FXCM Discussion

This is a discussion on FXCM Discussion within the Forex Brokers forums, part of the Commercial category; FXCM announced today the opening of its newest branch office in Berlin. FXCM Germany, an affiliate of FXCM LTD (UK), ...

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Old Mar 24, 2010, 5:27pm   #46
 
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Re: FXCM Discussion

Jason Rogers started this thread FXCM announced today the opening of its newest branch office in Berlin. FXCM Germany, an affiliate of FXCM LTD (UK), is co-regulated by BaFin and the FSA. We look forward to offering local service and support to our German clients!

This is the sixth new FXCM office opened since January 2009, following new offices in Paris, Sydney, Dubai, Milan and Santiago. FXCM has big plans in store for 2010, so stay tuned for more announcements...

The full press release can be found here: http://www.marketwire.com/press-rele...ny-1136871.htm
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Old Mar 24, 2010, 10:49pm   #47
 
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Re: FXCM Discussion

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Hi TN7,

....Getting a little deja vu seeing the same questions asked which were previously addressed. Am I going to go through your 9 page post and reply again... No. Frankly because it's a waste of time to re-address what I've already commented on and explained how NDD works.

Second, our execution works exactly as explained on our website and in previous posts. If you don't think so, then that's what you think no matter how incorrect it may be. I respect your previous knowledge of the interbank market; however, much of what you are saying is incorrect about FXCM's execution and what we offer or misleading. Our website and my posts go into much more detail on how our execution works than with just about any broker out there. I'll reiterate the basics on what we offer in terms of NDD and how it works (the in depth example can be found on the previous post).

What is NDD?
No Dealing Desk execution is what we offer retail individual forex traders. In the retail market, there are two basic types of execution you can choose between: dealing desk or no dealing desk. In the dealing desk setup, the broker makes the market and can take on the risk of your trade. In other words, if you lose they can profit and vice versa. That risk is their's to manage. On NDD, each transaction on a one-to-one basis is offset with one of 10 banks providing quotes on FXCM's platform. The risk is eliminated.

Who cares if my broker trades against me?
The problem comes with how a dealing desk manages the risk using tools such as dealer intervention, re-quotes, entry order, stop, and limit restrictions, banning particular types of EA's, etc. In the end, the broker's profitability trumps yours.

Is FXCM making a market for forex traders?
No, FXCM does not create a market for forex transactions on No Dealing Desk execution. FXCM Micro trades are currently executed through the FXCM dealing desk, and this will be changing in the upcoming months once NDD is introduced to micro accounts.

Who takes the other side of the trade on NDD?
Every trade is executed back to back with one of the world's premier banks or financial institutions, which compete to provide FXCM with bid and ask prices.

How are the quotes determined?
A best bid/offer engine sorts best bid/offer and marks them up with our standard fixed markup on the majors. This markup acts as the commission on the trade. When a customer clicks on a price, they are actually clicking on a price from the bank that currently has the best bid or offer, plus our markup.

Can I pay a commission instead of a mark-up?
Yes, if traders want to see the raw spread without a mark-up and pay commissions instead, then the Active Trader setup is available on either the FX Trading Station II, MT4 or the Active Trader platform. The Active Trader platform gives you the added benefit of depth of market if that is something you need access to.


This is the NDD product we offer. Is FXCM the best? FXCM is one of the world's largest forex brokers, but by all means compare yourself...platform, execution, customer service, resources, education. Demos are available through our website as well http://www.fxcm.co.uk/free-forex-accounts.jsp. Traders of all levels can use our service from a micro account starting with as little as $25, standard accounts can start with as little as $2,000, and the entry level for Active Trader is $25,000.

-Jason

Hello Jason,

It is all great marketing copy, I'll grant FXCM that score. In every new industry that I've witness come into fruition, there has always been a leader........... a leader in Marketing. Hands down, no questions asked, FXCM has won the Golden FX Marketing Award for several years running and it continues to do an outstanding job of printing materials, building websites and attracting new, clueless wannabe traders who will one day wake-up and realize that FXCM is a Basket Weaving Bucket Shop of epic proportions.

