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FXCM Micro Account Trading Environment Test

  • #121
  • Jan 15, 2010 5:23am Jan 15, 2010 5:23am
On average the Spread for the majority of Trading session(any) is around 1.5 pips on Eur/Usd. I have actually traded the GBP/USD on more than 1 occasion at a negative spread(-.2) which means trade opened "in profit". This is NOT usual though. I only trade 4 pairs(Eur/Gbp/Chf/Aud) all against the USA Dollar. I have been around FXCM since 2005 and the change in Trading environment is dramatic-IMO.(thankfully) Until I found FF I used FXCM's calendar exclusively. I like em now and plan on using them as my main broker.
FF = Forex Faggots
  • #122
  • Jan 15, 2010 6:18am Jan 15, 2010 6:18am
8 Fingers, I'm sorry but I've traded for over 3 months in the London Open session and the USA session (7am ET) and have never traded, or even seen, a spread of 1.5 for the eur/usd. Are you in the UK/what sessions do you trade?
As for the cable 'negative spread' where you opened a position so you automatically went into profit. Um, words fail me. Really.
  • #123
  • Edited 3:35pm Jan 15, 2010 9:02am | Edited 3:35pm
Quoting bootsyjam
8 Fingers, I'm sorry but I've traded for over 3 months in the London Open session and the USA session (7am ET) and have never traded, or even seen, a spread of 1.5 for the eur/usd. Are you in the UK/what sessions do you trade?
As for the cable 'negative spread' where you opened a position so you automatically went into profit. Um, words fail me. Really.
Keep in mind this is on the micro account.

EDIT: beg your pardon bootsyjam, re-read your post and see that you are trading the micro account.
  • #124
  • Edited 3:27pm Jan 15, 2010 9:06am | Edited 3:27pm
Quoting m78
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
Hi m78,

The phone support is not available since FXCM Micro is our discount brokerage. Support is handled via the online forum and by email submission to keep costs lower for reduced spreads.

If there's ever any technical issues occurring on our side, please contact support requesting a trade audit through the email submission page on the site. The website fxstatus.com is also updated when a technical issue is occurring. The audit team will take into account any losses that happened as a result due to technical issues on our side.

Quote
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)...

Addition: Forgot to include this in my original post earlier. A maximum of 100:1 leverage is offered on the FXCM US due to NFA regulations. Micro accounts through FXCM UK still have 400:1 leverage available.

