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require info on FXCM from experienced trader plz =)

  • #1
  • First Post: Jun 8, 2007 5:38am Jun 8, 2007 5:38am
hello! I have reading through this section of the forum but I cannot find much about FXCM, I hope the guys who have experience trading with them please post the main review for them here please, if there was a post about it then Im sorry to ask again but please link it, the main thing I want to know are:

1) are they safe on our money in term of, wont get bankrupt and run away =P

2) have anyone been trading with them and withdraw successfully often ?

3) have fun everyone and thanks for your reply, much appreciated =) I know these questions are silly but its really important to me and thanks again!
  • #2
  • Jun 8, 2007 5:43am Jun 8, 2007 5:43am
I think they are safe on their margin, they have a lot of customer.

They were known to use stop chasing but now they are running mainly on a NDD based so this is not an issue anymore (i guess)

Other than that, i dont know. I'm using FXDD
  • #3
  • Jun 8, 2007 10:55am Jun 8, 2007 10:55am
I have never traded with them either but from what I hear they are quite reliable.
  • #4
  • Jun 8, 2007 11:44am Jun 8, 2007 11:44am
Quoting titanpips
hello! I have reading through this section of the forum but I cannot find much about FXCM, I hope the guys who have experience trading with them please post the main review for them here please, if there was a post about it then Im sorry to ask again but please link it, the main thing I want to know are:

1) are they safe on our money in term of, wont get bankrupt and run away =P

2) have anyone been trading with them and withdraw successfully often ?

3) have fun everyone and thanks for your reply, much appreciated =) I know these questions are silly but its really important to me and thanks again!
Maybe I shouldn't say anything, because I haven't used FXCM, so what do I know? However, if you Google them, I believe it will be very easy to find a LARGE number of forums in which they are routinely trashed by angry (former) customers. When I was first looking for a broker, I was amazed at the amount of vitriol I found out on the Internet for this company.

Personally, I would never trade with a dealing-desk broker. I won't go into a diatribe here about the hassles of bucket shops, but I encourage you to research the differences between dealing-desk and non-dealing-desk brokers. It is a very significant factor.

And PLEASE do not be suckered by FXCM's claim to have a non-dealing-desk option. Their "non-dealing-desk" has fixed spreads. Those two features are mutually exclusive. You can't maintain a true non-dealing-desk (ECN) and also offer fixed spreads. If they try to claim that they really do have a non-dealing-desk option, ask them about their policy on scalping (true ECN brokers couldn't care less if you scalp). Ask them if you can place limit orders BETWEEN the spread (again, ECN brokers couldn't care less). Ask them if the spread ever goes to 0 (the true spread on the ECN does in fact go to 0 during periods of high volume).
  • #5
  • Jul 27, 2007 7:59am Jul 27, 2007 7:59am
Quoting Bytebodger
...FXCM's claim to have a non-dealing-desk option. Their "non-dealing-desk" has fixed spreads...
I currently have multiple large NDD accounts with FXCM and must say that spreads are not fixed. I've been with them for several years and must say that they've significantly improved their services. I just like many other unsatisfied customers have bashed them on the forum in the past but now I honestly cannot say anything negative about them. Execution is great and wire withdrawals are usually funded the same day and at no charge. Spreads might sometimes be a pip or so higher then competition but other then that I give them my thumbs up. When you have a bit more money in your accounts they really start taking care of you, give you priority and even assign you a dedicated customer service representative.
regards...... Liquid
  • #6
  • Jul 27, 2007 11:39am Jul 27, 2007 11:39am
now that they use an NDD model, and can offer segregated accounts via their UK office I am very happy with them.. The only thing they are missing is MT4 . Also they have by far the best customer service and a currenex platform if you have over 10k which isn't too bad either. I'd suggest them to anyone.
  • #7
  • Jul 27, 2007 2:11pm Jul 27, 2007 2:11pm
I was with them during their dealing desk days and thought they were just okay, but since then (a year and a half ago), they have stepped up their game in every way. Execution has been great, customer service has been great, very fast service. I am back with them for more than a few reasons. Their spreads are about a pip or so different then some other retail brokers, but that doesn't make a big enough difference to me to be a problem. I recommend them, Fxsol and Oanda, depending on your trading style.
  • #8
  • Jul 27, 2007 2:48pm Jul 27, 2007 2:48pm
Quoting titanpips
hello! I have reading through this section of the forum but I cannot find much about FXCM, I hope the guys who have experience trading with them please post the main review for them here please, if there was a post about it then Im sorry to ask again but please link it, the main thing I want to know are:

1) are they safe on our money in term of, wont get bankrupt and run away =P

2) have anyone been trading with them and withdraw successfully often ?

3) have fun everyone and thanks for your reply, much appreciated =) I know these questions are silly but its really important to me and thanks again!

If you are new, They are a good, solid company. I have 1/3 of my funds with them on Currenex platform. Spreads are a bit high for my taste at times, yet for long term carry trades they are hard to beat, so an extra pip is reasonable. Not for scalping for sure. Platform is just to easy....a good thing.
I take 2 withdrawls per month, via direct deposit....for me, in the States, Takes 2 business days. I was with them for 2 1/2 years....left when NDD started....went back when Currenex was intergrated with the Tradestation Platform. They also have a UK "division" that offers segegated funds....
Onada and Dukascopy are my other 2 brokers of choice.....you can check with CFTC for Company strenght ( US registered only I think )
Proper Prior Planning Prevents Piss Poor Performance
  • #9
  • Jul 27, 2007 4:55pm Jul 27, 2007 4:55pm
Quoting titanpips
1) wont get bankrupt and run away =P

2) have anyone been trading with them and withdraw successfully often ?
Here take a look "http://www.cftc.gov/files/tm/fcm/tmfcmdata0705.pdf" they are far away of being bankrupt.. and they are one of the most famous broker out there.. I mentioned "famous" not the best !( just clear it up)

Their platform is made to avoid as much as they can for you get a good profit from 'em.
This whole new "no dealing desk crap" is just a excuse to give you a huge a spread during the market movement.
Never happened to me but someone ppl saying they dont honor the stop loss.
The only good thing i can tell you from them. That they are good for trading news..thats all..
but try a demo for your-self to take your own thoughts about them.
later
  • #10
  • Last Post: Aug 19, 2007 6:55pm Aug 19, 2007 6:55pm
Buckit Shop >>> They Will Run Your Stops For The Preferred Customers And Youre Not One Of Them.
I first started trading with them 3 years ago and they were brutal. I quit and have no regrets.
Its amazing how they have "a spike" on their platform versus metatrader.! GOOD LUCK youll need it.
I guarantee you will be moving to someone else. FXCM is for suckers. However, I do like their news!
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