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FXCM Discussion

  • #4,561
  • Apr 11, 2014 3:08pm Apr 11, 2014 3:08pm
Quoting Jason Rogers
{quote} Hi Plotinus, I'm sorry you feel that way, but your comments aren't representative of the over 190,000 accounts that trade with FXCM worldwide. As you have already been advised, your dispute has been escalated to our Compliance department. If you have further questions about this, please follow up with Compliance directly.
yeah even compliance can't handle inquiries complaints properly and gives monkey responses.
  • #4,562
  • Apr 11, 2014 4:01pm Apr 11, 2014 4:01pm
Quoting Jason Rogers
{quote} Hi Digitalis, I was out of the office yesterday, so I apologize for not responding sooner. I've checked with our technical support this morning they haven't received any other reports of orders hanging like you describe. I wonder if the delay is actually in the fill confirmation being sent to your platform, rather than in the order being filled. If you're concerned that any trades on your account might have been negatively impacted by an execution delay, I encourage you to file a trade inquiry.
Thanks Jason. I did speak on live chat this morning but ended up with some set responses from the Techs, i.e. it's an internet issue.
You're right I think, it is re confirmation rather than filling the order as all orders have been filled at the right price. It's just causing me some minor problems as I scalp and need to place several trades very quickly. Could be a problem my end, I'm checking that out, although a couple of times now when I've initially logged in I've had an error saying "Cannot connect to price server" and also had a couple of error messages when trying to place a trade, which aborts the order.

I'll see how it goes next week.
Thanks as always for your response.
Full-time trader and loving it!
  • #4,563
  • Apr 11, 2014 4:17pm Apr 11, 2014 4:17pm
Quoting Jason Rogers
{quote} $50 or 5% per 1k micro lot
Sorry to bombard you with all the questions. Is this pair available for the NDD account as well or is it available just for the DD account? And what would be the roll-over interest on this pair, if any?

Thanks.
Make your losses in demo. Earn your profits live.
  • #4,564
  • Apr 11, 2014 5:31pm Apr 11, 2014 5:31pm
Pfffffff..What can i say i'm whatching this discussion about FXCM because i'm thinking go live with this broker and it also has good platforms for tradeing,butwith all this info here about slippage and hitting the stop with spikes and fake prices pushes it stops me a lot.After reading here some pages i asked myself who should i bbileve?Well all those people here that talking about this issue and other problems they cant lie.Does it realy worth go live with FXCM or will be just ripped off ?lol.I know that Saxo Bank kits stop i was face to face last year with a grecce trader that when to complaine to company and i whent there to a seminar so them i maked some re-search about that part i found out something but them i left it not that i will us Saxo bank us my broker i just sayed it us example.If FXCM does this in real them whitch broker should i choose and how can i be sure that this broker dont does the same think ?
  • #4,565
  • Apr 12, 2014 8:31am Apr 12, 2014 8:31am
A friend of mine that trades a big account with fxcm told me of a terrible incident that made me believe that FXCM is still a crooked market maker. He opened 3 positions, two of the positions was 10 standard lots each and one 50lots position all had the same take profit limit set. When price got to the take profit level fxcm only closed the 10 lots positions but refused to close the 50lots position. If not for the fact that he was on his computer when it happened he would have made very huge losess, he had to close the 50lot position manually losing a lot of money.
  • #4,566
  • Apr 12, 2014 9:54am Apr 12, 2014 9:54am
Quoting Makavell
A friend of mine that trades a big account with fxcm told me of a terrible incident that made me believe that FXCM is still a crooked market maker. He opened 3 positions, two of the positions was 10 standard lots each and one 50lots position all had the same take profit limit set. When price got to the take profit level fxcm only closed the 10 lots positions but refused to close the 50lots position. If not for the fact that he was on his computer when it happened he would have made very huge losess, he had to close the 50lot position manually losing...
Makavell, I trade big with FXCM too and my experience were poor. I trade in sizes of $10-$20 Million.

The execution is nothing like a big forex broker who handles 22 Billion of volume per day. Frankly, I even got better execution at 2nd tier brokers, and FXCM really likes to jump the price ladder liquidity and execute people on an enormous slippage.

Your friend's issue is very trivial.

There are evidence from FXCM's charts itself that it in fact adjust its B-Book 10 PM London Time AKA 5 PM NY close everyday, where bid and ask prices are skewed 5-8 pips in a irregular manner. So either way, FXCM's feed is horrendously horrible, or in fact, they are skewing their B-Book risk.

