Best Thread FXCM Discussion

I am not agree with FXCM and in the first year of changing accounts from ODL to FXCM
many traders will close their accounts at Tradestation 2 .
The reason is , the Spread is at FXCM 1 Pip higher and the executions are slower .
I testet this and find out , that the charts are delayed 1-2 seconds , that is also with
the shown buy and sell prices.
The reason is clear why : you get the prices too late and then fills at bad prices .
I lost 3 -7 pips per trade in the main trading hours from 14 -18:00 .
Then they widen the spread when news came and you get very bad fills on that .
For me that is a pure scam and I will close my account in the next days .
Also I don't need a programm on my computer , that could take damage and then must
be reload , that is like 5 years ago I believe it has been modern .....
The Web based programms are better , I could trade from everywere and I could use
Linux and Mac computers (very better than Windows ) .
So left to say : goodbye ODLM I have love your DD executions better than every other
Broker they have given , I don't know why , but they did so .

have a nice day


Piparb

The demo looks good on fxcm .No execution delays on demo but real accounts are very different, as I have learnt with Alpari.

ODL were excellent , it really would be a shame if past repeats itself .I hope we receive the same high standardsas O D L, otherwise it will be bye bye.


O D T
 
No it won't. It will show you the liquidity of the 10 institutions that FXCM has in its own Bucket-Back-End but most definitely NOT a truer representation of what the real Interbank market looks like in-terms of its real size, depth and breadth of liquidity.

[/B]These people at FXCM just don't get it.

Trader number 7 and Jason.

How do you explain FXCM's interbank rate being miles away from true interbank rates?



It appears FXCM is not trading in line with interbank rates.This does not appear to be STP straight through processing, but a dealing desk .Who is lying to clients?
 
Today I trade with FXCM OIL ... horribly fills 10-20 points away from a CME price
I compare this with some other brokers , nowbody gives more scam then they :mad:
Stops were imposible to give with the order , because you don't know . what price you will get on these scam plattform ....:-0
The €/YEN is normal , but not the spread , Oanda gives 1 Pip better , for me :)
I don't want to know , what the real plattform is , so I will use this account only for
making some experiences with virtual money , for trading this is not well ......
I try to copy the programm on USB stick to trade in a internetcafe ... don't work :mad:
My computer brings trivial messages since I download this scam .....:-0
Today I must boot him 7 times , he doesen't boot ....:-0
God , help me , my 2 Pc run and I could get a look on my account .....
I take my money back from ODL and go to T1PSPEADBETTING.CO.UK .....:LOL:
1 pip at DAX , execution is extremly fast , because they are using the same system with
Currenex to link orders ... so you get best prices like futures traders on a cheap account

have a nice day and good trades :clover:

How do you explain FXCM's interbank rate being miles away from true interbank rates?



It appears FXCM is not trading in line with interbank rates.This does not appear to be STP straight through processing, but a dealing desk .Who is lying to clients?[/QUOTE]
 
I am not agree with FXCM and in the first year of changing accounts from ODL to FXCM
many traders will close their accounts at Tradestation 2 .
The reason is , the Spread is at FXCM 1 Pip higher and the executions are slower .
I testet this and find out , that the charts are delayed 1-2 seconds , that is also with
the shown buy and sell prices.
The reason is clear why : you get the prices too late and then fills at bad prices .
I lost 3 -7 pips per trade in the main trading hours from 14 -18:00 .
Then they widen the spread when news came and you get very bad fills on that .
For me that is a pure scam and I will close my account in the next days .
Also I don't need a programm on my computer , that could take damage and then must
be reload , that is like 5 years ago I believe it has been modern .....
The Web based programms are better , I could trade from everywere and I could use
Linux and Mac computers (very better than Windows ) .
So left to say : goodbye ODLM I have love your DD executions better than every other
Broker they have given , I don't know why , but they did so .

have a nice day

Hi piparb,

FXCM's platform displays the best bid/ask price being quoted from the banks with a pip mark-up (how FXCM is making money). This means you know what the current market price is rather than potentially having to wait for a re-quote if the price has changed. Slippage is possible, but there are two orders types you can use when placing market orders: At Best and Market Range. At Best means the market order will execute at the best price available, so slippage is possible if the price you click on is no longer available. Market Range gives you the option of limiting the range of prices you are willing to accept. Your order will fill at the best price in the range or be cancelled if the market has moved outside of the range you specify. The same pip mark-up is paid whether a trade is filled at the price clicked on or slipped. So slippage does not mean it benefits FXCM.

ODL clients will be able to continue trading on MT4 or use the award winning FX Trading Station II. You mentioned a web based platform. FXCM now has a web based platform in beta testing called the Trading Station Gateway. It's available for both demo and live accounts. If you would like to test it, I would be happy to get a demo setup for you.

-Jason
 
Trader number 7 and Jason.

