fxcm said to be making soft release of MT4 in Feb, full release + 2-3 wks

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Forward Testing Discussion Thread 241 replies
DislikedI contacted FXCM about their new MT4 offering. They offered for me to be a beta tester but in order to do that I must open an account. Not sure if they wanted me to be an MT4 beta tester with live money or not but that sounds kind of scary..beta testing with a live accout..Ignored
DislikedToday I had a very unpleasant experience with FXCM. I was over 40-pips in the money after the NFP release, then the market started to fall quickly. I tried to close my position at 20-pip profit, but to no-avail. My market order was hanging in the system for almost a minute(!?!) I couldn't cancel it, I couldn't change it, or I couldn't do anything else with it. It just sat there un-executed and I wathed my profits evaporate.
Eventually, when the market started going up in my favour again my position got closed (luckily with 10-pip profit). I find it distressing, as it smacks of dodgy practices. I have allegedly a non-dealing desk account, but after today I am not so sure. Forex is allegedly $1.7 trillion per day market with plenty of willing buyers and sellers. Howcome my mickey mouse (10-mini) order wouldn't get executed?
When I called FXCM to discuss the matter, I got transferred to a slick/ fast-talking man that tried to convince me that there was no liquidity and FXCM couldn't pass my trade into the market. Can you believe this? Apparently, there was no liquidity for EUR/USD, 5-min after the NFP release.
When I asked to which bank our orders go, he said that FXCM passes our orders to 14-leading banks, but he was not allowed to tell me who the banks are. At that point I got really annoyed, as I have never seen anything like this before. I have another accout with MBT and it executes at a fraction of a spread, without any problems. So, I am not so sure what is the FXCM's definition of non-dealing desk.
Anyway, why am I sharing it with you? Well, I have two auto (EA) systems that I wanted to trade through FXCM, but if this is what we can expect from them, I am concerned that my systems may be seriously compromised.
So, I am no longer holding my breath for FXCM supporting the MT4 platform. It may not be the best choice after all.Ignored
DislikedJust a little update, an FXCM staff called me up last weekend and he said they are starting MT4 soonest. He could not give me a date but he promised to call me as soon as they start. So I'm waiting for his call, but I got to say that its taking time.Ignored
DislikedJust a little update, an FXCM staff called me up last weekend and he said they are starting MT4 soonest. He could not give me a date but he promised to call me as soon as they start. So I'm waiting for his call, but I got to say that its taking time.Ignored
DislikedSounds alot like the conversation I had in January of '07. Except they gave me a timeframe of "within 90 days". Oh, and then again in Oct while talking to the VP except he said Nov, 4th at the latest.Ignored
DislikedI contacted FXCM about their new MT4 offering. They offered for me to be a beta tester but in order to do that I must open an account. Not sure if they wanted me to be an MT4 beta tester with live money or not but that sounds kind of scary..beta testing with a live accout..Ignored