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FXCM Discussion

  • #1,241
  • Jul 24, 2010 6:39am Jul 24, 2010 6:39am
Jason,

Can you explain why not all of the history data has been added to all pairs since the switch to the "fx" extension over a month ago? You asked me to email you some of the pairs, which I did, but there has been no resolution.

Secondly can you explain to me why the MT4 balance hasn't ever been close to the FXCM balance? I understand that MT4 is simply the trading platform, but a $200K deposit should show up in MT4 if BTT had it right, right? What happened to the auto syncs? Not ONE has been done on my account in the 3 months I've had it there. I thought those were to ensure that the MT4 terminal synced up with the actual FXCM account. No deposits, no withdrawals, hell there is no commission in MT4 so that screws up the balance on EVERY SINGLE trade! The balance has been as high as $150K off. With a $120K withdraw, it's now closer, but still. It's insane.

I've contacted my sales guy over there, but I don't think he understands what I'm asking. Can you shed some light on this?
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,242
  • Jul 24, 2010 8:32am Jul 24, 2010 8:32am
Quoting fx13

So how many price feeds FXCM have?

Have a nice week end
13
Probably, a different price feed for each customer, the bucket shop way LOL
  • #1,243
  • Jul 24, 2010 12:27pm Jul 24, 2010 12:27pm
Well, in my oppinion, I have read enough and I think that FXCM is systematically inhibiting their customers of receiving fair dealing prices by basically not investing too much into technology ( that is not taking customer complaints seriously ). Basically FXCM is behaving like a car manufaturer claiming their are very unhappy to deal with your brake problems, but hey they do not want to invest into better brakes...

Question is : is this kind of behavior gross negligence ? I mean NOT INVESTING not enough into technology ?

If it is, it is not only a matter for NFA / CFTC maybe also for the Justice Department.

So here you go :

http://www.nfa.futures.org/basicnet/Complaint.aspx

You can find here FXCM´s NFA number :

http://www.nfa.futures.org/basicnet/...7mVysc%3d&rn=Y

And here is DOJ´s website :

http://www.justice.gov/actioncenter/...ml#whitecollar

Only my oppinion, no legal advise here, just my 2 cents.

What do we have a regulation for ????
________________________________ Errare humanum est
  • #1,244
  • Jul 24, 2010 1:20pm Jul 24, 2010 1:20pm
Quoting Cocoflanel
Probably, a different price feed for each customer, the bucket shop way LOL
Please don't waste your money and time with FXCM.
Quoting santoso
http://www.forexfactory.com/showpost...stcount=253065

FXCM is a scammed broker. They have s ton of frauds. Stay AWAY !!!!!!
Cocoflanel & Fx13 are absolutely right about FXCM.
  • #1,245
  • Jul 25, 2010 6:13am Jul 25, 2010 6:13am
It's very interesting if FXCM can offer Forex Options like Saxo Bank.
We can use Forex Options for hedging and Stop Loss.
Any plan for FXCM to launch Forex Options ?
  • #1,246
  • Jul 25, 2010 12:30pm Jul 25, 2010 12:30pm
Thought I would post an update to the case of the magical candle re-drawing, so here goes: I have not heard peep from the FXCM Audit team about my case.

Per Customer Service I was expecting to hear something within 48 hours, but now re-reading the e-mail I received I see that they give themselves up to a week to respond, "depending on the number of trade audits being reviewed."

No matter what, if anything, comes from the audit I have completely lost faith that FXCM is on the up-and-up. I currently have one open position that I will manage, and then I will be moving my account.

Thanks to MisterTrader for providing the info I need to keep myself busy while my account is in limbo.
  • #1,247
  • Jul 26, 2010 12:03pm Jul 26, 2010 12:03pm
Quoting Major Pips
Thought I would post an update to the case of the magical candle re-drawing, so here goes: I have not heard peep from the FXCM Audit team about my case.

Per Customer Service I was expecting to hear something within 48 hours, but now re-reading the e-mail I received I see that they give themselves up to a week to respond, "depending on the number of trade audits being reviewed."

