ODL to be aquired by FXCM | Forex Factory

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ODL to be aquired by FXCM

  • #1
  • First Post: May 5, 2010 11:30am May 5, 2010 11:30am
http://www.dailyfx.com/forex/fxcm_ne...#ixzz0n46uYrjS

just something interesting for those with odl or fxcm
  • #2
  • May 5, 2010 12:06pm May 5, 2010 12:06pm
Quoting RaverStyleTim2
http://www.dailyfx.com/forex/fxcm_ne...#ixzz0n46uYrjS

just something interesting for those with odl or fxcm
Thanks for the info, hopefully that's the end of their Bloomberg ad with the dragon-like cartoon creature, that thing drove me nuts!
  • #3
  • May 5, 2010 2:07pm May 5, 2010 2:07pm
Sheeesh... FXCM is like a cancer. Thats another broker they're going to ruin with their 'No-Dealing-Desk'
  • #4
  • May 5, 2010 3:58pm May 5, 2010 3:58pm
You have to respect the growth of the company though. They are clearly the industry leaders.
  • #5
  • May 5, 2010 7:45pm May 5, 2010 7:45pm
This is bad news indeed. Here is another broker that we will have to avoid if this deal goes through. Anything to do with FXCM is like a plague.
  • #6
  • May 5, 2010 7:54pm May 5, 2010 7:54pm
they still cant mess with dukascopy. how can you be that big and not offer custodian accounts with bank guarantees? when they do that, then I'll consider them one of the top dogs. otherwise, they're just another broker to me. too bad for ODL
  • #7
  • May 5, 2010 8:29pm May 5, 2010 8:29pm
I received this "great new" today in my inbox. I have an account with ODL.
Is FXCM that bad?
  • #8
  • May 5, 2010 8:33pm May 5, 2010 8:33pm
Yes its VERY bad news for anyone with ODL. (You already pay some of the highest spreads, now your execution is gonna suck sooooo bad!! Get ready for the slips, freezes and disconnects) - Read the last couple pages of the FXCM thread. - http://www.forexfactory.com/showthread.php?t=8960
  • #9
  • May 5, 2010 8:53pm May 5, 2010 8:53pm
Quoting Aja
Yes its VERY bad news for anyone with ODL. (You already pay some of the highest spreads, now your execution is gonna suck sooooo bad!! Get ready for the slips, freezes and disconnects) - Read the last couple pages of the FXCM thread. - http://www.forexfactory.com/showthread.php?t=8960
Looks nothing good. Any suggestions? I´m not a scalper.
  • #10
  • May 6, 2010 1:23pm May 6, 2010 1:23pm
i have fxcm micro and i've never really had an issue with them. tight spreads normally and never really had a problem with slippage or disconnects. though, i'm using their proprietary trading platform and not actually using FXCM with mt4. but, i've said it before, for those learning how to trade with live accounts you can't go wrong with fxcm micro, $25usd minimum account with paypal funding.
  • #11
  • May 6, 2010 2:44pm May 6, 2010 2:44pm
Quoting Darth Vader
I received this "great new" today in my inbox. I have an account with ODL.
Is FXCM that bad?

I have an account with FXCM ( active trader account).I am a scalper , they are very good so far .
  • #12
  • May 6, 2010 3:45pm May 6, 2010 3:45pm
If you're with FXCM - YOU'RE GETTING SCREWED!! (Video Proof Below)

http://www.forexfactory.com/showpost...postcount=1034
  • #13
  • May 9, 2010 11:55am May 9, 2010 11:55am
Does anyone know around when would the price feed will change to FXCM's? A week? A month?
  • #14
  • May 12, 2010 4:33pm May 12, 2010 4:33pm
Hey, I just received an email from ODL saying that because of this "fusion" with FXCM, all the USA CFD's open positions will be closed within 15 days because the will not offer this CFD's anymore! Doesn't matter if your position is in loss or profit!
This sound legal to anyone????
What can I do????
  • #15
  • May 13, 2010 9:45am May 13, 2010 9:45am
Quoting Hyper
Does anyone know around when would the price feed will change to FXCM's? A week? A month?
Hi Hyper,

The ODL accounts are scheduled to start using NDD execution by the end of the month. An email will be sent to all ODL clients once the date is set.

