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FXCM Discussion

Quoting barbs666
FXCM is a no dealing desk broker. But does that mean they dont take contra positions to the clients?
Hi Barbs,

That is correct. With no dealing desk forex execution, every trade is executed back to back with one of multiple banks or financial institutions. This means that FXCM does not benefit from customer losses. Our compensation is the pip mark-up added onto the spread, which essentially acts as a commission.

Quote
However, I do also want to point out to the fxcm crew that its a slap in the face for those who have been loyal customers to you that you dont provide the market orders functionality unless you have at least 50k in your account. Really crap.

I don't quite follow this part. Could you let me know what you mean by "dont provide the market orders functionality unless you have at least 50k in your account." When you place a buy or sell order it goes through as a market order, and you have the option to choose At Best or Market Range for the market order execution. Details on market orders can be found here http://www.fxcm.com/order-types.jsp .

I would be happy to help with any questions.

-Jason
Hi Jason,

Does Fxcm offer the same spreads worldwide? I mean, if i trade fxcm UK or fxcm USA or even fxcm Israel, will the spreads be the same? Or do they change according to wherabouts?

Thank you for your reply.
Quoting Pips 4 All
Hi Jason,

Does Fxcm offer the same spreads worldwide? I mean, if i trade fxcm UK or fxcm USA or even fxcm Israel, will the spreads be the same? Or do they change according to wherabouts?

Thank you for your reply.
Hi Pips 4 All,

All FXCM clients regardless of entity or affiliate have access to the same price feed and liquidity on NDD forex execution. For example, if you compare spreads between FXCM Israel (which is an affiliate) and FXCM UK or US, the spreads will be the same. An example where the spread could differ is if you are opening through a referring broker. The referring broker can choose to add a mark-up or commission to the spread as their compensation for the additional service they are providing. This mark-up should be disclosed by the referring broker. A list of FXCM’s offices, partners, and affiliates can be found here http://www.fxcm.co.uk/international-offices.jsp

-Jason
Quoting Jason Rogers
Hi Barbs,

That is correct. With no dealing desk forex execution, every trade is executed back to back with one of multiple banks or financial institutions. This means that FXCM does not benefit from customer losses. Our compensation is the pip mark-up added onto the spread, which essentially acts as a commission.
This isn't accurate, and gives a false impression. FXCM, as all other brokers, benefit anytime a trade is placed... regardless of the outcome.
Quoting Slack
This isn't accurate, and gives a false impression. FXCM, as all other brokers, benefit anytime a trade is placed... regardless of the outcome.
this is just not possible! it means that everybody is a loser!
Hello Jason,

I had some problems making withdrawals properly since yesterday. The problem was everytime I clicked the "submit" at the verification page, I got kicked out & was returned to the login page with a message saying that I had logged out or it was timed out. FYI, I took no longer than 1-2 minutes filling the form.
However, I had managed to withdraw some of my profit but since I was advised by your online help to try and click a few tries to submit the form, I had to make a few withdrawals instead of 1 withdrawal. This had resulted in my having to pay increased withdrawal fees.
About an hour ago, I tried again to make some withdrawal but this problem is still not solved. Now I was told by your online help that they'd look to solve this matter ASAP, this was 24 hours ago. I had also phoned the Hong Kong office, but I was told that their technical department will only be online during business hours.

Might want to ask your techies to have a look into the myfxcm portal problem, 24 hours unresolved issue without notification is totally unacceptable.

Thank You.
Thank You
GBP/USD
Quoting Slack
This isn't accurate, and gives a false impression. FXCM, as all other brokers, benefit anytime a trade is placed... regardless of the outcome.

Not all, some brokers run on the basis 99% of people lose and just take your trade as a gamble and like a gambling site keep your money if you lose and pay out when you win.

The 1% of winners quickly get discouraged to go elsewhere
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting Slack
This isn't accurate, and gives a false impression. FXCM, as all other brokers, benefit anytime a trade is placed... regardless of the outcome.
Hi Slack,

I'm not sure you are following the conversation fully between Barbs' post and my response. Barbs' asked:

Quoting barbs666
FXCM is a no dealing desk broker. But does that mean they dont take contra positions to the clients?
A broker acting as the market maker for a forex traders transaction can take the other side of the position and benefit from the traders losses. FXCM's NDD forex execution eliminates this conflict of interest by offsetting every trade back to back with one of multiple banks and earns a the mark-up on the spread in return. The pip mark-up is FXCM's compensation which I already mentioned in my response. Therefore FXCM does not benefit from trading against clients which may occur with a dealing desk broker.

