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FXCM Micro Account Trading Environment Test

  • #101
  • Dec 5, 2009 12:40pm Dec 5, 2009 12:40pm
Quoting >Apocalypto<
what i can't believe is that charge for withdrawals in Australia. They told me all funds kept in aussie trust acc then why do I pay for a bank transfer.

very strange........... if it was same day return I can understand but i was told it's overnight.

FXCM are a real smoke and mirrors IMO
it might be in aussie dollars but an aussie trust account? not sure about that one but I don't blame them for charging a fee it's the banks that charge them a fee to send you money.
when I sent a wire transfer from my bank to my other broker the bank charged me $20.
see when a broker sends you money via wire transfer it doesn't just magicly appear in your account it goes from their bank to yours and most of the time there's a bank in between those banks too.
So instead of paying out $15 everytime some yahoooo wanted $20 from his micro account they pass the charge onto you as a way to make you not take out small amounts of money every other day.
If you plan on letting the micro account build up and take out money maybe twice a year it really doesn't matter.
  • #102
  • Dec 6, 2009 11:28pm Dec 6, 2009 11:28pm
Quoting Evilgoat
it might be in aussie dollars but an aussie trust account? not sure about that one but I don't blame them for charging a fee it's the banks that charge them a fee to send you money.
when I sent a wire transfer from my bank to my other broker the bank charged me $20.
see when a broker sends you money via wire transfer it doesn't just magicly appear in your account it goes from their bank to yours and most of the time there's a bank in between those banks too.
So instead of paying out $15 everytime some yahoooo wanted $20 from his micro account they...
I have traded with a few different brokers and providers. My options broker never changed for EFT transfers IG did not charge for EFT. I am not charged for an EFT from my account to any other bank.

that's the bit that makes me think, if the funds are in Oz why send TT with a charge and not EFT? there's no EFT charge in Oz. I asked if the funds would be same day and I was told no, overnight.

only thing i can think of is the funds are not in Australia. I was told on the phone by the rep that funds were in aust when I pushed on the fee he said it's for a telegraphic transfer and could not 100% guarantee funds are always in Oz. see point above, they are only use for same day international transfers.
  • #103
  • Dec 7, 2009 9:29am Dec 7, 2009 9:29am
Quoting Setebos
otherwise I would've never been able to withdraw it.
Hi Setebos,

You would be able to withdraw funds at any point even if you sent funds and decided not to proceed with the account. It's your money regardless. Please feel to private message me if you need help.

Jason
  • #104
  • Dec 8, 2009 10:55pm Dec 8, 2009 10:55pm
Hi Jason, regarding the free VPS, can you provide technical specifications like CPU & RAM allocated to each account?

Is round trip ping duration from the VPS to FXCM price feed and order execution servers < 1ms?

Is the VPS accessible via Windows Remote Desktop?

Are resources shared, such that some other user could hog a lot of CPU and RAM, leaving little for other users? This is a problem at other providers.

What restrictions are placed on the account?

How comparable is this VPS service with a commercial VPS service in terms of reliability/robustness? Is it a case of "you get what you pay for"?

I asked some of these questions to FXCM live chat support however the guy had no idea. It was probably the worst chat session I've ever had with a broker support person, a complete waste of time. He often took a long time to respond to my questions (sometimes 20 minutes) and then responded with scant information or stuff that I already knew. I don't often complain about support people, as I worked in a support position in my earlier years, but this guy makes FXCM look very bad. Fire the guy.
  • #105
  • Dec 9, 2009 10:08am Dec 9, 2009 10:08am
Quoting Hyper
Hi Jason, regarding the free VPS, can you provide technical specifications like CPU & RAM allocated to each account?
Hi Hyper,

Each VPS is allocated 10 Gb of disk space and 1Gb of Ram. Not sure about the CPU but will see what details I can get.

Quote
Are resources shared, such that some other user could hog a lot of CPU and RAM, leaving little for other users? This is a problem at other providers.

Each VPS is capped to using what has been allocated in terms of RAM and disk space so that other users get the resources they need.

Quote
Is the VPS accessible via Windows Remote Desktop?

