FXCM.. 26Pip spread on a 3pip pair...What is wrong? | Forex Factory

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FXCM.. 26Pip spread on a 3pip pair...What is wrong?

  • #1
  • First Post: Nov 5, 2009 10:36am Nov 5, 2009 10:36am
I have been demoing for some time now and just noticed that on my FXCM demo, upon a 3pip spread it give me 26pip instead. I have called them and there only answer is, "we can't see the problem" from there end and that it should read and execute as 3Pips and not 26pips. Of course they suggest to un-install and install again. Has anyone out there have or had this problem before? Is there any foul play on the part of the broker? This has held me back from trading live and have not gotten my confidence up on the part of the broker. Any suggestion is appreciated and thanks.

Lag
[email protected]
  • #2
  • Nov 5, 2009 1:39pm Nov 5, 2009 1:39pm
Quoting Lag
I have been demoing for some time now and just noticed that on my FXCM demo, upon a 3pip spread it give me 26pip instead. I have called them and there only answer is, "we can't see the problem" from there end and that it should read and execute as 3Pips and not 26pips. Of course they suggest to un-install and install again. Has anyone out there have or had this problem before? Is there any foul play on the part of the broker? This has held me back from trading live and have not gotten my confidence up on the part of the broker. Any suggestion...
Hi Lag,

Do you remember the exact time and currency pair you saw this occur? The marketscope chart lets you create a historical tick chart to view the spread at any period.

Also, a demo account cannot simulate slippage since the orders are not executed against actual liquidity being provided by the banks.

Please feel free to message me with the details as well if you want.

Jason
  • #3
  • Nov 5, 2009 4:40pm Nov 5, 2009 4:40pm
Quoting Lag
I have been demoing for some time now and just noticed that on my FXCM demo, upon a 3pip spread it give me 26pip instead. I have called them and there only answer is, "we can't see the problem" from there end and that it should read and execute as 3Pips and not 26pips. Of course they suggest to un-install and install again. Has anyone out there have or had this problem before? Is there any foul play on the part of the broker? This has held me back from trading live and have not gotten my confidence up on the part of the broker. Any suggestion...
Have you tried their suggestion--uninstalling and reinstalling?

I wouldn't think it's foul play. Certainly not on a demo. What would the motivation be?
  • #4
  • Nov 5, 2009 5:45pm Nov 5, 2009 5:45pm
Thanks Jason and Bill. Yes I un-installed it and re-installed it and it gave me an average of 26pip spread. Thats when I called again. I don't have to tell anyone here that when your dealing with small increments on pips as profit, a 26pip spread from the beginning is touch to match. I have been able to surpass that 26 pips for an earning but at times just barely clear even.
The only reason I'm with FXCM is because I had an account with ITreadeFX.com and they when belly up. At least I never got a reason why. I read allot on dishonest Brokers and upon experiencing this, I held from live trading. I have funds with them that was transfered from my previous Broker (see above).

On another note, does any one know of a brokerage house, much like FXCM that have available a software to view my charts on my new IPHone? FXCM is in the process to bring one out, but is there anyone else out there providing the software for MT4?

Thanks for both on getting back so promply. By the way, I have been Demo trading and use a combination of indicators and suggestions from Forex Factory.com. I must look into this site at least 10 a day.

Once again, thanks.

Lag
[email protected]
  • #5
  • Nov 5, 2009 6:01pm Nov 5, 2009 6:01pm
Quoting Lag
Thanks Jason and Bill....

Hopefully it was a 1 off ?? or have you seen it a few times.

At News / Big move times I've seen 14pips briefly for EJ's spread, but few minutes and back to okay.

Been using them for 5years, they seem to be fairly straight even had a entry slip in my favour today so the slippage looks to be fair to.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #6
  • Nov 5, 2009 11:08pm Nov 5, 2009 11:08pm
Quoting Lag
Thanks Jason and Bill. Yes I un-installed it and re-installed it and it gave me an average of 26pip spread. Thats when I called again. I don't have to tell anyone here that when your dealing with small increments on pips as profit, a 26pip spread from the beginning is touch to match. I have been able to surpass that 26 pips for an earning but at times just barely clear even.

Lag
[email protected]
Are you sure you are looking at 26 and not 2.6 ? I am trading with FXCM for a long time, never such incidence as you describe.
  • #7
  • Nov 6, 2009 12:04am Nov 6, 2009 12:04am
Quoting billflet
Have you tried their suggestion--uninstalling and reinstalling?

I wouldn't think it's foul play. Certainly not on a demo. What would the motivation be?
I don't think they will try to rip you off on a Demo account
  • #8
  • Nov 6, 2009 2:25am Nov 6, 2009 2:25am
Firstly liquidity is never that low on any of the majors to require a 26 pip spread except in the first 2 hours of trading on a sunday/monday.

Secondly, what else is new?
  • #9
  • Nov 6, 2009 6:58am Nov 6, 2009 6:58am
do a SCREENSHOT or a Screenrecorder
taking series 3 and 34
  • #10
  • Last Post: Nov 6, 2009 11:00pm Nov 6, 2009 11:00pm
Quoting Lag
I have been demoing for some time now and just noticed that on my FXCM demo, upon a 3pip spread it give me 26pip instead. I have called them and there only answer is, "we can't see the problem" from there end and that it should read and execute as 3Pips and not 26pips. Of course they suggest to un-install and install again. Has anyone out there have or had this problem before? Is there any foul play on the part of the broker? This has held me back from trading live and have not gotten my confidence up on the part of the broker. Any suggestion...
On the GBP/JPY last night the spread went out to 9-10 on the NFP release

FXCM have the eur/usd at 26???

Guys once you get 10k or more to trade with go to a real broker......

cheers,
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