No matter what, if anything, comes from the audit I have completely lost faith that FXCM is on the up-and-up. I currently have one open position that I will manage,...
We will be contacting you today about the audit.

Jason
  • #1,248
  • Jul 26, 2010 12:14pm Jul 26, 2010 12:14pm
Quoting fx13
Is there a way to understand more the different price feed within FXCM. I hope that you can provide more information so FXCM will be more transparent regarding this.
FXCM has two different price feeds. All products outside of FXCM Active Trader run off the same price feed which has been established for 10 years. There are over a dozen competing liquidity providers on this feed. These platforms include TSII and MT4.

FXCM Active Trader has its own, separate price feed. Most of the liquidity providers making prices are the same as those who provide to the TSII price feed, however the negotiated deals with such providers is different due to client type and the fact that high frequency traders generally need larger amounts of liquidity per price, yet also demand the lowest price possible for that amount.

For traders unaware of the NDD model in the FX space, there are multiple banks and financial institutions providing liquidity. The best bid and ask is then taken from competing providers and displayed onto the platform. Many times the buy price may be from one provider and the sell price from a different provider. Before passing the price to the trader, FXCM adds a mark-up and this is the exact amount of money FXCM makes per trade. For both prices feeds mentioned above, FXCM can reduce the mark-up and instead charge a commission. This model is known as the ATG (Active Trader Group) pricing model, as the commission is normally negotiated based on trading volume done by a specific client at FXCM.

It is essential to note that the flexibility FXCM offers in paying a mark-up versus a commission should not be confused with “price feeds”. For instance a client paying FXCM’s default spreads on TSII versus a client paying ATG spreads/commission on TSII both receive the same “price feed”, meaning the prices are originated the same way from our liquidity providers. The difference is a potential price discount to an ATG client. To qualify as an ATG client you must have over $50,000 of net deposits and/or do over 10M on average in notional trading volume each month.

-Jason
  • #1,249
  • Jul 26, 2010 12:25pm Jul 26, 2010 12:25pm
Quoting profxtrader
Jason,

Can you explain why not all of the history data has been added to all pairs since the switch to the "fx" extension over a month ago? You asked me to email you some of the pairs, which I did, but there has been no resolution.
Hey profx,

There are no plans to add this data due to the launch of Strategy Trader which will have about 30X more data available than MT4.

Quote
Secondly can you explain to me why the MT4 balance hasn't ever been close to the FXCM balance? I understand that MT4 is simply the trading platform, but a $200K deposit should show up in MT4 if BTT had it right, right? What happened to the auto syncs? Not ONE has been done on my account in the 3 months I've had it there. I thought those were to ensure that the MT4 terminal synced up with the actual FXCM account. No deposits, no withdrawals, hell there is no commission in MT4 so that screws up the balance on EVERY SINGLE trade! The balance has been...

The account sync should occur about every hour to bring the balances in line with each other, and at a minimum one per day to account for swap/rollover. I will need to review the MT4 statement to see exactly what you are describing about the account. Can you please email me at [email protected] with the account number.

Thanks,

Jason
  • #1,250
  • Jul 26, 2010 12:27pm Jul 26, 2010 12:27pm
Quoting Krezy
It's very interesting if FXCM can offer Forex Options like Saxo Bank.
We can use Forex Options for hedging and Stop Loss.
Any plan for FXCM to launch Forex Options ?
Hi Krezy,

We used to offer options but they were discontinued a few years back. No plans to offer them again that I know of, but your suggestions are always welcome.

Jason
  • #1,251
  • Jul 26, 2010 12:58pm Jul 26, 2010 12:58pm
Quoting Jason Rogers
FXCM has two different price feeds. All products outside of FXCM Active Trader run off the same price feed which has been established for 10 years. There are over a dozen competing liquidity providers on this feed. These platforms include TSII and MT4.

FXCM Active Trader has its own, separate price feed. Most of the liquidity providers making prices are the same as those who provide to the TSII price feed, however the negotiated deals with such providers is different due to client type and the fact that high frequency traders generally need...
Hi Jason,

But I noticed that the best price feed was active trader under TS2. Not the default plateform you offer. Don't really get it.