Yes. Windows Remote Desktop is how you will access the VPS. After you request the VPS, we will send you an email with the IP Address, username, and password needed to access the VPS.

Quote
What restrictions are placed on the account?

The VPS is restricted to FXCM traders with a live MT4 account using an Expert Advisor. You must make at least ten trades a month and the server is yours at no cost. If you do not trade ten times a month, a fee of $30 may be debited from your account to cover server cost.

Quote
Is round trip ping duration from the VPS to FXCM price feed and order execution servers < 1ms?

I don't have statistics on ping speed; however, the VPS server is located in the same data center as the trade servers so it is fastest possible connection.

Quote
How comparable is this VPS service with a commercial VPS service in terms of reliability/robustness? Is it a case of "you get what you pay for"?

We started beta testing the VPS in August, and thus far I've had positive reviews from the clients using it. I have also personally been running 10 of our VPS with an EA on each one, and it has performed without issue. Most third party providers of VPS are interested in cramming as many licenses on one server because that's how they're making money. Our goal with providing VPS is to improve execution which can lead to increased trading volume so we're not going to overload each server with VPS setups.

Quote
I asked some of these questions to FXCM live chat support however the guy had no idea. It was probably the worst chat session I've ever had with a broker support person, a complete waste of time. He often took a long time to respond to my questions (sometimes 20 minutes) and then responded with scant information or stuff that I already knew. I don't often complain about support people, as I worked in a support position in my earlier years, but this guy makes FXCM look very bad. Fire the guy.

I appreciate the feedback and will message you privately for more details to bring to the attention of client services management. Edit: Your private message is turned off. If you don't mind, can you send me an email to [email protected] with the date and time you chatted with us.

Jason
  • #106
  • Dec 9, 2009 11:04am Dec 9, 2009 11:04am
Jason, thank you for the responses, they are much better than what I got from the chat support guy. I'll contact you about that unhelpful chat session. You make FXCM look so good in comparison.
  • #107
  • Dec 14, 2009 10:10pm Dec 14, 2009 10:10pm
FXCM has been my only broker ever since I started trading Fx.
There has been no problem for me at all until I started becoming more profitable.
I began to have the following problems :

- stop loss orders not honoured. My trades were in profit, I put in a stop loss at slightly better than breakeven, and went to sleep. When I checked in the morning, the trade was in a loss, and the stop loss was nowhere to be found.
- stop orders filled for 20 pips away during London market when there was no news.
- platform hung when you want to exit by market order for a trade that is in profit. This only happened twice but when the order was filled, I had lost a few pips. This was not during news time.


I am looking for another broker reluctantly as I have really grown to like the easy trading platform.
But what to do .... I can't be worried about whether my orders will be honored once I place them.
  • #108
  • Dec 15, 2009 7:45am Dec 15, 2009 7:45am
Quoting the novice
FXCM has been my only broker ever since I started trading Fx.
There has been no problem for me at all until I started becoming more profitable....
I am curious as to what type of account you have- Micro/Mini/Standard? I have a Micro and have not had 1 missed OCO. All have fired as expected. I have seen crazy Spreads(and negative Spreads as well) So far I like the Micro.
FF = Forex Faggots
  • #109
  • Dec 15, 2009 8:02am Dec 15, 2009 8:02am
Quoting 8fingers
I am curious as to what type of account you have- Micro/Mini/Standard? I have a Micro and have not had 1 missed OCO. All have fired as expected. I have seen crazy Spreads(and negative Spreads as well) So far I like the Micro.

You mean in micro, if you short eur/usd and your SL is 1.45100. It will have not slippage? Usually my SL will be hit around 1.45095 to 1.45098 range. Very seldom at 1.45100.
  • #110
  • Dec 15, 2009 8:19am Dec 15, 2009 8:19am
Micro.
Was at standard when there was no such problem as far as I can remember.

Almost always has slippage on execution as limit or stop orders.

