westernforce
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Are you interested in suing them already, without ever using the product? Or was that a typo?
haha! it was a typo - I have edited now!
westernforce
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GFT, via Dealbook, is offering phone apps for iPhone. I haven't used it, so can't comment.
Jason Rogers
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iTradeMobile - Mobile Trading Platform for Forex with Apple iPhone has a platform for FXCM accounts.
Ditto - in fact it was advertised in City AM this morning. Called City Trading, have downloaded it and am pretty impressed! Able to do everything you would do online as normal, including Max77's points brought up about IGs "app". Liking the look/feel too...
itrademobile
I applied for the itrademobile free subscribtion. 😡 As the website states, fill in the form and send it to your broker. Well I got the account confirmed - from FXCM - So I sent this conformation to the refering broker, so that the access code would be delivered for the mobile software.
BUT no reply not a sign of life.😢
Next E-mail went to support, reply - cant find it send more info. :-0
Did that, but sent it to itrademobile refering broker. No reply
Contacted FXCM: 2 calls, 1 chat, 1 Email - same outcome. The account is setup, you need to get itrademobile accesscode from them.
No telephone number, for itrademobile nor refering broker. Website not secure and no impressium.
One week later.
E-mailed Support itrademobile yesterday. 😏 I am not happy. No reply.
Did internet search for Refering broker - got telephone no.
Rang him. That has to do with Penatrade LLC not me. FXCM need to give you accesscode. (This guy has access to my account!!!) Will ring FXCM - 😈 I know after contacting FXCM 4 times that they dont have control. He will get back to me, wanted to know how I got his telephone number.
--------------Waiting--------------------- 😱
Something else - iphone do not have itrademobile in Applications anymore. But now Penatrade LLC "on the go" for MT4. Much better. FXCM UK ok. Have mailed them to now
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Jason Rogers
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itrademobile still no accesscode.
Well well,
I did get a call back from the refering broker (RB). He admitted there had been a stuff up somewhere. Didn't really know why but my code was not delivered, he saw that. (Thats what I'd been saying all along--------------- 😱 He spoke the person responcable in managment at FXCM Australia. RB should of then sent me a mail, but he didnt. Sounds like the E-mail for itrade did not get sent. But I also sent itrade the confirmation I got. But no responce from itrade nevertheless. Even up to now. 😴
RB also said that I should be getting a code soon, maybe tomorrow.🙁 Lets hope so.
Well well,
I did get a call back from the refering broker (RB). He admitted there had been a stuff up somewhere. Didn't really know why but my code was not delivered, he saw that. (Thats what I'd been saying all along--------------- 😱 He spoke the person responcable in managment at FXCM Australia. RB should of then sent me a mail, but he didnt. Sounds like the E-mail for itrade did not get sent. But I also sent itrade the confirmation I got. But no responce from itrade nevertheless. Even up to now. 😴
RB also said that I should be getting a code soon, maybe tomorrow.🙁 Lets hope so.
I have finished the rest of this sage in the Trading Mobile thread. If your interested.
http://www.trade2win.com/boards/trading-software/79606-mobile-trading.html#post979504
http://www.trade2win.com/boards/trading-software/79606-mobile-trading.html#post979504
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Just for your information. All is fixed up, if you had read to the end of my sage then you might not of been so agressive against FXCM. What is so bad with them? I do agree with you on CMC. All I know is that FXCM had a massive system back down once and they didn't pay the profits out, but they did give you any money back what you may of lost. Which I thought was fair enough to. I am trading Forex with them but I wouldnt trade anything else with them the spreads are sh...................
Shame about the mobile software. Hope that "On the go" are approved as an Australian FMCM partner in the near future.
Umbrella
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Hi, I didn't want to be so explicit but FXCM (like CMC) doesn't like any winning customers. I have friends who made small money (a few grand) from them and got put on huge spreads and eventually closed out. Many firms will just hedge out winning customers, but FXCM and CMC simply chose to close the door to them. This is my experience from the past. If your recent experience is more positive then so much the better 🙂
FXCM, have spread betting - and forex, 2 totally different things though.
Forex. There isnt any dealing desk, quotes and spreads are all interbank linked. They don't trade against you the interbanks just fill orders, and they cant see if it is closing or an opening order in profit or loss, they also dont see if your winning or loosing. FXCM make money on there spreads, just like the stock market.
Spread betting on the other hand is a totally different ball game. They have total control what they do. e.g stop you out widen spread. The quotes are not linked to the world market. Its there own.
