FXCM's Dealing Desk Accounts - Any experience with them?

Hello I am wondering if any one has experience with the Dealing Desk account type with FXCM. I am considering switching from NDD to DD for lower spread but I have not been able to talk to anybody who has experience with Dealing Desk accounts.

are they really that different?
will my charts look different(different price spikes that you would only see on a DD acct, etc)

thanks in advance!

Stay away from FXCM..

Their spread sucks, also they are shady.

http://www.bloomberg.com/news/2014-0...s-profits.html

FXCM is really good at marketing, their puppets are all over different forums..

I would recommend getting an ECN account instead of NDD or DD.

Dont listen too "hard" to any advice you get here. FXCM does have some very good tools for Forex trading (their Calendar for one). They also have different types of accounts depending on your account balance and needs. My advice (lol) is to absorb everything on this site. Start small with a bigger Forex Broker. Test trade a live account. Test all aspects of Broker performance. All you risk is time and a little money. Well worth the real education you get instead of the endless (and in The Fool's case - mindless) opinions. BTW- good luck.

When evaluating the spreads, it's important to make an apples to apples comparison. The OP's forum profile mentions that he lives in the US, and regulations here require brokerages to meet strict financial requirements in order to offer forex trading services to Americans: "maintain net capital of $20 million plus 5 percent of the amount, if any, by which liabilities to retail forex customers exceed $10 million." http://www.cftc.gov/PressRoom/PressReleases/pr5883-10

FXCM spreads to be competitive with the CFTC/NFA regulated firms that are able to meet these financial requirements: http://www.forexfactory.com/brokers.php#spreads

While spreads are important, they are just one factor out of many to consider when choosing a broker along with quality of trade execution, 24-hour customer support, trading platforms offered, charting, educational resources and safety of 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 over the past couple of years have caused many brokers to struggle. There was even a broker in Europe that went bankrupt in 2012 after trying to entice clients with 0 pip spreads. That year also saw the failure of a US broker that had previously touted their razor thin spreads. Just recently an Australian broker went bankrupt as well.

If recent events have taught us anything, it's that the financial stability of the broker can have an even greater impact on your trading than spreads. Unfortunately, the vast majority of forex 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?

All traders need to ask their brokers the following questions regarding their financial stability.

1. What are your revenues?
2. How profitable is your firm?
3. Do you have a top-tier third party accounting firm auditing your financials?

In this context, FXCM's longevity and continued growth is validation from our clients of the value they see in our spreads which are both competitive and sustainable. As of the latest financial data, traders have entrusted FXCM with $1.191 billion in client funds.

I can appreciate how you feel. No doubt there are others here who share your sentiments. FXCM should have passed on positive slippage from the beginning, and this highlights another important advantage of trading with a regulated firm. As part of our settlements with the FCA and NFA, we reimbursed our clients for positive slippage they should have received prior to 2010. That same year, we updated our execution system to pass on all positive slippage in full whenever it's available.

Furthermore, in compliance with NFA rules regarding Price Slippage and Price Re-quoting that were finalized in 2012, FXCM LLC provides daily trade reports to the NFA which monitors and supervises FXCM LLC's activity including information on the price where all client orders are filled and the corresponding price where those orders are offset with our liquidity providers. All of FXCM's global trading entities including FXCM UK execute client rolling spot forex transactions as a riskless principal with FXCM LLC, so the same execution standards are applied for all of our clients worldwide.

To this day, FXCM remains one of the few firms in the industry to pass on positive slippage on all order types including market and limit orders. By contrast, some brokers will re-quote their clients rather than letting them benefit from positive slippage.

Hi ShanghaiMoon,

Dealing Desk execution is used by many brokers in the forex industry. However, FXCM's Dealing Desk execution offering is unique because it shares important features with our No Dealing Desk (NDD) execution, such as:

1. No re-quotes
2. No restrictions on stops and limits
3. Orders can be broken up and filled at multiple prices (partial fills).

But no matter what the similarities, the Dealing Desk offering has certain trading limitations. For this reason, we recommend our NDD execution especially for traders who use automated, high-frequency or scalping strategies.

Why would FXCM hold profits from their clients ?? Only a fool will trust FXCM after knowing about the scandal..

Your long posts cannot hide your wrong doings.. Holding profits from clients? SERIOUSLY ?!!?

This is bad. I would stay miles away from such broker..

I have personally used FXCM NDD, my experience was very bad. You were my first broker.. I signed up at fxcm after reading reviews and post around the forums. It was a mistake. The spreads were worst and crazy specially during news events..(Sometimes even got 7+ Pips spreads)


I have dumped DD as well as NDD and only using ECN. Best decision EVER!

Tight spreads, tiny commission, excellent execution.

Americans,

If you feel you don't have much options other than Oanda or FXCM or other brokers in USA, i would recommend forming an offshore company and use offshore broker to trade..

You will also get the ability to hedge and bigger leverage .. (I would suggest getting ECN broker from UK)

Avoid FXCM and other shady brokers everywhere..



Do your research!

Sound advice