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Alpari US Account Transfer to FXCM US

  • #1
  • First Post: Sep 24, 2013 6:00am Sep 24, 2013 6:00am
http://www.dailyforex.com/forex-figu...ts-alpari/1295

----
FXCM Adopts Retail FX Accounts From Alpari US
[justify]It’s official – FXCM will be taking over the Forex accounts of Alpari US LLC. (“Alpari U.S.”). After the close of trading on Friday, September 27, 2013, all Alpari U.S. accounts will be transferred to FXCM US FXCM is a leading online provider of Forex trading to retail and institutional customers worldwide.[/justify]
[justify]Over the past few months, Alpari’s performance and reputation has been systematically declining. Just recently, Alpari US was accused by NFA (National Futures Association) of charging for Forex trades and failing to produce timely reports to the NFA. AlpariUS was also faulted for failing to supervise existing NFA regulatory guidelines whereby all Forex brokers are required to submit a daily electronic report of Forex transactions to NFA’s Forex Transaction Reporting Execution Surveillance System (Fortress). Fortress claims that Alpari US did not hand in these reports. At the time, the NFA’s complaint also stated that the broker had difficulties finding a great deal of missing data and that it had incorrectly listed trades from non-retail customers as retail.[/justify]
[justify]Alpari Chooses FXCM[/justify]
[justify]According to a press release from FXCM, Alpari US did thorough market research before choosing this top US broker to take over its clients. FXCM says that Alpari selected FXCM to assume its business because of FXCM’s strong US presence, platform synergies, financial stability, and execution capability. Both brokers also offer the MetaTrader 4 platform, allowing Alpari US clients to transfer to FXCM without needing to adjust to a new platform or trading style.[/justify]
[justify]Although FXCM intends to re-establish the positions liquidated by Alpari, open positions will not be transferred to FXCM. All open positions will be liquidated, and all pending orders will be cancelled at close of business at 5:00PM ET on Friday, September 27, 2013. Alpari recommends that all positions be closed or managed properly prior to this time.[/justify]
  • #2
  • Sep 24, 2013 12:36pm Sep 24, 2013 12:36pm
Quoting victoryong
http://www.dailyforex.com/forex-figu...ts-alpari/1295 ---- FXCM Adopts Retail FX Accounts From Alpari US It’s official – FXCM will be taking over the Forex accounts of Alpari US LLC. (“Alpari U.S.”). After the close of trading on Friday, September 27, 2013, all Alpari U.S. accounts will be transferred to FXCM US FXCM is a leading online...
Hi Victor,

On Friday, September 27th, the accounts of Alpari US clients will be transferred to FXCM. We are working hard to ensure a smooth transition and want to provide answers to as many questions as possible before the transfer is complete. If you currently have an account with Alpari US, below is some important information on your upcoming account transfer to FXCM:

  1. MetaTrader 4: Your Account will remain on the MetaTrader 4 Platform. You will need to download and install FXCM’s version of MetaTrader 4.
  2. New Trading Account Credentials: On the weekend of September 27th, FXCM will provide you with new login information by email.
  3. Trading Positions: All of your open positions and stops/limits attached to those positions will be transferred to FXCM. Please manage any open positions accordingly.
  4. Pending Orders: All pending orders will not be transferred to FXCM. Please manage any orders accordingly.
  5. Products not offered by FXCM: A number of less popular products will not be available with FXCM: AUD/SGD, CAD/SGD, CHF/SGD, GBP/SGD, EUR/HKD, EUR/MXN, GBP/DKK, GBP/NOK, MXN/JPY. All positions held in these products must be settled prior to your account transfer or they will be closed automatically by Alpari prior to the transfer.
  6. Margin Requirements: FXCM offers up to date margin requirements displayed in the platform. It is FXCM’s policy to credit accounts to a zero balance when debit balances occur as a result of trading.

For additional information, I encourage you to attend the live webinar on Wednesday, September 25th from 7 to 8 pm EDT we are hosting for all US clients of Alpari which will cover the following topics:

  1. FXCM & Alpari MT4 Platform Comparison
  2. Forex Trading Tools
  3. Forex Education and Research
  4. FXCM’s Account Management Portal

Here is the link to the live webinar.

