Best Thread FXCM Discussion

[Phylo]

NFA News Release - August 12, 2011

Original NFA News Release - HERE

 

[redtag12]

A positive step.However its clear in the decision that FXCM do not admit to the missdeed but are paying the fine and the compensation.if they clean up their act maybe this will become a broker you could do business with. Lets face it they are hardly going to repeat the missdeed.Not for me though,there are still big issues with this company here in the UK.

 

[Jason Rogers]

U.S. COMMODITY FUTURES TRADING COMMISION

NFA News Release - August 12, 2011

Hi Phylo,
Welcome to the forum. In relation to your posts, here’s a link to the conversation we had over a year ago where we discussed this in detail: http://www.trade2win.com/boards/dir...m-orders-refunds-customers-2.html#post1645302

All FXCM accounts worldwide now offer price improvements, which means you can potentially make more money if the market gaps or spikes favorably through your limit price. This is especially true in situations where the market is moving fast (e.g., during weekend gaps or around news events). Here's a link with more details including how to maximize positive slippage: LINK

Jason

 

[Phylo]

Hi Phylo,
Welcome to the forum. In relation to your posts, here’s a link to the conversation we had over a year ago..........

The use of the royal we in the above quote does not include myself.
We have had no previous conversation, in any form.

Thank you for your post and information.

 

[DENISW]

It seems to me reading here on this forum that this broker is not one i would use, i could not trust them. I believe a huge amount of damage has been done to them, by themelves,and yet the advertising campaign by FXCM is big.So have FXCM been fined here in the UK by the FSA for asymmetrical slippge? Or is this an ongoing situation.I wonder is this practise rife here in the uk?And how does it work, and how do you spot it? Im using GKFX at the moment,can take a while to fill and close an order sometimes. Mike

It gets better. FXCM are now sending out emails stating that they will be charging people £50 inactivity fee on their accounts. This is extortion and a patheitc attempt to prop up their share price. I hope this leads to their demise, as what person in their right mind would put up with that.

 

[R.Charnock]

It gets better. FXCM are now sending out emails stating that they will be charging people £50 inactivity fee on their accounts. This is extortion and a patheitc attempt to prop up their share price. I hope this leads to their demise, as what person in their right mind would put up with that.

They haven't sent me anything, so this could be interesting!

 

[pboyles]

Hi Phylo,
Welcome to the forum. In relation to your posts, here’s a link to the conversation we had over a year ago where we discussed this in detail: http://www.trade2win.com/boards/dir...m-orders-refunds-customers-2.html#post1645302

All FXCM accounts worldwide now offer price improvements, which means you can potentially make more money if the market gaps or spikes favorably through your limit price. This is especially true in situations where the market is moving fast (e.g., during weekend gaps or around news events). Here's a link with more details including how to maximize positive slippage: LINK

Jason

Why do you refuse to address the issue of non US clients being reimbursed for the money taken from them? Its not like its going away, no matter how long you ignore it.

 

[timbecks777]

It gets better. FXCM are now sending out emails stating that they will be charging people £50 inactivity fee on their accounts. This is extortion and a patheitc attempt to prop up their share price. I hope this leads to their demise, as what person in their right mind would put up with that.

like FXCLUB did

anyway, I am happy that FXCM decreased spreads on all pairs. Finally...

 

[Jason Rogers]

It gets better. FXCM are now sending out emails stating that they will be charging people £50 inactivity fee on their accounts. This is extortion and a patheitc attempt to prop up their share price. I hope this leads to their demise, as what person in their right mind would put up with that.

They haven't sent me anything, so this could be interesting!

Hi guys,

We send a similar email to dormant accounts every year. The emails are only sent to clients whose accounts have had no activity for at least one full year. Clients who received the email this year have until Friday, 9 December 2012 to take any of the following actions to avoid the dormancy fee:

1. Trade: Log in to your Trading Station and place a trade.
2. Transfer: Existing funds may be consolidated into one account.
3. Deposit: New funds may be deposited into your account.
4. Withdraw: Log in to MyFXCM and request a withdrawal to close your account.

Jason

 

[R.Charnock]

Hi guys,

We send a similar email to dormant accounts every year. The emails are only sent to clients whose accounts have had no activity for at least one full year. Clients who received the email this year have until Friday, 9 December 2012 to take any of the following actions to avoid the dormancy fee:

1. Trade: Log in to your Trading Station and place a trade.
2. Transfer: Existing funds may be consolidated into one account.
3. Deposit: New funds may be deposited into your account.
4. Withdraw: Log in to MyFXCM and request a withdrawal to close your account.

