Spread betting at FXCM

[pboyles]

Can you show me evidence of this? I was quoting the wiki figures.

Google 'Fxcm NFA fine' and also 'FXCM CFTC fine'. They were fined by both regulators, total including compensation to clients was around $20 million. It's posted here somewhere with links.

 

[YouAreNotFree]

FFS. Why is ANYONE doing business with these crooks?

Would you leave your wife alone with a convicted rapist? Thought not.

Same goes with your brokerage account. They have financially raped clients before, why not again?

It not like there isn't hundreds and hundreds of brokers out there is it?

 

[tar]

Google 'Fxcm NFA fine' and also 'FXCM CFTC fine'. They were fined by both regulators, total including compensation to clients was around $20 million. It's posted here somewhere with links.

Well if that's the case then you cant say they were fined 20M $ , you cant include the compensation figures in the fine then say they were fined 20 M $ i think you the one who is misleading the readers here ... that being said i agree with you its a dodgy business , most major banks were fined much more than 20 M , and now Standard chartered and Barclays will be fined as well , even popular brokers like Interactive brokers were fined as well , not to mention the dodgy relation between Timber hill the well known market maker in the financial markets which belongs to Interactivebrokers group with the group brokerage arm Interactivebrokers which creates a conflict of interest when IB route clients orders in the marketplace ... So this positive slippage concerns is nothing compared to the dodgy business going around in this industry .

"
Affiliate Relationships: IB's affiliate Timber Hill LLC makes markets in stocks and acts as a specialist or market maker on all U.S. option exchanges. Other IB affiliates worldwide, including Timber Hill Europe, also act as market makers on global exchanges. IB's market-making affiliates, including Timber Hill LLC and Timber Hill Europe, may provide automatic execution for certain eligible IB customer orders routed through IB’s Smart Routing system, for certain Nasdaq stocks, NYSE stocks, global stocks and other securities. When an order is sent using Smart Routing, if an IB affiliate is willing to provide an execution at the best available posted price or better for that stock, IB may send the order to that affiliate for an immediate automatic execution. " !!!!!

:-0 AKA = Marketmaker

ofcourse there is nothing wrong about it its all legal

 

[pboyles]

I was joking about him misleading everyone. Does nobody have a sense of humour? And yes of course the rest are just as bad.

 

[tar]

Ofcourse if you use their ( Interactivebrokers ) smart routing option your US stocks commission flat rate will be at 0.005/share and you have the option to use their cost plus fee structure , but if you use the API directed orders option your commission is 0.008 or 0.013 /share and you cant use the cost plus fee structure .

In another words : It is much cheaper if you let us route your orders ( we may send your order to our marketmaker ) ....

Life is Good

 

[evertontrader]

I could sense the humour o/

I was joking about him misleading everyone. Does nobody have a sense of humour? And yes of course the rest are just as bad.

 

[Jason Rogers]

If you can offer Ninja on CFD indices, why not Spreadbet, as they are effectively the same thing in most cases, except for the tax-free angle?

Hi RC,

It's specifically because spread betting accounts enjoy a special tax-free status in the UK that it will take us a bit longer to release a spread betting version of the NinjaTrader platform. As soon as I have any updates on this, I'll let you know.

Jason

 

[The Leopard]

FFS. Why is ANYONE doing business with these crooks?

Would you leave your wife alone with a convicted rapist? Thought not.

Same goes with your brokerage account. They have financially raped clients before, why not again?

It not like there isn't hundreds and hundreds of brokers out there is it?

Depends I guess. I wouldn't, but then I quite like my wife. Others might feel differently.

 

[evertontrader]

Jason,

Sorry for ruining your thread, I imagine all the months hard work will be spoilt when new readers get to the final few pages of this discussion. Kudos to you for how you handle yourself here and across the various forums I've seen you on, you're very professional.

Regards,

 

[R.Charnock]

Hi RC,

It's specifically because spread betting accounts enjoy a special tax-free status in the UK that it will take us a bit longer to release a spread betting version of the NinjaTrader platform. As soon as I have any updates on this, I'll let you know.

Jason

OK, but if A N Other firm seems to give identical prices on main SB and CFD markets, why does SB's tax-free status matter?