-Jason
  • #125
  • Jan 15, 2010 9:20am Jan 15, 2010 9:20am
Quoting bootsyjam
8 Fingers, I'm sorry but I've traded for over 3 months in the London Open session and the USA session (7am ET) and have never traded, or even seen, a spread of 1.5 for the eur/usd. Are you in the UK/what sessions do you trade?
As for the cable 'negative spread' where you opened a position so you automatically went into profit. Um, words fail me. Really.
I am in USA ( california-hollywood) I wouldnt have traded pairs at that price you stated. When I traded with FxPro.com I had Spreads of .8 to .5 on the Eur/Usd. (that was a mini account though). I have no doubt you are telling the truth about your experiences but mine are not "made up"(are calling me a liar?). I wonder how long you have been trading? Your posts lead me to believe "not long"? Even with higher Spreads one can profit. Have you ever had another Broker? When I first opened account at FXCM (there was no FXCM UK at that time) Eur/Usd was 3 pip spread and cable was 5 pip spread. This was on their mini account. I have traded Forex for 5 years and have come a long way since then. Me thinks you are not a seasoned Forex veteran - yet. Just open half dozen Demo accounts at different brokers and will see the huge difference in Prices they serve up to their clients. All the same good luck anyway.
FF = Forex Faggots
  • #126
  • Jan 20, 2010 12:50pm Jan 20, 2010 12:50pm
I wanted to add something to this thread: I just put in a small withdrawal request on my MicroAccount and was VERY impressed with how even this process has changed. The entire process is done online. I had even moved since opening this account and it seems EVERYTHING can be done online now( I was able to update my CONTACT info w/o having to resend a fistful of Documents-very refreshing). The withdrawal was processed INSTANTLY and reflected in my account balance.I am a convert. I do hope this company survives this crazy 10-1 rule though as I intend to trade through FXCM until the bitter end. (the end of them or me)-lol. Thanks again Jason.
FF = Forex Faggots
  • #127
  • Jan 20, 2010 1:10pm Jan 20, 2010 1:10pm
Quoting 8fingers
I wanted to add something to this thread: I just put in a small withdrawal request on my MicroAccount and was VERY impressed with how even this process has changed. The entire process is done online. I had even moved since opening this account and it seems EVERYTHING can be done online now( I was able to update my CONTACT info w/o having to resend a fistful of Documents-very refreshing). The withdrawal was processed INSTANTLY and reflected in my account balance.I am a convert. I do hope this company survives this crazy 10-1 rule though as I intend...
Everybody that has a micro account with them are so happy like 8fingers with the withdrawals? Or someone had have any trouble with them? I say this because MicroFXCM are dealing desk market makers, so they win when you lose and viceversa.
  • #128
  • Jan 20, 2010 2:20pm Jan 20, 2010 2:20pm
Quoting Trad3r
Everybody that has a micro account with them are so happy like 8fingers with the withdrawals? Or someone had have any trouble with them? I say this because MicroFXCM are dealing desk market makers, so they win when you lose and viceversa.
While you have your opinion(which was mine as well) I like the Micro because I usually DAY and POSITION trade. Trad3r I wasnt their kindest Poster. I am only reporting MY 90 day past experience as compared to my previous experience-and with surprise and relief-I find them a good-honest-and reliable Broker(the way it should be?). I am now their client and quite pleased. Do you have an account with FXCM? If I were to consider a larger account I would change to another type of account to take advantage of their other "goodies" they offer. Without hesitation. Their lack of STP on a Micro hasnt phased me 1 bit.Happy trading all the same.
FF = Forex Faggots
  • #129
  • Jan 20, 2010 8:45pm Jan 20, 2010 8:45pm
Quoting Trad3r
Everybody that has a micro account with them are so happy like 8fingers with the withdrawals? Or someone had have any trouble with them? I say this because MicroFXCM are dealing desk market makers, so they win when you lose and viceversa.
Well they only way to withdraw is with the check...

Jason, can you tell us what happens if the check is lost in the mail ?
  • #130
  • Jan 21, 2010 1:06pm Jan 21, 2010 1:06pm
Quoting m78
Well they only way to withdraw is with the check...

Jason, can you tell us what happens if the check is lost in the mail ?
Hi m78,

If the check is lost in the mail, we can cancel it and send you a new one. I would recommend double checking the address we have on file (using myfxcm.com) before requesting the withdrawal to make sure the address is correct.

Withdrawals are only sent by paper check if you are a US resident having the micro account through FXCM LLC (US).

If your micro account is with FXCM UK, then all withdrawals are sent by bank wire. This includes both US and non-US traders.

-Jason
  • #131
  • Jan 21, 2010 1:22pm Jan 21, 2010 1:22pm
Jason what's the maximum amount of money with I can use 1:400 leverage in FXCM UK?
  • #132
  • Jan 25, 2010 8:43am Jan 25, 2010 8:43am
Quoting Trad3r
Jason what's the maximum amount of money with I can use 1:400 leverage in FXCM UK?
I don't think they have a maximum ...

however it's not truly 400:1 since if you have USD account GBP/USD will be ~250:1 (eg: 400/1.6) and EUR/USD will be ~285:1 (eg: 400/1.4)
  • #133
  • Jan 25, 2010 8:45am Jan 25, 2010 8:45am
Quoting Jason Rogers
Hi m78,

If the check is lost in the mail, we can cancel it and send you a new one. I would recommend double checking the address we have on file (using myfxcm.com) before requesting the withdrawal to make sure the address is correct.

Withdrawals are only sent by paper check if you are a US resident having the micro account through FXCM LLC (US).

If your micro account is with FXCM UK, then all withdrawals are sent by bank wire. This includes both US and non-US traders.

