Spread betting at FXCM
- Thread starter Jason Rogers
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brasil2000
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The minimum to open a live account is 2,000 GBP:-0
According to website its now £2000. I'm waiting on reply from Jason to see if this is a mistake........
Jason Rogers
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Hi JD,
Thanks for the message.
The minimum for the spreadbet account was changed a few weeks back to bring it in line with the minimum for the regular standard 10k accounts. I was not aware of this change until you brought it to my attention, so my apologies for the delay in relaying this information.
-Jason
Hi thanks for the reply.
Why has it been changed to £2000? All other SB firms allow you to deposit a lot smaller amounts and trade the same amount of currency (10k lots) all be it on a higher margin.
Thanks again.
To quote a certain retired tennis player, you can't be serious? Even GFT has a reasonable minimum deposit nowadays.
Jason Rogers
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Hi JD,
What I can do is have an exception to start with a £300 minimum made for you and anyone else that has commented on this thread thus far and would like to open an account; however, the new minimum going forward is £2000.
For new traders that want to test the platform and execution, the micro account is the way to go where you can start with $50 and then upgrade to the regular account. The spreadbet account minimum was raised to £2000 to bring it in line with the regular standard 10k account since the minimum trade size is 10k.
Second, our stats have also shown that as a traders account balance goes up, profitability also improves. Starting off with £2000 will give you much more breathing room when trading leveraged positions compared to the £300 minimum.
-Jason
Very true... so how about a £1700 interest-free loan for new clients?
Hahahahaaaaa nice one.
Jason Rogers
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Hi JD,
The answer is yes. I will send details to you by private message on how to go about it.
-Jason
Jason Rogers
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Hi JER,
As long as you registered for the demo through www.fxcm.co.uk, you should have access to it. It will be listed in the dealing rates window as UK100.
If you don't see it in the dealing rates window, you may need to add it to the dealing rates. At the top of the platform towards the middle, click on the Symbols button. It will open a window with all of the available currency pairs and CFD products which you can add to the dealing rates. These instructions are for the FX Trading Station II platform.
If you happen to be using the MT4 platform, right click anywhere over the Market Watch window and choose "Show All".
Let me know if you have run into any problems.
fibbinstarchi
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£2000 min to open an account? I think you've shot yourselves in the foot with that one. Reason I say this is that your company's chart data has been incorrect at times, I trade with MT4 for charting purposes as your charts are poor in comparison and have an account with yourselves and was watching for differences and found quite a few, one time on the GBPUSD your data went in the complete different way to the actual market and if I had been trading with you would've been stopped out.
I find GFT more accurate with following real market data and it's only a few hundred pound to open an account, as is the case with every other spread bet bookie broker so why would punters choose your company?
The real reason your company wants £2k min is so they can cream the interest and invest the punters money before they blow their account, and to blow £2k is more than £200...
I find GFT more accurate with following real market data and it's only a few hundred pound to open an account, as is the case with every other spread bet bookie broker so why would punters choose your company?
The real reason your company wants £2k min is so they can cream the interest and invest the punters money before they blow their account, and to blow £2k is more than £200...
Have to agree. Relatively huge opening deposit and wide spreads doesn't seem like a recipe for success. For years GFT offered a similar deal, with the inevitable result that they didn't have many spreadbet clients. How do you get on with the Dealbook platform, btw?
fibbinstarchi
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Dealbook execution is fine, and their sbet data is very close to market, unlike FXCM i'm afraid.
Jason Rogers
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Hi fibbinstarchi,
Accurate is a very relative term when you're trading with a market maker since they're deciding the pricing.
FXCM's No Dealing Desk forex execution receives prices from over a dozen of the world's largest banks and market makers in the foreign exchange markets. A best bid/offer engine sorts those prices and marks them up with our standard markup on the majors. This markup acts as the commission on the trade. When a trader clicks on a price, they are actually clicking on a price from the bank that currently has the best bid or offer, plus our markup. Given that we make money on a per trade basis, we are motivated to encourage size and high frequency and it is why we offer extra incentives to clients. It's also why we dedicate a lot of resources in trying to improve client profitability so they have the money to stay around and trade in bigger sizes. We don't benefit from customer losses. Here's a video showing exactly how it works:
Second, if you look at statistics we released last month, there's a correlation between the size of a traders account and profitability. These are profitability numbers for FXCM US (LLC) forex accounts based on account equity.
As account size decreases, profitability also decreases. Trading in standard 10k lots in a spreadbet account with only £300 remove leaves little room for error, and you could easily become over-leveraged. That's why we have the micro account available if you're new to trading and want to trade with smaller sizes.
If you have any questions about the chart data, please feel free to provide specifics and I would be happy to help.
-Jason
fibbinstarchi
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Jason
How are you going help about the data? As you rightly say, we are trading your market, all I'm saying is that there better company's out there that follow the market which half decent traders can trade alongside using a decent trading platform (MT4). Who would want to trade with you now? You decide where and when you want to run the data, that in itself will narrow the success rate a great huge margin in its self. Honestly guys, just check their data, you don't need to trade with company's like this, because you will be trying to beat the actual market, then this company with their tricks, it's not worth the effort to stack the odds against you that high. I suppose it's worth looking into Smart Live markets, as they use the MT4 platform for SBet, I'm looking into them now myself as the ultimate package as I use MT4 for charting already.
How are you going help about the data? As you rightly say, we are trading your market, all I'm saying is that there better company's out there that follow the market which half decent traders can trade alongside using a decent trading platform (MT4). Who would want to trade with you now? You decide where and when you want to run the data, that in itself will narrow the success rate a great huge margin in its self. Honestly guys, just check their data, you don't need to trade with company's like this, because you will be trying to beat the actual market, then this company with their tricks, it's not worth the effort to stack the odds against you that high. I suppose it's worth looking into Smart Live markets, as they use the MT4 platform for SBet, I'm looking into them now myself as the ultimate package as I use MT4 for charting already.
