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FXCM Discussion

  • #10,501
  • May 31, 2018 3:53pm May 31, 2018 3:53pm
Quoting Deskpro
Hi FXCM I have accounts with both OANDA and FXCM. Got an email from OANDA saying due to the new ESMA regulations Negative Balance Protection - Negative balance protection on a per account basis, limiting clients’ aggregate liability for all trades connected to an account to the funds available on that account. Margin Closeout Per Account Rule - As per the current arrangements, margin closeout will occur when the sum of funds in your account and the unrealised net profits and losses of all open trades connected to that same account, fall to less...
Hi Deskpro,

Yes, the new ESMA regulations introduce rules on negative balance protections. The FAQ from ESMA on the negative balance protection as well as other changes such as leverage can be found here. We're in the process of updating our terms of business to comply with the new ESMA regulations, and you'll be notified when the terms of business are updated. From what I have heard, we anticipate regulators will set the date for implementation sometime in late summer.

Until then, we currently have a negative balance policy in which we agree to waive up to $50,000 USD of any debit balance except for certain circumstances outlined in 27.3 of our terms of business.

Jason
  • #10,502
  • Jun 5, 2018 3:24pm Jun 5, 2018 3:24pm
Quoting rockit
{quote} Hilarious how you at FXCM babble about those topics while you have implemented the slowest possible technology (i.e. JSON or REST etc.), whereas when it comes to algos speed matters the most. LMAO.
Hi rockit,

We have API options available for all types of traders which makes our offerings more robust and flexible. The REST API is by far the easiest of our APIs to use, especially with the fxcmpy wrapper, but we do have other options such as FIX API for those that are latency sensitive. FIX API is designed to be as fast and efficient as possible and is an industry standard, but it's not easy to use, requires extra setup, and overall isn't as widely known outside of finance. And even faster are binary protocols. It really depends on how the trader is operating, just as if you were looking for a VPS or collocation setup, you would probably find the vast majority of retail FX traders using a VPS from the common service providers, but if you were very latency sensitive you would want to collocate with the exchange (at a higher cost) for the lowest latency possible. For the average trader not trading in milliseconds this may be overkill for the costs involved.

If you're concerned about speed, there is network level and software level speed to be concerned about. Network speed and bandwidth probably contribute 95% of the delay. This involves where your trading server is located and the latency involved in transmitting orders. On the software level FIX will be faster than REST, but algo traders can judge which they would prefer to use based on their setup and needs.

Our REST API is not 100% restless. It is mixed with restful and restless. It uses web-socket (restful) to push updates to the client which is easy for third parties to integrate their system with us. And it also supports request/response mode (restless).

The REST API offers ease of use in supporting something that is popular and highly requested in the algo trading community, but you are always welcome to use a higher end API such as FIX which we have available. Our API team can help with any in-depth questions. Send me a private message and I can have them get in touch with you.

Jason

*FX/CFD trading carries a risk of losses in excess of your deposited funds
  • #10,503
  • Jun 20, 2018 3:42am Jun 20, 2018 3:42am
Quoting Jason Rogers
{quote} Hi rockit, We have API options available for all types of traders which makes our offerings more robust and flexible. The REST API is by far the easiest of our APIs to use, especially with the fxcmpy wrapper, but we do have other options such as FIX API for those that are latency sensitive. FIX API is designed to be as fast and efficient as possible and is an industry standard, but it's not easy to use, requires extra setup, and overall isn't as widely known outside of finance. And even faster are binary protocols. It really depends on how...
Jason, just wondering, would any of these FXCM offerings help to close trades faster when market is moving unexpectedly quick.
I assume today a comment by ECB's Nowotny suggesting euro to weaken against the US dollar sent the market in a bit of a spin (9am UK time).
My Trading station took over a minute to close my eur/usd trade. I attempted to manually close a few times before realising the platform had registered my close but wasn't responding. I even closed the platform down / restarted and the trade was still live for a few more seconds before finally closing out my trade. Half of the positive pips were removed before actually closing.
Any recommendations for this scenario?
  • #10,504
  • Jun 20, 2018 2:51pm Jun 20, 2018 2:51pm
Quoting robgsxr
{quote} Jason, just wondering, would any of these FXCM offerings help to close trades faster when market is moving unexpectedly quick. I assume today a comment by ECB's Nowotny suggesting euro to weaken against the US dollar sent the market in a bit of a spin (9am UK time). My Trading station took over a minute to close my eur/usd trade. I attempted to manually close a few times before realising the platform had registered my close but wasn't responding. I even closed the platform down / restarted and the trade was still live for a few more seconds...
Hi robgsxr,