Jason

  • #3
  • Sep 24, 2013 4:19pm Sep 24, 2013 4:19pm
Thanks Jason. I have an account with FXCM UK :-D
  • #4
  • Sep 25, 2013 12:11pm Sep 25, 2013 12:11pm
SO they are leaving the US huh? After all the issues I had with them recently, this is no surprise to me. However, the last thing I am going to allow if for them to shove me over to FXCM. Sick of being the little fish in the big pond, and their spreads are terrible! And fxcm won't even speak to me about their "active trader" pricing cause I won't deposit a ton of money to get their "slightly" better spreads. I've decided I am moving my funds to Oanda & Forex Investment Pros , both have better spreads and FIPfx does a great job with customer service, and their in no way I am keeping all my funds at one place anymore. This is crazy, I had an account with GFT too up till last year, and they tried to force me to use Gain. No thanks.
  • #5
  • Sep 25, 2013 12:22pm Sep 25, 2013 12:22pm
I closed my account with them already and requested the funds. These transfer of account deals can be messy and hugely inconvenient. I'll check out the Forex Investment Pros , never heard of them before but open to suggestions if they have good spreads and service. Thanks.
  • #6
  • Sep 25, 2013 1:38pm Sep 25, 2013 1:38pm
I've closed my account and requested funds also. I had a "Pro" account with Alpari and the spreads were unbelievably tight, with no spikes or surprises. No other broker in the US could come close to them. I'm currently demo-ing MB Trading, they appear to have the best spreads I have found in the U.S. Their trading platform (Desktop Pro) is a disaster, but still not as confusing as Interactive Brokers. I've also had an account with Oanda for 7 years, but rarely trade with them anymore, spreads are too high, and spread widening is ridiculous.

The Dodd-Frank Act continues to screw over the small time investors. I really wish the U.S. government would stop trying to "help" us. The regulations are driving out the brokers, hence the increasingly widening of spreads because of zero competition. Brokers all over the world are offering spreads down to 0 and it's sickening to to have to combat with our brokers, as well as the market.
  • #7
  • Sep 25, 2013 1:48pm Sep 25, 2013 1:48pm
Quoting bsinclair
SO they are leaving the US huh? After all the issues I had with them recently, this is no surprise to me. However, the last thing I am going to allow if for them to shove me over to FXCM. Sick of being the little fish in the big pond, and their spreads are terrible! And fxcm won't even speak to me about their "active trader" pricing cause I won't deposit a ton of money to get their "slightly" better spreads. I've decided I am moving my funds to Oanda & Forex Investment Pros , both have better spreads and FIPfx does a great job with customer...
It's important when comparing spreads between brokers to keep in mind what execution model is being used. For example, FXCM offers clients the choice between two types of forex execution: No Dealing Desk (NDD) and Dealing Desk. While we believe that NDD execution provides the best all-around trading experience, we also offer dealing desk execution as an option for traders whose primary concern is low spreads.

http://img818.imageshack.us/img818/8950/yco0.png


Above is a snapshot I just took of the live spreads table here on Forex Factory showing brokers regulated in the US. As you can see, our dealing desk spreads compare favorably with other brokers on the same execution model.

Quoting bsinclair
and their in no way I am keeping all my funds at one place anymore. This is crazy, I had an account with GFT too up till last year, and they tried to force me to use Gain. No thanks.
You are right to consider where you keep your funds. While spreads are important, they are just one factor out of many to consider when choosing a broker along with 24 hour customer support, trading platforms offered, education, resources and safety of funds. At FXCM, we seek to provide competitive spreads while also delivering great execution and a safe place for you to hold your funds.

It's no secret that the brokerage industry has been in the midst of a price war for the past couple of years. That combined with lower trading volumes last year have caused many brokers to struggle. There was even a broker in Europe that went bankrupt after trying to entice clients with 0 pip spreads. Last year also saw the failure of a US broker that had previously touted their razor thin spreads. And as you mentioned, we've seen examples of brokers having to pull out of the US after being unable to meet regulatory capital requirements.

If recent events have taught us anything, it's that the financial stability of the broker you choose can have far greater implications than we previously thought. Unfortunately, the majority of brokers are privately held companies, so it's hard to know the state of their finances. Are they profitable, or are they barely staying afloat? How can you know whether they are safe place to keep your money?