I don't think you have to argue with anyone that any business is in business to earn revenue off of the service they are offering. FXCM is not a non-profit organization and there is a cost for our services. That is why I explained we are compensated by a pip mark-up on the spread. The difference is with how your broker is earning that compensation for the service they are providing.

The statement is accurate.

-Jason
Quoting wormboy
Hello Jason,

I had some problems making withdrawals properly since yesterday. The problem was everytime I clicked the "submit" at the verification page, I got kicked out & was returned to the login page with a message saying that I had logged out or it was timed out. FYI, I took no longer than 1-2 minutes filling the form.
However, I had managed to withdraw some of my profit but since I was advised by your online help to try and click a few tries to submit the form, I had to make a few withdrawals instead of 1 withdrawal. This had resulted...
Hi wormboy,

Thanks for letting me know about the problem, and I apologize for the problems you are experiencing. I received information earlier today that the problem was fixed, but looks like it may have come up again if you are still unable to login. Can you email me directly at [email protected] with your account number and I will contact directly the technical support team in charge of the MyFXCM.com portal to have it fixed ASAP. I will also speak with the operations team about the withdrawal fees you were charged as a result of having to submit more than one withdrawal request.

-Jason
Quoting Turveyd
Not all, some brokers run on the basis 99% of people lose and just take your trade as a gamble and like a gambling site keep your money if you lose and pay out when you win.

The 1% of winners quickly get discouraged to go elsewhere
well in slack statement he said ALL broker , i think he was referring then to poorly unregulated broker which are using tricks to chase your stop , requote and all very well know bad practise.
Regarding us broker in particular you will see that the stats are quite different.
average is 25 % winners and 75% loser . Which in brokers world ( for market making broker) is called A book and B book. Means A book profitable trader i offeset the positionand B book trader which are loser i do not cover.
The main point here is that all this screaming against market maker ( i exclude from this definition as i said dishonest broker) does not recognize the fact is that liquidity does not come for free and at the end of the chain somebody HAVE to hold the positions . ( means take a risk).
Quoting Jason Rogers
Hi wormboy,

Thanks for letting me know about the problem, and I apologize for the problems you are experiencing....
FWIW it happened to me 2 the last 2 weeks it comes and goes , i mean while browsing between MYFXCM contents .
Quoting Jason Rogers
Hi wormboy,

Thanks for letting me know about the problem, and I apologize for the problems you are experiencing....
Hi Jason

Thank you for the reply.
I have received my withdrawals by the way. One question I'd want to ask is, I had made a total of 4 withdrawals simultaneously due to the portal issue, & I had received 3 of them today. The other request hadnt been received yet. I was told by the HK office that the wires are done separately & the other withdrawal might be received a bit later, is this correct?
I've never had to make that many withdrawals in a go before, so a bit lost here.

Thank You again
Thank You
GBP/USD
Quoting wormboy
Hi Jason

Thank you for the reply.
I have received my withdrawals by the way. One question I'd want to ask is, I had made a total of 4 withdrawals simultaneously due to the portal issue, & I had received 3 of them today. The other request hadnt been received yet. I was told by the HK office that the wires are done separately & the other withdrawal might be received a bit later, is this correct?
I've never had to make that many withdrawals in a go before, so a bit lost here.

Thank You again
Hi wormboy,

The operations team processes the requests in the order that they are received. If multiple requests were submitted, then they would be processed individually instead of all as one. My speculation is that the 3 requests were processed before the cut-off time of the batch of wires being sent out, and the 4th request was processed in another batch. Though this is all speculation on my part. I would need to investigate your particular requests to see why the 4th did not arrive at the same time as the other 3. Without any details to investigate, I'm at a loss as well on an exact reason.

-Jason
Quoting wormboy
Hi Jason

Thank you for the reply.
I have received my withdrawals by the way. One question I'd want to ask is, I had made a total of 4 withdrawals simultaneously due to the portal issue, & I had received 3 of them today. The other request hadnt been received yet. I was told by the HK office that the wires are done separately & the other withdrawal might be received a bit later, is this correct?
I've never had to make that many withdrawals in a go before, so a bit lost here.