How do you explain FXCM's interbank rate being miles away from true interbank rates?

It appears FXCM is not trading in line with interbank rates.This does not appear to be STP straight through processing, but a dealing desk .Who is lying to clients?

Hi O D T,

FXCM did experience lagging rates at some points over the past couple of weeks. This was due to a substantial increase in the number of quotes being sent from the banks. Making things as simple as possible, FXCM receives prices from over 10 banks and then displays the best bid/ask price out of all the pricing received. Processing the substantial increase in data caused a lag in the prices making their way onto the platform. Our technical support team was able to identify the problem to handle the increased data. Traders affected by a technical issue on our side can open a trade audit any time and we will review the trades to make any adjustments if necessary. Also, the website www.fxstatus.com is updated any time there are technical issues.

-Jason
 
April FXCM King of the Micro Winner sees 632% Profit*

New York – May 10, 2010

With uncertainty surrounding the Greek bailout weighing down euro pairs, the fear of a hung UK parliament battering the pound, and the U.S. dollar suffering losses against the Japanese yen and New Zealand dollar, currency markets brimmed with opportunities throughout the month of April.

Traders eager to test their forex market mettle in April entered the King of the Micro Contest, a monthly competition hosted by FXCM in which traders from around the globe vie for the King of the Micro crown and its accompanying $25,000 purse. Since the inception of contest in early 2009, FXCM has given away over half a million dollars in winnings.

FXCM April 2010 King of the Micro Winners

(***Disclaimer: Although the information expressed in the following release was obtained from actual FXCM account records, gains of the magnitude described below are not typical and therefore not representative of the majority of forex traders.***)
Grand Prize: $25,000
Who: Su Baoyi (China)
Percentage Gain: 632.23 %*
How: Using technical analysis to trade across a variety of currency pairs, Baoyi saw his biggest gains in the AUD/USD and USD/JPY markets.
Personal Quote: “If you like trading forex, make it part of your life,” says Baoyi. “Engage in it with more passion. Doing something you like is a pleasure.”
Trading Record: Reporthttp://learncurrencytrading.com/Micro/KOM/April2010/firstplace.pdf/ Survey

Second Place: $10,000
Who: Zhao Xu (Singapore)
Percentage Gain: 550.69%*
How: Capitalized most off of short term trades of EUR/USD, sometimes opening and closing positions within seconds to lock in profits.
Personal Quote: “Forex trading has made me a better person at work and in life.”
Trading Record: Report / Survey

Third Place: $5,000
Who: Lam Kai Lung (USA)
Percentage Gain: 473.66%*
How: Allowed trades on USD/CAD and GBP/JPY to remain open for several days, giving them time to develop and yield sizeable returns.
Personal Quote: “[Forex trading] strengthens my will, trains me to control my emotions, and improves myself as a person…. It also taught me to face the things around me and life itself with a positive attitude.”
Trading Record: Report / Survey


What is King of the Micro?

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. Since its inception, FXCM has awarded over $500,000 in cash prizes.

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. 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.

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.

At the heart of FXCM’s client offering is No Dealing Desk† forex trading. Clients have Direct Market Access to some of the world's largest forex liquidity providers, enabling FXCM to offer clients spread as low as 1 pip on major crosses. Clients also have the benefits of mobile trading, one-click order execution, and trading from real-time charts. FXCM’s CFD product** offers no re-quote trading and allows traders to trade oil, gold, silver, and stock indices, along with forex on one platform. In addition to currency and CFD trading, FXCM offers educational courses on forex trading, and provides free news and research through DailyFX.com.

* Past performance is not necessarily indicative of future results.

† Please note, FXCM Micro, in its discretion, may or may not offset individual transactions unlike transactions in most FXCM standard accounts. For additional information, click here.

** Please be advised that CFD accounts are not available residents of the U.S or its territories.

Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Press Contact:

Gregory Kelly
Email: [email protected]
Phone: (646) 432-2122
 
Re: April FXCM King of the Micro Winner sees 632% Profit*

Platform seems borked. Been stuck on initializing for 10 minutes.
 
Re: April FXCM King of the Micro Winner sees 632% Profit*

Jason, one thing I've found which I feel needs to be looked at. If you're entering a trade from the chart and are setting a stop and limit, if you then change your price by clicking on the up/down arrow the stop and limit are reset to zero. It would be far more user friendly if the stop and limit either stayed where it is or (probably more practical as you can set stop and limit in number of pips) if the stop and limit move with your change in price.
 
Re: April FXCM King of the Micro Winner sees 632% Profit*

Jason, one thing I've found which I feel needs to be looked at. If you're entering a trade from the chart and are setting a stop and limit, if you then change your price by clicking on the up/down arrow the stop and limit are reset to zero. It would be far more user friendly if the stop and limit either stayed where it is or (probably more practical as you can set stop and limit in number of pips) if the stop and limit move with your change in price.

