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FXCM Discussion

  • #181
  • Dec 4, 2007 8:38am Dec 4, 2007 8:38am
Quoting gioviforex
i saw in the fxcm web site that beginning of 2008 they will offer also MT4 platform.
They found this way to have again the dealing desk
MT4 should have no influence on their execution style especially if they maintain their regular platform as well and offer both based on a clients preference. It would not be in their best interest to go back to dealing desk - much more risk for FXCM would be involved since they would have to offset trades. I'm excited they will be offering it...
  • #182
  • Dec 4, 2007 9:07am Dec 4, 2007 9:07am
Please don't hold your breath on this. I became an IB for them last year, in January of 2007 they were saying they would have MT4 "within 90 days". I talked to a vice president in September and heard mid-October to November 4th as the latest.

Why every other broker in the world that wants to can offer it and they can't is beyond me, but until I have their server file with a data feed and execution I'm not waiting around.
The basis of a democratic state is liberty. ~ Aristotle
  • #183
  • Dec 4, 2007 9:14am Dec 4, 2007 9:14am
Ven - I'm sure size has something to do with it; it's much harder for a large company to implament new technology than a small one.

They also have other things going on that would split IT energies and focus... I'm sure they'll have it worked out before too long.

As a former IB of FXCM myself (when I was managing money) I know the frustration of working with them, but their back-office reporting was still some of the best in the business. Introducing for other firms was much more labor intensive.

Give it some time, they'll get it worked out.
Trade Small. Be Patient. Learn to Survive.
  • #184
  • Dec 4, 2007 10:06am Dec 4, 2007 10:06am
Anyway now it is possible trade directly on the charts with fxcm.
They use Marketscope 2.0
  • #185
  • Dec 4, 2007 10:18am Dec 4, 2007 10:18am
Oh I'm not irritated at them or anything, I just don't want people to be disappointed when it doesn't happen again.

Don't join FXCM in anticipation of this, I had clients do that and have now had them close those accounts and move on.

From my talks with them, it seemed like they didn't want to promote this was happening much. I think they would prefer users on their platform.
The basis of a democratic state is liberty. ~ Aristotle
  • #186
  • Dec 4, 2007 10:48am Dec 4, 2007 10:48am
Quoting Vensik
Oh I'm not irritated at them or anything, I just don't want people to be disappointed when it doesn't happen again.

Don't join FXCM in anticipation of this, I had clients do that and have now had them close those accounts and move on.

From my talks with them, it seemed like they didn't want to promote this was happening much. I think they would prefer users on their platform.
Now that right there I have seen before; I don't know if you were around when they launched FXCMPro and then PropFX but neither have ever really been pushed as far as I can tell... It looks like to me the PropFX site no longer even exits... I think if the truth were known they are already using MT4 on their servers: They've recently partnered up with FX-Auto and are providing that companies signal providers to their clients... If I'm not mistaken many of the FX-Auto models are executed on MT4. It may be closer than we realize...
Trade Small. Be Patient. Learn to Survive.
  • #187
  • Edited 10:42am Dec 7, 2007 10:30am | Edited 10:42am
I would steer clear of FXCM. It took me over a week to try to get funds wired out. And I still have not yet received the funds. Also, the spreads tend to widen at inopportune times (unrelated to news events).

I do not know why my previous thread was marked as an attempt to solicit customer service and moved to the recycle bin. The purpose of the thread was to share a negative experience that would likely be relevant to others considering brokers.

Also, a statement was made that "obviously, FXCM is not attempting to steal your money". That is probably true, but to delay someone access to their funds several days beyond the stated terms is a material shortfall of service.
  • #188
  • Dec 7, 2007 10:35am Dec 7, 2007 10:35am
Quoting natejax
I would steer clear of FXCM. It took me over a week to try to get funds wired out. And I still have not yet received the funds. Also, the spreads tend to widen at inopportune times.

I do not know why my previous thread was marked as an attempt to solicit customer service and moved to the recycle bin. The purpose of the thread was to share a negative experience that would likely be relevant to others considering brokers.

Also, a statement was made that "obviously, FXCM is not attempting to steal your money". That is probably true, but to delay someone access to their funds several days beyond the stated terms is a material shortfall of service.
I think this question was answered here:
http://www.forexfactory.com/showpost...9&postcount=13
  • #189
  • Dec 7, 2007 10:39am Dec 7, 2007 10:39am
Again, i said: my thread was not an attempt to solicit customer service. I was looking to share a negative experience with a broker that would likely be relevant to others looking for brokers. An assumption was made as to the intention of my post based on the actions of a representative of FXCM.
  • #190
  • Dec 7, 2007 10:48am Dec 7, 2007 10:48am
Quoting natejax
Again, i said: my thread was not an attempt to solicit customer service. I was looking to share a negative experience with a broker that would likely be relevant to others looking for brokers. An assumption was made as to the intention of my post based on the actions of a representative of FXCM.
sounds like there trying to shut you up, you know it's a money thing.
If I Go Broke Trying Then I Will die happy.
  • #191
  • Edited 12:23pm Dec 10, 2007 11:30am | Edited 12:23pm
yep - thats what i am thinking... i still do not have my money, even though they said i would get it friday.. i will have to call in again and threaten them this time.. ridiculous...

