DislikedJason,
The new spreads are unworkable. I predict there will be a mass exodus from FXCM to any number of brokers with much tighter spreads. Whoever made this decision should be called on the carpet.
I have never had a problem with execution or any other issue but when it all comes down to it the only real issue is the spread. The rest is just bells and whistles....Ignored
I appreciate your post and understand you'll make your decision on what you think is best for your trading. But I also think your second post highlights some of the big differences between FXCM and Oanda:
- Trading directly from the Marketscope charts
- Mobile Trading on the iPhone, Blackberry, and Windows Mobile devices
- MT4 and free VPS for $5k+ accounts
- Hedging, individual position management (non-FIFO), and higher leverage options through non-US entities
- One click trading
- Forex System Selector
- Price and news alerts via text message
- Segregated accounts through FXCM UK in accordance with FSA client money rules
- Free Orders2Go API access without a minimum account balance
- The ability to create custom indicators for Marketscope
- Support in multiple languages with US and non-US toll free phone numbers for standard accounts
- Local offices and affiliates in New York, Dallas, San Francisco, Hong Kong, Tokyo, London, Paris, Dubai, Sydney, Santiago, Athens, Berlin,
- And the list goes on… education, spreadbet accounts, CFD’s, free expos, etc.
And we’re not stopping there. New platforms are being developed, new offices are in the works, new products, more upgrades to the charts, etc. Of course spreads are a consideration in making any decision, and our decision will not settle well with all traders. Changes in regulations necessitate us moving to an NDD model due to how US and non-US regulations will impact the running of a dealing desk going forward because of margin requirements, capital requirements, etc. We prefer not to run our operations from offshore locations such as Belize and islands like the British Virgin Islands or Malta. NDD, and the execution advantages that result from it, is a volume based business. As a result the Active Trader Program is setup to reward high volume trades with lower transaction costs and FXCM Micro will continue to be an entry level program for traders.
I really appreciate your honest and professional response and have always known your comments to be so.
Cheers!
-Jason
BTW, if anyone is going to be at the expo in Vegas, I will be there as well. Feel free to say hello and meet the real “Jason Rogers”.