Caught FXCM Cheating Virtually 15 Minutes Ago

[safvan]

I was testing FXCM (thankfully not live money) but look what I caught. This virtually happened 15 to 20 minutes ago.

This is a EURUSD 5 min chart. FXCM seems to be lying when it says it does not hunt stops. I am not sure what to say. I was about to open up a 5 figure sum account with them.

I heard these stories from others but this is the first time it happened LIVE.

Ridiculous.

I urge other users to save these pics for their own use.

Thank you.

 

[Trader333]

These are charts and not orders and not only that but demo accounts. No company involved in stop hunting would do so on demo accounts as it would be commercial suicide to do this on accounts with no money in them. I do think that when trading with any company that is not direct access it is wise to use a separate and independent datafeed. That way you can challenge prices that appear to be distorted and I know that others who have done this have succeeded in getting orders changed as a result.


Paul

 

[dazzer_fx]

I was testing FXCM (thankfully not live money) but look what I caught. This virtually happened 15 to 20 minutes ago.

This is a EURUSD 5 min chart. FXCM seems to be lying when it says it does not hunt stops. I am not sure what to say. I was about to open up a 5 figure sum account with them.

I heard these stories from others but this is the first time it happened LIVE.

Ridiculous.

I urge other users to save these pics for their own use.

Thank you.

It will probably be blamed a on a bad tick but to be honest it
seems to happen to FXCM often!

 

[safvan]

These are charts and not orders and not only that but demo accounts. No company involved in stop hunting would do so on demo accounts as it would be commercial suicide to do this on accounts with no money in them. I do think that when trading with any company that is not direct access it is wise to use a separate and independent datafeed. That way you can challenge prices that appear to be distorted and I know that others who have done this have succeeded in getting orders changed as a result.


Paul

1. Charts are formed due to orders placed at various prices.

2. FXCM is DMA so as they claim. How can they explain this?

 

[safvan]

You see I have had good success on instruments traded on regulated exchanges. I so wanted to open up a forex account to enter this industry but every time I click on that OPEN ACCOUNT button these ridiculous antics that forex brokers use pop up and I cut the window.

 

[dazzer_fx]

These are charts and not orders and not only that but demo accounts. No company involved in stop hunting would do so on demo accounts as it would be commercial suicide to do this on accounts with no money in them. I do think that when trading with any company that is not direct access it is wise to use a separate and independent datafeed. That way you can challenge prices that appear to be distorted and I know that others who have done this have succeeded in getting orders changed as a result.


Paul

So to clarify you beleive that if you trade with FXCM it would be safer
to choose a separate datafeed?

 

[Trader333]

In my view they are not a true DMA broker in the same way that IB are unless things have changed. If they were then they would be unable to manipulate quotes because the nature of DMA means there is no middle man and all quotes come from the exchange.


Paul

 

[dazzer_fx]

In my view they are not a true DMA broker in the same way that IB are unless things have changed. If they were then they would be unable to manipulate quotes because the nature of DMA means there is no middle man and all quotes come from the exchange.


Paul

''FXCM's No Dealing Desk Forex Execution aims to provide transparent and fair execution. Every trade is executed back to back through an affiliate with one of multiple banks or financial institutions''

Seems like they think they are DMA?

 

[safvan]

In my view they are not a true DMA broker in the same way that IB are unless things have changed. If they were then they would be unable to manipulate quotes because the nature of DMA means there is no middle man and all quotes come from the exchange.


Paul

Paul can you recommend me a professional true DMA forex broker? Or is it really hard and no such thing exist?

 

[MoonRocket]

Paul can you recommend me a professional true DMA forex broker? Or is it really hard and no such thing exist?

Not Paul but here......

At FP Markets we are a DMA only CFD provider.

I'd be real careful before calling someone a cheat without first checking your chart against a DMA feed.

 

[VielGeld]

I believe Oanda is a DMA, and checking that chart out I didn't see any spike.

So just maybe...

 

[new_trader]

Not Paul but here......

I'd be real careful before calling someone a cheat without first checking your chart against a DMA feed.

DMA seems to take on a different meaning when referring to CFD's. The only true DMA CFD's I know of are exchange traded CFD's listed on the ASX but they no longer list FX ones.

