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FXCM MT4 Good/Bad vs IBFX?

  • #21
  • Sep 6, 2014 2:19pm Sep 6, 2014 2:19pm
yes....h
to trade and code, keep both simple... no call to impress....h
  • #22
  • Sep 6, 2014 2:28pm Sep 6, 2014 2:28pm
I've been with FXCM for over 20 months with their Active Trader Group and I have had nothing but a positive experience with them. Not sure if it's because I have a decent size account or not but my account team is responsive and knowledgeable and available the few times I need them. I frequently wire large sums of money in and out of my account without issue. I've experienced both positive and negative slippage. Trade long enough and make enough trades and it happens but sometimes to your favor as well. I'm aware of the fines and I realize that they may be negatively portrayed on these boards. I'm just telling you my experience in over a year and a half with them. Do your research and make your own decisions where to park your cash.
  • #23
  • Sep 6, 2014 4:22pm Sep 6, 2014 4:22pm
Quoting webjeff
{quote} 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.
Perhaps IBFX just wants to focus on TradeStation platform, since it's acquired by TradeStation anyway.
  • #24
  • Sep 6, 2014 4:57pm Sep 6, 2014 4:57pm
Thank you to whomever opened and started this thread. I get too many e-mails on a daily basis, so I wasn't even aware I had an e-mail from IBFX until I came here and read this thread.

THIS IS VERY BAD NEWS!!!!!!! I am very upset to hear this.

I have been with FXCM and Forex.com in the past, and did not like either of them. I'm not entirely aware of the bad FXCM reviews (and haven't researched it just yet), but I am not one bit surprised because I do remember them manipulating trades very clearly, and quite frequently.

Since then I have been with IBFX and honestly, haven't really had any complaints. The spreads are not great, but the execution is on par, and the manipulation is minimal if there is any at all.

I don't know why IBFX is shutting down but it worries me very, very much. Like many people here, I will have no choice but to close/liquidate the account (which also sucks, because I just got long AUD/CHF last week and was planning on collecting the swaps on a very nice and steady trend... which I will no longer be able to do), NOT accept the FXCM rigged bullshit, and OPEN AN ACCOUNT WITH ANOTHER BROKER, HOPEFULLY A FOREIGN ONE THAT ACCEPTS US RESIDENTS.

SCREW FXCM, THEY SUCK BIG BALLS. THE UNITED STATES IS QUICKLY BECOMING THE JOKE OF THE WORLD... AND IT ANGERS ME TO SAY THAT!

So, does anyone here have suggestions for brokers other than FXCM??? One person mentioned Oanda, which I will look into and heard good things about, but I didn't know they accept US residents?

Someone please be the voice of reason here and offer some real advice to those of us who don't want to be scammed. Hayseed, I know you are a brilliant trader. Do you know what you are going to do yet?

I only trade with about $100 right now at a time, so I must be able to deposit that money, obviously, as well as trade mini and micro lots, which is very important to me. More than 50:1 leverage would be exceptional and the ability to hedge would be nice too, but I do not expect it.
Please check out my blog at https://from-zero-to-hero . net
  • #25
  • Sep 6, 2014 5:07pm Sep 6, 2014 5:07pm
ATC Brokers I would recommend.
EDIT: sorry didn't see your low deposit 5k for ATC.
  • #26
  • Edited 5:48pm Sep 6, 2014 5:35pm | Edited 5:48pm
What about Dukascopy?? I've heard good things about them too.

Or maybe http://www.forexbrokerinc.com/ who claims you can have 500:1 leverage? That would be sweet!

I was also going to suggest 'eToroUSA', but judging from there website, it seems they are not an option either.

Mr. Barney "Idiot" Frank and Chriss "Idiot" Dodd are really making our livers miserable. And... for what reason!?!

