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live acc trial .. in searching for a forex+cfd+gold broker

  • #61
  • Jul 17, 2009 8:15am Jul 17, 2009 8:15am
checked with support, match my guess

before 8:30am EST, price feed is from WTI0809
after 8:30am EST, price feed is from WTI0909
in between, they manually close position at 0809 price and manualy reopen position at 0909 price.

stop/loss order will be cancelled.

Quoting billye
fxcm cfd just now have a ridiculous oil price change... from 61 to 62.5$

I don't think it's due to any news... neither WTI0809 or 0909 show such a change.

will consult support on this.
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  • #62
  • Jul 17, 2009 11:05am Jul 17, 2009 11:05am
finally I got to thank them for a good fill.

I placed a wrong order and was in red for big. so I moved s/l to b/e at 64.00

when price approaching my s/l, I was watching it closely, fear that missing it will put me back in red again.

at this moment unfortunately, my internet has some problem
and I lost connection to fxcm, fxpro and delta at same time.
fxsol-aus still can connection somehow but acc-chart don't connect.

after trying 20min I reboot my computer and changed a internet connection provider... then working now.

I login to check that s/l eagerly coz all price I found on web chart says c-oil is still above 64.00

but great thanks to fxcm-uk cfd, they filled my s/l on the exact pip.

by comparing to delta data feed you can see this fill is perfect there is only a tiny dip and fxcm bid/ask is probably 63.99/63.91...
my 64.00 s/l was filled w/o missing! I feel very thankful for them.
Attached Images
  • #63
  • Jul 17, 2009 3:06pm Jul 17, 2009 3:06pm
but support seems to be offline now.

let's see if can be done by next Friday.
  • #64
  • Edited 11:51am Jul 19, 2009 10:58am | Edited 11:51am
1. made some money from fxcm-uk cfd USOIL,
and they are fine as a backup cc enabled broker,
cc deposit is <4hr, cc withdrawal is 5 biz day, monthly deposit limit 10k$
they also do cfd index, gold is not offered, forex at 0.1lot with okey spread, NDD

so far they pass my test as qualified backup forex/cfd/oil broker that is cc enabled.
only problem is trading position min is 40k usd for oil/cfd.

2. also traded some dow, sp500 and gold cfd via fxsol-aus...
they has been 1st class, cc deposit is instant, withdrawal is 2-3 biz day.... forex/sp500/gold starting 1k$ position. always my 1st choice

actually the oil and gold trading oppotunities are gone recently...
3. I do not plan to deposit interactive brokers due to ridiculous monthly fees.

4. will test out delta if I can rank their demo contest top 10 which have 50% deposit bonus (at least for margin protection )

they have a decent oil, cfd index, gold and cfd stock trading sizes,
could be one of backup major trading platform one size fits all...
fund deposit is not cheap but if I wanna long term trade with them I can afford the 2% cc deposit fee. (paid by other brokers anyway haha)

5. fxpro demo trading of agri/commodity futres/cfd works fine so far,
had some problem depositing via my cc banks, not likely to be able to work out soon...
but one of my friend made money and withdraw all no problem... they look okey if cc deposit is solved.

6. the remaining option we figured out is windsorbrokers with 20yr in industry.
their microlot allow trading oil at 600$ position size which is best availalbe for practice live...but their feedback is extreme slow.

will continue a slow pace with acc opening with them.

now I am bored and will try something new...
=> I will start a new thread to test some ECN brokers live acc now
  • #65
  • Jul 20, 2009 5:56am Jul 20, 2009 5:56am
fxcm-uk support confirm received my 2nd cc withdrawal (cancel back original deposit) request... will be handled in 2-3 days.

Quoting billye
but support seems to be offline now.

let's see if can be done by next Friday.
y: Re: withdrawal request, 2**9$ back to cc3**9 (Thank You For Contacting FXCM Ltd)
y: I want to confirm if it is received by email to [email protected] / [email protected]
y: Friday 4pm EST
support: Mr Y, yes we have received your withdrawal request form.l
y: good!
y: so i assume it will be proceed in 2 days?
support: we are experiencing some high volume and your request wiill be processed as soon as we can.
y: it's fine
y: seems you've got good business ^_^
support: If you don't see the amount being deucted from your trading account at this time tomorrow, please contact us again to check on the progress.
y: so I don't worry about you go bankrupcy with my money hahaha
support: Yes we are doing very well as request are very high at this time.
y: sure!!
y: byebye ^_^
  • #66
  • Edited 11:06am Jul 20, 2009 10:27am | Edited 11:06am
[this is trying oil broker that offer 600$ position for practice trading, fxcm-uk is 30k$ too big, fxsol no oil, fxpro is 6k$ but handle cc has problem]

windsor did not get back to me by email. so I go to live chat and got confirmation below:

micro acc swap policy is
i) position holding 0-5 days, no swap/roll-over fee
ii) position holding 5 days+, starting 6th day
everyday: 0.12$ storage fee (swap) for 1k unit E/U, annualized 3%/yr, no matter buy/sell
0 for crude oil, gold, sp500

