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FXCM MT4 Good/Bad vs IBFX?

  • #41
  • Sep 7, 2014 8:56pm Sep 7, 2014 8:56pm
Quoting ZebraSquirl
I did look at Dukascopy for a bit ... . What's with the Dukascopy "calendar girls"? Cheesy.
I find this incredibly weird as well.
Remember, Red. Hope is a good thing, maybe the best of things...
  • #42
  • Sep 7, 2014 9:04pm Sep 7, 2014 9:04pm
Well,

Thanks for the good discussion here. At the moment I think I'm going to either use FXCM and/or go with OANDA. I have no history with either and I may actually use both and then decide if I want to keep both or move all my money to one or the other.

I also feel the same way hayseed feels tho, I would rather choose my broker than being dumped into one. Which is part of the reason I prefer OANDA. I've heard a bunch of negative things about FXCM which disturbs me, but I also believe its probably BS whiners. A lot of people hate IBFX too and I had no issues with them. No broker will be perfect, but unfortunately it's the history/track record with one that makes one better than others.

ZebraSquirl,
What's wrong with the calendar girls

Jeff.
  • #43
  • Sep 7, 2014 10:21pm Sep 7, 2014 10:21pm
Quoting ZebraSquirl
I did look at Dukascopy for a bit ... . What's with the Dukascopy "calendar girls"? Cheesy.
Sex sells I guess. It's similar to what InstaForex is doing with the Miss Asia thing or whatever.
  • #44
  • Sep 7, 2014 11:25pm Sep 7, 2014 11:25pm
Quoting webjeff
Well, Thanks for the good discussion here. At the moment I think I'm going to either use FXCM and/or go with OANDA. I have no history with either and I may actually use both and then decide if I want to keep both or move all my money to one or the other. I also feel the same way hayseed feels tho, I would rather choose my broker than being dumped into one. Which is part of the reason I prefer OANDA. I've heard a bunch of negative things about FXCM which disturbs me, but I also believe its probably BS whiners. A lot of people hate IBFX too and I...
Um, well, my wife sometimes looks over my shoulder, so I am not at liberty to say that there is absolutely nothing wrong with scantily clad traders ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #45
  • Sep 7, 2014 11:27pm Sep 7, 2014 11:27pm
Quoting jhehe
{quote} Sex sells I guess. It's similar to what InstaForex is doing with the Miss Asia thing or whatever.
There are scantily clad traders on InstaForex, too??!!

(Hastily visits InstaForex site ... .)

(To wife) Ahem, I'm, uh, comparing spreads, dear ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #46
  • Sep 7, 2014 11:51pm Sep 7, 2014 11:51pm
Quoting webjeff
Well, Thanks for the good discussion here. At the moment I think I'm going to either use FXCM and/or go with OANDA. I have no history with either and I may actually use both and then decide if I want to keep both or move all my money to one or the other. I also feel the same way hayseed feels tho, I would rather choose my broker than being dumped into one. Which is part of the reason I prefer OANDA. I've heard a bunch of negative things about FXCM which disturbs me, but I also believe its probably BS whiners. A lot of people hate IBFX too and I...
But on a more serious note, I would be inclined to look most closely at Oanda were I to consider changing brokers (from FXCM). There are various aspects of Oanda's way of doing business that I would favor over FXCM and that is (1) their trading in single units of currency versus "lots"; and (2) daily assessment of rollover/swaps rather than periodic/calendar-based assessment of those fees which can motivate holding or dumping positions prior to/after the assessment of the fee. I don't know about you, but I generally don't take what day of the week it is into consideration in making my trades (unless it's a Friday, when I generally just don't want to enter new stuff that I have to dwell on over the weekend).

I would vastly prefer it were brokers to assess the fee on a daily basis rather than dinging me with it based upon some Mayan calendar system on which 1 day of rollover occurs on certain days for certain currencies, 3 days of rollover occurs on other days for certain currencies, rollover occurs on certain days for all currencies ... . Ugh. It's just another way to f*k people who don't have the brain capacity of a vastly superior alien race ... . It should not require a law degree to figure out how to do your taxes or to calculate rollover on a trade you have open ... .

