FXCM Discussion

This is a discussion on FXCM Discussion within the Forex Brokers forums, part of the Commercial category; Originally Posted by Scotty2Cues According to FXCM website, its a NDD for standard accounts, which need $2000+ Micro accounts are ...

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Old Apr 29, 2010, 2:57pm   #61
 
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Re: FXCM Discussion

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Originally Posted by Scotty2Cues View Post
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?
Hi Scotty

Forex transactions on the standard accounts are executed via NDD.

The forex transactions on micro accounts are being transitioned to NDD as well, but some are still executed through the dealing desk. I've heard the process will be complete within the next month or so.

Jason
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Old Apr 29, 2010, 2:59pm   #62
 
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Re: FXCM Discussion

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Originally Posted by benadams View Post
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
Hi Ben,

The volume information is not available for the indices.

While the stock indices, gold, and oil products are no-requote, FXCM is making a market for the products. Therefore the volume information would not be indicative of the market as a whole. I think DailyFX is looking into developing an SSI report for the CFD products similar to what we release for the forex portion to give you an indication of positioning at FXCM.

Jason
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Old Apr 30, 2010, 3:00pm   #63
 
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Re: FXCM Discussion

Jason,

Why are there two options to open a standard account
ie MT4 option or the fx,oil,gold and stock indexes option?

What are the diiferences except between which trading platform is used?
Are there differences in the ECN?

Thanks
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Old Apr 30, 2010, 3:36pm   #64
 
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Re: FXCM Discussion

Jason Rogers started this thread
Quote:
Originally Posted by Scotty2Cues View Post
Jason,

Why are there two options to open a standard account
ie MT4 option or the fx,oil,gold and stock indexes option?

What are the diiferences except between which trading platform is used?
Are there differences in the ECN?

Thanks
Hi Scotty,

The options are there because there are two platforms you can choose from: MT4 or the FX Trading Station II.

Both platforms will give you access to the same products. One difference is that accounts on the FX Trading Station II can be setup as a spreadbet account so that UK residents can have preferential tax treatment. MT4 accounts cannot currently be setup as spreadbet accounts.

No Dealing Desk execution is used for forex transactions on both account types. The exception would be micro accounts which are currently being transition over to NDD from the dealing desk.

-Jason
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Old Apr 30, 2010, 3:44pm   #65
 
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Re: FXCM Discussion

Quote:
Originally Posted by Jason Rogers View Post
Hi Scotty,

The options are there because there are two platforms you can choose from: MT4 or the FX Trading Station II.

Both platforms will give you access to the same products. One difference is that accounts on the FX Trading Station II can be setup as a spreadbet account so that UK residents can have preferential tax treatment. MT4 accounts cannot currently be setup as spreadbet accounts.

No Dealing Desk execution is used for forex transactions on both account types. The exception would be micro accounts which are currently being transition over to NDD from the dealing desk.
-Jason
ok thanks! so for either option, the orders are routed exactly the same way/place? the quotes are exactly the same for te two options? the money I deposit goes to the same place.

Fxcm and Dukascopy are on the top of my list. Dukascopy seeem to have a low commission rates. Any idea how your spread markups would compare?

thanks
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Old Apr 30, 2010, 7:02pm   #66
 
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Re: FXCM Discussion

Jason Rogers started this thread
Quote:
Originally Posted by Scotty2Cues View Post
ok thanks! so for either option, the orders are routed exactly the same way/place? the quotes are exactly the same for te two options? the money I deposit goes to the same place.

Fxcm and Dukascopy are on the top of my list. Dukascopy seeem to have a low commission rates. Any idea how your spread markups would compare?

thanks
That's correct, whether you open a standard 10k on the MT4 platform or the FX Trading Station II, the orders are executed the same way. The quotes are the same, except for a 1/10th pip mark-up on MT4 which is compensation for the technology provider. In that sense, it would be cheaper to use the FX Trading Station II if you were simply self-trading. We offer MT4 primarily for those that want to automate trading, but you can use it for self-trading if you want.

For the tightest spreads possible with FXCM, we have the Active Trader setup (http://www.fxcm.co.uk/active-trader.jsp) . The Active Trader setup is designed to reward high volume traders with an overall lower transaction cost. The spreads are reduced and you pay a commission. The overall transaction cost should be substantially lower than what is typically available on the FXCM standard account.

