Spread betting at FXCM

This is a discussion on Spread betting at FXCM within the Spread Betting & CFDs forums, part of the Commercial category; Hi Jason, What is the speed of execution like on the platform. My only concern is that you have to ...

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Old Aug 17, 2009, 12:35pm   #31
 
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Hi Jason,
What is the speed of execution like on the platform. My only concern is that you have to wait before FXCM have the quotes to take the positions in the real markets before you can make your bet.

1. Are there delays or is it an instant single click execution system.
2. What are the delay times on orders .
3. Are stop losses/trailing guaranteed or executed at best price in times fat moving markets.
4. What is your slippage % on orders.

Regards
Shaun
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Old Aug 17, 2009, 4:24pm   #32
 
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Originally Posted by Shaun12uk View Post
Hi Jason,
What is the speed of execution like on the platform. My only concern is that you have to wait before FXCM have the quotes to take the positions in the real markets before you can make your bet.

1. Are there delays or is it an instant single click execution system.
2. What are the delay times on orders .
3. Are stop losses/trailing guaranteed or executed at best price in times fat moving markets.
4. What is your slippage % on orders.

Regards
Shaun
Hi Shaun,

Thanks for the questions.

FXCM’s spread betting platform streams through executable price quotes directly from the banks. There are currently 10 banks quoting prices. From the time you place the order, I would say your order is executed within seconds if not faster by the time it is received. Our servers are located in New York from where nearly every major bank and institution provides pricing so the latency is minimal. About 8 million trades are executed per month through the platform, so it can handle a substantial amount of volume and execute trades with minimal latency.

There are 3 options for submitting orders: default, double click, and single click. The platform will initially open to default mode which is a two step process for executing orders. In default, you first click on the market price, a window appears where you can review the currency pair, amount, etc, and then you click the OK button to submit the order. This option can be changed to one-click execution if you want the order submitted for execution immediately when you click on the price. We allow multiple options. It is defaulted to the two click process to minimize any accidental errors if a trader clicks directly on the market price. For the quickest order placement possible, you can use one-click or double click trading. I would recommend practicing with it on a demo first. The options are found by clicking on the Trading Mode button at the very top of the platform.

The stop loss orders and trailing stops are always executed at the best price available so there can be slippage. It operates this way because FXCM is not making a market on the spread betting accounts and therefore cannot guarantee the price at which the order will be executed. This also means there will be no re-quotes. The order simply gets filled at the best price available. During times of fast moving markets, your order could experience slippage and the amount of slippage is dependent on liquidity in the market being provided by the banks. I don’t have statistics on the percentage of orders slipped; however, during news events the percentage would go up due to the nature of the market. The goal is to keep slippage to a minimum and having 10 banks quoting prices helps the pricing to be competitive even during fast moving markets.

I hope that helps and let me know if anything was unclear.

-Jason
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Old Aug 26, 2009, 1:03pm   #33
 
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Originally Posted by Jason Rogers View Post
Hi Phil,

The spread bet accounts only have FX at the moment. We have indices, but they're on the CFD platform. Possibly eventually we may have it on the spread bet platform as well. I'm checking on my side to see if this may be the case. But for the index CFD's, they are no requote CFD's. We offset the trade in real time for index trades as well.

Jason
Jason

Any update on adding indices to your spreadbetting offering with competitive spreads and margins as low as CS and others?

I've been trying to find CFD info on your website but it just says coming soon.

mar.

Last edited by marlintrdg; Aug 26, 2009 at 1:11pm.
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Old Aug 26, 2009, 1:58pm   #34
 
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Originally Posted by marlintrdg View Post
Jason

Any update on adding indices to your spreadbetting offering with competitive spreads and margins as low as CS and others?

I've been trying to find CFD info on your website but it just says coming soon.

mar.
Hi mar.,

It's been a long time in coming, but the release of CFD's is imminent . There is a high likelihood the website www.fxcm.co.uk will be updated later this evening or on Thursday at the latest with CFD information.

The product list will be released along with the new website. For the initial launch, we will have the major indices, oil, gold and silver.