FXCM is a publicly-traded company (NYSE ticker: FXCM), so information regarding our financial data is readily available. This is one of the reasons why traders have entrusted us with $1.171 billion in client funds as of the latest published data.
  • #8
  • Sep 25, 2013 2:43pm Sep 25, 2013 2:43pm
If anyone wants to compare apples to apples, this website has a broker spread comparison analyzer that can go back 12 hours to 12 days.

http://www.fxintel.com/
  • #9
  • Sep 25, 2013 4:26pm Sep 25, 2013 4:26pm
Quoting TheGrind
I've closed my account and requested funds also. I had a "Pro" account with Alpari and the spreads were unbelievably tight, with no spikes or surprises. No other broker in the US could come close to them.
Hi TheGrind,

All Pro accounts with Alpari US will be transferred into FXCM's Active Trader program this weekend. I just sent you a PM with details.

Jason
  • #10
  • Sep 27, 2013 2:52pm Sep 27, 2013 2:52pm
I don't want FXCM, because it is very expensive.
A few friend of mine was with Alpari, just want to demo with they in order to open live too. I will be transferred to FXCM even from Alpari UK, or don't get Pro account stay with classic?
I want to buy PATIENCE
  • #11
  • Sep 27, 2013 7:20pm Sep 27, 2013 7:20pm
Quoting matheszabi
I don't want FXCM, because it is very expensive. A few friend of mine was with Alpari, just want to demo with they in order to open live too. I will be transferred to FXCM even from Alpari UK, or don't get Pro account stay with classic?
Hi Matheszabi,

Only Alpari US clients are being transferred to FXCM. Alpari US Pro clients will become members of our Active Trader program and will continue to receive similar pricing.

Jason
  • #12
  • Sep 28, 2013 12:15am Sep 28, 2013 12:15am
Is there a way to handle the different GMT offsets that Alpari and FXCM use? Alpari had the new trading day beginning at 5pm EST(which makes sense) and FXCM has it starting at 8pm EST. I use 4 and 8 hour bar charts and this really screws things up. The Daily closes other than Friday are also now different. It's my understanding that the Forex industry considers 5pm EST as the close of the NY market. With the FXCM GMT offset, that is now pushed forward to 8pm (except on Friday). How can I get my charts in FXCM's MT4 to recognize the Alpari GMT offset (+3)?
  • #13
  • Sep 30, 2013 8:57am Sep 30, 2013 8:57am
Hi matheszabi,

Thank you for your post.

Quoting matheszabi
I will be transferred to FXCM even from Alpari UK, or don't get Pro account stay with classic?
Only Alpari US clients are being transferred. Alpari UK will continue to offer accounts to all non US residents.

Quoting matheszabi
A few friend of mine was with Alpari, just want to demo with they in order to open live too.
It's simple to apply for an account with Alpari UK. Just complete the three quick steps on our application form and you'll be on your way to start trading with us.


Alex

________
Alexander Chadwick
Alpari (UK) Representative
  • #14
  • Sep 30, 2013 1:52pm Sep 30, 2013 1:52pm
Quoting tobijohn
Is there a way to handle the different GMT offsets that Alpari and FXCM use? Alpari had the new trading day beginning at 5pm EST(which makes sense) and FXCM has it starting at 8pm EST. I use 4 and 8 hour bar charts and this really screws things up. The Daily closes other than Friday are also now different. It's my understanding that the Forex industry considers 5pm EST as the close of the NY market. With the FXCM GMT offset, that is now pushed forward to 8pm (except on Friday). How can I get my charts in FXCM's MT4 to recognize the Alpari GMT offset...
Hi Tobijohn,

FXCM's currently exploring an option to have the daily charts on MT4 begin and end at 5pm Eastern Time (GMT offset +2/3) to correspond with the New York Close, but any such changes are likely a month away. In the meantime, you can use your MT4 username and password to log into our Trading Station platform, which already has daily charts begin and end at 5pm ET.

If there's any new information regarding the MT4 charts, I'll post updates in the FXCM Discussion thread.