The active trader demo accounts are setup on a platform we designed specifically for active trader, but you could request the active trader setup requested on the FX Trading Station II, MT4, or the Active Trader platform itself.

-Jason
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Old May 3, 2010, 2:41pm   #67
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FXCM King of the Micro Winner - 970% profit *

New York –April 28, 2010

To be King, you must have a strategy. That’s what put last month’s King of the Micro winner, Cao Yanhui on top. Yanhui, who lives in China, won $25,000 in the popular trading contest with an impressive profit of 970.43% by focusing primarily on the EURUSD currency pair. By targeting one pair, Yanhui was able to concentrate his efforts and ultimately win the competition. He largely did so by increasing his positions within a few days of the EUR fall, raking in considerable profits. Having traded forex for over three years, Yanhui’s trading preparation usually involves reviewing candlestick charts and analyzing forex commentary prior to placing trades. Although he takes trading seriously, Yanhui says he doesn’t take a loss to heart and believes his untroubled attitude is what has made him so successful. He would advise other traders to think the same way saying, “Don’t take results too seriously and enjoy the process.” View Yanhui's trading report and survey.

Coming in behind Yanhui was Luo Yupeng, who lives in the U.S., winning 841.76% with focus on the GBPUSD and EURGBP pairs. He has found success in forex by constantly reflecting on his greatest weaknesses and working to correct them. He considers perseverance, excellent reasoning skills, and an objective mindset to be the most important traits of a successful trader. Adegeye Oluwaseun, also from the U.S., followed Yupeng to take third place with 526.59% and trading as many as five currency pairs. He encourages others to, “stay focused on the end result you desire… and with time it can be attained.” View Yupeng and Oluwaseun's trading report and survey.


King of the Micro is a currency trading contest hosted by FXCM, which gives away cash prizes every month: $25,000 for the trader with the highest trading return, $10,000 to second, and $5,000 goes to third place.

For the past four years, King of the Micro has given traders around the world the chance to be King. In the past, winners have come from the U.S., China, Malaysia, Canada, and the U.K, among others. It’s free to enter and no registration is needed, making it easier than ever to hit it big. All you need to do is be an FXCM client with $500 in your Micro account at the beginning of each month, and you’re automatically entered. You also must make ten trades during the month to remain eligible.


For more information on the King of the Micro contest, to read the full contest rules, and to deposit money into your FXCM Micro account, click here.

FXCM Micro is a division of FXCM that provides new traders with access to the currency markets for as little as $25. With a small (1K) lot size, FXCM Micro provides a great way to get started in the forex market. FXCM Micro is offered for individual, self-traded accounts. All participants of the King of the Micro contest can receive the FXCM Power Course free to improve their chances to be the King.


FXCM Holdings, LLC Facts

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.

*Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not necessarily indicative of future results.


Read more: DailyFX - King of the Micro Winner - 970% profit* http://www.dailyfx.com/forex/fxcm_ne...#ixzz0mQQfAc4v
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Old May 3, 2010, 10:19pm   #68
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Re: FXCM Discussion

I really think fxcm are missing an opportunity in not allowing UK residents to open micro FX accounts in GBP, iirc you still need 3K to open an fx account, imo you should lower it to 250 quid...
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Old May 5, 2010, 2:26pm   #69
 
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FXCM Acquires ODL Group

Jason Rogers started this thread FXCM made a major press release earlier this morning regarding the acquisition of a UK based broker"


ODL Group Limited To be Acquired by FXCM Holdings, LLC

ODL Group Limited ("ODL"), a leading, independent forex, derivatives, equities and commodities broker, announces today that it has agreed on terms to be acquired by US-based FXCM Holdings LLC ("FXCM"), a leading global forex broker that caters to both retail and institutional markets. ODL's strong UK and European businesses will provide an excellent complement to FXCM's sizeable operations in both the United States and Asia. The combined companies will operate as one of the largest non-bank forex brokers globally servicing over 200,000 live trading accounts with combined client assets in excess of US$800 million. The deal is still pending final due diligence review and regulatory approval.