----------------------------------------------------------------------------
You can't get any dumber than this:

In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn) proposed
that borrowers be required to make a 5% down payment in order to qualify.
His proposal was rejected 57-42 on a party-line vote because, as Senator Chris Dodd (D-Conn) explained,
"Passage of such a requirement would restrict home ownership to only those who can afford it."
Please check out my blog at https://from-zero-to-hero . net
  • #27
  • Sep 7, 2014 1:32am Sep 7, 2014 1:32am
I was with IBFX for almost 7 years and only had one real complaint back at the beginning when they started 5 digit pricing. Other than that my trades were entered and exited pretty much on Que. Sad to see them exit the MT4 market. They are only doing their TradeStation business so they must have felt small accounts was no longer worth it.

For a new place to trade I am looking at CITI FX. They are a big bank and are not bound by FIFO or NFA rules. Just wondering if anyone else trades with them. It does take 10K to trade with them so no small stuff. I closed my account today with IBFX and when all the funds are in I will move on to a new broker. I guess Oanda would be my 2nd choice. I wish I could go with Global Prime in Australia but they wont accept USA residents.
  • #28
  • Sep 7, 2014 2:38am Sep 7, 2014 2:38am
Nanningbob why global prime Australia? anything special about them?
  • #29
  • Sep 7, 2014 3:03am Sep 7, 2014 3:03am
Quoting fugly
Nanningbob why global prime Australia? anything special about them?
Very good reputation, run by traders. I know Jemook personally. Just check with Forex Peace Army ratings. I would trade with them in a heartbeat if I could.
  • #30
  • Sep 7, 2014 4:43am Sep 7, 2014 4:43am
just downloaded a fxcm mt4 demo..... it does not appear to show swap/rollover rates.... wrote a quick indicator using MarketInfo(Symbol(),MODE_SWAPSHORT), no go....

all swap rates appear to be blocked on fxcm demo...... didn't realize that was even possible.....h
to trade and code, keep both simple... no call to impress....h
  • #31
  • Sep 7, 2014 6:39am Sep 7, 2014 6:39am
Quoting hayseed
just downloaded a fxcm mt4 demo..... it does not appear to show swap/rollover rates.... wrote a quick indicator using MarketInfo(Symbol(),MODE_SWAPSHORT), no go.... all swap rates appear to be blocked on fxcm demo...... didn't realize that was even possible.....h
you must use trade station fxcm to see swap rates, but only during trade hours because their swap change every week
  • #32
  • Sep 7, 2014 11:15am Sep 7, 2014 11:15am
Quoting hayseed
just downloaded a fxcm mt4 demo..... it does not appear to show swap/rollover rates.... wrote a quick indicator using MarketInfo(Symbol(),MODE_SWAPSHORT), no go.... all swap rates appear to be blocked on fxcm demo...... didn't realize that was even possible.....h
I also watch the swap rates.....After IBFX sent me an email I received one from fxcm, we can still use IBFX indicators by changing the server address from our current platform........

7.Will I be able to trade on the same MetaTrader 4 Platform and Mobile app?
Yes. You will be able to continue to trade on MT4 and use the MT4 mobile platform.
To access the software, you will need to choose the Server at the login screen.
Server: ***TBD***
Alternatively, you can type in the following address: URL***TBD***

This link has help answer a few questions concerning the up coming changes for me
http://www.dailyfx.com/forex_forum/i...ml#post2002714

edit: updated link
Markets are not efficient, rather they are effective - Jones
  • #33
  • Sep 7, 2014 11:43am Sep 7, 2014 11:43am
[quote=mzvega;7722186] I also watch the swap rates.....After IBFX sent me an email I received one from fxcm, [/quote]
//----

hey mzvega.... thanks for the link..... it helps....... i still have not received notice from anyone....

in the back of my mind i was hoping possibly some would , for various reasons, be allowed to stay......

i have nothing against fxcm...... not a single thing..... but i have some concerns......