-Jason
I could fully endorse FXCM if they allowed telephone calls IN CASE OF PLATFORM FREEZE to close the trades through the phone;

this is the only thing you have to fix ... well other than maybe offering truly 400:1 on all currencies and not basing it off the currency traded and your base currency account
  • #134
  • Jan 25, 2010 9:48am Jan 25, 2010 9:48am
Quoting Trad3r
Jason what's the maximum amount of money with I can use 1:400 leverage in FXCM UK?
Hey Trad3r,

The maximum you can open the account with is $5k, but you can trade it to any amount beyond that.

-Jason
  • #135
  • Jan 25, 2010 12:08pm Jan 25, 2010 12:08pm
Quoting Jason Rogers
Hey Trad3r,

The maximum you can open the account with is $5k, but you can trade it to any amount beyond that.

-Jason
I'm aware of $5k/month funding limit with a credit card but I don't think there's a limit on the wire transfers ...

I had a US account that I funded two months in a row with $5k so I had $10k and it was OK ...

Jason, please confirm that you can fund more money than $5k ...
or if say I can fund $5k/month so after 4 months I can have $20k
  • #136
  • Jan 26, 2010 8:59am Jan 26, 2010 8:59am
Quoting m78
I'm aware of $5k/month funding limit with a credit card but I don't think there's a limit on the wire transfers ...

I had a US account that I funded two months in a row with $5k so I had $10k and it was OK ...

Jason, please confirm that you can fund more money than $5k ...
or if say I can fund $5k/month so after 4 months I can have $20k
We don't have a policy on maximum wire deposit for the micro accounts. We would prefer that you go with the standard 10k account if you plan to have an account over $5k, but I doubt we would be inclined to turn away money either if your bank wire was received for more than $5k . If anything, you may be asked to change your account to standard 10k type.
  • #137
  • Jan 28, 2010 11:18am Jan 28, 2010 11:18am
In reply to you 8fingers. I've been trading for 3 years. I wasn't aware that the amount of posts, or how long you've been posting on these forums, was a guide to trading experience.
I have various accounts with other brokers, and am therefore able to post on what is good/bad.

As for your own experience, I'm not too sure why someone with over 5 years of trading fx, or other markets, would bother to be trading a micro account for a few months with just $500 in it.

If you were a trader with 5 years experience I would also expect you to make a profit, and not state that you don't expect to make one. Why are you wasting your time doing this, and with just $500 as well? Shouldn't you be trading your real account (if it exists).


And you're a confessed fxcm hater, and yet are conducting a test, and with the full knowledge with one of their reps. Hmmmmm. Got some spare time on your hands? What are you doing this for, what do you hope to get out of it? You're not actually a rep yourself are you? All of these issues are commented on within the first few pages of this thread, I'm not alone in being extremely dubious.


This is an advert, pure and simple. You were doing well until you made the ridiculous assertion that you were charged a negative spread on one pair, I forget which. So you were claiming that fxcm participate in arbitrage against itself?! What kind of account manages to perform arbitrage against ITSELF? Answer-it doesn't, it's a lie. You also claim far narrower spreads than I've ever seen on EURUSD on this platform-I trade the London and US sessions and it's always above 2.

And all this from confessed fxcm hater!? I say again, none of this adds up at all.
The final nail in the coffin for me is your claim that the withdrawal process is seamless and done online. Well I've just tried to withdraw money from my UK account, and have been on the phone to a lovely woman in... Plano, Texas.
My seamless withdrawal process consists of downloading a form, printing it, filling it in, scanning it or faxing it, then I'll get my money back. Any thoughts on this Jason-if you can get me my money out of my account without having to do all this then I'll gladly print a retraction r.e. the withdrawal process.

Here is my unbiased view.
FXCM micro is not bad, but do not believe 8Fingers on his claims. They're a good entry into the world of fx on a professional looking platform.
Expect slippage on your entries and exits. This is fine if you're a longterm trader, not so great if you're short term.