Having said that, here are the facts in summary:

1) FXCM trades against its own customers by taking the other side of their position.

2) FXCM does not provide real-time Interbank rates from the deepest end of the liquidity pool.

3) FXCM does not provide authentic STP (Straight Through Processing) because authentic STP can ONLY be delivered against unmolested, real-time Interbank rates, executed (per deal) by real Traders.

4) FXCM does not provide real Interbank rates to its customers (Traders) because real Interbank rates contain no "Broker Markup."

5) FXCM cannot legitimately continue to make the claim that it delivers "Best Bid/Offer" prices to its customers through its trading platform, since FXCM does not have platform specific relationships with the vast majority of FX liquidity providers that make-up the real Interbank market and thus, cannot possibly know whether or not their "Best Bid/Offer" is the Best Bid/Offer available within the broader, deeper and more robust Interbank community.

6) FXCM provides its customers (Traders) FX liquidity that can only be described as being exclusively Private and/or Proprietary in nature, having nothing to do with the larger scale depth, breadth and volume of liquidity available in the real Interbank market on a daily basis, as its single trade maximum notional value limitation of only 0.000025% of the total available (daily) market clearly demonstrates.

7) [cause I just love the number 7 for some odd reason] FXCM does not offer its customers (Traders) the ability to execute on Currency Options, which many serious minded Traders and/or Money Managers will utilizes at the core of their money management business enterprise and at the core of their Risk Mitigation strategy/protocol.

Did I miss anything important, Jason? Or, have I properly concluded business on this topic of what an FX Bucket Shop Profile looks like?

FXCM = Basket [Bucket] Weaving 101 Personified.

It has been a true pleasure dialoging with you and the staff at FXCM. Many happy Buckets to you and may your 2010 Bucket be the fullest of all - just as long as the Newbie knows where you stand. Just in case you forgot, that location would be: In the Shop with Bucket firmly gripped in hand.

All the best for 2010, Jason!

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Old Mar 25, 2010, 10:56am   #48
 
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Re: FXCM Discussion

Not to belittle anyone here but I am loving the posts between Jason and TraderNumber7. It is informative, argumentative, hilariously funny, and in my opinion "priceless" on many levels... Thank you Jason and thank you TraderNumber7...
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Old Mar 25, 2010, 2:47pm   #49
 
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Re: FXCM Discussion

Jason Rogers started this thread
Quote:
Originally Posted by TraderNumber7 View Post
Hello Jason,

It is all great marketing copy, I'll grant FXCM that score. In every new industry that I've witness come into fruition, there has always been a leader........... a leader in Marketing. Hands down, no questions asked, FXCM has won the Golden FX Marketing Award for several years running and it continues to do an outstanding job of printing materials, building websites and attracting new, clueless wannabe traders who will one day wake-up and realize that FXCM is a Basket Weaving Bucket Shop of epic proportions.

Having said that, here are the facts in summary:

1) FXCM trades against its own customers by taking the other side of their position....
Facts in summary...by leading off with the first one that's blatantly false about NDD? Our website and marketing material is regularly audited by our regulators so I'm not afforded the same opportunity to make stuff up.
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Old Mar 25, 2010, 2:54pm   #50
 
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Re: FXCM Discussion

Jason Rogers started this thread
Quote:
Originally Posted by traderdesk View Post
Not to belittle anyone here but I am loving the posts between Jason and TraderNumber7. It is informative, argumentative, hilariously funny, and in my opinion "priceless" on many levels... Thank you Jason and thank you TraderNumber7...
Hi traderdesk,

Welcome to the thread!

Cheers,

Jason
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Old Mar 25, 2010, 9:53pm   #51
 
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Re: FXCM Discussion

Quote:
Originally Posted by Jason Rogers View Post
Facts in summary...by leading off with the first one that's blatantly false about NDD? Our website and marketing material is regularly audited by our regulators so I'm not afforded the same opportunity to make stuff up.
Trader7 nails it.