However, I have yet to take a close look at Oanda's platform for ease of use, etc.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #47
  • Sep 8, 2014 8:02am Sep 8, 2014 8:02am
Quoting ZebraSquirl
{quote} There are scantily clad traders on InstaForex, too??!! (Hastily visits InstaForex site ... .) (To wife) Ahem, I'm, uh, comparing spreads, dear ... .
Instaforex was like my first broker so I navigated around the site quite a bit. They do have this calender girl/Asia thing going on. It's popular overseas in Europe and Asia as they don't ask for much. You don't even need to upload documents to verify your address and identity. Luckily for me, I got out before anything serious happened, not saying that something serious did happen.
  • #48
  • Sep 8, 2014 12:57pm Sep 8, 2014 12:57pm
Quoting nondisclosure00
{quote} Well, here's one kudos for FXCM; a rep from FXCM in our thread. You are a rep with FXCM, correct?
Hi Nondisclosure00,

Yes, I'm the FXCM rep here on Forex Factory.

Quoting nondisclosure00
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?
To clarify, FXCM does not limit withdrawals to 20k per month. Our clients are free withdraw all the funds in their trading accounts, provided the funds are not needed as margin for any open positions. I will quote the section of the FAQ on DailyFX you are referring to and then clarify:

Quote
What is different about FXCM’s offering compared to IBFX?
The IBFX MT4 system is very similar to the FXCM MT4 offering. A few differences between IBFX and FXCM are:

...

Deposit/Withdrawal
- IBFX deposit/withdrawal options: wire, paper check ($20k max/30days), credit/debit card ($2k max /180 days)
- FXCM deposit/withdrawal options: wire, paper check, credit/debit card ($20k/month), ACH

To clarify, the 20k limit is on the amount you can deposit per month using a credit/debit card. There is no limit on the amount you can withdraw. Furthermore, if you wish to deposit more than 20k in a calendar month, then you can still do so via bank wire transfer or ACH. FXCM will even reimburse you for the wire fees charged by your bank when you make a deposit of that size. Simply email us a copy of the transaction receipt showing the fees your bank charged you.
  • #49
  • Sep 8, 2014 1:16pm Sep 8, 2014 1:16pm
Quoting hayseed
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
Hi Hayseed,

I appreciate your concerns, and it is the goal of my colleagues and I to make this transition as smooth as possible for you. Some things to keep in mind are that, like IBFX, we also offer MT4, so you will be able to continue trading on the same platform. And aside from the FAQs which MzVega was kind enough to link to, FXCM has a dedicated support team available by phone or live chat 24 hours a day to help you with any questions regarding this transition. Our team has successfully completed several similar transitions for clients from brokers we have acquired over the past few years.
  • #50
  • Sep 8, 2014 1:25pm Sep 8, 2014 1:25pm
Quoting Traderbry
I got the same IBFX notice and have been searching to find a new broker - any comments or experiences with FXDD?
Hi Traderbry,

In May of this year, FXCM acquired FXDD's US accounts, and they no longer offer services to US traders: http://www.dailyforex.com/forex-figu...d-clients/1499
  • #51
  • Edited 4:34pm Sep 8, 2014 1:56pm | Edited 4:34pm
Quoting ZebraSquirl
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.
Thanks for the suggestions, ZebraSquirl!

I've passed them along to the DailyFX team to see if they can incorporate the information you describe into the Rollover Calendar.

Quoting ZebraSquirl
I would vastly prefer it were brokers to assess the fee on a daily basis rather than dinging me with it based upon some Mayan calendar system on which 1 day of rollover occurs on certain days for certain currencies, 3 days of rollover occurs on other days for certain currencies, rollover occurs on certain days for all currencies ... . Ugh. It's just another way to f*k people who don't have the brain capacity of a vastly superior alien race ... . It should not require a law degree to figure out how to do your taxes or to calculate rollover on a trade...
While I appreciate (and can personally relate to) your frustration with the sometimes complex nature of the rollover interest rate schedule, it's important to keep in mind that this schedule is not specific to FXCM. In fact, it is the international standard used by banks around the world. As complicated as it can be sometimes, we feel it is important for FXCM to accurately reflect how rollover interest is calculated and applied in the wider market. This is especially important when banks change rates dramatically: http://www.forexfactory.com/showthre...99#post7567099

Interest rates are a key driver of trade flow, so by accurately reflecting the changes in rollover rates coming from banks as they happen, we provide our clients with information they can use to base their trading decisions. Another advantage of how FXCM applies rollover interest at 5pm New York time (the way major banks do) is that it allows short term traders to trade without having to worry about rollover interest at all provided that they are flat by 5pm each day.