So check the website tonight (after 9pm GMT), or tomorrow.

Jason
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Old Aug 26, 2009, 2:05pm   #35
 
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Originally Posted by Jason Rogers View Post
Hi mar.,

It's been a long time in coming, but the release of CFD's is imminent . There is a high likelihood the website www.fxcm.co.uk will be updated later this evening or on Thursday at the latest with CFD information.

The product list will be released along with the new website. For the initial launch, we will have the major indices, oil, gold and silver.

So check the website tonight (after 9pm GMT), or tomorrow.

Jason
Thanks Jason,

Will the spreadbetting side also have the major indices, oil, gold and silver?

mar.
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Old Aug 26, 2009, 2:43pm   #36
 
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Originally Posted by marlintrdg View Post
Thanks Jason,

Will the spreadbetting side also have the major indices, oil, gold and silver?

mar.
Not initially. Probably about 6 weeks away to having it added to the spread betting accounts. CFD accounts with forex, indices, oil, gold, and silver will be released first.
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Old Aug 26, 2009, 10:00pm   #37
 
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Jason Rogers started this thread CFD's are now available www.fxcm.co.uk

I will also be away until Tuesday Sept 1, so if you have any questions, I will answer them then or please contact FXCM UK!
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Old Sep 2, 2009, 6:43pm   #38
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Any news on the indices front?
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Old Sep 2, 2009, 6:56pm   #39
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Any news on the indices front?
I did have a look at the demo. The spreads on the indices is not competitive.
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Old Sep 2, 2009, 9:22pm   #40
 
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Originally Posted by Jack Hughes View Post
Any news on the indices front?
Here's a list of the indices available, along with the corresponding futures contract:

Click the image to open in full size.

The indices are located on the CFD account. It will be a couple of months before they are added to the spread betting accounts.
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Old Sep 2, 2009, 9:33pm   #41
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Originally Posted by Jason Rogers View Post
Here's a list of the indices available, along with the corresponding futures contract:

Click the image to open in full size.

The indices are located on the CFD account. It will be a couple of months before they are added to the spread betting accounts.
OK, but the spreads look a bit wide, as gle said. Will the SB version be more competitive?
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Old Sep 2, 2009, 10:37pm   #42
 
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OK, but the spreads look a bit wide, as gle said. Will the SB version be more competitive?
I was able to compare the indices against some of our competitors and agree that the spreads are a bit wider in comparison. This is great feedback and will relay it to our management. I would imagine this is due to the initial release, but will check on it. Also keep in mind that there are no re-quotes so the price you are clicking on is the actual price that is being made available.
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Old Sep 11, 2009, 6:17pm   #43
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Jason,

I have a standard account with you, and am thinking about transferring it to spread betting to save on tax. But, I'd like to repeat an earlier question that went unanswered. If spread betting is exactly the same as the standard accounts, differing only in its tax implications, could you tell me how it manages to do so? I.e. what distinguishes spread betting from normal trading apart from it's name?

Many thanks,

Cfor
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Old Sep 11, 2009, 7:32pm   #44
 
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Jason,

I have a standard account with you, and am thinking about transferring it to spread betting to save on tax. But, I'd like to repeat an earlier question that went unanswered. If spread betting is exactly the same as the standard accounts, differing only in its tax implications, could you tell me how it manages to do so? I.e. what distinguishes spread betting from normal trading apart from it's name?

Many thanks,

Cfor
Hi Cfor,

I'm not sure I completely get your question.

Each account type has it's own trading agreement that outlines what type of account you are operating. The spread betting account is a different application and trading agreement from the regular rolling spot forex account. It's legally a different account type recognized as a "spread betting" account by UK revenue authority and the trading agreement for the spread betting account is what distinguishes it. Your spread betting account number will be different than your regular standard rolling spot forex account number.

Please let me know if that helps.

Jason
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Old Sep 11, 2009, 7:51pm   #45
 
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Jason

Have you checked your private messages?
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neil
....Indicators show the past. Price Action "Indicates" the future.
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