I haven't heard reports of orders taking this long to execute, but it is something we can investigate on our side to see if there were any issues in executing the trade. If you could send over details to my email jrogers [at] fxcm [dot] com I could have our team investigate. The average execution speed defined as the time we receive the order until execution is 22 milliseconds, so what you are describing is out of the ordinary. This figure excludes internet latency and post trade booking.

If it's an issue with internet latency and you are automating your trading for example with our API or with an EA on MT4, then the best option would likely be to run the automated strategy on VPS. A VPS housed close to our trade server would reduce the likelihood of internet latency when the order is transmitted to our server. It could also potentially minimize slippage. There is a finite amount of liquidity at each price and the first order to arrive at the trade server is better positioned to capture the price and minimize the chances of slippage. Keep in mind a VPS would not help if you are manually trading since any orders placed manually would still be sent from your computer which would entail any internet latency to the trade servers.

But the best course of action is to check the order first to see if there were any issues with executing the order.

Jason
  • #10,505
  • Jun 23, 2018 8:17am Jun 23, 2018 8:17am
Sir,
I am from India. Looking to open forex account. But, money deposit and withdrawal is the biggest mess.
One has to depend on a person for withdrawal.
If, anyone aware please advise
Thanks
  • #10,506
  • Jun 25, 2018 8:39am Jun 25, 2018 8:39am
Quoting vk4
Sir, I am from India. Looking to open forex account. But, money deposit and withdrawal is the biggest mess. One has to depend on a person for withdrawal. If, anyone aware please advise Thanks
Hi vk4,

Thanks for your post and welcome to our thread. You can deposit funds into an FXCM trading account using Skrill, Neteller, debit/credit card, bank wire, or Union Pay.

To withdraw funds, you would simply need to submit the withdrawal request through www.myfxcm.com . MyFXCM is our client portal where you can deposit funds, request withdrawals, or update account information. Answers to frequently asked questions and depositing and withdrawing funds can be found on our website http://help.fxcm.com/markets/Account...s-Withdrawals/

Jason

*FX/CFD trading carries a risk of losses in excess of your deposited funds
  • #10,507
  • Jun 25, 2018 9:19am Jun 25, 2018 9:19am
Quoting Jason Rogers
{quote} Hi robgsxr, I haven't heard reports of orders taking this long to execute, but it is something we can investigate on our side to see if there were any issues in executing the trade. If you could send over details to my email jrogers [at] fxcm [dot] com I could have our team investigate. The average execution speed defined as the time we receive the order until execution is 22 milliseconds, so what you are describing is out of the ordinary. This figure excludes internet latency and post trade booking. If it's an issue with internet latency...
Thanks, There is no VPS involved and it wasn't on MT4 but the TS2 platform.

I have emailed you the order details.
  • #10,508
  • Jun 25, 2018 2:27pm Jun 25, 2018 2:27pm
Quoting robgsxr
{quote} Thanks, There is no VPS involved and it wasn't on MT4 but the TS2 platform. I have emailed you the order details.
Thanks for sending over the details! I forwarded it to our support team to help investigate. We should be in touch shortly with more information.

Jason
  • #10,509
  • Jul 2, 2018 8:46pm Jul 2, 2018 8:46pm
Hi Jason,

A question, to which I believe the answer is no, but please enlighten me.

