FXCM is a true ECN broker?

I noticed FXCM spread spiked over 30pips on GBPCAD pair around 5pm EST time today I also noticed GBPUSD spread spiked about 9~10pips I only saw this as I was trading these pairs did any one ells notice this spike with other pairs in FXCM?

I have attached Oanda and FXCM M5 charts to compare the price discrepancy for the 2 brokers.

Is any one know if FXCM is a true ECN broker?

If ECN means Every Con Needs, yes they are a true ECN.

By the way I don't trade with them I'm saying this based on thousands of comments here on FF.

FXCM is not an ECN nor a Broker.

True and funniest quote I've seen for a long time

You need a broker with access to sources of deep liquidity. My advice would be to steer clear of mt4 brokers if you are serious about trading. If you are a piker, I guess Oanda would be fine. Interactive Brokers only requires like 7k for an account and offers more stable spreads/better liquidity....as an fyi

Old habit of FXCM to have the momentous wild spread gaps. Irritation is if and when it costs you!

Thanks for all your input guys/girls. I do have account with Oanada and FXCM I will strictly do only swing trade in my FXCM account so this kind of spikes by broker will not affect my swing trading.

For any scalaping I will use Oanda for now and avoid the news events I have seen Oanda spread go sky rocket during news. I am not going to jump into another broker now I guess all brokers are evil when it come to spread.

It was disapointing for me when I saw FXCM do this kind of games, I moved my main account year ago from Oanada to FXCM thinking they are true ECN broker seems like they may be another Oanda. So why traders looking for ECN brokers? I dont think there is a point looking for ECN broker anymore.

a true ECN broker don't hide their liquidity providers, out of curiosity just ask them. <= FXCM

It happens to me as well ... 17 spread just enough for it to touch my stop loss (it's just ridiculous).
Attached is the buy and ask difference ... so annoyed.

I think I'll just play during trading hours with this broker from now on.

Because ECN brokers don't play games with your trades, don't wide spreads at specific times, are less prone to disconnections, ... and many more.

Found another wide spread ... seems it's a normal thing to happen with FXCM, doesn't matter what time the client trades.

Hello, I read a tread. So can someone confirm that FXCM is True ECN broker? Also, can you tell me real ECN brokers. I assumed there are only few of them. I know that FXOpen and MB Trading are ECN brokers.

Hi Silver,

I had a couple of questions come in in regards to the spread you pointed out on AUD/USD last week, and this article from forex live will help answer your questions as to what was happening in the market at that time http://www.forexlive.com/167459/all/...-late-ny-trade. I had also checked with the trading desk previous to this and the same occurred on Reuters, so it was not a bad tick. Please feel free to contact me if you're ever uncertain about a price movement.

FXCM receives prices from multiple banks and financial institutions, and the best spreads available to FXCM are streamed to you with a pip mark-up. The spreads can vary as the pricing being offered from the banks changes. Here's a basic primer on how spreads and execution work with NDD forex execution.

Let me know if you have any questions.

-Jason

............ !!

Since Jason brought a cute cartoon from fairy tale land let me jump on this trend here and help him up with another cartoon.....and by the way the red parrot is FXCM!! Enjoy the education!!

Hi Jason,

I've checked with other broker as well (i also have another account on another broker), and their spike isn't like that at all ...

the spike i experienced was on a monday morning (Aus time) where the market just about to start and probably last only a few miliseconds (and there's no apparent reason for such thing to happen) ... and like I said, compared with other broker, it didn't happen that way (the spread spike) ... if it's something running in the background (coding thing), not much I can do anyway.

I don't think so:

http://www.forexfactory.com/attachme...0&d=1203218049

More information here: http://www.forexfactory.com/showthread.php?t=70582

to funny

FXCM slapped with a class action suit over claims of fraud and racketeering

 

1. Posted by Michael Greenberg in Brokers
2. 30 Comment

I’m trying to confirm whether this is true but based on some Google searches I assume it is.
The Business Trial Group of Morgan & Morgan, P.A. filed a class action lawsuit today against Forex Capital Markets, LLC (FXCM) (NYSE:FXCM) alleging fraud and racketeering by the nation’s largest Forex dealer.
The lawsuit, filed in the United States District Court for the Southern District of New York (Manhattan Division), alleges that FXCM has bilked thousands of customers out of hundreds of millions of dollars using deceptive and unfair trade practices, including falsely portraying its Forex trading platform as a fair, transparent and true foreign currency exchange, when instead it is a “rigged game” designed to systematically separate customers from their money.
The Plaintiff, William H. Sanders, of Muscogee, Oklahoma, brought the action on behalf of himself and all other similarly situated FXCM customers, accusing FXCM of fraud by misrepresenting itself as a trading platform that is free from dealer intervention or manipulation. Instead, Sanders alleges, FXCM uses a number of devices and tricks, including software applications, designed specifically to interfere with customers’ trades.
The Complaint further alleges that FXCM engaged in a pattern of racketeering activity by collaborating with its software developers and programmers to develop a “diabolical” software application that provides FXCM with a myriad of tools and system commands with which to interfere with customers’ trades, including routing trades to “slow” servers and sending false “error” messages when customers attempt to close out profitable trades.
Finally, Sanders alleges in the Complaint that FXCM lured thousands of customers to its trading platform by promoting a “demo account” which was touted as providing customers with a true market trading experience. Instead, he claims, once “live” trading commences, FXCM deploys specially designed software to manipulate customers’ trades.
Lead Trial Counsel Tucker H. Byrd, of the Morgan & Morgan Business Trial Group of Orlando, Florida, stated, “We are proud to be representing Mr. Sanders in this action, which we believe will be an important step in bolstering accountability in an industry that has been largely unregulated since inception. We believe, as the Complaint alleges, that Forex Capital Markets, LLC has taken advantage of the trust placed in it by its customers, causing substantial financial harm to this group of people, and we are committed to working to recover those losses.”
FXCM is the nation’s largest Forex Dealer Merchant. The company recently went public and trades on the New York Stock Exchange.
The Business Trial Group teamed up with the renowned Morgan & Morgan Class Action Group headed by attorneys Scott Weinstein and Andrew Meyer in filing this lawsuit. Attorneys James Byrd, Jr., J. Carlos Real and Damien Prosser of the Business Trial Group and Rachel Soffin and Tamra Givens of the Class Action Group round out the Morgan Forex team.
Update 1: FXCM’s stock is down 7% since Thursday.
Update 2: FXCM Intends to Vigorously Defend Lawsuit
NEW YORK, NY, February 10, 2011 – FXCM Inc. (NYSE: FXCM) today announced that a purported class action lawsuit was filed in the United States District Court for the Southern District of New York by a single former customer against Forex Capital Markets, LLC alleging claims under Federal and New York State law with respect to trading through the company’s platforms. FXCM comments, “While it is FXCM’s policy not to comment on pending litigation, FXCM intends to vigorously defend itself against the allegations in the action.



http://forexmagnates.com/fxcm-slappe...-racketeering/

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