FXCM is nothing but Marketing Hype!
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Old Mar 25, 2010, 10:04pm   #52
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Re: FXCM Discussion

So TN7, if you're a retail punter, quite happy with active trader from fxcm, who would you go with to improve your lot (excuse the pun)...FXPro, Alpari...? Bearing in mind this is a suite of forums dedicated towards helping retail...
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Old Mar 29, 2010, 4:05am   #53
 
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Re: FXCM Discussion

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So TN7, if you're a retail punter, quite happy with active trader from fxcm, who would you go with to improve your lot (excuse the pun)...FXPro, Alpari...? Bearing in mind this is a suite of forums dedicated towards helping retail...

Well, I've put up a thread where I list the retail firms that I would give a second look -if- I were a retail trader, so you might want to check that thread (my Best in FX Awards for 2010).

The truth is that, if you are a pure retail trader, while there are choices available to avoid crap shoots like FXCM, there are painfully few. One my biggest problems with these retail outlets (literally - like walking down the center of a overblown indoor Mall in the U.S.) is their phony marketing campaign that the Newbie, unless he/she really does their homework, gets sucked into and spit-out the other end.

400:1 leverage? What's up with that nonsense. What retail forex Newbie understands how to handle that kind of leverage? Heck, I would classify myself as one of the top traders in the world when it comes to currency and even I would not touch 400:1, except under the rarest of circumstances and market conditions - but even then, it wold only apply to a specific trade.

Variable Dynamic Leverage. If the so-called Retail Intermediary were really out there thinking about the "little guy," then they would have trading platforms that mirrored the functionality that thinking people need. As a successful Trader, how many times have you asked yourself: "If I only had a way to vary the leverage with each trade, to match the output (probability) of my trade signal." Why are you pegged to leverage levels that run in increments of powers? You can have 25:1, but you can't have 27.5:1? You can have 50:1 and 100:1, but you can't have 71.3:1? Think about who is creating the "gearing effect" on the retail side and why their platforms are so inflexible.

Synthetic Pairs with Ratio Allocation. What choice do I have as a Newbie, if I want to enter the market with a singular trade consisting of 60% EURUSD, 20% GBPUSD and 20% AUDJPY. Sure, I could use Excel on the side to pre-calculate the ratio's for me and then just chose the lot levels correspondingly, but I still have to manually enter that ratio combination. But, this should not be something requiring "special platform golden key gatekeeper access" to do on a daily basis at the retail level. If these Retail Brokers were worth their weight in salt, then their trading platforms would allow the retail trader to create these synthetic instruments, save them in a Synthetic Instrument Folder and make them available under a drop-down menu, on the Market or Entry Order dialog - complete with built-in ratios that can be edited on-the-fly at order execution time.

I could go on and on, but it would be precisely the same old song. Most of these Retail Bucket Shops don't truly want you to be successful, because too many of them are too darn busy taking the other side of your position and LYING to you about it. Plain and simple.

So, while I did create my 2010 Awards list, I did have to hold my breath as I selected some of them. I think if more retail traders would support firms like Divisa Capital (DCFX: www.divisafx.com) with its all Currenx Hub configuration (either Traditional or Viking), then I truly believe that most of these Bucket Hack Jobs would start to disappear. I think Intermediary Agnostic platforms like ProTrader's PT Multistation, could dominate the retail market space and take-over from platforms like MT4. PTM needs work, bugs need to be fixed, but that's all part of the teething process. You retail guys/gals should really look into it, to see if it has application for you.

If you have the cash to open such an account, you might also want to take a look at FXall - http://www.fxall.com/liquidity_overview.html. Take a close look at this "River of Liquidity" and then compare this to what Jason is telling you about FXCM's "10 Bank" Oceanic Voyage across the Atlantic that they offer you.

