I ask because today I read some horror stories. I read about a broker that close your account as soon as you are having profits. I also read that FXCM start messing with your trades as soon as you are winning. This is so disappointing. Imagine working so hard to be a good trader and the moment you make it your broker take you out. Is it even worth all the effort? Please let me know if you are cashing out profitable trades without your broker messing with you, and let me know your broker because I don't want to waste my time. Thank You.
NVP
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Jason rogers represents FXCM here ...I suggest you go to his thread and raise your issues there with him ............I sympathise with you ......but at least let them investigate your claim :smart:
N
timsk
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Hi chapip,
Welcome to T2W.
In answer to your question, so long as you have $400 in your account to withdraw, then a reputable broker will always allow you to withdraw it. A brokerage firm of the size of FXCM with a reputation to match couldn't afford the bad publicity that would result if they didn't let their customers withdraw funds from their accounts.
Having said the above, there are some very 'iffy' firms out there, especially unregulated forex and binary options brokers, or ones based in Cyprus or islands in the middle of nowhere. But, large firms like FXCM that are regulated in the U.S. and U.K. will be fine. For sure, there will be someone somewhere who has had a bad experience with them, won't ever use them again, and will advise members to steer well clear of them. But that applies to any business across all sectors. My first ever bank account as a teenager was with Barclays. They treated me badly and I hold a grudge against them to this day and I won't ever bank with them again. My wife has been with them for 30+ years and has never had a problem. It's horses for courses at the end of the day.
As NVP says above, if you're worried about FXCM, put your concerns to Jason Rogers on this thread: FXCM Discussion. Whoever you consider opening an account with, follow the advice in this thread and you shouldn't go too far wrong: Is my broker / money safe - basic due diligence
Tim.
Jason Rogers
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Hi Chapip,
As NVP and Tim have mentioned, I'm happy to answer any questions you have regarding FXCM. In regards to the accusation that we interfere with client trades, it's worth noting that we offer clients the choice of No Dealing Desk (NDD) forex execution. On the NDD model, FXCM offsets client orders one-for-one with our 10+ liquidity providers. That means we don't take the market risk on the other side of our client trades.
A loss for our clients does not mean a profit for us, and a profit for our clients does not mean a loss for us. FXCM makes money on the NDD model by adding a fixed pip markup to the prices we receive from our liquidity providers. That acts as a commission which means we make our money from client trading volume, not client losses. We have nothing to gain by interfering with your trades.
When operating a dealing desk, a firm may actively be taking a position in the market, which exposes the firm to market risk. When you are long, the dealing desk may be short. When you are short, the dealing desk may be long. So your losses can equate to the dealing desk's profit. Alternatively, your profits can equate to the dealing desk's loss. Certain strategies expose dealing desks to more risk, such as automated strategies or strategies that trade at a high frequency. To better manage their market risk, some dealing desk firms actively intervene in their clients' trading by re-quoting orders, delaying execution, skewing prices, or widening spreads.
While we also offer clients the choice of dealing desk (DD) execution, what makes FXCM unique is that we offer both DD and NDD execution. If you are trading on DD execution and your trading style exposes us to more risk than we're comfortable with, we can change your execution type to NDD. This is how FXCM can comfortably offer both execution options without having to resort to some of the common "dealer intervention" practices listed above which take place at many forex brokers.
If you have other questions about FXCM, please feel free to post them in our discussion thread.
Welcome to the forum!
Jason
forexjudge
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Yes, I am making money on forex. Although we all lose sometimes, but I have learned how to deal with my lose. I always follow expert signal providers as well.
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highbury fx
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timsk
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Hi highbury fx,
Would I be right in thinking you're affiliated in some way to a Cyprus based broker?
Your general point is fair enough and, yes, my post is a 'bit of a generalisation'. To avoid any misunderstanding, let me make crystal clear that I have no doubt there are many excellent brokerage firms based in Cyprus, Malta, Cayman Islands, Belize and numerous other jurisdictions besides. However, unless one is prepared to do a case by case study of all brokers out there, one has to narrow down one's field of search somehow. Inevitably, this will mean overlooking a lot of well run and professional outfits not regulated in the U.K. and U.S. and, as you rightly point out, allow some questionable firms through the net.