Don't expect to get your money out fast. This could be because I'm a UK account holder, but in any case, I hold a very dim view of any fx broker that can take my money instantly using my debit card, but then makes me jump through hoops in order to get my money back. I will be interested to see what the fxcm rep has to say about this issue.
  • #138
  • Jan 28, 2010 2:33pm Jan 28, 2010 2:33pm
Quoting bootsyjam
In reply to you 8fingers. I've been trading for 3 years. I wasn't aware that the amount of posts, or how long you've been posting on these forums, was a guide to trading experience.
I have various accounts with other brokers, and am therefore able to post on what is good/bad.

As for your own experience, I'm not too sure why someone with over 5 years of trading fx, or other markets, would bother to be trading a micro account for a few months with just $500 in it.

If you were a trader with 5 years experience I would also expect you to make...
OK-now what post are you referring too? I stand by my test drive of their MicroAccount and FXCM.My posts and words are as accurate and unbiased as possible for me. BTW-It might be a UK thing with the withdrawal process-not sure. As for my choice of Account types- I have an active standard account thru MBT and now a Micro thru FXCM. I can clearly detect your frustration thru your last post on the withdrawal process-I would have reacted about the same I am sure.My withdrawal was instantly reflected in my account(inluding the 10 dollar fee)and there was no mention anywhere of having to send in more paperwork.You are right- Thats a question for Jason. Good luck anyway and let me know how the withdrawal-if you dont mind?
FF = Forex Faggots
  • #139
  • Jan 28, 2010 2:37pm Jan 28, 2010 2:37pm
Hi bootsyjam, Thanks for your post, and I would be happy to address some of your comments.

Quote
You were doing well until you made the ridiculous assertion that you were charged a negative spread on one pair, I forget which. So you were claiming that fxcm participate in arbitrage against itself?!

The micro price feed is derived from the standard 10k No Dealing Desk price feed so it is possible a negative or inverted spread could occur, though probably only for a moment.

Quote
My seamless withdrawal process consists of downloading a form, printing it, filling it in, scanning it or faxing it, then I'll get my money back. Any thoughts on this Jason-if you can get me my money out of my account without having to do all this then I'll gladly print a retraction r.e. the withdrawal process.

The micro withdrawal procedure is automated online through myfxcm.com. If you had to print the withdrawal form, you are most likely trading a standard 10k account. There would have to be a special circumstance for the operations team to speak with a micro client by phone as email communication is the main form of contact for micro accounts.

Quote
You also claim far narrower spreads than I've ever seen on EURUSD on this platform-I trade the London and US sessions and it's always above 2.

You may not be trading a micro account. Spreads on the standard account are on average a pip wider because you're paying for real time support via chat, phone, and email, and account customization. I’m led to believe this because you had to print out the withdrawal form.

Quote
Any thoughts on this Jason-if you can get me my money out of my account without having to do all this then I'll gladly print a retraction r.e. the withdrawal process.

How about I check whether you have a micro account or not?

Quote
And you're a confessed fxcm hater, and yet are conducting a test, and with the full knowledge with one of their reps. Hmmmmm. Got some spare time on your hands?

I know it’s more fun to bash a broker than post a positive review (plus everyone will think you work for the broker if you talk positive, especially about FXCM). I think 8fingers willingness to test the platform connection after his experience years ago speaks a lot to his character in being fair.

-Jason
  • #140
  • Jan 28, 2010 3:17pm Jan 28, 2010 3:17pm
see-I told you so!-lol. Bootsyjam-Jason is far more familiar with my past attitude and opinion of FXCM then you are. I live to bash/destroy/make go away-bad and/or criminal Brokers. I do this thru Forums like this one-because hurting their image - hurts their business? The test was offered and accepted. The results are as I described in this thread. I have traded the GBP/USD 3 times in that test at a negative spread(I dont care if you dont believe me) Jason is correct in that those prices were offered for less than 3-5 seconds. You would have to be in front of your computer to take advantage of that trade. My knowledge of Forex/Brokers/Software gives me comfortable edge in a Micro Account w/o "live" support. Case in point was last Friday-All it took was one comment by Jason to let us know all would be righted to ease any doubt(which was small anyway). My last test is my pending arrival of a small test withdrawal. I dont expect any problems and if there are-I am not worried-FXCM would address it. My faith/trust in this Broker has not only been restored-its incased in IRON now.
FF = Forex Faggots
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