I am okey with this policy. (if mini acc, 10 day free)

signed confirmation letter and scanned cc (1st 4/last 4 digit) and signature and send back.

they are after work now tomorrow will get back to me if doc is okey and if can deposit via cc (5% operating fee >_<)

Quoting billye
I did it at slow pace...
asked to fill an client confirmation letter - day 3
and prepare a cc scan of front with signature
I have one question regarding client confirmation letter says
"I/We the undersigned, hereby acknowledge and agree that the STORAGE charge will be applied to my/our Micro trading account(s), on
both buying and selling positions held open overnight, per each Micro lot, on a daily basis, after a predetermined period of time, in
[color=sienna]accordance...
ps: in addition to wd/s, today I found another cfd/oil/gold/future/forex broker by chance.
trading platform look like a simplified fxcm trading station. (but still mt4 should be more stable I guess)
it allow ~1k$ trading position size for oil, commodity, that's fun... they handle cc deposit/withdraw for free. (wd/s is 5% deposit, 15 euro withdraw)
acc open is right away but my cc bank reject to pay it. FPA f/b is neautral.
  • #67
  • Edited 8:05am Jul 21, 2009 4:42am | Edited 8:05am
windsor did not receive my email (?)
I go to support chat and sent mail again, then support confirmed my micro acc confirmation letter and cc/signature scan is okey.

so I proceed with cc deposit (with 5% fee >_<)

then my cc bank rejected paying to windor... they only accept wire except for cc... that's expensive for micro acc. have to stop here lo

Quoting billye
windsor did not get back to me by email. so I go to live chat and got confirmation below:

I am okey with this policy. (if mini acc, 10 day free)

signed confirmation letter and scanned cc (1st 4/last 4 digit) and signature and send back.

they are after work now tomorrow will get back to me if doc is okey and if can deposit via cc (5% operating fee >_<)
22hr ago fxcm-uk support confirm that my cc withdrawal request (cancel back) of original deposit is received.

I will wait till 24hr to remind again, last time it's done in 24hr.
  • #68
  • Jul 21, 2009 8:04am Jul 21, 2009 8:04am
Quoting billye

22hr ago fxcm-uk support confirm that my cc withdrawal request (cancel back) of original deposit is received.

I will wait till 24hr to remind again, last time it's processed in 24hr.
I am following up with support regarding the withdrawal request.
  • #69
  • Edited 8:57am Jul 21, 2009 8:24am | Edited 8:57am
request sent Friday 16pm EST, 26hr ago support confirm email received on chat, follow up just now.... support says I need wait another 24-48hr from now.

clarify why need so long? support says too busy but orders are first in first out.

support kept 2 long silence when I confirm withdrawal orders are processed in a FIFO manner. finally says yes.

I may be too rush >_< or they may be too busy because of "FIFO"

Quoting billye
I am following up with support regarding the withdrawal request.
Quote:
Originally Posted by billye http://static.forexfactory.com/forex...s/viewpost.gif

22hr ago fxcm-uk support confirm that my cc withdrawal request sent 16pm EST Friday (cancel back) of original deposit is received.

I will wait till 24hr to remind again, last time it's processed in 24hr.