Can UK residents open an account with FXCM AU? Even without the tax free spread-betting account element? Asking this due to the recent ESMA regulations which will come into effect 1st August... I find my strategy is not as viable without 1:400 leverage anymore... Or would require 7-8 times the same balance to have similar performance as currently. Sad times. At the same time I do not qualify to be recognized as a professional trader looking by the requirements.

Also, what will be the margin requirements on 1st August? Will it be a 1:50 leverage for all like FXCM was suggesting is the fair balance or really 1:30 for major, 1:20 for exotic etc like ESMA wants?

Can you point out at least one good thing about these leverage limits for retail traders actually? Will you raise the minimum deposit required from £50 as it currently stands as well? Because that will be good for what, 1-2 mini lot positions only?

Hopefully this is just a 3 months experiment.
  • #10,510
  • Jul 9, 2018 10:27am Jul 9, 2018 10:27am
Quoting PoundPotamus
Hi Jason, A question, to which I believe the answer is no, but please enlighten me. Can UK residents open an account with FXCM AU? Even without the tax free spread-betting account element? Asking this due to the recent ESMA regulations which will come into effect 1st August... I find my strategy is not as viable without 1:400 leverage anymore... Or would require 7-8 times the same balance to have similar performance as currently. Sad times. At the same time I do not qualify to be recognized as a professional trader looking by the requirements. Also,...
Hi PoundPotamus,

You are correct, the answer is no unfortunately. UK residents will not be able to open with FXCM Australia, even without the spread betting element, and the leverage levels will be set per ESMA requirements which are...

  1. 30:1 for major currency pairs: EUR/USD, USD/JPY, GBP/USD, USD/CHF; CHF/JPY, GBP/JPY, USD/CAD, EUR/CAD, EUR/CHF, EUR/GBP, CAD/CHF, EUR/JPY, GBP/CAD, CAD/JPY and GBP/CHF
  2. 20:1 for non-major currency pairs, gold and major indices: XAU/USD, UK100, FRA40, GER30, SPX500, US30, NAS100, JPN225, AUS200, EUSTX50
  3. 10:1 for commodities other than gold and non-major equity indices: USOIL, UKOIL, NGAS, XAG/USD, Copper, HKG33, CHN50 and ESP35
  4. 5:1 for BUND

While we suggested 50:1 leverage during the comment period, we have to follow the final ESMA requirements as all other brokers in the EU have to follow as well. There is always the possibility ESMA could decide to change the leverage limits after each 3-month period, but we will have to wait and see. The other wild card for UK residents would be how Brexit would impact the leverage levels. ESMA released an FAQ which touched on Brexit in the final question but it also is a wait and see answer.

Regarding the minimum deposit to open a live account, I don't have official information on that yet, but I will share it once I do.

Jason

  • #10,511
  • Jul 10, 2018 6:38pm Jul 10, 2018 6:38pm
Morning Jason

I am getting conflicting answers and would like you to clarify, I am a South African resident and have my FXCM UK account for over 10 years now. With the ESMA regulations looming, is it possible for a South African citizen to move his/her account over to FXCM AU?

Thanking you in advance.
  • #10,512
  • Jul 12, 2018 11:35am Jul 12, 2018 11:35am
Quoting Krypt0n1te
Morning Jason I am getting conflicting answers and would like you to clarify, I am a South African resident and have my FXCM UK account for over 10 years now. With the ESMA regulations looming, is it possible for a South African citizen to move his/her account over to FXCM AU? Thanking you in advance.
Hi Krypt0n1te

Happy to help. As a resident of South Africa, you have the additional options of having an account with either FXCM Australia or FXCM South Africa. We are unable to transfer your existing FXCM UK account to another FXCM entity, but you could simply take a few minutes to complete the account application and then transfer the funds to your new account in either Australia or South Africa. By the way, if you would like the ability to trade Bitcoin at some point in the future, I would suggest opening with our South Africa office.

