FXCM MT4 Good/Bad vs IBFX? | Forex Factory

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FXCM MT4 Good/Bad vs IBFX?

  • #1
  • First Post: Sep 5, 2014 11:14am Sep 5, 2014 11:14am
Hello,

I'm a long time IBFX user (many many years). They seem to be transferring accounts to FXCM in the coming weeks. I'd like to know if anyone uses FXCM w/ MT4 and their review. Anyone know how it compares to IBFX. Anyone switch from IBFX to FXCM under MT4?

I'm also not sure how my trading will be affected using their new spread + commission system vs IBFX's pure spread.

Thanks
Jeff.
  • #2
  • Sep 5, 2014 11:47am Sep 5, 2014 11:47am
Quoting webjeff
Hello, I'm a long time IBFX user (many many years). They seem to be transferring accounts to FXCM in the coming weeks. I'd like to know if anyone uses FXCM w/ MT4 and their review. Anyone know how it compares to IBFX. Anyone switch from IBFX to FXCM under MT4? I'm also not sure how my trading will be affected using their new spread + commission system vs IBFX's pure spread. Thanks Jeff.
I too received the same notice.....in 2004 I left FXCM for IBFX and have been with IBFX ever since. I switched because I was not happy with FCXM's execution & wild spread fluctuations. I hope many things have improved since then........
Markets are not efficient, rather they are effective - Jones
  • #3
  • Sep 5, 2014 12:14pm Sep 5, 2014 12:14pm
Got this notification too from IBFX.
Looking forward to seeing some feedback here regarding FXCM.
  • #4
  • Sep 5, 2014 12:59pm Sep 5, 2014 12:59pm
I got my notice today, too. I've been with IBFX for over three years. Gut feeling tells me it will just mean higher costs to trade.
Time turns trend. - W.D. Gann
  • #5
  • Sep 5, 2014 2:24pm Sep 5, 2014 2:24pm
I dont trade with either but considering IBFX has probably the worst ratings out of any of the main brokers on FPA, I dont know what you are all complaining about
  • #6
  • Sep 5, 2014 3:17pm Sep 5, 2014 3:17pm
There is FRAUD going on.

 

  1. FRAUD since all IBFX nano lot trades get closed by market order.
    I have long running trades now getting closed now simply by random!

  • #7
  • Sep 5, 2014 3:17pm Sep 5, 2014 3:17pm
I was with FXDD white label offering of Dukascopy JForex. FXCM acquired us back in May. I currently trade on their Active Trader offering, commission is less and spreads are tighter, except on EURUSD, I was getting 0.1-0.2, now 0.4-0.6. I'm under 1.5 most of the time on GBPAUD, GBPJPY, EURAUD, EURCAD. It's also a non dealing desk environment. I felt the same way, there was no way I was going to FXCM, and I still disagree with the fact they are constantly getting fined and still allowed to continue. However, these are the options in The good 'ole US these days. Good 'ole Dodd-Frank not only has ridiculous rules on leverage, FIFO, etc, but they are driving brokers out of the US market as well. You know things are bad when you visit an overseas broker website and it states we do not accept residents of North Korea, Iraq, and the United States. Nice group to be in. Land of the free, baby! What frustrates me most is all the brokers/banks worldwide with better conditions and MUCH BETTER PROTECTION OF OUR MONEY that we cannot trade with, while they are claiming they are protecting us. How are you protecting me by requiring me to deposit 10 times the amount of money to execute the same size trade and then my money is not protected in any way by form of segregation? It's a joke.
  • #8
  • Edited 4:17pm Sep 5, 2014 3:19pm | Edited 4:17pm
Quoting ForExtraPips
Gut feeling tells me it will just mean higher costs to trade.
Hi ForExtraPips,

You should have received an email from FXCM today which includes details on the spreads that will be available on your account through us after the transfer takes place on September 19th. It's likely you will find them to be lower than your current spreads.
  • #9
  • Sep 5, 2014 5:35pm Sep 5, 2014 5:35pm
Quoting mitch77
I dont trade with either but considering IBFX has probably the worst ratings out of any of the main brokers on FPA, I dont know what you are all complaining about
FPA?
  • #10
  • Sep 5, 2014 5:38pm Sep 5, 2014 5:38pm
Quoting Jason Rogers
{quote} Hi ForExtraPips, You should have received an email from FXCM today which includes details on the spreads that will be available on your account through us after the transfer takes place on September 19th. It's likely you will find them to be lower than your current spreads.
Well, here's one kudos for FXCM; a rep from FXCM in our thread. You are a rep with FXCM, correct?

