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  • #4,641
  • Apr 14, 2014 7:39pm Apr 14, 2014 7:39pm
Quoting Fxproject
Hello everybody, New here, easy question Jason: SEPA transfers (both banks inside the UE) are free of charge, so are there fees of any kind in a withdrawal by SEPA transfer in a EURO denominated account. Thank you.
Hi Fxproject,

If you have a Euro-denominated trading account with FXCM, and you're withdrawing funds via SEPA transfer to a Euro-denominated bank account within the EU then there will be no fees of any kind for your withdrawal.

Welcome to the forum
  • #4,642
  • Apr 14, 2014 8:25pm Apr 14, 2014 8:25pm
Quoting Forexia
Did you know they used to be an exclusively MM broker? They only started offering the Active Trader, ECN service after acquiring Gain Capital?
Hi Forexia,

While FXCM has acquired several other companies, Gain Capital is not one of our acquisitions, nor is it affiliated with us.

When we first introduced No Dealing Desk (NDD) forex execution in 2006, it was not due to any acquisition. Rather it was the result of own internal efforts to improve the level of forex execution available to retail traders which in the past was exclusively dealing desk. Our NDD execution proved to be extremely popular and by 2010 had helped us grow to the point where we became one of the only retail forex brokers that's a publicly-traded company (NYSE ticker: FXCM).

While FXCM believes that NDD execution provides the best all-around trading experience, and it remains the most popular option with our clients, in 2012 we reintroduced dealing desk forex execution as an option for traders whose primary concern is low spreads, but who don't meet the minimum balance or trading volume requirements to qualify for an Active Trader account. Note that all Active Trader accounts use NDD forex execution exclusively.
  • #4,643
  • Apr 14, 2014 10:07pm Apr 14, 2014 10:07pm
Quoting Jason Rogers
{quote} Hi Forexia, While FXCM has acquired several other companies, Gain Capital is not one of our acquisitions, nor is it affiliated with us. When we first introduced No Dealing Desk (NDD) forex execution in 2006, it was not due to any acquisition. Rather it was the result of own internal efforts to improve the level of forex execution available to retail traders which in the past was exclusively dealing desk. Our NDD execution proved to be extremely popular and by 2010 had helped us grow to the point where we became one of the only retail forex...
My bad I confused you with another company that I know that either acquired Gain Capital or itself was acquired by Gain Capital and developed ECN segment of its business as a result of that acquisition.

Regarding NDD vs. DD business model, like I stated in several of my previous posts, each is different in their own way and tailors to different clienteles who have different trading styles and/or transaction sizes.
Make your losses in demo. Earn your profits live.
  • #4,644
  • Apr 14, 2014 10:17pm Apr 14, 2014 10:17pm
FXCM tried to take over Gain for $200M, but Gain management did not like that at all, refused the offer, took a poison pill and in turn bought GFT.
  • #4,645
  • Apr 14, 2014 10:33pm Apr 14, 2014 10:33pm
Quoting shrike
FXCM tried to take over Gain for $200M, but Gain management did not like that at all, refused the offer, took a poison pill and in turn bought GFT.
Ah that's where I read about FXCM and Gain Capital. I knew I read it somewhere.
Make your losses in demo. Earn your profits live.
  • #4,646
  • Apr 15, 2014 6:11am Apr 15, 2014 6:11am
Guys seriously don't waste time anymore, this is what was said, in all seriousness none of them has a clue how this market works.

It's really a joke and they are publicly listed. lol.
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  • #4,647
  • Apr 15, 2014 8:26am Apr 15, 2014 8:26am
Quoting Jason Rogers
{quote} Hi Makavell, Your friend's story is an example of how FXCM fills orders fairly, otherwise why would we fill 2 million units (20 standard lots) of his take profit (limit) orders instead of none at all? While it's impossible to know without investigating in further detail, the most likely reason the remainder of his limit orders could not be filled is that there was only sufficient liquidity to fill some but not all of the sell orders at that price level. If your friend still has concerns about this, I encourage him to...
If it was a stop loss order I know it would be gladly filled with the speed of light
  • #4,648
  • Apr 15, 2014 10:16am Apr 15, 2014 10:16am
Quoting Jason Rogers
Please note that the stats above are from the Forex Magnates.... confirms FXCM's lead over the other firms listed above in terms of monthly trading volume.
oh yes, Forex Magnates.