There is simply zero comparison here, relative to FXCM. If you can get on the FXall platform, then I highly recommend it. From liquidity depth, price transparency, anonymity, order routing (genuine STP through an ECN) to order type flexibility, it is hard for the mid-level active trader to go wrong on this platform. In fact, you wont find a single click notional value restriction on FXall, like you will on FXCM. That is because this platform gives you access to a much deeper level of FX overall liquidity and there is no Intermediary-Counterparty rabbit hole that makes you subject to price manipulation, spread manipulation and/or entry/exit manipulation. You are free to simply trade the market on this platform.

As always, do your own homework - I'm just writing about what I know.

Or, of course, one can continue trading with FXCM. Not a choice I would make personally, but it is still a choice nonetheless. I just don't like being lied to.
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Old Mar 31, 2010, 7:43pm   #54
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A Leading Online Global Broker Presents Forex, Oil, Gold and Indices on One Platform

Click the image to open in full size.

Direct Market Access to Some of the World's Largest Forex Liquidity Providers with Enhanced Order Execution from FXCM

London, 31 March 2010FXCM LTD has launched new trading instruments. Now, in addition to forex, traders can trade oil, gold and global stock indices on one platform.

FXCM LTD began offering CFD trading in September 2009. Due to its increasing popularity, FXCM has decided to make CFD trading more widely available and has included all instruments on one platform. Watch Video

Why Trade CFDs with FXCM?
  • No Re-Quote Trade Execution
    FXCM will not interfere in client trading by re-quoting trades.
  • No Debit Balance
    Unlike trading with other providers, margin trading with FXCM will guarantee that traders will never have to pay a deficit balance as a result of trading.
  • No Commissions,* Tight Spreads
    Use less money to trade more. With FXCM, traders are able to trade commission-free with competitive spreads.

With the FXCM Trading Station’s one-click order execution, traders will never again be more than a few seconds away from putting their opinions to the test!
For any questions, please call FXCM currency specialists, who are available 24 hours a day, at +0808 234 8789, or by e-mail at info@fxcm.co.uk.

About FXCM:
Forex Capital Markets (FXCM) is a leading global forex broker that caters to both retail and institutional markets. Founded in 1999, FXCM is one of the largest brokers, regulated by several of the world’s most respected financial authorities.
At the heart of FXCM’s client offering is No Dealing Desk† forex trading. FXCM Clients have Direct Market Access to some of the world's largest forex liquidity providers; enabling FXCM to offer clients spreads as low as 1 pip on major crosses. Clients also have the benefits of mobile trading, one-click order execution and trading from real-time charts. FXCM’s CFD product offers no requote trading and allows traders to trade oil, gold, silver and stock indices, along with forex, on one platform. In addition to currency and CFD trading, FXCM offers educational courses on forex trading, and provides free news and research through DailyFX.com.

* FXCM is compensated through the bid/ask spread except where otherwise noted. Please note commission charges apply for certain classes of non-standard accounts such as Active Trader. For additional information, click here.
† Please note, FXCM Micro, in its discretion, may or may not offset individual transactions unlike transactions in most FXCM Standard accounts.

Risk Disclaimer: Trading FX, CFDs and Spread Betting on margin carries a high level of risk, and may not be suitable for all investors read full disclosure.

Media Contact:
Jaclyn Sales, jsales@fxcm.com, 1-646-432-2463
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Old Apr 1, 2010, 3:55pm   #55
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Sean Hyman to speak at Currency Trading Expo in Las Vegas, Hosted by FXCM

Join FXCM at the Rio in Las Vegas, May 3–4, 2010, for a two-day Currency Trading Extravaganza

Wildly popular fundamental and technical strategist Sean Hyman will speak at FXCM’s Currency Trading Expo, which will be held in Las Vegas on May 3 and 4, 2010. Sean has worked in equities and forex as a trader, analyst, and educator for over 17 years, and is currently the moderator of the DailyFX forums. He is considered to be a leading expert in his field as well as a compelling presenter whose services are a regular addition to trading conferences each year. Attendees will have the opportunity to hear him speak about three special topics:
  • Introduction to FXCM and the Forex Markets: Sean will discuss pips, lots, and the advantages of the forex market over the stock market.
  • Using Commodities (Oil and Gold) to Trade Currencies: Learn how gasoline/oil, gold, and the Dow Jones Industrial Average correlate to the currency markets.
  • Forex Cross Currencies and Emerging Markets Currencies: Learn the advantages of trading crosses over “the majors” and how to leverage the most exciting emerging market currencies.