Thanks for the feedback. Will include this in platform update suggestions.

-Jason
 
Hi Jason,

Would like to know how do clients take money out of their accounts? With Alpari you have to send a fax to them which I find laughable are you guys the same?
 
Hi Jason
How do you open a Micro account?

I have looked around the websites and keep getting redirected to the main site where there is only one option to create an account.

Cheers
 
Hi Jason,

Would like to know how do clients take money out of their accounts? With Alpari you have to send a fax to them which I find laughable are you guys the same?

Hi Flibble,

For micro accounts, the withdrawal can be requested online through www.myfxcm.com. For standard 10k accounts, the withdrawal request has to be made via faxed form or scanned and emailed to FXCM.

The automated withdrawal procedure was introduced for micro accounts for us to test on a large scale and the plan is to institute it for standard 10k accounts as well. Not really sure about the timeframe for when it will happen, but it is in the works.

-Jason
 
Hi Jason
How do you open a Micro account?

I have looked around the websites and keep getting redirected to the main site where there is only one option to create an account.

Cheers

Hi yachtie,

Here's the direct link to the micro account application: https://secure2.fxcorporate.com/fxtr/?plugin=0&locale=en_US_FXCMUKMICRO_INT

I see you're from New Zealand and for some reason I don't see New Zealand on the country list of the main micro site (www.forexmicrolot.com) so this could be why it's redirecting. I will have our operations team correct the website. Until then please try the application link I posted above.

-Jason
 
Hi yachtie,

Here's the direct link to the micro account application: https://secure2.fxcorporate.com/fxtr/?plugin=0&locale=en_US_FXCMUKMICRO_INT

I see you're from New Zealand and for some reason I don't see New Zealand on the country list of the main micro site (www.forexmicrolot.com) so this could be why it's redirecting. I will have our operations team correct the website. Until then please try the application link I posted above.

-Jason


Hi Jason

Just tried that but still getting redirected - this time to

https://secure2.fxcorporate.com/fxtr/?plugin=0&locale=en_US_FXCMUK

I am presuming this is still the wrong page as there is no mention of micro anywhere

Cheers
 
Hi Everyone,

I will be away on vacation from May 27 through June 6, I won't be replying to any new posts during that time. Any new posts will be answered on June 7th.

For immediate help with questions about FXCM or trading, please contact FXCM client services http://www.fxcm.co.uk/contact-fxcm.jsp.

BTW, trading hours will continue as normal this weekend. The Memorial Day holiday in the US and other public holidays around the world on Monday will not affect the trading hours. Trading closes on Friday at 4:00pm EDT and opens on Sunday at 5:15pm EDT.

Until then, happy trading, and I'll be back in a couple of weeks!

Jason
 
Here are Fxcm's data feeds on metatrader platform.The data feed is corrupt.There are gaps in prices.
 

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not only that , you get so much drouble , better not make one trade with money.
I trade the DBFX plattform , this is the same bull**** , everything could happen .
Everywere bugs in the programm and programm do what it want ......:mad:
Pure horror on this plattform will delay all your wins at bad fills or wrong prices .
I will not trade this scam ....

Here are Fxcm's data feeds on metatrader platform.The data feed is corrupt.There are gaps in prices.
 
not only that , you get so much drouble , better not make one trade with money.
I trade the DBFX plattform , this is the same bull**** , everything could happen .
Everywere bugs in the programm and programm do what it want ......:mad:
Pure horror on this plattform will delay all your wins at bad fills or wrong prices .
I will not trade this scam ....


If you go to forex factory and use word Scam against preferred brokers , they ban you.
Did you trade live with DBFX?I am going to test FXCM and DBFX live accounts with small capital, if these play xxxxing games with me , I will close account.

I already stopped EAS trading on metatrader because of bad data feeds.

I like the FXCM/DBFX platform charting and double click execution for spreadbetting.
 
The tests will be wasting time , because you will get all time order rejected or bad
fills on large spread widenings .
This comes from the new FSA complication rules :
FIFO that means all trades got numbers and were close in a queue , so you must close
first your first trade , before you could open a new trade , that means buying more
in the same underlyning will cause troubles .
This is the reaction from the FSA to make scalping imposible for traders .
The English spreadbetting firms dont agree to this and you could buymore with their
accounts .
Also the Hedging is forbidden now , so the will make covering imposible too .
That is the reason why I never would trade with a USA broker , that is situated in USA.
I try several accounts out and get only trouble : Complication Rules XXX makes trading
impossible , we can say thank you Mr Obama for that ......


If you go to forex factory and use word Scam against preferred brokers , they ban you.
Did you trade live with DBFX?I am going to test FXCM and DBFX live accounts with small capital, if these play xxxxing games with me , I will close account.

I already stopped EAS trading on metatrader because of bad data feeds.

I like the FXCM/DBFX platform charting and double click execution for spreadbetting.
 
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