don't forget to post, since 2012, one of the worst account profitability, from quarter to quarter.

http://forexmagnates.com/q1-us-broke...s-of-optimism/
http://forexmagnates.com/q2-2012-pro...a-back-on-top/
and so on....
  • #4,649
  • Apr 15, 2014 10:22am Apr 15, 2014 10:22am
Quoting Makavell
{quote} If it was a stop loss order I know it would be gladly filled with the speed of light
Good answer they won't be able to rebut on this.
  • #4,650
  • Apr 15, 2014 10:58am Apr 15, 2014 10:58am
Quoting Jason Rogers
{quote} Hi Makavell, Your friend's story is an example of how FXCM fills orders fairly, otherwise why would we fill 2 million units (20 standard lots) of his take profit (limit) orders instead of none at all? While it's impossible to know without investigating in further detail, the most likely reason the remainder of his limit orders could not be filled is that there was only sufficient liquidity to fill some but not all of the sell orders at that price level. If your friend still has concerns about this, I encourage him to...
It would also be very interesting to know what would happen if FXCM knowingly leaves the limit of a big lot position unfilled hoping prices will reverse but price shoots 100pips above clients limit in favor of client and client decides to close position manually banking more profits than originally intended!
  • #4,651
  • Apr 15, 2014 11:11am Apr 15, 2014 11:11am
I think its highly unlikely that FXCM lies into the face of the regulator and the general public about NDD execution. I doubt they are warehousing any risk from client trades (except on their disclosed mm platform, which i understand clients can opt in). Slippage / bad customer experience can be caused by other things, such as technological shortcomings for example, that explanation would be much more likely.
  • #4,652
  • Edited 12:37pm Apr 15, 2014 11:37am | Edited 12:37pm
Quoting duxis
{quote} oh yes, Forex Magnates. don't forget to post, since 2012, one of the worst account profitability, from quarter to quarter. http://forexmagnates.com/q1-us-broke...s-of-optimism/ http://forexmagnates.com/q2-2012-pro...a-back-on-top/ and so on....
Well actually take out CitiFX and IB ($10k miniumum account requirement = less noobs mistakes) and FXCM are middle for profitability. Interesting that traders go on about ECN brokers being the best but going by this MB Trading are not looking too shit hot.
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  • #4,653
  • Apr 15, 2014 12:24pm Apr 15, 2014 12:24pm
Quoting mitch77
$10k miniumum account requirement = less noobs mistakes
Excellent point, Mitch :nerd:

FXCM's minimum account balance is only $50. By contrast, the two brokers with a % Profit above 40 have a minimum account requirement of $10,000.

What that table is really showing is how the leverage you use and the amount of capital in your trading account can affect your profitability. I mentioned this in an earlier discussion about trader profitability with data compiled by DailyFX research from over 10,000 FXCM client accounts: "Traders with at least $5,000 of capital tend to use more conservative amounts of leverage. Traders should look to use an effective leverage of 10-to-1 or less."

http://media.dailyfx.com/illustratio..._Picture_4.png


The same study showed that FXCM client accounts with a balance of $10,000 or more had a profitability rate of 44.09% which is right in line with the two brokers that have a 10k minimum for all their accounts.

What's interesting to note is the big jump in profitability between accounts with less $1000 (20.91%), and those with $1000 or more (33.12%).
  • #4,654
  • Apr 15, 2014 12:46pm Apr 15, 2014 12:46pm
Quoting Makavell
{quote} It would also be very interesting to know what would happen if FXCM knowingly leaves the limit of a big lot position unfilled hoping prices will reverse but price shoots 100pips above clients limit in favor of client and client decides to close position manually banking more profits than originally intended!
As I said, this is very simple, FXCM US is listed on the NYSE.

Once things take shape and there are more evidences, expect things to happen since they cannot handle trades and complaints properly.
  • #4,655
  • Edited 3:30pm Apr 15, 2014 1:16pm | Edited 3:30pm
Quoting Makavell
{quote} If it was a stop loss order I know it would be gladly filled with the speed of light
You seem to be suggesting that it's somehow a bad thing for a stop loss order to be filled quickly when nothing could be further from the truth. Fast execution helps the order get filled at the best available price. The alternative would be for the stop to be executed with a delay which would risk incurring an even greater loss.

