That's a whole months profits for many traders, assuming you are even profitable.

I'm assuming on top of all this I would get shafted with the exchange rate too, given that I have to deposit in USD.

Lastly, my account being in $ and imo, with a dollar crisis looming, I really don't feel comfortable with that arrangement. If I had deposited money into this account two weeks ago for example and not traded at all I would already have lost 6%! A 3% fee and 3% through a weakened dollar. This is not allowing for the bank screwing me over on the exchange rate either.




If I am missing something, please tell me. As much as I would like to use Currenex, I think I'll stick to my SB bucketshop. I don't care if I pay a pip or two extra on some pairs, it's less to think and worry about.

Click to expand...

Have you tried Alpari direct pro?