Spread betting at FXCM

This is a discussion on Spread betting at FXCM within the Spread Betting & CFDs forums, part of the Commercial category; Originally Posted by birdt They only offer FX by the looks of it Phil. Yeah, think I was confusing them ...

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Old Jun 30, 2009, 10:28am   #25
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They only offer FX by the looks of it Phil.
Yeah, think I was confusing them with ETX, as per the ad that seems to appear at the top of this board.
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Old Jun 30, 2009, 3:40pm   #26
 
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Originally Posted by Phil Mibbutz View Post
Thanks for some informative answers, Jason. I understand that you can do this with FX, but what about index spread bets? Presumably you are the market maker in this case?
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
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Old Jun 30, 2009, 3:50pm   #27
 
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Jason Rogers started this thread Thanks for the feedback birdt,

We are creating a mobile trading platform right now. Have tested it myself, but it's still going through development. So far, I know it will be compatible with at least Blackberry and iPhone. If you use something else, let me know what sort of device you use and I'll make sure to forward the information to our developers. No set date for release yet.

The trailing stops are held on FXCM's servers. So no need to worry about the platform being open on your computer. Also important, the banks cannot see where your stop loss orders are located since all orders are held on FXCM's server. The order only becomes active when the price is quoted and the order is then sent to the banks for execution.

-Jason

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I've got a couple of questions which you might be able to help me with Jason:

Mobile trading? Is there any official software available for mobile trading on Windows mobile/iphone? I had a quick look but couldn't find much on the subject.

Are trailing stop orders held on FXCM servers and are not reliant on the users platform being connected for these to be triggered (as they are with MT4)?
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Old Jun 30, 2009, 4:53pm   #28
 
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Jason Rogers started this thread hi rwb,

The margin requirement is 500£ per standard lot (100k). The smallest trading size is a mini lot (10k) in which case the margin requirement is 50£. The margin requirement is the same regardless of if there is a SL applied to the trade or not. This is true for the EUR/USD, GBP/USD and the majority of the currency pairs.

For some of the exotic currencies, the margin requirement could be higher such as for USD/ZAR, USD/MXN, EUR/TRY, USD/TRY, and the nordic currency pairs.

-Jason


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Jason, what are your standard margin requirements for say E/U & cable and what would be the minimums when SL is applied to a trade, thanks.
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Old Jul 15, 2009, 1:34pm   #29
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Hello Jason.

Is it possible to use Moneybookers to fund or withdraw money from the account.
I know it's not written non the web page but anyway
i wanted to know if maybe you offer this option on request.

Thanks.
Ciao.
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Old Jul 15, 2009, 4:14pm   #30
 
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Originally Posted by BetTreader View Post
Hello Jason.

Is it possible to use Moneybookers to fund or withdraw money from the account.
I know it's not written non the web page but anyway
i wanted to know if maybe you offer this option on request.

Thanks.
Ciao.
hi BetTrader,

I checked with the operations team on this one. It's not possible unfortunately, but I will include it in the list of requests we get for new features, products, etc.

Jason
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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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