More details to be provided on request. But I would say, for anyone who wants to trade big on FXCM, they couldn't handle it, and despite of my experience of complaining 3-4 times to fix this and even asked if I should change venues, they don't give a single damn. Additionally, when you complain to compliance they will rely on extraordinary arguments which are not allowed within legislation of Unfair Contracts and Provision of Goods and Services. In fact, FXCM likes to treat themselves as a court judge when it comes to these complaints and love to single handedly say no compensation and gives a very lousy one line explanation and copy pastes contents of website in response to complaints.

When it comes to complaints there is absolutely no one you could speak to but the in house solicitor they assign you to. So guys I would like to ask a question, when the in house solicitor in fact answers questions in a very lousy and inaccurate way to an extent where lies were told in a letter what gives the right for FXCM to actually reject to talk about my complaint with someone more senior in the business but they force me to continue to speak to the solicitor who has not taken the complaint seriously, and have basically single handedly told me to go away.

The fines from FCA seriously serves no purpose at all, and I'm saying it. The unfair treatment does go on, but so what, when you complain that you could only speak to the solicitor hence you are unhappy, they would very simply say, this is in line with our complaints procedure. Also additionally, FXCM likes to reply in a very obscure legal way, where their in house solicitors says that they are replying on behalf of FXCM as a solicitor when in fact they are legal solicitors working for FXCM.

This business is in fact worse than others I have experienced and the reply to complaints is nothing but a copy and paste of arguments. If you have a small account I would say yes absolutely stay with them, they can't screw you over. But when you have a big account and trade big, they will eat your pound of flesh until they get enough of it, and it's a risk free model for them.
  • #4,567
  • Apr 12, 2014 9:56am Apr 12, 2014 9:56am
deleted .....wasted time..
  • #4,568
  • Apr 12, 2014 10:28pm Apr 12, 2014 10:28pm
Quoting plotinus82
I trade big with FXCM too and my experience were poor. I trade in sizes of $10-$20 Million. The execution is nothing like a big forex broker who handles 22 Billion of volume per day. Frankly, I even got better execution at 2nd tier brokers, and FXCM really likes to jump the price ladder liquidity and execute people on an enormous slippage.
Trading $10M means that you probably have an $100K+ account. You have a few other options in that range - Dukascopy, LMAX, Saxo Bank come to my mind.

Do you still trade mainly with FXCM? If so, why? Are the other options even worse?

I trade $5M positions with FXCM, but I open them in consecutive $1M trades, to avoid slippage. So far I can only complain about the total costs (spread + commissions), which are way worse than FXOpen for example.

If I get to $20M trades, I will most likely open them through 4 venues at the same time (FXCM, Dukascopy, LMAX and FXOpen), using FIX API and multiple $1M orders.

I also noticed the 5PM NY time spread widening, but I believe it's because of liquidity providers which reboot their systems at that time, since other brokers widen or shutdown at the same time (LMAX, MB Trading, Integral).
  • #4,569
  • Apr 12, 2014 10:49pm Apr 12, 2014 10:49pm
Quoting Adal
{quote} I also noticed the 5PM NY time spread widening, but I believe it's because of liquidity providers which reboot their systems at that time, since other brokers widen or shutdown at the same time (LMAX, MB Trading, Integral).
Hmmn... It seems this spread-widening at 5:00 PM EST is universal. I notice the same thing when my broker and my broker is an ECN that starting at 4:59 PM EST, the spread jumps to like 10 pips wide and then just stays like that at 5 and of course after 5, you can't trade at all. I guess this might have to do with the massive closing/settling of trades that happens around that time.
Make your losses in demo. Earn your profits live.
  • #4,570
  • Apr 13, 2014 2:36am Apr 13, 2014 2:36am
Hello FXCM Rep's... Just wondering what date / time your MT4 platform represents? I trade from Melbourne Australia and would like to know what the date / time in MT4 is showing to help with calculating daily pivot points... (NY, London, etc???)

Thank you.
Follow me at andrewfx2020 (dot) com
  • #4,571
  • Apr 13, 2014 3:44am Apr 13, 2014 3:44am
Quoting Forexia
{quote} Hmmn... It seems this spread-widening at 5:00 PM EST is universal. I notice the same thing when my broker and my broker is an ECN that starting at 4:59 PM EST, the spread jumps to like 10 pips wide and then just stays like that at 5 and of course after 5, you can't trade at all. I guess this might have to do with the massive closing/settling of trades that happens around that time.
Now to credit FXCM in terms of the Friday and weekend setting. FXCM in fact greys out the platform and no one would be margin called. Now there is a good thing about this is that they do not execute you for the spread. HOWEVER, a lot of the Moody's and Fitch ratings comes out at 9:55-10:00 PM London time. It's actually a huge issue in some sense.