So were these experiences with Spread betting or Forex? I have just opened an account with them. Have been checking prices against other charts all ok. Also spreads the same as other forox accounts. I opened with them because I heard they where good and didnt have any problems. I believed this guy because he was in a paid forum which other people dont have access to.
But nevertheless much appreiceated. Will let you know in time, how it goes.
Forex. There isnt any dealing desk, quotes and spreads are all interbank linked. They don't trade against you the interbanks just fill orders, and they cant see if it is closing or an opening order in profit or loss, they also dont see if your winning or loosing. FXCM make money on there spreads, just like the stock market.
Spread betting on the other hand is a totally different ball game. They have total control what they do. e.g stop you out widen spread. The quotes are not linked to the world market. Its there own.
So were these experiences with Spread betting or Forex? I have just opened an account with them. Have been checking prices against other charts all ok. Also spreads the same as other forox accounts. I opened with them because I heard they where good and didnt have any problems. I believed this guy because he was in a paid forum which other people dont have access to.
But nevertheless much appreiceated. Will let you know in time, how it goes.
Umbrella
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Hi cu2,
If you are using Currennex, Hotspot, Lava or other DMA FX platforms, then indeed your trades go directly into the market. If you trade on a company's proprietary platform regardless if it is SB or FX, the dealers have the option to take you on. You will effectively be trading an OTC product and the dealer takes the other side of your trades (or he may hedge them in the market if you are good).
I traded with FXCM when I was drawn by Kathy Lien's auro a few years back. I had lots of problems with customer services as their training was below par. After Kathy Lien switched to GFT I closed my FXCM account. I do hope they have improved now and your experience with them more positive than mine. Good luck!
If you are using Currennex, Hotspot, Lava or other DMA FX platforms, then indeed your trades go directly into the market. If you trade on a company's proprietary platform regardless if it is SB or FX, the dealers have the option to take you on. You will effectively be trading an OTC product and the dealer takes the other side of your trades (or he may hedge them in the market if you are good).
I traded with FXCM when I was drawn by Kathy Lien's auro a few years back. I had lots of problems with customer services as their training was below par. After Kathy Lien switched to GFT I closed my FXCM account. I do hope they have improved now and your experience with them more positive than mine. Good luck!
Jason Rogers
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Hi Umbrella,
FXCM wants winning traders, and here's why.
Standard 10k accounts and spread bet accounts at FXCM use no dealing desk execution. So instead of taking the opposite side of the trade and profiting from client losses as a dealing desk or market maker does, we charge a pip mark-up on the spread.
Let’s go through an example using 100k EUR/USD you mentioned and walk through the execution step by step for NDD / STP execution.
You want to buy EUR/USD, and the current market price you see on the platform is 1.50180. Let’s also assume for this example that the mark-up on the buy price is 1 pip (that is how FXCM is making money). Therefore fictional Bank A is offering to sell EUR/USD at the price 1.5017 and FXCM is charging an additional pip so you see the price 1.5018 on the platform.
When you press the buy button, the order is sent to FXCM, and FXCM routes the order to Bank A to execute a trade at the price 1.5017. If liquidity is still available the trade is executed. You have a long position at the price 1.5018, the bank has a short position at the price 1.5017, and FXCM has made a pip on the trade ($10 in revenue). All of this happens within a fraction of a second.
If your trade can’t be executed immediately with Bank A at the price you clicked then one of two things can happen: slippage or trade rejection. Let’s assume that this order is an At Best market order which will be filled at the best price available. If Bank A sends back a message that the order can’t be filled at the price 1.5017, then the order will be executed at the next best available price. Bank B is offering to sell at the price 1.50165. The order is sent to Bank B and executed at the price 1.50165 and you see the trade executed at the price 1.50175. You have a long position at 1.50175, the bank has a short position at 1.50165, and FXCM made 1 pip on the trade ($10 in revenue). Trade rejection occurs if you setup the trade as a market range order to be rejected if the market price has changed.
If you lose $200 on the trade, Bank A has reaped a $200 profit and FXCM is left with the same $10. If you gain $200 on the trade, Bank A has a loss of $200, and FXCM maintains the same $10. The same process occurs when you close trades.
Additionally, if the spread widens FXCM makes the same pip mark-up. The spread is automatically determined based on the best bid/ask price being offered out of the pool of 10 banks providing prices.
On the topic of winning traders.... Traders that win trade for a longer period of time and for a larger amount. The more volume a trader puts through, the more revenue we generate in return. That's why we offer reduced transaction costs as a trader hits higher volume levels.
FXCM is different from most spread betting firms, such as CMC, in that our spread bet accounts also use no dealing desk execution.
-Jason
