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FXCM Discussion

Quoting Slight
Hi Jason, any thoughts at FXCM to change Stock Trading commission model in regard to the 9 minimum com.? I see more and more brokers being more flexible in this regard, w/o any min. com. but still able to trade small sizes of stock cfds. Thanks!
Thank you.
Quoting cerox
Hello guys, I'd like to post some Silver charts 2017.03.15. In the attachements you'll find Dukascopy, ICMarkets, FxPro and Oanda charts. All of them went down to about 16.8x and did not make new lows for Silver at the day of the US rate decision. FXCM (charts also attached) made a significant new low at 16.6x - I have also confirmed this with a demo account...
Hi cerox,

Our support team would be happy to review the execution of any trades if you would please submit a trade inquiry with details using the following online form https://www.fxcm.com/uk/forms/trade-inquiry/.

Jason
Quoting socramalb
{quote} Thanx a lot, Jason!!! That's what i need. That was so obvious but i didn't get it before. I really appreciate your help. Greetings!
Anytime!
Quoting sivafxt
{quote} Thank you.
Hi sivafxt,

FXCM is currently not offering share CFDs, but I will let you know if and when we do.

Jason
Quoting Jason Rogers
{quote} Hi cerox, Our support team would be happy to review the execution of any trades if you would please submit a trade inquiry with details using the following online form https://www.fxcm.com/uk/forms/trade-inquiry/. Jason
For more than six months I sent to the "support team" several instances of tricks being played by FXCM. They assume retail traders are stupid, so they give the most stupid explanations. But now we all know the real explanation, don't we Jason?
Jason: I already made a trade inquiry and also contacted my account manager to "check" again.
Twice I got the answer that the price is valid, which we can obviously see is not true.

It is not really about the money - more about a principle and that FXCM cannot steal my money and pretend the price is valid with strange explanations. We can see on all the other broker charts that there was no spike down and no lack in liquidity.

Many thanks for all the answers here, I'll have a look into the FOS which was linked on the FCA website. I don't mind it taking more time.
keen246,
I'd like to ask you if you already described what happened in this Forum and if you could please provide a link or tell us your story.
Also I'd like to know if you have already taken steps regarding an FOS or via the FCA, so if yes, maybe you can kindly share your experience.
I know that most traders will say the effort is not worth it, because the loss is easily recovered by another trade, which I agree with. But we never know if we have problems like this again in the future, so for me having knowledge about these regulations etc. sounds like a benefit.
Many thanks for all the help.
Don't you get it guys? The role of this idiot Jason Rogers is to give you the best propaganda possible. Why would you ask him a question, why would you even talk to him? No matter what you say to him, he will say goods things about FXCM because he is paid to say good things. If he doesn't stick to the script he loses his job. Like seriously are you that retarded to not see this obvious truth?
Today I've contacted the Financial Ombudsman Service as recommended on the FCA website. The FCA website stated also that they do not deal with complaints so it seems after the FOS step there is only a court case a a next step. Maybe someone here kind enough with more experience can tell me whether that's correct or I'm misunderstanding the role of the FCA.
Quoting cerox
keen246, I'd like to ask you if you already described what happened in this Forum and if you could please provide a link or tell us your story. Also I'd like to know if you have already taken steps regarding an FOS or via the FCA, so if yes, maybe you can kindly share your experience. I know that most traders will say the effort is not worth it, because the loss is easily recovered by another trade, which I agree with. But we never know if we have problems like this again in the future, so for me having knowledge about these regulations etc. sounds...
Hi Cerox,
I made some post on this thread long before FXCM was busted (I guess you can find them easily here). I had demo traded with FXCM for a couple of years and never had any issue. The problems started when I opened my live account. Shortly after, I started to notice several "strange" actions on my platform. I informed FXCM's "technical support", and they made spent more than six months sending then all kind of logs and stupid request. I realized they were actually playing with me as they knew very well it's part of their scam scheme.
Fortunately, I realized pretty soon of this scam and stopped trading live with those bastards. I didn't lose much money , but I did lose time, which is more valuable. I don't have the time/energy/money to take legal actions against FXCM. I only can try to warn people to stay away from this bucket shop and prevent them from being scammed.
It's worth to mention, I had my account with FXCM UK, as I don't live the US. So, for those who think that it was only FXCM US which was scamming traders, it is not the case.
I hope this helps you to open your eyes and avoid trading with this big fat bucket shop.
Many thanks for sharing your view. I should have subscribed to all the broker threads here earlier, but at least I have done it now for the future

My account was already closed two weeks ago after the incident, because I decided not to take risks with this broker anymore.
When I traded with FXCM (FXSCAM) I would have 2 different pairs open then I would close one which was in a profit and the other pair would close instead. They rigged the platform to scam your executions very blatantly. I pulled my account and gave these bastards the middle finger. It was GREAT to hear they finally got shut down in the US (= I have been with Oanda ever since with no issues.
Hi again, Jason!
Could you explain me please the principal differences between the mini and the standard account in order to a scalping style?
Thanx again!
Quoting socramalb
Hi again, Jason! Could you explain me please the principal differences between the mini and the standard account in order to a scalping style? Thanx again!
Hi socramalb,

The principle difference between the mini and standard account is the type of execution each uses. Our mini accounts use dealing desk forex execution and our standard accounts use No Dealing Desk (NDD) forex execution.