Founded in 1999, FXCM is one of the largest forex brokers, regulated by several financial regulators including the Financial Services Authority in the UK and the Commodity Futures Trading Commission in the U.S. FXCM is one of very few forex and CFD brokers to regularly publish its balance sheet. With over $135 million in firm capital (assets minus liabilities), FXCM exceeds regulatory requirements.

Post acquisition, ODL will continue to trade under its current name. A major benefit to ODL clients will be that they gain access to FXCM's No Dealing Desk execution on forex trades. Under No Dealing Desk execution, forex trades are fully-automated and executed back-to-back with one of the world's premier banks or financial institutions. Over ten banks compete to provide FXCM with bid and ask prices, resulting in low spreads and fast execution, with no intervention from a dealing desk on forex trades. Another major benefit of No Dealing Desk execution is the ability to place orders within one pip of the market with no restrictions.

Commenting on the acquisition, Drew Niv, CEO of FXCM, said: "For several years, FXCM has been working towards becoming a major player in Europe. The deal with ODL will provide us with a great opportunity to achieve this. We believe FXCM will be the only retail forex firm with a truly global footprint. In an industry in which size and scale are important, this is a major advantage."

The following advantages will be realized post acquisition:
  • Client assets in excess of US$800 million
  • Over US$150 Million In Firm Capital
  • Over 200,000 Live Trading Accounts
  • Over 700 Employees Worldwide
  • Regulated by the FSA (United Kingdom); the CFTC (United States); the SFC (Hong Kong); the ASIC (Australia). Additionally, FXCM is
  • regulated in Italy, France, Germany and Dubai.
  • Member firm of the London Stock Exchange and NYSE Euronext, LIFFE.

http://www.odlmarkets.com/fxcm/en/portal/
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Old May 8, 2010, 5:35pm   #70
 
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Re: FXCM Discussion

just seen in the small print ..

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

Are some standard accounts offset then? If so whats the criteria?

Also what is a typical fxcm markup on a major pair and is it fixed? Im trying to get a comaprison with Dukascopy's commission policy which seems quite low and they claim very tight spreads)
Thanks
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Old May 10, 2010, 4:28pm   #71
 
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Re: FXCM Discussion

Jason Rogers started this thread
Quote:
Originally Posted by Scotty2Cues View Post
just seen in the small print ..

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

Are some standard accounts offset then? If so whats the criteria?

Also what is a typical fxcm markup on a major pair and is it fixed? Im trying to get a comaprison with Dukascopy's commission policy which seems quite low and they claim very tight spreads)
Thanks
Hi Scotty,

In some cases, there could be a long-standing client that absolutely wants dealing desk execution and therefore the word Most would apply rather than All.

The pip mark-up is typically a pip or less.

Jason
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Old May 10, 2010, 6:25pm   #72
 
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Re: FXCM Discussion

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Originally Posted by Black Swan View Post
I really think fxcm are missing an opportunity in not allowing UK residents to open micro FX accounts in GBP, iirc you still need 3K to open an fx account, imo you should lower it to 250 quid...
Indeed that would be very fair. Maybe in the future they will smarten up. It's only that much here to open an account.

Maybe take up a residence over here and use that address?
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Old May 10, 2010, 9:35pm   #73
 
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Re: FXCM Discussion

Quote:
Originally Posted by Jason Rogers View Post
Hi Scotty,

In some cases, there could be a long-standing client that absolutely wants dealing desk execution and therefore the word Most would apply rather than All.

The pip mark-up is typically a pip or less.

Jason

so its 100% ecn for standard accounts unless the client asks for a dd?
why would a client want a dd?
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Old May 12, 2010, 6:23pm   #74
 
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Re: FXCM Discussion

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Originally Posted by Scotty2Cues View Post
so its 100% ecn for standard accounts unless the client asks for a dd?
why would a client want a dd?
For forex transactions on the standard account, that is correct. It would all be NDD execution.
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Old May 12, 2010, 11:26pm   #75
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Re: FXCM Discussion

Jason

Is there any way to improve the FXCM's automated trading package?
Surely the future lies in automated trading clients hiring automated packages .

The way I see it , is has the potential to generate $400 m per annum in extra profits for FXCM, if they can get 10,000 clients generating $40,000 each in income from spreads.Achieving this $400m a year profit requires a professional approach to hiring out automated systems.

http://www.fxcm.co.uk/forex-system-selector.jsp



O D T
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