 

[Jason Rogers]

OK, but if A N Other firm seems to give identical prices on main SB and CFD markets, why SB's tax-free status matter?

Hi RC,

The prices for spread betting and regular CFD trading accounts and spread betting accounts with FXCM are identical . What's different is the wrapper of the platform and the back office reports. I'll let you know when those have been set up for NinjaTrader.

Jason

 

[ZEN archer]

How very dishonest of you to spread this false and misleading information about FXCM.

They were fined over $20 million for their dishonest slippage practices, not $8 million as you allege.

You may be interested to hear that they only compensated US clients. They were able to keep all the money they took from UK and other clients.

I have an account with another SB company (very popular on this forum) and was stopped from my S&P trade at a level that was never reached by the real market. I was thinking to call and complain, but then read here about FXCM being able to keep the money they allegedly took from UK clients.

So in other words they can invent the prices, take the money from the clients and it is perfectly legal in UK?

If that's the case would you advise potential customers not to open accounts with UK based companies?

 

[fibbinstarchi]

I'm after a bar countdown timer on the 360 platform, do you have it somewhere or will you add it? P.S, if anyone from any sb company starts robbing my account with dodgy slippage, I will go down to the head office and bitch slap whoever is in charge, just as I would a petty thief.

 

[Jason Rogers]

I'm after a bar countdown timer

Hi Fibbinstarchi,

We have that feature on our FXCM Trading Station Desktop platform. You can right-click on the MarketScope charts and select "Add Indicator". Choose the last indicator called SHOWTIMETOEND and hit OK. You will then see the SHOWTIMETOEND Properties window as shown below, where you can hit OK again.

The window below shows how the SHOWTIMETOEND indicator will appear at the top left of the chart.

In this example, we can see that there is still 1 hour, 43 minutes and 37 seconds until the current daily bar will close.

Jason

 

[fibbinstarchi]

Hi Fibbinstarchi,

We have that feature on our FXCM Trading Station Desktop platform. You can right-click on the MarketScope charts and select "Add Indicator". Choose the last indicator called SHOWTIMETOEND and hit OK. You will then see the SHOWTIMETOEND Properties window as shown below, where you can hit OK again.

The window below shows how the SHOWTIMETOEND indicator will appear at the top left of the chart.

In this example, we can see that there is still 1 hour, 43 minutes and 37 seconds until the current daily bar will close.

Jason

Can you put it in the Dealbook 360 platform just as bar timer without all the written text? You only the numbers. Cheers

 

[Jason Rogers]

...bar timer without all the written text? You only the numbers. Cheers

Hi Fibbinstarchi,

I think there might be some confusion. I've never used the platform you mentioned in your last post. That's from a different company The example I gave was from the FXCM Trading Station platform. In the parameters window shown below, you can change the Name that is displayed from "SHOWTIMETOEND(EURUSD)" to something much shorter, even a single letter such as "C" for counter.

Let me know if that works for you.

Jason

 

[Jason Rogers]

Does the news about Ninja Trader mean it's available for spread bet accounts?

Hi RC,

I just got the word that the NinjaTrader platform is now available on spread betting accounts. If you already have a spread betting account with FXCM, you can simply complete the form on this page for NinjaTrader. You will receive an email from us that includes a Letter of Direction form to complete the setup for your account.

If you don't already have a spread betting account with FXCM, you can complete this online application, and then complete the NinjaTrader form. Just a note to everyone, spread betting accounts are only available to residents of the UK and Ireland.

Jason

 

[R.Charnock]

Hurrah. Is this the basic (free) version of Ninja, as offered by some futures brokers, or a special spreadbet one?

 

[Jason Rogers]

Hurrah. Is this the basic (free) version of Ninja, as offered by some futures brokers, or a special spreadbet one?

Hi RC,

It would be the paid version of NinjaTrader 7 shown here on their site. The only difference from a non-spread betting NinjaTrader account is in the back office reporting, which will be reflected in your account statements that confirm the spread betting designation.

Jason

 

[pboyles]

Hi RC,

It would be the paid version of NinjaTrader 7 shown here on their site. The only difference from a non-spread betting NinjaTrader account is in the back office reporting, which will be reflected in your account statements that confirm the spread betting designation.

Jason

So how much slippage are you going to scam people with this platform? Any word on you repaying non US clients for your previous fraud?