info: Please wait for a site operator to respond.
info: You are now chatting with 'S'
S: Thank you for completing our pre-chat survey. Now that I have your information, how may I assist you today?
billye: I want to follow up on my withdrawal request
billye: for 2**9$ initial deposit cancel back to cc 3**9
billye: submit by email on Friday 16pm EST
billye: support confirm received request 26hr ago
S: Yes I see your withdrawal request
S: It is currently in line to be processed
S: Please allow 1-2 business days for processing
billye: considering my request is Friday 16pm EST
billye: would you estimate when shall I follow up if it's not removed from my acc?
S: Please allow 24-48 hours from now
billye: I was confirmed request is received 26hr ago
billye: and my request is sent 2 biz day ago
S: Yes, but we do require some time for processing
S: We are dealing with many requests now
billye: 24-48hr from monday morning
billye: or 24-48hr from yesterday support answer me
billye: or 24-48hr from today right now?
S: and they are processed in the order they are received
billye: ok
billye: could you confirm it's in a queue and first in first out?
billye: meaning none of this week's request has been processed? my request is Friday 16pm EST
(S: silence)
billye: 9:04am EST now
(S: silence)
S: Thank you for your patience, it should just be another moment
(S: silence, talking to another?)
billye: ok
billye: I just need to be confirmed that withdrawal orders are in a queue and processed first in first out?
billye: pls confirm and that's it thanks
(S: silence)
billye: 9:10am EST
S: Your request is in line to be processed
billye: first in first out?
S: Yes
billye: ok thanks
S: We process items in the order they are received
billye: that answers my question
billye: hope next time you can also handle chat first in first out instead of multi thread
billye: byebye
S: Thank you for using Live Chat and have a good day.

[note] last time I was 1st time withdraw, I was cautious so I did not place any trade before withdraw amount removed... to avoid a margin call.
this time I hold a position (2:1 leverage) in profit but removing this amount (then 3:1 leverage) shouldn't cause a m/c...
I don't think they have time to deal with customer differently base on profit open orders like small bucketshops do... I am just to imaginary detective-ness.
  • #70
  • Jul 21, 2009 9:25pm Jul 21, 2009 9:25pm
36hr passed from fxcm-uk support confirm receiving withdraw request 10am EST monday
amount not removed from acc balance yet...

they processed withdraw orders in FIFO manner meaning non of this week's withdrawal has been handled.
(I am not claiming or guessing, I am using fact+logic to make conclusion )

em... what happens if they FIFO all money to an offshore and then bankrupt that offshore? do US company pay back the money moved?
I may need to check agreements.

oh, the US company need to meet the NFA capital requirement, does it mean the offshore could be a 100$ registered company if it bankrupt there is no money to be collected by authorities to pay back the depositor?

Quoting billye
request sent Friday 16pm EST, 26hr ago support confirm email received on chat, follow up just now.... support says I need wait another 24-48hr from now.
  • #71
  • Edited 10:35pm Jul 21, 2009 9:45pm | Edited 10:35pm
oh, on the web this uk company purposely declared how to handle client deposit when uk company bankrupt ...
seems the US company will not pay if uk end up having no money to pay off all owned... it's a deal between client and uk company's asset.
but it says client money in a segregated acc which by theory broker will not borrow money from it.

now fxcm-us has over 100million capital, how much does uk have?

http://www.fxcm.co.uk/regulation.jsp

Greater Transparency Of Business Practices

Accounts with Forex Capital Markets LTD (FXCM UK) are fully segregated in accordance with FSA’s client money rules. The financial services authority, one of the world’s most respected financial regulatory bodies, regulates FXCM Ltd (UK). In the unlikely event of FXCM UK's bankruptcy, client assets would not be exposed to any bankruptcy proceedings.

however, on uk co web, there is a different wording in other language version, explaining client rights in time of a bankruptcy

it says client will be treated as secured creditor, and will be paid first in a bankrupty proceedings...
so it is still paid in the process of bankrupcy proceedings...
and law also says, if the secured asset (savings acc) end up cannot pay back as much as deposited...
(say there is 10 million in all customer acc but broker allow you to borrow 1 billion and blow up in real market in 1 second w/o being able to close the position in time)

then the difference part (deposit money vs real money left in acc) will be regarded as an unsecured asset and will not be paid... only what is left in acc is to be paid.

jason I think it is necessary to publish fxcm-uk balance sheet separately instead of combining all fxcm sum like link below
http://www.fxcm.co.uk/fxcm-balance-sheet.jsp
we know us company has a capital req from NFA, so then we would guess offshores have little real asset except client money?

what happens if maxey crack down the uk company by trading spikes and you did not really submit to market,
do you pay him using our deposit money, or do you plan to edit/cancel his order?

ok let's put questions simple:
1. how much capital does uk company have on it's own?
esp. OPERATING CASH is $130million for fxcm-us. that is the part that safe-guards 287 million client money from unexpected trading or system breakdowns.
what is the op-cash for uk company?

2. in the case of a bankruptcy, does US company backup the payment if UK company cannot payoff all money owned?
if it is not backed now, can you add it?