bottom line is, i rather move somewhere quietly on my own accord rather than be forcedly dumped on fxcm with 8000 screaming account holders...... that prospect does not appeal to me......h
to trade and code, keep both simple... no call to impress....h
  • #34
  • Sep 7, 2014 12:10pm Sep 7, 2014 12:10pm
Quoting nanningbob
I was with IBFX for almost 7 years and only had one real complaint back at the beginning when they started 5 digit pricing. Other than that my trades were entered and exited pretty much on Que. Sad to see them exit the MT4 market. They are only doing their TradeStation business so they must have felt small accounts was no longer worth it. For a new place to trade I am looking at CITI FX. They are a big bank and are not bound by FIFO or NFA rules. Just wondering if anyone else trades with them. It does take 10K to trade with them so no small stuff....
CitiFX is just a white label for Saxobank. I am not saying that this is bad or good but just pointing it out in case you didn't know this.
  • #35
  • Sep 7, 2014 12:17pm Sep 7, 2014 12:17pm
Quoting hayseed
Quoting mzvega
I also watch the swap rates.....After IBFX sent me an email I received one from fxcm, [/quote] //---- hey mzvega.... thanks for the link..... it helps....... i still have not received notice from anyone.... in the back of my mind i was hoping possibly some would , for various reasons, be allowed to stay...... i have nothing against fxcm...... not a single thing.....
...
I feel you.......

Technically, IBFX sold out to Tradestation in 2011. It doesn't seem that long ago, but I received notice then, it wasn't a big thing as everything remained the same except the name on my account statements.(from IBFX to IBFX/Monex Group)

http://www.tradestation.com/about-us...ent/2011-11-16

maybe by looking into Tradestation, I can find the reasons & explanations they chose to drop their mt4 clients.......

TradeStation Announces Sale of Its IBFX "MT4" Retail Accounts
http://globenewswire.com/news-releas...-Accounts.html
Markets are not efficient, rather they are effective - Jones
  • #36
  • Sep 7, 2014 3:29pm Sep 7, 2014 3:29pm
I got the same IBFX notice and have been searching to find a new broker - any comments or experiences with FXDD? Oanda?
  • #37
  • Sep 7, 2014 3:50pm Sep 7, 2014 3:50pm
Quoting Traderbry
I got the same IBFX notice and have been searching to find a new broker - any comments or experiences with FXDD? Oanda?
I was with FXDD and I didn't like them!

I am looking into ForexBrokerInc.com -- not sure how legit they are, it seems they bypass NFA CFTC and FIFO rules by being located technically in Malta. However, the 500:1 leverage is too good to pass up, and it might be perfect for my small $100 account.
Please check out my blog at https://from-zero-to-hero . net
  • #38
  • Sep 7, 2014 5:32pm Sep 7, 2014 5:32pm
Quoting mitch77
{quote} CitiFX is just a white label for Saxobank. I am not saying that this is bad or good but just pointing it out in case you didn't know this.
Thanks for the info. Will consider it.
  • #39
  • Sep 7, 2014 5:54pm Sep 7, 2014 5:54pm
I've been with FXCM for quite some time now and don't have a particular problem with them. I assume my old man crabbiness with the various idiosyncracies of their platform (I use Trading Station) would be present with other brokers, which is probably why I haven't had the energy to start over with a different broker. A couple of my gripes involve the arcane manner in which rollover/swap is calculated and shown to traders. I assume that this is, in part, due to the nature of the beast (namely that the rates change daily), but I would think that it would be a minor matter to display all the traded pairs' swap rates for a given day on a web page of some kind without my having to look at each pair's swap rate by opening the platform, looking at each pair's Advanced Dealing Rate, and then assembling that info myself in connection with the Rollover Calendar, which tells you when the swap accrues so that I can focus on pairs with advantageous swap rates and avoid those without. Point in fact, I do know which pairs those are, but I think novice traders should have that additional tool available to them in an easily interpreted format.

Secondarily, there appears to be very little education geared to novice traders on DailyFx (the web site associated with FXCM) as to the burden an onerous negative swap imparts upon a trade. For smaller trade sizes, it does not appear great in dollar and cents terms, but on percentage terms can put a major dent in profits for traders seeking somewhat minimal movement in a pair's price (<20 pips), a fact that is at best only opaquely communicated to traders.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #40
  • Sep 7, 2014 5:57pm Sep 7, 2014 5:57pm
I did look at Dukascopy for a bit ... . What's with the Dukascopy "calendar girls"? Cheesy.
Fireworks are fun ... as long as you don't blow your fingers off.
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