About ASX Listed CFDs - Australian Securities Exchange - ASX

 

[15 min tlb]

Geniuses are making money with tight stops of 6 to 12 pips with fxcm.

The market was going up and the broker went to my price , closed my position and market was up 60 cents on oil within seconds.It happened on oil.

 

[15 min tlb]

Paul can you recommend me a professional true DMA forex broker? Or is it really hard and no such thing exist?

Have you tried Barclays stockbrokers?

 

[isatrader]

Maybe try fx futures instead if you have the funds as will be no manipulation there. Here's a link to velocity: CME Futures Commissions | Velocity Futures

 

[safvan]

Geniuses are making money with tight stops of 6 to 12 pips with fxcm.

The market was going up and the broker went to my price , closed my position and market was up 60 cents on oil within seconds.It happened on oil.

I trade daily charts so sl are 50 to 100 but this is an issue thats related to something that never happened. This means you will get pawned regardless of where your stop is. This is plain fraud if it is happening on frequent intervals.

 

[Trader333]

I have always found IB to be pretty good and others seem to have a similar view.

On a separate note, if any broker is able to interfere with prices they cannot be DMA


Paul

 

[Barramundi]

This is plain fraud if it is happening on frequent intervals.

Thing is, I don't believe it does. And in any case you'd be asking to get stopped out with typical price action anyway if you had your stop within that range IMO.
But you're right to question it - I'd be interested to see what 'Jason' has to say about the spike.

 

[Jason Rogers]

I was testing FXCM (thankfully not live money) but look what I caught. This virtually happened 15 to 20 minutes ago.

This is a EURUSD 5 min chart. FXCM seems to be lying when it says it does not hunt stops. I am not sure what to say. I was about to open up a 5 figure sum account with them.

Hi safvan,

Thanks for your message. I confirmed with our audit team that there was a bad tick in EUR/USD yesterday, and any orders incorrectly executed as a result are being corrected. Any time there is a movement such as this which is suspect, our trade desk will confirm with the liquidity providers whether this was an actual executable price or a bad tick. In the event of a bad tick, all trades impacted are corrected regardless of whether the trader contact us or not.

The prices you see on the platform are taken from 10+ liquidity providers streaming prices to FXCM. The best bid/ask price is taken from the pricing and reflected on the platform with a pip mark-up as FXCM's compensation. So FXCM doesn't control where prices move on No Dealing Desk forex execution. We put through a step by step guide as to how it works here Forex Trading Execution | Currency Trading | FXCM . It's the video on the left.

While a bad tick is uncommon, it can occur if an indicative price from the liquidty provider or a technical issue on our side occurs causing this type of incorrect tick. In any event, our tech team works to minimize these types of errors as much as possible, and any trade impacted by a technical issue whether it be a bad tick or other condition will be corrected.

Please let me know if you have any additional questions.

Jason

 

[safvan]

Hi safvan,

Thanks for your message. I confirmed with our audit team that there was a bad tick in EUR/USD yesterday, and any orders incorrectly executed as a result are being corrected. Any time there is a movement such as this which is suspect, our trade desk will confirm with the liquidity providers whether this was an actual executable price or a bad tick. In the event of a bad tick, all trades impacted are corrected regardless of whether the trader contact us or not.

The prices you see on the platform are taken from 10+ liquidity providers streaming prices to FXCM. The best bid/ask price is taken from the pricing and reflected on the platform with a pip mark-up as FXCM's compensation. So FXCM doesn't control where prices move on No Dealing Desk forex execution. We put through a step by step guide as to how it works here Forex Trading Execution | Currency Trading | FXCM . It's the video on the left.

While a bad tick is uncommon, it can occur if an indicative price from the liquidty provider or a technical issue on our side occurs causing this type of incorrect tick. In any event, our tech team works to minimize these types of errors as much as possible, and any trade impacted by a technical issue whether it be a bad tick or other condition will be corrected.

Please let me know if you have any additional questions.

Jason

Jason

Thanks for the clarification but please define the term corrected.

1. Are the trades that were not triggered but were triggered due to this cancelled?

2. If the trade was open and was in profit what happens?

3. If the trade was open and was in loss what happens?

These are very important questions because it makes an impact on profits and losses.