You can register and view the complete workshop schedule and speakers list at: http://clk.atdmt.com/FXM/go/207215842/direct/01/

About FXCM Holdings LLC

Forex Capital Markets (FXCM) is a leading global forex broker that caters to both retail and institutional markets. Founded in 1999, FXCM is one of the largest brokers, regulated by several of the world’s most respected financial authorities.

At the heart of FXCM’s client offering is No Dealing Desk* forex trading, Clients have Direct Market Access to some of the world's largest forex liquidity providers, enabling FXCM to offer clients spread as low as 1 pip on major crosses. Clients also have the benefits of mobile trading, one-click order execution and trading from real-time charts. FXCM’s CFD product† offers no requite trading and allows traders to trade oil, gold, silver and stock indices, along with forex on one platform. In addition to currency and CFD trading, FXCM offers educational courses on forex trading, and provides free news and research through DailyFX.com.

*Please note that FXCM Micro, in its discretion, may or may not offset individual transactions unlike transactions in most FXCM Standard accounts.

†MetaTrader 4 and CFD accounts are available through Forex Capital Markets Ltd.


Risk Disclaimer: Trading FX, CFDs and Spread Betting on margin carries a high level of risk, and may not be suitable for all investors read full disclosure.
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Old Apr 1, 2010, 7:29pm   #56
 
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Re: FXCM Discussion

Jason Rogers started this thread FYI: FXCM's trading hours Friday through Monday for the Easter Holiday period will remain the same. So trading closes on Friday April 2nd at 4:00pm EDT and will resume on Sunday April 4th at 5:15pm EDT.

Also, tomorrow is NFP. As if NFP were not volatile enough, tomorrow is also Good Friday, a public holiday in many countries. Lower liquidity than normal due to the holiday could increase volatility. Be careful!

-Jason
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Old Apr 8, 2010, 9:07pm   #57
 
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Re: FXCM Discussion

Jason Rogers started this thread A platform update is scheduled for the FX Trading Station II this weekend and the most noticeable change you will see is with the charting. Here's a preview of some of the additional features to look for:

1. Heiken Ashi and Fractals

Click the image to open in full size.


2. ZigZag

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3. Improved Pivot Point Indicator: You can now set the candle period for the pivot independent of the chart time frame you are viewing. In other words you can base the pivot point off of the daily candle while looking at the 5 minute chart. Previously, the pivot was based off of the candle period of the chart period you were viewing. Also, the pivot point will now be located in the indicators list rather than as an icon in the icon menu at the top of the chart.

Click the image to open in full size.


4. Chart Signals: Basic feature (for now) added to the charts. You can have a signal plotted onto the chart for basic indicator signals uses such as moving average crosses, RSI oversold/overbought levels, etc.

Click the image to open in full size.


5. Charts in the Market Order window: View a 5 minute chart of the currency pair you are about to trade

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And more which I will share on Monday...

Please feel free to post any feedback on Sunday after you've had some time to play around with it.

-Jason
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Old Apr 14, 2010, 9:23pm   #58
 
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Re: FXCM Discussion

Jason Rogers started this thread Many of the FXCM forex accounts now have the ability to trade CFD products such as gold, oil, silver, and stock indices. If you trade any of these products, we recently lowered the spreads. Here's a table with the old and new spreads:

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Old Apr 29, 2010, 9:54am   #59
 
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Re: FXCM Discussion

According to FXCM website, its a NDD for standard accounts, which need $2000+

Micro accounts are not gauranteed to be NDD?

Is it 100% correcto that fxcm is NDD for standard acounts?
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Old Apr 29, 2010, 2:31pm   #60
 
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Re: FXCM Discussion

Hi Jason,

Can you tell me if volume information is available for indices on the fxcm platform I have had a look but cannot see this anywhere??

thanks Ben
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