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FXCM Micro Account Trading Environment Test

  • #161
  • Feb 4, 2010 8:08am Feb 4, 2010 8:08am
Quoting PipStar
They are one of the strangest bunch FXCM. They don't allow U.S residents as well as residents of Australia to open a micro account. Yet they have a micro trading competition with prizes which are available only to some parts of the world.
Hi PipStar,

All micro accounts with a minimum balance of $500 are automatically entered into the King of the Micro contest each month, including US residents. If a specific country is excluded, it is because we don't accept micro accounts from that country. Applicants of the following countries or provinces cannot apply for an FXCM Micro account: Australia, Belarus, Brazil, British Columbia (Canada), Cuba, Democratic Republic of the Congo, Iran, Iraq,
Ivory Coast, Liberia, Myanmar, North Korea, South Korea,
Quebec (Canada), Sudan, Syria, and Zimbabwe.

Australian traders are required to open their accounts through FXCM Australia; however, we do not have micro accounts available through FXCM Australia at the moment.

-Jason
  • #162
  • Feb 7, 2010 2:22pm Feb 7, 2010 2:22pm
Quoting Jason Rogers
Hi PipStar,

All micro accounts with a minimum balance of $500 are automatically entered into the King of the Micro contest each month, including US residents....
Is there any leaderboard for public view, where do i know my position in the contest?
or u just say on the end of the month mr.X from Y has won the contest with 12345678 pips?
kind regards knoxxxalot
  • #163
  • Feb 24, 2010 7:53am Feb 24, 2010 7:53am
Why are FXCM's spreads 3 times as wide as normal right now?
  • #164
  • Feb 24, 2010 7:57am Feb 24, 2010 7:57am
So what? Just wait till they normalize-Ben is still being grilled/housing starts down/volatility is raging and LP are gouging. I am out till the London open.
FF = Forex Faggots
  • #165
  • Feb 24, 2010 8:00am Feb 24, 2010 8:00am
I can do without the "So What". Anyone have an answer?
Quoting 8fingers
So what? Just wait till they normalize-Ben is still being grilled/housing starts down/volatility is raging and LP are gouging. I am out till the London open.
  • #166
  • Feb 24, 2010 8:56am Feb 24, 2010 8:56am
Quoting Leche Mocha
I can do without the "So What". Anyone have an answer?
hi Leche Mocha,

There was a bad tick on the pairs AUD/USD, NZD/USD, AUD/NZD, USD/CHF, USD/CAD, and EUR/AUD around 10:48am EST from the information I have so far. This may have been the cause of what you saw.

If any of your trades were affected, such as being stopped out or receiving a margin call due to this, please submit a trade audit: http://www.fxstatus.com/audit-form.html

Feel free to ask any questions, and I'll post more information as I receive it.

-Jason
  • #167
  • Feb 24, 2010 9:07am Feb 24, 2010 9:07am
Thanks for the info. Jason.
Quoting Jason Rogers
hi Leche Mocha,

There was a bad tick on the pairs AUD/USD, NZD/USD, AUD/NZD, USD/CHF, USD/CAD, and EUR/AUD around 10:48am EST from the information I have so far. This may have been the cause of what you saw.

If any of your trades were affected, such as being stopped out or receiving a margin call due to this, please submit a trade audit: http://www.fxstatus.com/audit-form.html

Feel free to ask any questions, and I'll post more information as I receive it.

-Jason
  • #168
  • Mar 2, 2010 3:01pm Mar 2, 2010 3:01pm
Quoting Jason Rogers
For transparency, this is a live account funded with FXCM's money which 8fingers will be using to test the live trading environment. If you are new to trading and wish to test FXCM's platform, please do so first in a demo account. Demos for FXCM micro are found here http://www.forexmicrolot.com/open-free-micro-portal.jsp .

Jason
I tried signing up for the free account but it does not work. Is there a new link?

Also, since I am in Vegas what is there to see at the show in May?
  • #169
  • Mar 2, 2010 10:15pm Mar 2, 2010 10:15pm
So a link to an application was sent to me. I filled it out and then they wanted me to fax them a copy of my drivers license and give them my credit card information. Seems like a bit much for just a free $25 account.

They denied my account because I put on the application that I had a prior bankruptcy. Seems a little harsh to me considering that I have better credit than a lot of people who have never declared bankruptcy.
  • #170
  • Mar 3, 2010 6:29pm Mar 3, 2010 6:29pm
FXCM is increasing the cost of trading by 1 pip on micro accounts ...
Officially it's because now the trades go to the banks ... well lucky you if you can have $10K in your account you can still keep the 1 pip ...

If you have less then $5K then the only way is to send a wire since they still can only take $5k by credit card.

http://www.forexmicrolot.com/ltd-spreads.jsp
  • #171
  • Mar 20, 2010 9:42am Mar 20, 2010 9:42am
I have seen in the last week at two different times at the close of the 4 hour candle the previous candle would change its close----very fishy----I mainly trade 4 hour candles and wait til the close and was about to enter a trade when I saw this---I thought I was seeing things at first.

Has anyone else seen this on trade station?
  • #172
  • Mar 21, 2010 4:18am Mar 21, 2010 4:18am
Hi, I have traded on the FXCM Standard account for a few years and had much success. Then I stopped trading for a long while. I just recently joined FXCM micro due to the King of the Micro contest. On my micro account when I open a EUR/USD position with $15 MMR (margin req.) it is only $0.10 (Pip Cost) gain/loss per pip. If my memory serves me right, back then on my FXCM Standard account EUR/USD was $2.50 MMR and $1.00 Pip Cost. So now on a micro, with $15 MMR I can only get $0.10 gain/loss per pip? So with the new margin requirement MMR for EUR/USD just got 6 times over while gain/loss per pip just got divided by 10?

Leverage ratio maybe?

Also, how can you view your current leverage ratio for a micro account? and how do you request for a leverage ratio change?

Thx in advance.
  • #173
  • Last Post: Mar 26, 2010 10:39am Mar 26, 2010 10:39am
Quoting xMedivh
Hi, I have traded on the FXCM Standard account for a few years and had much success. Then I stopped trading for a long while. I just recently joined FXCM micro due to the King of the Micro contest. On my micro account when I open a EUR/USD position with $15 MMR (margin req.) it is only $0.10 (Pip Cost) gain/loss per pip. If my memory serves me right, back then on my FXCM Standard account EUR/USD was $2.50 MMR and $1.00 Pip Cost. So now on a micro, with $15 MMR I can only get $0.10 gain/loss per pip? So with the new margin requirement MMR for EUR/USD...
Hi xMedivh,

Margin requirements went up for US brokers due to a new rule passed by the NFA in 2009. The maximum leverage for any account is now 100:1 (1% Margin).

If you want the leverage increased to what you were used to, you can have your account transferred to FXCM UK, our UK entity, which still offers up to 400:1 leverage for micro accounts. Here is the opt-in form you will use to request the account transfer http://www.forexmicrolot.com/fxcmltd-micro-opt-in.jsp .

-Jason
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