Jason
  • #15
  • Sep 30, 2013 5:18pm Sep 30, 2013 5:18pm
Quoting Jason Rogers
{quote} Hi Tobijohn, FXCM's currently exploring an option to have the daily charts on MT4 begin and end at 5pm Eastern Time (GMT offset +2/3) to correspond with the New York Close, but any such changes are likely a month away. In the meantime, you can use your MT4 username and password to log into our Trading Station platform, which already has daily charts begin and end at 5pm ET. If there's any new information regarding the MT4 charts, I'll post updates in the [url=http://www.forexfactory.com/showthread.php?p=6992894#post6992894]FXCM...
Thanks for your prompt response, Jason. However, unless you're daytrading with a methodology that uses timeframes of sixty minutes or less, you're kind of up the creek. Even the Daily chart shows six bars a week with the first one being a three hour Sunday session. Unfortunately, that just doesn't work for me. I'll take a closer look at the Trading Station platform but my initial impression was that the inflexibility of the indicators or just plain not having the ones that I use will not allow this to be a viable option for me. I'm actually surprised that I seem to be the only one who has mentioned that this is an impediment to their trading...
  • #16
  • Oct 1, 2013 10:59am Oct 1, 2013 10:59am
Quoting tobijohn
{quote} Thanks for your prompt response, Jason. However, unless you're daytrading with a methodology that uses timeframes of sixty minutes or less, you're kind of up the creek. Even the Daily chart shows six bars a week with the first one being a three hour Sunday session. Unfortunately, that just doesn't work for me. I'll take a closer look at the Trading Station platform but my initial impression was that the inflexibility of the indicators or just plain not having the ones that I use will not allow this to be a viable option for me. I'm actually...
Hi Tobijohn,

I definitely see your point regarding the benefit of having the daily candles on MT4 close at 5pm New York time like they do on FXCM's Trading Station platform. We've received similar feedback from other MT4 traders, which is why FXCM is currently exploring the option of changing the server time on at least some of our MT4 servers to accommodate this.

The reason we don't just flip a switch to change this immediately is because in order for the daily candles on MT4 to close at 5pm New York time, the time zone of the MT4 server has to be set to GMT +3 during the US spring and summer, and GMT +2 during the US fall and winter. That time zone corresponds to Central Europe and is not as intuitive for our clients around the world as GMT which is the current time zone for our MT4 servers.

As I mentioned in my previous post, I should have more news for you regarding the MT4 charts in about a month. In the meantime, please let me know about any questions you have regarding Trading Station. You mentioned that you had trouble finding some of the indicators you like to use on MT4. Please tell me about these indicators and I'll try to find an alternative for your on Trading Station for now.

Jason
  • #17
  • Oct 1, 2013 4:30pm Oct 1, 2013 4:30pm
Hm. I never received any email from fxcm. My alpari account just stopped working. Never knew what was going on.
  • #18
  • Oct 1, 2013 4:47pm Oct 1, 2013 4:47pm
Quoting Jason Rogers
{quote} Hi Tobijohn, I definitely see your point regarding the benefit of having the daily candles on MT4 close at 5pm New York time like they do on FXCM's Trading Station platform. We've received similar feedback from other MT4 traders, which is why FXCM is currently exploring the option of changing the server time on at least some of our MT4 servers to accommodate this. The reason we don't just flip a switch to change this immediately is because in order for the daily candles on MT4 to close at 5pm New York time, the time zone of the MT4 server...

Thanks again, Jason. Having at least one server set up for a 5pm EST close for those of us who have based all our system back-testing on that is an excellent idea. I'll play around with Trading Station over the weekend when I've got some time and see if I can make it work for me. One thing I did notice (or missed) is a way t make the OHLC price bars thicker...
  • #19
  • Oct 1, 2013 6:02pm Oct 1, 2013 6:02pm
Quoting tobijohn
One thing I did notice (or missed) is a way t make the OHLC price bars thicker...
Have you already tried clicking on the "Zoom In" button on the Trading Station chart toolbar?

http://img18.imageshack.us/img18/2301/kejl.png
  • #20
  • Oct 1, 2013 6:07pm Oct 1, 2013 6:07pm
Quoting riksa
Hm. I never received any email from fxcm. My alpari account just stopped working. Never knew what was going on.
Hi Riksa,

I'm sorry to hear you didn't receive our email. It's possible it was intercepted by your spam filters. Our client services department is open 24 hours a day to assist you. I encourage you to call us toll-free at 1-888-50-FOREX or visit us on live chat. My colleagues can then help you with your new login details. They can also help you make sure you receive our future emails.

Jason
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