Also spread widening to that level in FXCM's reputation is very dubious.

Yes i I have a 100k+ account and FXCM cannot handle these accounts. I'm telling you. They operate in the worse execution environment ever and this has left me no position but deal with this appropriately. I do not trade with them anymore it would be stupid for me to.

If anyone has questions please ask.
  • #4,572
  • Apr 13, 2014 3:55am Apr 13, 2014 3:55am
Quoting plotinus82
{quote} Now to credit FXCM in terms of the Friday and weekend setting. FXCM in fact greys out the platform and no one would be margin called. Now there is a good thing about this is that they do not execute you for the spread. HOWEVER, a lot of the Moody's and Fitch ratings comes out at 9:55-10:00 PM London time. It's actually a huge issue in some sense. Also spread widening to that level in FXCM's reputation is very dubious. Yes i I have a 100k+ account and FXCM cannot handle these accounts. I'm telling you. They operate in the worse execution...
my friend actually has an account over $1 million with them. he is really pissed and is serious searching for a more reliable option
  • #4,573
  • Apr 13, 2014 3:59am Apr 13, 2014 3:59am
Quoting Adal
{quote} Trading $10M means that you probably have an $100K+ account. You have a few other options in that range - Dukascopy, LMAX, Saxo Bank come to my mind. Do you still trade mainly with FXCM? If so, why? Are the other options even worse? I trade $5M positions with FXCM, but I open them in consecutive $1M trades, to avoid slippage. So far I can only complain about the total costs (spread + commissions), which are way worse than FXOpen for example. If I get to $20M trades, I will most likely open them through 4 venues at the same time (FXCM, Dukascopy,...
Did i hear you say SAXOBANK, FXOPEN. Man, give me a break
  • #4,574
  • Apr 13, 2014 4:12am Apr 13, 2014 4:12am
Quoting Makavell
{quote} my friend actually has an account over $1 million with them. he is really pissed and is serious searching for a more reliable option
Action needs to be taken. Not options to be seeked
  • #4,575
  • Apr 13, 2014 5:56am Apr 13, 2014 5:56am
Quoting plotinus82
{quote} Action needs to be taken. Not options to be seeked
Who is your broker now?

Thanks.
  • #4,576
  • Edited 8:39am Apr 13, 2014 8:13am | Edited 8:39am
Quoting Makavell
{quote} my friend actually has an account over $1 million with them. he is really pissed and is serious searching for a more reliable option
Different trading styles require different types of brokers.

I find MM brokers are more suited for casual swing traders who trade park their investment there and just ride the long-term waves so they don't really care about slippages, stop hunting or spread-widening. After all, no matter how much they widen the spread, it's better than what the banks offer. They are just one step above banks. If you trade really small and don't even require margin, then it's the banks for you.

If you trade frequently and in large size, you need ECN, STP DMA brokers like IB Interactive, IC markets, LMAX and etc. And if you trade in 10 million+ trade sizes, then you need EBS or Reuter.
Make your losses in demo. Earn your profits live.
  • #4,577
  • Apr 13, 2014 8:24am Apr 13, 2014 8:24am
Quoting mitch77
{quote} Who is your broker now? Thanks.
ICAP EBS via London capital group.
  • #4,578
  • Apr 13, 2014 8:38am Apr 13, 2014 8:38am
Quoting plotinus82
{quote} ICAP EBS via London capital group.
Hmm seems like you are playing in the big leagues!
  • #4,579
  • Apr 13, 2014 8:47am Apr 13, 2014 8:47am
Quoting Makavell
{quote} Hmm seems like you are playing in the big leagues!
Listen in theory London Capital Group will have smaller credit lines than FXCM. FXCM deals with 22 Billion in terms of volume everyday, LGC would probably only have 5 yards.

And FXCM's liquidity is hella worse than the price ladder I see on LGC?

I have no comment.
  • #4,580
  • Apr 13, 2014 9:06am Apr 13, 2014 9:06am
Quoting Makavell
{quote} Hmm seems like you are playing in the big leagues!
And in the recent FCA fine, the regulators have made it very clear that:

FXCM UK also failed to check that its order execution systems were effective, and whether its order execution polices complied with the FCA’s rules on best execution.

These rules require firms to take reasonable steps to secure the best possible deal for their clients. The FCA also expects firms to treat their customers fairly (FCA principle 6) – FXCM UK fell short of both of these standards.

A jump in price ladder is not effective order execution system. The Fine from the FCA was useless and the execution remains lousy.
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