In fact, I just got a reply on a query I had on one of my trades that was triggered as a buy stop order but 20 pips away! The reply was standard: price spike at that time.
But that occurred at 1330 EST without any news!
  • #111
  • Dec 15, 2009 8:49am Dec 15, 2009 8:49am
I agree thats always going to throw some doubt about what your Broker is REALLY doing. I had FXCM back in 2005-2007 and I can tell u-for sure-the trading environment has improved. It could be possible they are watching my trading account like a hawk(very doubtful) to make sure I dont get slipped or jipped. More likely they actually spent some coin on IT infrastructure. Besides-this is Forex-there are NO great Brokers-even the best are only just tolerable.
FF = Forex Faggots
  • #112
  • Dec 15, 2009 8:57am Dec 15, 2009 8:57am
Quoting the novice
When I checked in the morning, the trade was in a loss, and the stop loss was nowhere to be found.
Hi novice,

While stops can be slipped since they are At Best market orders, a stop order will only be removed if requested by the trader or removed due to the trade being closed by another order.

Our records keep track of the adding and removing of orders. If you feel the order was removed incorrectly, please request an audit and we will be happy to investigate.

Jason
  • #113
  • Dec 15, 2009 9:10am Dec 15, 2009 9:10am
Quoting Jason Rogers
Hi novice,

While stops can be slipped since they are At Best market orders, a stop order will only be removed if requested by the trader or removed due to the trade being closed by another order.

Our records keep track of the adding and removing of orders. If you feel the order was removed incorrectly, please request an audit and we will be happy to investigate.

Jason
Hi Jason

I have been the route before and got no where.
Your trade enquiry team found nothing wrong, and I did not have a screenshot to prove the existence of the stop loss.
I was smarter with the slippage of 20 pips.
They asked for evidence and I sent them the screenshot.
Now the answer given was no longer vague but an equally vexing price spike!
  • #114
  • Dec 15, 2009 11:38am Dec 15, 2009 11:38am
Does anybody records the maximum variable spread for major pairs especially during the news for FXCM Micro Account, such as EUR/USD, GBP/USD, USD/JPY and USD/CHF?

Thanks and have a nice day.
  • #115
  • Dec 15, 2009 12:29pm Dec 15, 2009 12:29pm
Quoting zam4ever
Does anybody records the maximum variable spread for major pairs especially during the news for FXCM Micro Account, such as EUR/USD, GBP/USD, USD/JPY and USD/CHF?

Thanks and have a nice day.
Hi zam4ever,

All FXCM accounts can access this information using the Marketscope chart inside the FX Trading Station II. Here's how to lookup the spread for any time period:

1. Open the "Create Marketshot" window. See the image below. You will need to select the currency pair, period (choose tick), and enable Date From and Date To. Date From and Date To is where you enter the length of time you want to view.

http://img8.imageshack.us/img8/7061/marketshot.jpg

Press OK and the tick chart will appear. Left click on the chart and the information box will show the bid/ask for the time you clicked on. Subtract the two and that is the spread.

http://img684.imageshack.us/img684/332/tickchart.jpg

-Jason
  • #116
  • Dec 15, 2009 9:28pm Dec 15, 2009 9:28pm
Dear Mr Jason,

Thank you for advices and it works now!

Have a nice day and cheers
  • #117
  • Jan 14, 2010 2:10pm Jan 14, 2010 2:10pm
My test is done - though I didnt really make money(never really tried as that wasnt my 1st goal) I am happy to report I would recommend FXCM MicroAccount for beginner and low investment traders. If anyone wants to read my prior opinion of FXCM they can visit ForexPeaceArmy.com and search through broker reviews under ernest8fingers. I was VERY anti FXCM. The Micro platform performed as expected without the usual Freezups and requotes I suffered in the past. I would open a Micro at least. Spreads were good for ALL Majors(1.5 for Euro/usd average). I want to thank FXCM and "jason" for allowing me this test. They were as good as their word. Refreshing in the world of Forex. I am curious as to what they might do to my MicroAccount? I want to continue trading it(very seriously though)with intent to withdrawal or upgrade. I want to add that my previous posts(pretty much all) were very nasty and full of malice. I have to apologize now-SORRY FXCM . Seems they have improved and maybe I have too?
FF = Forex Faggots
  • #118
  • Jan 14, 2010 8:11pm Jan 14, 2010 8:11pm
Quoting 8fingers
My test is done - though I didnt really make money(never really tried as that wasnt my 1st goal) I am happy to report I would recommend FXCM MicroAccount for beginner and low investment traders. If anyone wants to read my prior opinion of FXCM they can visit ForexPeaceArmy.com and search through broker reviews under ernest8fingers. I was VERY anti FXCM. The Micro platform performed as expected without the usual Freezups and requotes I suffered in the past. I would open a Micro at least. Spreads were good for ALL Majors(1.5 for Euro/usd...
well I haven't seen anything mentioned about the ~60:1 leverage for GBP/USD and ~70:1 for EUR/USD if you have a USD account with them (FXCM USA)...