-Jason
  • #16
  • May 24, 2010 12:36am May 24, 2010 12:36am
Hi does anyone else have the above message with their ODL account since the weekend.
I can't access my account; have emailed and awaiting response.

Thanks
  • #17
  • May 24, 2010 8:51am May 24, 2010 8:51am
Quoting trad4x
Hi does anyone else have the above message with their ODL account since the weekend.
I can't access my account; have emailed and awaiting response.

Thanks

Hi trad4x,

Try re-creating the chart. ODL accounts changed to NDD execution over the weekend and the names of the currency pairs changed as a result. For example, if you were trading EUR/USDFX, the symbol is now EUR/USDx. You can either drag the currency pair from the market watch window onto the chart or click on File > New Chart.

Let me know if you need any additional help. The chat support is now also available through ODL's website 24 hours a day.


There were a couple of other important changes that occurred over the weekend for ODL accounts.

New Oil and Gold Contract Sizes:
Prior to the upgrade, one contract of UKOIL (Oil) or USOIL (WTI) is equal to 1,000 barrels of oil or $10 per point. Additionally, one contract of XAU/USD (GLD) is equal to 100 ounces of gold or $100 per point. After the upgrade, one contract of UKOIL (Oil) or USOIL (WTI) is equal to 100 barrels of oil or $1 per point. Additionally, one contract of XAU/USD (GLD) is equal to 1 ounce of gold or $1 per point.

Please note: The trade size for oil and gold positions that are migrated to ODL Powered by FXCM will reflect the new contract sizes as outlined above. This is done to account for the differences between ODL contract sizes and FXCM contract sizes and will ensure that your net exposure and P/L will not change when the positions are migrated over. For example, a 1.0 USOIL (WTI) or UKOIL (Oil) trade that migrates to ODL Powered by FXCM will appear as a 10.0 USOIL (WTI) or UKOIL (Oil) trade. Additionally, a 1.0 XAU/USD (GLD) trade that migrates to ODL Powered by FXCM will appear as a 100.0 XAU/USD (GLD) trade.

Example:

US Oil• ODL’s MT4: 1.0 = 1000 barrels = $10 point
• ODL Powered by FXCM: 1.0 = 100 barrels = $1 point

XAU/USD • ODL’s MT4: 1.0 = 100 troy oz= $100 point
• ODL Powered by FXCM: 1.0 = 1 troy oz= $1 point

In order to compensate for this, open positions on these products will be multiplied x10. Your overall position stays the same, the sizing methodology simply changes to give you greater flexibility with position size.


Margin Call Policy Changing: In contrast to your current policy—where the largest losing trades are closed first—after the upgrade, if usable margin drops below zero, an order will trigger to close all open positions automatically. With this policy, you will never owe a debit balance as a result of forex and CFD trading. All accounts will be covered under FXCM's no debit balance policy.


New Trading Hours: Forex and CFD trading hours will change slightly. Forex trading will start fifteen minutes later on Sunday (22:15 BST) and will close one hour earlier on Friday (21:00 BST). CFD trading hours will vary by market. Please consult the CFD Product Guide for detailed CFD trading hours.


New Margin Requirements:
In many cases, you will have access to lower* margin requirements after the update. For example, trading 0.1 lot, the margin requirement for EUR/USD is £50, GBP/USD is £50 and USD/JPY is £40. Additionally, 1 contract of the SPX500 (SP) is £75, the UK100 (UK100) is £60 and USOIL (WTI) is £125.
  • #18
  • Last Post: Jun 1, 2010 12:49am Jun 1, 2010 12:49am
I was very disappointed to hear the news about ODL’s move to FXCM. I’ve had a MT4 Demo acct with ODL for quite some time. Only Broker I found using true Great Britain GMT –Zulu time for the candles. It has definitely given me an edge in scalping on my live account with another Broker.
I actually had a live account with FXCM but closed it. They’ve changed a lot over the last four years; use to, you could get accurate analysis & forecasts, and other great trading resources practically free. But that was when Kathy & Boris and many others were still there.
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