Which one is better for scalping? First, lets discuss what scalping is. Scalping is typically defined as holding a trade open for a very short period of time such as a couple of minutes or less. You can think of scalpers as darting in and out of trades for small amounts of profit. News releases and volatile markets are favored since the market may move quickly allowing you to scalp in and out quickly. This type of trading activity can create an abnormal amount of transactions, which typically come too fast for a dealing desk to properly manage the risk. In addition, profitable scalpers compound the issue for a dealing desk as the dealing desk can wind up holding several losing positions after the scalper has already exited the trade. This is why scalpers can experience re-quotes, minimum stop/limit distances, and limitations on strategies such as scalping. Some brokers may even close your account. The dealer has to ensure they can manage your trade without sustaining a loss.

In contrast, when placing a trade in a standard account through FXCMs No Dealing Desk forex execution, the trade is executed back to back with one of multiple liquidity providers on the platform. FXCM is compensated by the commission you pay on each transaction. If you open the trade and close it seconds later, we've earned the commission regardless of the profit or loss on your trade. There are no trading restrictions on NDD forex execution which makes it ideal for scalping strategies.

FXCMs mini accounts do use dealing desk execution, and our trading desk has to manage that risk including if a trader decides to scalp. If a client's strategy were to create problems for our dealing desk to manage, FXCM has the ability to seamlessly switch the customers order routing to our No Dealing Desk execution model. Instead of hindering the traders experience and profits, we allow you to continue to trade freely with no restrictions.

There are other differences between the mini and standard accounts such as number of currency pairs available and minimum starting balance which you can compare on the website https://www.fxcm.com/uk/accounts/account-types/

Jason
Below are the CFD holiday trading hours for Good Friday and Easter. Forex trading hours remain unchanged.

Please note all times are New York EST.

Attached Image (click to enlarge)
Click to Enlarge Name: holiday hours 2017-04-13_12-41-17.jpg Size: 135 KB
Quoting Jason Rogers
{quote} Hi socramalb, The principle difference between the mini and standard account is the type of execution each uses. Our mini accounts use dealing desk forex execution and our standard accounts use No Dealing Desk (NDD) forex execution. Which one is better for scalping? First, lets discuss what scalping is. Scalping is typically defined as holding a trade open for a very short period of time such as a couple of minutes or less. You can think of scalpers as darting in and out of trades for small amounts of profit. News releases and volatile markets...
Useful info.
I use a scalping strategy myself (placing more than 1000 positions daily on a single asset) on a mini account.
Are you saying FXCM can switch my account to NDD execution even while below £5k balance, because of my strategy?
Also, can the broker see the "inside" of a strategy, since it is loaded on Trading Station platform? The .lua or .bin file? Or is all you see the orders being placed. My strategy don't use stop loss or limit profit, but market orders instead based on ticks and strategy logic, and it can open mulitple positions within seconds
Quoting socramalb
Hi again, Jason! Could you explain me please the principal differences between the mini and the standard account in order to a scalping style? Thanx again!
Either way they're going to screw you up. It's their business model and they just profit from scamming retail traders. Please be informed and read what FXCM actually is. Do you know why they were banned from the US? Do your homework before getting involved with these criminals.
I think FXCM have cleaned there act up recently. I have an account with them that I sometimes use and I've never had any problems
Quoting JoJosh
I think FXCM have cleaned there act up recently. I have an account with them that I sometimes use and I've never had any problems
Thanks JoJosh. Happy to have you as a client!

How about that GBP/USD volatility this afternoon
Quoting PoundPotamus
{quote} Useful info. I use a scalping strategy myself (placing more than 1000 positions daily on a single asset) on a mini account. Are you saying FXCM can switch my account to NDD execution even while below 5k balance, because of my strategy? Also, can the broker see the "inside" of a strategy, since it is loaded on Trading Station platform? The .lua or .bin file? Or is all you see the orders being placed. My strategy don't use stop loss or limit profit, but market orders instead based on ticks and strategy logic, and it can open mulitple positions...
Hi PoundPotamus,

Yes, if FXCM is unable to manage the risk then the account could be switched to NDD forex execution. Here's an excerpt from the Trading Execution Risks page on our website concerning Dealing Desk Forex Execution:

DEALING DESK FOREX EXECUTION MODEL

...FXCM faces market risk as a result of entering into trades with you. FXCM may take steps to mitigate its risk arising from market making more effectively by, at our sole discretion and at any time and without previous consent, transferring your underlying account to our NDD execution offering. FXCM may also choose to transfer your account to our No Dealing Desk (NDD) offering should the equity balance in your account exceed the maximum 20,000 currency units in which the account is denominated. Account equity is defined as the balance of your account plus the floating P/L of your open positions.

Source: https://www.fxcm.com/uk/legal/trading-execution-risks/#dealing-desk


Other brokers acting as the market maker may use dealer intervention, re-quotes, minimum stop/limit distance restrictions, or even prohibit scalping strategies if your trading becomes problematic for their dealing desk to handle. With FXCM, we allow you to continue to be treated fairly and trade freely with no restrictions.

The automated strategy is held on your computer. We cannot view the file or strategy details.

I'm happy you find the information useful

Jason
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