FXCM Sterling FX Mini Accounts

Goober

Well-known member
304 3
I know JT was intersested in this and doubt others will be too.

Here is an excerpt from an email from FXCM:

FXCM UK is pleased introduce the FIRST FX Mini accounts in the UK. Join the thousands of Mini traders who currently enjoy the forex market without taking unnecessarily large positions:

o Smaller Lot Sizes --> 10k lots give traders more flexibility
o More Control --> 200:1 leverage allows control of larger positions
o Put Less on the Line --> Open an account today with as little as £300

FXCM is proud to introduce Sterling and USD denominated Mini accounts, all of which have the following advantages:

o Sterling Based Accounts -- Deposit, withdraw, and view P/L in GBP
o No Conversion Fees -- With a GBP-based account, traders avoid all conversion fees


Forex Capital Markets Limited is regulated by the Financial Services Authority and is a part of the FXCM Group. The FXCM Group provides execution and clearing services to over 20,000 forex traders.

FXCM UK Mini accounts offer fixed spreads, instantaneous execution, access to real-time account statements, and more. Clients can also access our service department for all needs 24 hours a day, 7 days a week.

If you have any questions or concerns, please feel free to contact the FXCM Staff at info@fxcm.co.uk or via phone at +44 (0) 207 464 8408.


HTH

Goober
 

Goober

Well-known member
304 3
Horrendous spelling!

Apologies for my previous post. :eek:

The first line should read:

I know JT was interested in this and, no doubt, others will be too.
I really should use spellcheck!

Goober
 

JonnyT

Senior member
2,560 22
Hi Goober,

Thanks for the info. It did seem strange that over the pond they offered mini accounts but didn't here.

I'd rather have an account here to have FSA regulation (sic)

JonnyT
 

Goober

Well-known member
304 3
Hi JT

I'm in the process of opening a mini with FXCM.

I've been using their demo for the last two weeks and made 228 pips nett on Cable and Eur/$. My first 4 trades were losers (82 pips) as I came to terms with the trading software and my system. The next 3 trades were winners (310 pips). I use a simple breakout system (not too dissimilar to Newtron Bomb's) on a 30 min chart with a 55 ema. I'm experimenting with a 60 min chart as well.

Have you been on Mr C's course yet?

Goober
 

options

Senior member
2,374 218
:LOL:
Hey JT, that bit about having an account here because of FSA regs was a joke right?
 

options

Senior member
2,374 218
Oh, Refco. One of the sponsers at the top of the page have just come out with the same type of thing. Amazingly it looks exactly like FDX's. But I think they are $300 min. Haven't looked too closely at it so may be wrong. Spreads are exactly the same with cmc, but they may be off by one point.
 

Goober

Well-known member
304 3
Hi Options

I have scanned Refco's website and it appears that you're correct. FXCM has a funding requirement of £300 and £50 margin per lot, whereas Refco has a funding requirement of $300 and $50 margin per lot. With Cable currently at 1.6321, you do the math.

BTW, where are you today? Clacton, London or Tenerife? :LOL:

Regards

Goober
 

options

Senior member
2,374 218
Just back from a stay in Tenerife Goober. This weekend I am in London. (sadly). I see you are not too far from Clacton. We will have to meet up for a pint next time I'm up there.

All the best.
 

fotheringham

Junior member
40 0
Deal4Free vs FXCM

This may well be a silly question, but what are the pros and cons of using the FXCM option as opposed to currency trading via CMC?

Thanks in advance
 

Newtron Bomb

Experienced member
1,602 86
Funnily enough i was just asking myself this question again...

I keep reminding myself that you do not have commissions to pay with most if any broker
The spreads are the same for a broker and cmc's sb arm, around 5 pips
there is massive liquidity so no slippage, requotes or significant noticeable bias..
Plus there are a few advantages that i would like to keep to myself with an sb.
So finally if the brokers and an sb co. are very similar if up to this point then the clear winner is the tax advantage and to trade through a sb to trade forex.

This was reiterated when i spoke to forex capital markets this morning when they advised me that they would be introducing sb accounts. This makes me wonder why? it could be that the brokers are loosing money, as a result of people trading through sb company's, and so that they dont loose further money then it makes sense to introduce a sb account of there own.
 

Goober

Well-known member
304 3
You're quite right NB.

The only obvious advantage of FXCM over CMC is the lower funding requirement to open an account.

Regards

Goober
 

JonnyT

Senior member
2,560 22
Well I'll mention a few advantages of an SB :eek:)

1) If price dips though a stop sometimes you are not filled. However you are always filled in my experience at the stop price if the trade goes in your favour.

2) I have never had a single pip slippage even when the underlying has jumped straight through my stop price.

3) Of course its all Tax free. You would have to declare profits made through a Forex Co if they exceeded the CGT limit.

4) You can place stops to enter closer to the market than with a Forex Co

Again all in my experience, yours maybe different.

JonnyT
 

al-motor

Active member
249 0
JT,

What u say is true- but doesnt ur stops have to be a certain point away from mkt- otherwise firms such as D4f will not let the stop in-

Also, with D4f, i have heard that they will start making it more difficult, if u are successful- ( obviously i am not at that point yet- so no worries- LOL)
 

darrenf

Well-known member
481 3
Just a quick note that I am in agreement with all the positive points mentioned about trading fx with d4f spreadbet.

I too have had a positive experience (and return) so far.

You hear stories all the time about SB co's allegedly manipulating prices and screwing people in one way or another. However, I can't see how this can be done when trading FX as there is always liquidity in the market, there is always a "proper" underlying cash price and there are always pretty tight spreads. (with D4f anyway, most other SB's have wider spreads).

The only advantage I have come across which I discovered when using a dummy account with OANDA was that you could place conditional orders with them. ie you could place a stop/limit order to open a position and at the same time attach an OCO order to become active once the stop is hit and the position opened. The benefit being, even if your position is opened say overnight, you know that a stop and limit order will automatically be opened, thus protecting the position.

I have asked d4f if they have any plans to introduce this, but unfortunately not apparently.

Only other advantage with an FX broker is that you can trade more pairs than d4f spreadbet.- Probably not an issue to most anyway.

Hope this helps

Darren
 

darrenf

Well-known member
481 3
Just thought of another advantage of SB's:-

It's dead easy to understand!

All positions are in sterling and its £'s per point. This means no messing around trying to work out how much is actually at risk on a 100,000/ 10,000 £/$/uero position in dollars and then converting back to sterling.

Cheers
 
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