My question is this; in the FAQ on dailyFX, you limit your withdrawals to #20k/month. Is this account / platform specific? Would I have to get off of MT4 in order to get beyond this restriction?
  • #11
  • Sep 5, 2014 6:16pm Sep 5, 2014 6:16pm
Quoting nondisclosure00
{quote} FPA?
I could be wrong, but I believe he's referring to this review:
http://www.forexpeacearmy.com/public...nterbankfx.com

I'm still not completely sold on FXCM, but I will probably give it a shot since I have no other brokers I know of. Just sucks moving to a new broker and learning how they work. I've bounced around about 3-4 brokers before settling on IBFX and while the reviews on IBFX are not great, I've had nothing but good experience with them. I don't scalp which looks to be where most of the negative reviews come from and I don't believe it's IBFX's fault on that. The rules have significantly changed over the past several years.

Jeff.
  • #12
  • Sep 5, 2014 7:43pm Sep 5, 2014 7:43pm
got the same notification to, why would I ever want to transfer to FXCM?
and why? are IBFX closing down shop? or what are they doing
Bulls are stupid Animals!especially when Im short!
  • #13
  • Sep 5, 2014 10:09pm Sep 5, 2014 10:09pm
i have been with ibfx AU too since almost a year ago. never had problem, maybe because i only trade in longer TF (daily candles). it's sad to hear IBFX/Monex Group has been going down recently (I read their recent quarterly earning reports) and i already had feeling it would be just matter of time before they close down or simply sell their business.. then I heard they sold their business to FXCM...

i dont really like trading with FXCM. You can call me paranoid but they have been fined over and over again by NFA for manipulating their clients. If you do it once, it is still tolerable. If you do it over and over again, it is a clear sign to me. i'm sorry, I dont mean to accuse FXCM of anything, it's just my personal opinion that I dont want to trade with broker having such "reputation". i actually plan to withdraw all my money in IBFX next monday and move to another broker.

Thing that truly disappoint me is that they announce the migration at 10 PM yesterday my timezone so i had no time to withdraw because i was celebrating weekend. Now i need to wait until monday before I can ask for withdrawal process IBFX (especially knowing that I trade with their AU company) should have announced this migration way earlier, like 7-8 AM, so I can prepare things faster too. but oh well..
  • #14
  • Sep 6, 2014 2:09am Sep 6, 2014 2:09am
The way I trade, using very small lot sizes and lots of trades is just not doable with fxcm. I'm glad they announced their pricing schedules. Sunday soonest, I am closing my account with IBFX and going with Oanda or a foreign based broker willing to deal with Americans . They should have stuck with the minimum 3000$ deposit. I suspect that most of their clients will close out their accounts and go elsewhere than with FCXM.

I am amazed that FCXM is still allowed to to business.
  • #15
  • Edited 3:51am Sep 6, 2014 2:28am | Edited 3:51am
no business with me I go with another broker.

would like to know how much money they get for free from
stealing of trades < 1k in size . I loose 600 AUS$ from this thiefes (all long running trades opened up to go for many month or years)
  • #16
  • Sep 6, 2014 7:56am Sep 6, 2014 7:56am
has anyone with an active ibfx account not yet received any notification from ibfx and/or fxcm concerning the accounts transfer...... thanks.....h
to trade and code, keep both simple... no call to impress....h
  • #17
  • Sep 6, 2014 9:06am Sep 6, 2014 9:06am
I would like to find a new Metatrader / Nano-account (1 Cent/Pip) broker ASAP.
If anyone is aware of such, please let me know.
  • #18
  • Sep 6, 2014 9:56am Sep 6, 2014 9:56am
Quoting hayseed
has anyone with an active ibfx account not yet received any notification from ibfx and/or fxcm concerning the accounts transfer...... thanks.....h
Hi hayseed!

According to this:
http://ir.fxcm.com/releasedetail.cfm?ReleaseID=869315

It appears to be MT4 users.... which is strange to me. Why only MT4 accounts? Does it mean IBFX won't trade using the MetaTrader platform?

hayseed, what broker do you use?

Thanks
Jeff.
  • #19
  • Sep 6, 2014 1:45pm Sep 6, 2014 1:45pm
hey jeff..... i use ibfx and etradefx..... have not received any notice from ibfx or fcxm that any of my ibfx accounts are being transferred.....

was hoping being no notice sent, for "some" reason i might be allowed to stay......h
to trade and code, keep both simple... no call to impress....h
  • #20
  • Sep 6, 2014 1:48pm Sep 6, 2014 1:48pm
Quoting hayseed
hey jeff..... i use ibfx and etradefx..... have not received any notice from ibfx or fcxm that any of my ibfx accounts are being transferred..... was hoping being no notice sent, for "some" reason i might be allowed to stay......h
Do you use MT4 with ibfx?
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