I also received an infraction for sharing the negative experience. Don't really understand what rule I broke
  • #192
  • Edited 9:21pm Dec 10, 2007 12:42pm | Edited 9:21pm
Quoting natejax
I also received an infraction for sharing the negative experience. Don't really understand what rule I broke
well if we must bring this discussion to the public forum, i will do so.

first of all, your complaint is petty. you are complaining that you havent gotten your funds after a week. its obvious that you are a new to trading, because this is perfectly normal. the amount of your account, im guessing, is under $10,000. FXMC doesnt want to steal your tiny account, so obviously this delay is due to some small problem that should be resolved with FXCM's customer service department.

secondly, your complaint is not credible. you are new to FF and have very little trading experience...FXCM, on the other hand is huge and old as dirt. you have provided nothing but a complaint, no documents or anything to support it. so all we have it your word, and you are not credible at FF due to your short history here.

so the reason i moved your threads to the recycle bin is because its a petty, non-credible complaint, and its taking away from FF's focus on trading. do you think its a mistake that FF doesnt have the usual crap found on other forums? the mod team tries to keep the forums as focused on trading as possible, and thats exactly why we moved your first and second threads to the recycle bin.

and as for what rule they broke, see rule #2...

Rule#2
Forex Factory is all about trading. Anything focused on the pursuit of trading profits is welcome; anything focused on something else is subject to removal.

you should have known it was rule #2 though, as it was clearly shown on the infraction.

now mr. natejax you have wasted enough of my time, and everyone else who has to read this petty issue. please do not mention this issue again at FF. bring this drama to one of the many other forums that welcome this kind of thing.

and btw, moe, that was a disgusting remark. dont assume we share the same values.
Relax and be happy.
  • #193
  • Dec 10, 2007 5:56pm Dec 10, 2007 5:56pm
Merlin, I am sorry if I have upset you as that was not my intention. I was just trying to give a heads up to other people as to what they might expect with FXCM based upon my experiences..

While I am new to forex, i have been trading equities for some time now and have experience with several brokers. This is the first time I have ever had a problem getting funds when I needed them. To me, the amount of contact involved raised some serious red flags (2 faxes + 1 web chat + 2 phone calls over the span of 7 business days)

Additionally, while you may have experienced a 2 week delay with your broker, FXCM has it stated that wire transfers will occur within 2 business days. If they did not set this standard, I would not have been concerned about it.

As for rule #2, in my humble opinion, the ability to withdraw funds is in fact a very material part of trading profitably. If we are unable to withdraw our funds then what is the point of trading? I do not see how the issue is outside the scope of the rule.

Incidentally, I did finally get my funds today. But you have certainly made your point. Not to worry, I will keep my broker experiences to myself from this point forward. Since I am now with a legitimate broker (MB Trading), I do not anticipate having these types of problems anyway.
  • #194
  • Dec 10, 2007 6:13pm Dec 10, 2007 6:13pm
We all know tiki would like to put his 2 cents in here too.... but I will refrain !!!
  • #195
  • Jan 23, 2008 4:13pm Jan 23, 2008 4:13pm
FXCM sure did a good job on lowering the spreads, it's 17:11 EST now, spread on euro is 0.6, never seen such low spreads at this broker. It's not typical though, they will usually have it at 2-2.5 on euro, about the same on usd/jpy, and a couple of others, but so far this is an improvement.
Trax Tibidax Tibidox...
  • #196
  • Jan 23, 2008 5:19pm Jan 23, 2008 5:19pm
if you want to know if a broker is legit or not..just view the FCM reports

Make sure they have in excess of the capital requirements set by the CFTC

I'm with Oanda and I am satisfied with them. But I do monitor them from time to time and if they receive any complaints or their financials start to dwindle, it's time to raise questions, make calls, send emails, etc.

I suggest everybody to do the same with their respective brokers

http://www.cftc.gov/marketreports/financialdataforfcms/
  • #197
  • Jan 23, 2008 5:45pm Jan 23, 2008 5:45pm
Quoting masterpiecefx
FXCM sure did a good job on lowering the spreads, it's 17:11 EST now, spread on euro is 0.6, never seen such low spreads at this broker. It's not typical though, they will usually have it at 2-2.5 on euro, about the same on usd/jpy, and a couple of others, but so far this is an improvement.
im looking at the spreads now and i see gbp/usd 7 pips spread and eur/usd 5 pips spread.
If I Go Broke Trying Then I Will die happy.
  • #198
  • Jan 23, 2008 8:09pm Jan 23, 2008 8:09pm
Yes, they increase for some time and then decrease, but the average spreads are lower than they used to be.
Trax Tibidax Tibidox...
  • #199
  • Jan 23, 2008 8:26pm Jan 23, 2008 8:26pm
they must be trying to woo customers back after cheating them out of their money....bucket shop!
I seen spikes on fxcm that would make your skin crawl!
  • #200
  • Jan 23, 2008 8:56pm Jan 23, 2008 8:56pm
Im seriously considering going back to FXCM when they offer MT4 platform.
What I dont like about them is they oftentimes spike the market to hunt stops - Royal is doing just the same too.
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