For those who want lower comission on ATG you can run with IB who offer 60% discount over FXCM official pricing as the comission is 0.4 pip.

http://www.atcbrokers.com/forexecn/t...tivetrader.php ( notice the platform requirement here 256 MB )

Also comission rate here:
http://www.atcbrokers.com/forexecn/t...issionrate.php


Hope it helps
13
Brokers are angels
  • #1,252
  • Edited 10:33pm Jul 26, 2010 2:11pm | Edited 10:33pm
Jason, fxcm seems to have lost some funds that i transferred can you investigate this for me?
  • #1,253
  • Jul 26, 2010 2:50pm Jul 26, 2010 2:50pm
Quoting kon5t
Jason, fxcm seems to have lost some funds that i transferred, and your support is giving me the runaround, again and again. can you investigate this for me?
Yes, I investigate it for you. Please send me an email to [email protected] with the details.
  • #1,254
  • Jul 26, 2010 10:41pm Jul 26, 2010 10:41pm
Ok, so here's the deal. I received a call, and an e-mail, from the FXCM audit team shortly after Jason's post. The gentleman from the audit team was very cordial and explained that it was a "late packet" that caused the candle to be re-drawn. I told him that I didn't have a warm and fuzzy feeling about leaving for work seeing one price, only to find another price when I got home. The recommendation was that I re-fresh (F5) the charts if I wasn't sure about the prices.

As a gesture of good faith FXCM reversed my trade, which I appreciate and of course won't complain about. I have to admit that FXCM's customer service has always been top-notch.
  • #1,255
  • Jul 27, 2010 1:08am Jul 27, 2010 1:08am
thanks for your help Jason, the situation is now satisfactorily resolved.
  • #1,256
  • Edited 12:26pm Jul 27, 2010 2:01am | Edited 12:26pm
Quoting Jason Rogers
Hey profx,

There are no plans to add this data due to the launch of Strategy Trader which will have about 30X more data available than MT4.
Wow, so just f#$k all of the people who trade with MT4 and won't be moving to the new product, eh? You guys are truly amazing.

Quote
The account sync should occur about every hour to bring the balances in line with each other, and at a minimum one per day to account for swap/rollover. I will need to review the MT4 statement to see exactly what you are describing about the account. Can you please email me at [email protected] with the account number.

Thanks,

Jason

I had to call and they did a manual sync. Every hour? There hadn't been one in the account EVER. In over 120 days that the account has been with FXCM nothing and yesterday it was off to the tune of $70K (in my favor).

Attached Image


Are you going to tell me that, that's normal?

I'm done here. Your company is the worst I've ever worked with and I've worked with some sh!++y bucketshops in the past. Doesn't listen to it's clients and compounds the problems of offering a sub standard product with not even fully supporting it. What kind of business model is that?

I'll take my money elsewhere and I'd urge anyone who values ANY aspect of customer support to do the same.
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,257
  • Jul 27, 2010 7:58am Jul 27, 2010 7:58am
Quoting kon5t
thanks for your help Jason, the situation is now satisfactorily resolved.
I received your email and will be in touch.
  • #1,258
  • Jul 27, 2010 11:51am Jul 27, 2010 11:51am
Quoting fx13
For those who want lower comission on ATG you can run with IB who offer 60% discount over FXCM official pricing as the comission is 0.4 pip.
$4 per 100k vs $5 per 100k is a difference of 20%, not 60%. Also, FXCM lowers to $3.5/100k at 10M traded, which I don't see offered by ATC..
  • #1,259
  • Jul 27, 2010 12:25pm Jul 27, 2010 12:25pm
Quoting Jason Rogers
I received your email and will be in touch.
I like the way you ignore my posts and just move on. What a class act you guys have over there!
Every time you use 'hopium' in a post, God kills a kitten.
  • #1,260
  • Jul 27, 2010 12:29pm Jul 27, 2010 12:29pm
Quoting profxtrader
I like the way you ignore my posts and just move on. What a class act you guys have over there!
Hi profx,

As mentioned yesterday, you will need to email me with the account number in order for me to help investigate what's happening on your account. A screenshot is not enough for me to help with this.

Jason
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