3. if uk company have small capital and us company do not backup the payment,
how do you limit the risk if some gambler using huge leverage to trade your wrong price quotes?
do you cancel the gambler's order and refuse to pay him,
or do you use other clients deposit to pay back the profit to gambler for the trade that you lose and did not submit to market? (then it's a ponsi)


Quoting billye
em... what happens if they FIFO all money to an offshore and then bankrupt that offshore? do US company pay back the money moved?
I may need to check agreements.

oh, the US company need to meet the NFA capital requirement, does it mean the offshore could be a 100$ registered company if it bankrupt there is no money to be collected by authorities to pay back the depositor?
  • #72
  • Edited 10:40pm Jul 21, 2009 10:30pm | Edited 10:40pm
comparing regulation page of fxcm-uk

http://www.fxcm.co.uk/regulation.jsp

to fxcm-us below... I found a few things missing us->uk co.

1. fxcm-us claim oversight (make it safe) by NFA capital requirement and regular reports...
what is the oversight enforced and capital req for UK co? or FSA doesn't care how much except the registration fee paid to it?

2. fxcm-us claim all FCM customer complaints is logged by NFA, and if there is serious problem, it will be seen in history.
what is the log of complaints for UK co?

3. fxcm-us claim NFA and CFTC can handle dispute, what is the role of FSA, does it handle dispute for UK co, or does it only collect a fee?
http://www.fxcm.com/regulation.jsp

Financial Standards and Oversight

FCMs are required to meet strict financial standards, including capital adequacy requirements. On a regular basis, FCMs are required to submit financial reports to regulators. These standards are enforced by the NFA, which has the right to fine firms and/or terminate an FCM's regulatory status for violations.

Greater Transparency Of Business Practices

The National Futures Association keeps records of all formal proceedings against Futures Commission Merchants. With a couple clicks of the mouse, a trader can find out if the firm has had serious problems with clients or regulators. Information can be found online at: http://www.nfa.futures.org/basicnet/


A Framework For Dispute Resolution

The U.S. regulatory framework is widely regarded as one of the best in the world for investor protection. If a dispute with an FCM arises, investors can turn to the NFA or the CFTC.
  • #73
  • Jul 22, 2009 3:56am Jul 22, 2009 3:56am
42hr passed. withdrawal not removed from acc yet.

I'll consult again upon 48hr after they 1st confirm receive the request...

see if I am told to wait another 1-2 days.

yes, patient

Quoting billye
36hr passed from fxcm-uk support confirm receiving withdraw request 10am EST monday
amount not removed from acc balance yet...
  • #74
  • Jul 22, 2009 8:35am Jul 22, 2009 8:35am
if forex is as predictable as broker, then we are all billionaires....
Quoting billye
42hr passed. withdrawal not removed from acc yet.

I'll consult fxcm (uk) again upon 48hr after they 1st confirm receive the request...

see if I am told to wait another 1-2 days.

yes, patient

info: Please wait for a site operator to respond.
info: You are now chatting with 'L'
L: Thank you for completing our pre-chat survey. Now that I have your information, how may I assist you today?
billye: wanna follow up on a withdrawal request
L: Sure. When did you submit your request?
billye: Friday 16pm EST
billye: to "FXCM UK" <[email protected]> cc "FXCM US" <[email protected]>
billye: WITHDRAWAL_***_4***5_2**9USD_CC3**9.pdf (354KB)
L: I am checking the current status right now.
billye: sure
L: Your withdrawal has not been processed yet. I do apologize for the delay; we have been experiencing a high inbound volume of client requests, and it has pushed the processing time back.
billye: understand
billye: is it possible to issue it end of today?
L: I cannot guarantee an exact time frame.
billye: ok, so what do you suggest is the next time I follow up on this?
L: I would check back with us in 1-2 business days.
billye: oh
billye: so I heard this 1-2 biz day monday, tuesday and now...
billye: still 1-2 biz days from "NOW"? I think I should move forward in your process queue
billye: since support yesterday told me that request orders are processed in a first in, first out manner
L: billye, I have explained the situation, and we are processing all requests in the order they are received to be fair to all our clients, including you.
billye: ok
billye: so my conclusion that so by now no request sent this week has been processed is true.
billye: because my request is sent Friday 16pm EST. and it has not been processed
billye: then you are all busy processing last week orders.
billye: I can understand that.
L: Yes, we still have some requests that we received before yours that need to be processed.
billye: in the reverse way I also understand as, no withdraw request that sent after me has been processed
L: billye, usually we can process all requests within 1-2 business days, but since there has been such a high incoming volume of client requests, the processing time is taking longer, and all requests are being processed in the order they are received to be fair to all of our clients during this time.
billye: ok
billye: I'm done ^_^ but I heard 3 times 24-48hr on 3 days....
billye: byebye
  • #75
  • Jul 22, 2009 8:56am Jul 22, 2009 8:56am
pls withdrawal me... or you'll bankrupt soon.........