Keep in mind two key points. Firstly, T2W is a U.K. site and most of our members are based in the U.K. and many of them trade U.S. markets. Therefore, it's both logical and sensible to do business with a broker regulated by either or both of those countries. If I had an account with a broker based in Cyprus - and I had a serious complaint about them - my Greek isn't too hot and I wouldn't fancy having to get on the ol' dog 'n bone to CySEC in the hope that they would help me out! The second point is that one has to start somewhere and, IMO, a good a place as any is with this question: 'why would a broker go out of their way to avoid being regulated by FCA in the U.K., or the NFA, SIPC, FINRA, CFTC and SEC in the U.S.? You've answered this to some degree in your post and some members may be convinced by your points. Even so, with so many 'iffy' firms out there, my advice to members is to play safe and stick to the big names regulated closer to home.
Tim.
ZEN archer
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Is anyone making money from forex trading?
Mainly brokers. To a smaller extent educators, signal providers etc.
Mainly brokers. To a smaller extent educators, signal providers etc.
NVP
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I’m not a huge FX trader, but in my experience FXCM are pretty good. They claim to offer straight-through processing, which in theory should mean better fills (what is it ‘straight through’ to though?!).
I heard IG provide a service on spot FX that gives you access to bank liquidity, haven’t used it though. You pay commission, but in theory spread should be tighter (as tight as possible).
If you give them a try, let me know what you think.
i'm the person who closed my account
hi
i'm not sure if you read my story but i have on the past thried that i mention on it ,how they closed my account just after i made some profit
yes my friend your feeling exactly the same of me
i have chocked and disappointment that after long time experience ,i found my self on front of broker who is not happy from you to be winner all the times but no body notice that because most of the traders 80%losers and that why their accounts active or they don't share their information with others
my friend is very difficult to be winner all the times but if you did like what i did after long time of experience /yes you are unwelcome at the brokers because my friend the fund to you goes from their pockets
by the way until now i'm searching to find way of how to trade and make money without upsetting these ugly brokers
good luck
hi
i'm not sure if you read my story but i have on the past thried that i mention on it ,how they closed my account just after i made some profit
yes my friend your feeling exactly the same of me
i have chocked and disappointment that after long time experience ,i found my self on front of broker who is not happy from you to be winner all the times but no body notice that because most of the traders 80%losers and that why their accounts active or they don't share their information with others
my friend is very difficult to be winner all the times but if you did like what i did after long time of experience /yes you are unwelcome at the brokers because my friend the fund to you goes from their pockets
by the way until now i'm searching to find way of how to trade and make money without upsetting these ugly brokers
good luck
Jason Rogers
Senior member
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Hi Hate2Lose,
Great question. On FXCM's No Dealing Desk (NDD) forex execution, client orders are offset one-for-one with independent third party liquidity providers which are global banks, financial institutions, and other market makers. We take the best bid and ask prices from 10+ competing liquidity providers and add a fixed pip mark-up that acts as a commission. That means FXCM makes money from client trading volume, not client losses.
The advantage of our NDD model is that the banks have to compete with each other to get the order flow from our clients. If a client is long, and has a stop in place, it's not possible for a single liquidity provider to move the bid price down to hit that stop. The bid price on our platform is determined by the highest bid price available across all of our 10+ liquidity providers.
Furthermore, none of these liquidity providers can see where client stops are located. If the best bid price on the platform happens to trigger a client stop, then a market order to sell is sent from FXCM to be offset with the liquidity provider quoting the highest bid at the time. Throughout this process, orders remain anonymous, so clients can have confidence that prices are competitive and reflect the broader forex market.
Jason Rogers
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Hi Seti,
You make a good point about the potential conflicts of interest that can exist when trading with a dealing desk broker (AKA a market maker).
When operating a dealing desk, a firm may actively be taking a position in the market, which exposes the firm to market risk. When you are long, the dealing desk may be short. When you are short, the dealing desk may be long. So your losses can equate to the dealing desk's profit. Alternatively, your profits can equate to the dealing desk's loss.
Certain strategies expose dealing desks to more risk, such as automated strategies or strategies that trade at a high frequency. To better manage their market risk, some dealing desk firms actively intervene in their clients' trading by re-quoting orders, delaying execution, skewing prices, and widening spreads to trigger stops and discourage scalping.
Since we offer No Dealing Desk (NDD) forex execution, all trading strategies are welcome at FXCM including scalping and news trading strategies.