It's important to understand that stop orders and limit orders work differently from each other, and this is by design. When a stop order is executed, it becomes a market order. Market orders are executed at the best available price, which means execution is certain, but price is not. Execution certainty is important with a stop loss, because a trader needs to have confidence that the order will be effective in closing out a losing trade.

Unlike market orders, limit orders can only be filled at the specified price or better. Price certainty is important with a take profit (limit order), because a trader needs to have confidence that the order will only be filled if the price target has been met. That means, if there is insufficient liquidity at the limit order price, the unfilled portion of the order will remain open. That is why limit orders can sometimes get partially filled, while stop orders are always filled in full.

Furthermore, it's worth noting that on FXCM's No Dealing Desk (NDD) forex execution, we make the same amount whether our client's trade is closed for a profit by a limit order, or closed for a loss by a stop order. That's because FXCM doesn't take the market risk on the other side of our client's trade. Instead, we offset that risk one-for-one with one of our 10+ liquidity providers. On the NDD model, we make our money off client trading volume, not client losses.
  • #4,656
  • Apr 15, 2014 1:25pm Apr 15, 2014 1:25pm
Quoting Makavell
{quote} It would also be very interesting to know what would happen if FXCM knowingly leaves the limit of a big lot position unfilled hoping prices will reverse but price shoots 100pips above clients limit in favor of client and client decides to close position manually banking more profits than originally intended!
Your comment is based on the false premise that we don't want our clients to be successful traders. As mentioned in my previous post, on our NDD forex execution, FXCM offsets client orders one-for-one with our 10+ liquidity providers. We make our money off client trading volume, not client losses. If anything we want our clients to be profitable so they can trade more with us.

Furthermore, it's worth noting that 60% of limit orders at FXCM benefit from price improvements.

Analyzing a total of 43,128,901 forex and metal trades executed by FXCM during the six month period of August 2013 -January 2014, 6,391,641 or 15% of the trades benefited from price improvements totaling $15,726,247. Of the total number of trades executed, 4,648,672 trades were limit and limit entry orders. Sixty percent of those limit and limit entry orders were positively slipped providing clients $7,296,520 in price improvements. Of the total trades executed in the six month period of August 2013 - January 2014 clients were executed at their requested price 73% of the time with no slippage. Only 12% of orders were slipped negatively.

FXCM is currently one of the only firms in the industry to give price improvements on both limit and market orders.
  • #4,657
  • Edited 2:54pm Apr 15, 2014 1:35pm | Edited 2:54pm
To be frank if FXCM is one of the only firm in the industry to give positive slippage on both limit and market orders, I wonder why the other brokers who do not offer price improvements are not prosecuted by regulators for asymmetric slippage.

It's that clear cut and simple, stop fooling other people to glorify positive slippage when it could easily be done. No technology required just Mark to Market P&L.
  • #4,658
  • Edited 7:36am Apr 16, 2014 7:19am | Edited 7:36am
Quoting plotinus82
{quote} As I said, this is very simple, FXCM US is listed on the NYSE.

maybe the common sense starts to surface. (FXCM vs SP500)

(please don't script fxcm with "short" ," bearish", "selling" => internet sniffing robots)


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  • #4,659
  • Apr 16, 2014 3:03pm Apr 16, 2014 3:03pm
Quoting Poolsuckswat
today the strangest thing happened to my fxcm account. let me tell you that i'm not the come-and-complain guy. i'm fully aware that the broker-customer relation is imperfect and sometimes hostile. basically, i hate so much blaming my losses on brokers - thing that's affecting my trading performance afterwards, that i simply prefer to get over it.
Hi Poolsuckswat,

Our tech support team identified an error that occurred on the MT4 server on which your account is trading: http://support.fxcm.com/status/

They are now working to reinstate these trades. I apologize for the inconvenience. You should see the correction to your account shortly.
  • #4,660
  • Apr 16, 2014 3:07pm Apr 16, 2014 3:07pm
Quoting Poolsuckswat
Basically, FXCM closed by itself 6 positions (all profitable) in 1 second. Then another 5, also in 1 second (3 losses/ 2 profitable) Then another position.
if that is true : Fill a withdraw request, it is time to get another broker!

I don't like FXCM for various reasons, I haven't traded live account with they and I haven't heard anything like that about they.
I want to buy PATIENCE
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