is fxcm the best retail broker out there? | Forex Factory

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is fxcm the best retail broker out there?

  • #1
  • First Post: Jul 23, 2008 7:00am Jul 23, 2008 7:00am
data from multiple banks, low spread...allow to scalp. is there a better one? if there is one, please post it here.
  • #2
  • Jul 23, 2008 7:13am Jul 23, 2008 7:13am
I hope you will do your research better than this....!!! What about frozen platfomrs constantly making you lose your trades..... terrible slippage.... OH so mnay things... don't get me started..... chekc CAREFULLY FIRST......

Quoting Geelong_Cats
data from multiple banks, low spread...allow to scalp. is there a better one? if there is one, please post it here.
  • #3
  • Jul 23, 2008 7:57am Jul 23, 2008 7:57am
Quoting Geelong_Cats
data from multiple banks, low spread...allow to scalp. is there a better one? if there is one, please post it here.
hahahahah

hahahah

hahahahahahahahahahah
  • #4
  • Jul 23, 2008 8:27am Jul 23, 2008 8:27am
Quoting Tiki Trader
I hope you will do your research better than this....!!! What about frozen platfomrs constantly making you lose your trades..... terrible slippage.... OH so mnay things... don't get me started..... chekc CAREFULLY FIRST......

someone recommended it. what do you recommend as a good retail brokerage?
  • #5
  • Jul 23, 2008 10:08am Jul 23, 2008 10:08am
check IBFX.com
Trade what you see, not what you think.
  • #6
  • Jul 23, 2008 11:14am Jul 23, 2008 11:14am
I've just opened a live micro account with them about a month ago to test their platform.

It is great for scalping. They've realy gotten their act together this year. I've had no freezing or slippage, and have done very well with them. Almost instant fills and really low spreads. I never trade news though. And I don't think I would use them for longer term trades. I have another broker that I like that I use for daily trading.

Pros.
#1 Nearly instant fills
#2 trades visible on the charts
#3 One click trading
#4 Very low spreads, sometimes down to zero.

Cons. With the micro you can't call in a trade if you computer crashes.
That for me is a HUGE negative! This is why I do long term trades with a different broker.
  • #7
  • Jul 23, 2008 1:28pm Jul 23, 2008 1:28pm
one of the traders told me that it is better to trade forex futures because the commission is lower? didn't get what he mean exactly. but he recommended me interactivebroker for forex futures. that place seems solid.
  • #8
  • Jul 23, 2008 2:45pm Jul 23, 2008 2:45pm
Quoting outofajam
I've just opened a live micro account with them about a month ago to test their platform.

It is great for scalping. They've realy gotten their act together this year. I've had no freezing or slippage, and have done very well with them. Almost instant fills and really low spreads. I never trade news though. And I don't think I would use them for longer term trades. I have another broker that I like that I use for daily trading.

Pros.
#1 Nearly instant fills
#2 trades visible on the charts
#3 One click trading
#4 Very low spreads, sometimes down to zero.

Cons. With the micro you can't call in a trade if you computer crashes.
That for me is a HUGE negative! This is why I do long term trades with a different broker.
You could have all these positives with mgforex without the cons, and they have a much better reputation
  • #9
  • Jul 23, 2008 3:33pm Jul 23, 2008 3:33pm
Quoting cka6c
You could have all these positives with mgforex without the cons, and they have a much better reputation

Thanks for the thought man, I have tried them. And it wasn't quite what I needed. I have a very specific trading stratagy and at the moment fxcm is working out very well for me
  • #10
  • Jul 24, 2008 12:47pm Jul 24, 2008 12:47pm
Quoting outofajam
Thanks for the thought man, I have tried them. And it wasn't quite what I needed. I have a very specific trading stratagy and at the moment fxcm is working out very well for me
What kind of problem did you have with MG, should I becareful ?
  • #11
  • Jul 24, 2008 2:56pm Jul 24, 2008 2:56pm
the best one is this one but unfortunately we dont know its name:

  1. THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. [MEMBER] IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. THE PRICES [MEMBER] OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE.
    ALTHOUGH [MEMBER] IS THE COUNTERPARTY TO EACH OF YOUR TRADES, [MEMBER] LIMITS RISK TO ITSELF BY INSTANTANEOUSLY OFFSETTING THE TRADES AND POSITIONS IT ENTERS INTO WITH YOU WITH A BANK OR INSTITUTIONAL MARKET MAKER. AS A RESULT, [MEMBER] DOES NOT PROFIT WHEN YOU LOSE MONEY ON A TRADE. RATHER, [MEMBER] EARNS COMMISSIONS ON EACH TRADE IT ENTERS INTO WITH YOU. THE AMOUNT OF COMMISSIONS CHARGED IS DISCLOSED ON PAGE [x] OF THE CUSTOMER AGREEMENT.
    http://www.nfa.futures.org/news/news...ArticleID=2104

  • #12
  • Jul 24, 2008 10:52pm Jul 24, 2008 10:52pm
Quoting cka6c
What kind of problem did you have with MG, should I becareful ?
Lol, no problems with them at all. Just didn't have the features I needed. I have no bad things to say about them
  • #13
  • Jul 25, 2008 2:09am Jul 25, 2008 2:09am
go the Dees! boo Geelong! sorry...
  • #14
  • Jul 25, 2008 3:27pm Jul 25, 2008 3:27pm
Quoting outofajam
I've just opened a live micro account with them about a month ago to test their platform.

really? i just had my episode with them few weeks ago, of platform freezes, huge slippage, closing my trade with a loss at non-market price, search around, it's probably one of the worst broker on the market!

it's working fine mainly because you have a micro account, they're waiting for you to transfer more money into your account before they start ripping you off...
  • #15
  • Jul 26, 2008 12:07pm Jul 26, 2008 12:07pm
Quoting dragoncat
it's working fine mainly because you have a micro account, they're waiting for you to transfer more money into your account before they start ripping you off...
  • #16
  • Aug 5, 2008 10:39pm Aug 5, 2008 10:39pm
Quoting dragoncat
really? i just had my episode with them few weeks ago, of platform freezes, huge slippage, closing my trade with a loss at non-market price, search around, it's probably one of the worst broker on the market!

it's working fine mainly because you have a micro account, they're waiting for you to transfer more money into your account before they start ripping you off...
That sounds very likely to me!

  • #17
  • Aug 6, 2008 2:45am Aug 6, 2008 2:45am
Quoting PistolDave
That sounds very likely to me!

Well I suppose it all depends what size an account you would want with them. I've got 2k in their micro now, and plan to keep it under 5. So far very very happy with them, still no problems. If ever have any I'll just close out and move on. My other account is with another broker, I really do like having accounts with more than one broker.
  • #18
  • Aug 6, 2008 5:51am Aug 6, 2008 5:51am
Quoting outofajam
Well I suppose it all depends what size an account you would want with them. I've got 2k in their micro now, and plan to keep it under 5. So far very very happy with them, still no problems. If ever have any I'll just close out and move on. My other account is with another broker, I really do like having accounts with more than one broker.
It's too bad that I keep seeing all this bad info about FXCM. They would seem to be good at trying to accomodate the smaller trader. With micro accounts and up to 400:1 leverage and other things useful, they would be a good option for a small account holder.

I'm starting to get suspicious that they may be just setting things up so they can rip-off the people who can least afford it and who are most likely to be destroyed quickly with the high leverage.

I need the leverage, and I can deal with the risk, but no one can win when the dealer not only makes the rules, then deals off the bottom of the deck too.

pd
  • #19
  • Aug 6, 2008 7:18am Aug 6, 2008 7:18am
FXCM has tight spreads?
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  • #20
  • Aug 6, 2008 8:42am Aug 6, 2008 8:42am
fxcm micro is strictly dealing desk, i spoke to them over the phone yesterday.
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