Also there is no phone support ... I've used FXCM for 2 years and it happened 2-3 times that the platform stopped working and would not allow anyone to login (I have two separate laptops and 2 separate internet connections). In that case you can't even close your trades since the support is not real time.

m78
  • #119
  • Edited 9:06pm Jan 14, 2010 8:51pm | Edited 9:06pm
Quoting m78
well I haven't seen anything mentioned about the ~60:1 leverage for GBP/USD and ~70:1 for EUR/USD if you have a USD account with them (FXCM USA)...

Also there is no phone support ... I've used FXCM for 2 years and it happened 2-3 times that the platform stopped working and would not allow anyone to login (I have two separate laptops and 2 separate internet connections). In that case you can't even close your trades since the support is not real time.

m78
So what? 2-3 times in a year? Thats nothing bro- when I spoke of platform freezes I was talking about 2-3 PER DAY! Usually for half hour or more-this made profitable trading nearly impossible. The current Micro Account environment is perfectly suitable for DAY and POSITION trading- Scalping would be more difficult as a fast moving market produces requotes(which is expected IMO) I did not suffer 1 platform freeze in over 90 days-in fact none at all-ever. I personally dont mind the differences in "live" support between account types. EVERYTHING is clearly spelled out in their DOCS before they approve your account(which ever account you choose). If you are a LowInvestment Trader you should be thankful any broker would allow you an account-IMO. I always set my OCO Orders anyway so if I did experience the dreaded freeze up-I'm covered. BTW the account IS a USA account(FIFO) which only took me 20 minutes or so to master. I am thoroughly satisfied with the entire experience and wouldnt hesitate to recommend an FXCM Micro to anyone.
FF = Forex Faggots
  • #120
  • Jan 15, 2010 2:58am Jan 15, 2010 2:58am
8 fingers,
I've had a live micro account with them (UK account) for a good few months now, and also agree that it's a good platform.
As I mentioned in a previous post, I mentioned that I set buy/sell orders at certain market points, and when they are filled, they are always 1-1.5 pips above/below my original order level. A reply by an FXCM rep on this thread explained why so fair enough. If I moved up a level to a normal account then I would expect this blip to go away, but can't show any proof either way at the moment.
I disagree with one thing though, and that is the fact that you say the spread on eur/usd is consistently 1.5 pips??!! Am looking at it right now, it's a consistent 2.3/2.5 spread, and goes from there up to 3ish. I have no idea when you're getting these 1.5 levels, it muist be during very thin trading times.
Overall I think their spreads are good, except for eur/gbp which is always around 3.2 vpips-far too wide for a pair with far lower price movement.

M78, I've never had those connectivity problems that you've mentioned, but you've been trading with them far longer than I have so fair enough.

As for trading the news etc, it's the same as all other platforms-spreads will widen, and orders won't be filled at the correct levels. It's an fx fact of life so deal with it, or up your stake levels and go for an instiututional style ECN.

Overall, I'm happy with the platform too. I don't think you'll find better execution on a micro account anywhere, and it also has the advantage of being able to 'trade off the charts', where you can manually set entry levels etc on the charts, move your stops by dragging them etc etc. There are some things I'd like to change, but they're minor and you can't have it all can you.

Now if only I could find an fx broker with ninja charts....
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