Jason

Presumably this doesn't apply to Spreadbet accounts?

 

[babymonkey]

I have found FXCM to be extremely honest and open. Admittedly I am a newb, but I appreciate the hand holding that FXCM's platform provides. A really happy and fun broker to be hooked up with. Thanks guys.

 

[Jason Rogers]

Presumably this doesn't apply to Spreadbet accounts?

Dormant spreadbet accounts were also emailed.

 

[Jason Rogers]

I have found FXCM to be extremely honest and open. Admittedly I am a newb, but I appreciate the hand holding that FXCM's platform provides. A really happy and fun broker to be hooked up with. Thanks guys.

Thanks BM, it's nice to be appreciated :smart:

 

[Phylo]

A question to Jason Rodgers

A hypothetical question relating to the concrete.

Question: FXCM UK Trader X opens a CFD or FX position. The position is intraday and incurs no swap charges. Excluding FXCM UK spread mark-up commission which can be considered accounted for, Trader X realises a fair and square loss of exactly £ 4,000 on the trade.

1. Which parties profit the £ 4,000 loss and in what proportion.
2. Does FXCM receive any remuneration or commission on the £ 4,000 loss, in/or

• 
  [a] whole
  part
  [c] directly
  [d] indirectly from a third party.
  

I thank you in advance for reply.

Comment: My posts are impersonal-impartial-nonpartisan.

 

[uncle_mk2]

Dear All,

Any free mechanical trading platform to use with FXCM? prefer using java or c#.

Iam a FXCM client. I have heard that their Strategy Trader ( mechanical trading platform supporting C#) is going to phase out.
Is this because FXCM have partnered with NinjaTrader? and NinjaTrader see StrategyTrader as competition?
Ninja Trader is not a free product, and I am a newbie starting out, want to try the free alternatives first before moving on to the more professional solution.

 

[R.Charnock]

Ninja can be free with some brokers.

 

[R.Charnock]

Dormant spreadbet accounts were also emailed.

Not mine.

 

[timbecks777]

Is Ninja platform available only for US clients?

 

[Jason Rogers]

A question to Jason Rodgers

A hypothetical question relating to the concrete.

Question: FXCM UK Trader X opens a CFD or FX position. The position is intraday and incurs no swap charges. Excluding FXCM UK spread mark-up commission which can be considered accounted for, Trader X realises a fair and square loss of exactly £ 4,000 on the trade.

1. Which parties profit the £ 4,000 loss and in what proportion.
2. Does FXCM receive any remuneration or commission on the £ 4,000 loss, in/or

• 
  [a] whole
  part
  [c] directly
  [d] indirectly from a third party.
  

I thank you in advance for reply.

Comment: My posts are impersonal-impartial-nonpartisan.

Hi Phylo,

We offer two types of forex execution. No Dealing Desk (NDD) and Dealing Desk (DD). In the NDD model, FXCM acts as a price aggregator. We take the best bid and best ask prices from all of our liquidity providers, add a small, fixed mark-up, and stream those prices to the platforms we provide. To go back to your example, if the trade in question was placed on NDD, then the profit would go to:

1. a single liquidity provider, if it was on the other side of both the buy and the sell orders, or
2. a couple of liquidity providers, if one offset the buy order and the other offset the sell order.

All CFD trades are on DD execution. We also provide DD as an option on forex, because it allows us to provide lower spreads than are available on NDD. If the trade in your example was placed on DD, then the profit on the other side of the trade would go to:

1. other clients, if we offset the risk internally by matching orders, or
2. the liquidity providers, if we offset the risk externally, or
3. our dealing desk, if they managed the risk on their own.

Here's a link with more info on our two execution types: http://www.fxcm.co.uk//execution-types.jsp

Jason

 

[finpul13]

Hi guys,

We send a similar email to dormant accounts every year. The emails are only sent to clients whose accounts have had no activity for at least one full year. Clients who received the email this year have until Friday, 9 December 2012 to take any of the following actions to avoid the dormancy fee:

1. Trade: Log in to your Trading Station and place a trade.
2. Transfer: Existing funds may be consolidated into one account.
3. Deposit: New funds may be deposited into your account.
4. Withdraw: Log in to MyFXCM and request a withdrawal to close your account.

Jason

Jason,

could you please post detailes on these fees. Are those one time fees? you charge $50 once a year regardless account size?
And also why and when you have changed the size of the fee? it was less than $50 a year ago.