//disclaimer: pls don't follow this order. it's by chance.
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  • #76
  • Edited 5:17pm Jul 22, 2009 4:43pm | Edited 5:17pm
EOD EST

withdrawal submitted Friday this time has not been processed, 3 biz day passed. it is said another 0.5-1.5 day needed

what happens if they bankrupt the offshore on Aug.1st? what can I do about it?

they are rushing money out as if it's their own money and someone is robbing it...

reversely I'd guess that the rules really prevent them to make money. why?

why unable to edit client order and collect double swap/roll-over and spread on hedging can cause such a panic?

or is it true that majority of mt4 clients there are EA and client's money manager
who really need a good 'report' enabled by holding/hiding losing order long time and still open more positions and close at a 'profit'? ... my wild guess

Quoting billye
if forex is as predictable as broker, then we are all billionaires....
  • #77
  • Edited 7:39am Jul 23, 2009 6:32am | Edited 7:39am
info: Please wait for a site operator to respond.
info: You are now chatting with 'M'
M: Thank you for completing our pre-chat survey. Now that I have your information, how may I assist you today?
billye: pls check my withdrawal request status
M: I can help you with that. While I pull up your account, did you have any other questions for me?
billye: no
billye: you always repeat the same sentence that's fine and professional
M: thanks
M: I see the form is in line to be processed, Mr.
M: we have had a very large volume of requests
M: because of the number of clients moving
M: to our UK division
billye: do you have a queue of move in and a queue of withdraw?
M: I estimate your form will be completed later today
M: the people who have moved had all of their pending US requests
M: moved to the UK team also
billye: this is my impression... since my withdraw request is sent 16pm EST last Friday.... base on FIFO if I am not processed, then non of others who issue withdraw this week has been processed...
then I have to conclude that this week you focused on moving money in (to UK) and did not process any moving money out (withdraw)
M: we are working on the clients now, whose forms
M: were received on the 17th
M: normally your form would have been processed by yesterday
M: and we are about 1 business day behind
M: right now, we're going through all the requests received from 07/17
M: for all of the UK clients
M: regardless of where the original request was directed
M: it's just that the UK team now has more requests
M: because the balance has shifted
billye: I'd just wait
billye: don't bankrupt before I get my money!!!!!!
billye: hahaha
M: we won't

Quoting billye
OK, start my daily greetings to my money sucker friend!!!!!!!!

https://server.iad.liveperson.net/hc...o/chatinfo.gifPlease wait for a site operator to respond.
https://server.iad.liveperson.net/hc...o/chatinfo.gifYou are now chatting with 'M'
M: Thank you for completing our pre-chat survey. Now that I have your information, how may I assist you today?
billye: hello
billye: pls...
  • #78
  • Jul 23, 2009 8:11am Jul 23, 2009 8:11am
Friday 16pm EST, withdraw request sent by email
Monday 10am EST, support confirm received request, ask to wait 1-2 day
Tuesday 10am EST, support confirm received request, ask to wait 1-2 day
Wednesday 9am EST, support confirm received request, ask to wait 1-2 day
Thurday 7am EST, support confirm received request, ask to wait 1 day, if still not then check tomorrow...
Thursday 9am EST, withdraw amount removed from acc.
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  • #79
  • Jul 27, 2009 9:54am Jul 27, 2009 9:54am
deposit return should be arriving soon

interesting thing is
last week till now, fxcm-uk trading station had 2 times platform disconnection during trading hours (fxsol, fxpro works then)
both times is when market is moving fast in favor of my long term order for 5~10minutes ... charts and price stopped and no notice jump out, I had to log back in again.

I actually don't care since they are holding ~1month orders.

but next(3rd) time I will capture a video see if they have artificle intelligence built into the software. haha
  • #80
  • Jul 30, 2009 11:17am Jul 30, 2009 11:17am
I'm now ranking #3 in delta's July demo contest...
(joined July.10, made a mistake forgot to roll-over oil contract mid July)

1 day to close the league... see O_O
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