Thank You again
I think they should waive the "withdrawal fees" for the additional 3 requests ...
Quoting Karl_Vosp
Do not disclose your stops then.

care to tell how?.... are you meaning not trading with one?
Quoting barbs666
care to tell how?.... are you meaning not trading with one?
That would be my suggestion, only put in catastrophic stops....I say this as we all pretty much know where stops are placed...and if you're a few pips away from that stop what is to stop a broker from widening the spread a bit and picking up a little extra dosh with their no dealing desk execution

With that said why is it every time an analyst from FXCM gives a recommendation for entry TP SL inevitably the SL is hit, things to ponder like the recent NZDUSD call WTF, then next day oooops, yeah going short at the bottom is always the best recommendation
Attached Image
Never been vouched
Quoting iono
That would be my suggestion, only put in catastrophic stops....I say this as we all pretty much know where stops are placed...and if you're a few pips away from that stop what is to stop a broker from widening the spread a bit and picking up a little extra dosh with their no dealing desk execution

[color=black][font=Verdana]With that said why is it every time an analyst from FXCM gives a recommendation for entry TP SL inevitably the SL is hit, things to ponder like the recent NZDUSD call WTF, then next...

Years back I used to follow there calls, they where pretty good, not how I can play due to small account sadly otherwise I'd of just followed them and we like them all make errors and lose at times.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Dear Jason,

I have micro FXCM account and I am considering switching to Standard Account. But before I do I have the following questions. I am sorry if similar questions already been answered.

1) I have 1K+ USD and usually trading with 2K Lots, this suits me fine as I risk really low amounts. Is standard account mimum 10K lot? In which case would be risky trade for me.

2) Is scalping allowed? Or what constitutes scalping? I open many trades in a day and half of my trades are 4-5 pip profits. Is this not allowed?

3) In my account hedging is enabled. What does this mean? Does this mean I can set the stop loss at the same time as openning my trade? Or does it mean I can open buy and sell orders at the same time? At the moment I use a hedging technique where if the trade goes wrong I hedge a buy it with a sell for example. Is this allowed?

4) I am thinking of topping up my account to 2K USD and than apply to switch to Standart. Is this the right procedure?

5) I am working through UK fxcm, I want it stay that way. Anything I have to do to make sure it stays this way?


Thx in advance
BR
Quoting MartinMyster
Dear Jason,

I have micro FXCM account and I am considering switching to Standard Account. But before I do I have the following questions. I am sorry if similar questions already been answered.

1) I have 1K+ USD and usually trading with 2K Lots, this suits me fine as I risk really low amounts. Is standard account mimum 10K lot? In which case would be risky trade for me.

2) Is scalping allowed? Or what constitutes scalping? I open many trades in a day and half of my trades are 4-5 pip profits. Is this not allowed?

3) In my account...
Hi BR,

I would be happy to help with your questions:

1) 10k is the minimum lot size which can be traded in the standard 10k account. Assuming you start out with $2,000 and the market moves against you by 100 pips, the loss on a 10k trade ($100 using EUR/USD as an example) would equal 5% of your account balance. Are you comfortable with that type of risk? Something to seriously consider in relation to your trading plan before switching the account type.

2) Scalping is allowed. FXCM has no rules against scalping since we use NDD forex execution. Each trade is hedged back to back with another bank or financial institution.

Why would a broker have rules against scalping? Scalping is often prohibited by a dealing desk broker because the dealer doesn't have enough time to offset or manage your trade. Here's an example. Let's say you're trading NFP and all of a sudden EUR/USD starts shooting higher. You decide to buy in the direction the market is moving. By the time your order reaches the broker, the market could very well have closed the spread and be in a profit. The broker then has to decide whether to open your trade at the price you clicked on and eat the loss, or send you a re-quote. If they open you at the price you want and you close the trade immediately for a profit, then that translates into the brokers loss. If you're trading against the market move, you'll often find it easy to get in and out of trades since your losses are increasing.

Every trade with FXCM is offset with another bank therefore any profit you make is not a loss for FXCM. If there is no liquidity at the price you request, then the order is either sent to the bank offering the next best available price or not done at all (depending on the order type you submit). FXCM is compensated by a pip mark-up on the spread which acts as a commission. You can trade as actively as you want in any timeframe. That's why we give discounts on transaction costs to high volume traders in the Active Trader program.

3) Hedging enabled means that you can be both long and short the same currency pair at the same time. If hedging is disabled, you can only be long or short the same currency pair, not both.

4) That is the correct procedure.

5) If your account is with FXCM UK and you request it be switched from micro to standard 10k account, it will remain with FXCM UK.

-Jason
I started trading FX about a month ago and i've been using FXCM micro from the beginning. So far I haven't had any issues, no problem with the platform or execution time. I havent done any withdrawls so i cant comment on that but so far everything has been excellent, had some issues getting my account set up (something on my end) and customer service handled it right away.
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