Jason

*FX/CFD trading carries a risk of losses in excess of your deposited funds
  • #10,513
  • Jul 12, 2018 12:23pm Jul 12, 2018 12:23pm
Quoting Jason Rogers
{quote} Hi Krypt0n1te Happy to help. As a resident of South Africa, you have the additional options of having an account with either FXCM Australia or FXCM South Africa. We are unable to transfer your existing FXCM UK account to another FXCM entity, but you could simply take a few minutes to complete the account application and then transfer the funds to your new account in either Australia or South Africa. By the way, if you would like the ability to trade Bitcoin at some...
Many thanks Jason, much appreciated. Post noted.
  • #10,514
  • Jul 12, 2018 12:25pm Jul 12, 2018 12:25pm
Quoting Jason Rogers
{quote} Hi Krypt0n1te Happy to help. As a resident of South Africa, you have the additional options of having an account with either FXCM Australia or FXCM South Africa. We are unable to transfer your existing FXCM UK account to another FXCM entity, but you could simply take a few minutes to complete the account application and then transfer the funds to your new account in either Australia or South Africa. By the way, if you would like the ability to trade Bitcoin at some...
It seems your stories are all mixed up. I have tried to open an account through FXCM Australia to no avail, and FXCM South Africa uses the UK office for their accounts.
  • #10,515
  • Jul 12, 2018 2:18pm Jul 12, 2018 2:18pm
Quoting angus
{quote} It seems your stories are all mixed up. I have tried to open an account through FXCM Australia to no avail, and FXCM South Africa uses the UK office for their accounts.
Hi angus,

When you go to the application page for FXCM Australia, select any country such as Australia to get to the application itself and on step 1 of the application you will be able to select South Africa as the country of residence in the drop down menu. FXCM South Africa will stop using the UK office for their accounts tentatively scheduled towards the end of this month. If you want to go this route, please wait until I can confirm the change has been made. Sorry about the confusion.

Jason

*FX/CFD trading carries a risk of losses in excess of your deposited funds
  • #10,516
  • Jul 12, 2018 2:55pm Jul 12, 2018 2:55pm
Quoting Jason Rogers
{quote} Hi angus, When you go to the application page for FXCM Australia, select any country such as Australia to get to the application itself and on step 1 of the application you will be able to select South Africa as the country of residence in the drop down menu. FXCM South Africa will stop using the UK office for their accounts tentatively scheduled towards the end of this month. If you want to go this route, please wait until I can confirm the change has been made. Sorry about the confusion....
How does being found guilty in court for Fraud feel Jason Rogers? Fxcm is a joke stay away all costs. Scum like you is why 90% retail traders lose money. This must be one of your hunting grounds shame , shame , shame.
  • #10,517
  • Jul 12, 2018 3:11pm Jul 12, 2018 3:11pm
Fxcm Can't be trusted much better brokers around - putting me on ignore won't change the fact fxcm was found guilty for fraud.!!
  • #10,518
  • Jul 15, 2018 8:32am Jul 15, 2018 8:32am
Um.
Is forexbrokerpro dot id official IB from FXCM UK in Indonesia?
Or scam?
RIP RTM
  • #10,519
  • Jul 18, 2018 6:16am Jul 18, 2018 6:16am
Hey Jason,

What is the caper with FXCM changing my spreads to 1999 levels ? I joined a while back and left my account dormant. Now I come back and the spreads have become terrible.

I trade FXCM with Ninjatrader

Chat support has been useless.
Attached Image (click to enlarge)
Click to Enlarge Name: FXCM_Spreads.png Size: 103 KB
  • #10,520
  • Jul 18, 2018 2:45pm Jul 18, 2018 2:45pm
Quoting hendzwoter
Um. Is forexbrokerpro dot id official IB from FXCM UK in Indonesia? Or scam?
Hi hendzwoter,

I confirmed on my side that Forexbrokerpro dot id is a referring broker for FXCM in Indonesia. We work with many referring brokers around the world. Keep in mind your account will be opened with FXCM and funds will be held with FXCM.

Jason
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