Our Trading Station platform allows clients to see the exact dollar amount of rollover interest they can earn or pay for trades that are still open at 5pm New York time that day. And as you mentioned, the DailyFX Rollover Calendar can keep you posted on upcoming bank holidays that will impact the normal rollover schedule: http://www.dailyfx.com/calendar/roll...0000000MumJAAS
  • #52
  • Sep 8, 2014 4:41pm Sep 8, 2014 4:41pm
Quoting webjeff
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.
Hi Jeff,

You should find that the new pricing will be cheaper for you overall. Some examples for comparison were included the email that was sent to you by FXCM.
  • #53
  • Edited 6:04pm Sep 8, 2014 5:19pm | Edited 6:04pm
Quoting mzvega
{quote} 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........
Hi Mzvega,

While I wasn't working at FXCM back when you were a client in 2004, we have made many improvements over the past 10 years. That has helped us grow to become one of the only retail forex brokers that's a publicly-traded company (NYSE ticker: FXCM) with $1.312 billion in client funds.

In 2007, we introduced No Dealing Desk (NDD) forex execution. That means FXCM offsets client orders one-for-one with our 10+ liquidity providers who compete with each other to give you the best fills. We don't take the risk on the other side of your trades, and make our money from client trading volume, not client losses.

In 2010, we made further enhancements allowing traders to benefit from positive slippage on all order types. That means, if a better price is available in the market than what you originally specified with your limit or market order, then your order will get filled with that price improvement. In just a 6-month period from 1 August, 2013 to 31 January, 2014, FXCM clients benefited from over $15 million in price improvements.
  • #54
  • Sep 8, 2014 6:28pm Sep 8, 2014 6:28pm
Quoting Jason Rogers
{quote} Thanks for the suggestions, ZebraSquirl! I've passed them along to the DailyFX team to see if they can incorporate the information you describe into the Rollover Calendar. {quote} While I appreciate (and can personally relate to) your frustration with the sometimes complex nature of the rollover interest rate schedule, it's important to keep in mind that this schedule is not specific to FXCM. In fact, it is the international standard used by banks around the world. As complicated as it can be sometimes, we feel it is important...
... and thanks also for that ... . To be honest, I'm fine the vast majority of times in just looking at the Advanced Dealing Rates, since I pretty much know which pairs have positive swap on which side ... . If I manage to hold the trade for an additional period of time such that the position accrues additional positive swap due to its scheduled accrual per the Rollover Calendar, that's great ... . Otherwise, I generally don't sweat it, especially since I generally refuse to trade in the direction of an onerous swap (e.g., GBP/NZD long). My target price is my target price, generally without regard to when swap accrues.

In any event, I guess in the end my point is that I am somewhat surprised that novice traders appear to be oblivious to onerous swap, and some kind of web page that highlights the swap rates would probably be helpful to these folks. In the alternative, an article linked to the Rollover Calendar page might be helpful -- one that demonstrates via example how onerous swap can suck the life out of particular trades and, conversely, how positive swap can add to a trade's value.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #55
  • Sep 8, 2014 6:53pm Sep 8, 2014 6:53pm
@Jason Rogers

Sending an e mail on Friday COB informing that my IBFX account being transferred to FXCM , locking and declining all deposit options for 7/10 days in this volatile market and a notice about closing nano lots without my consent…

You , as FXCM , are obviously aware of these conditions and still telling us how customer oriented and how safe is FXCM while I watch my account erode with my hands tied because you deliberately left us no time / room to move.
  • #56
  • Sep 8, 2014 8:25pm Sep 8, 2014 8:25pm
Quoting Jason Rogers
Our team has successfully completed several similar transitions for clients from brokers we have acquired over the past few years.
//-----

hey jason...... ..... practice makes perfect, or so they say..... there is no doubt in my mind, the ibfx transition will flow smoothly as humanly possible.....
//------

on the topic of swaps..... i noticed that the marketinfo swap metrics are blocked in fxcm's metatrader demo..... such as ,MarketInfo(Symbol(),MODE_SWAPSHORT) ....

did not know that was even possible....... is there a reason...... are they blocked in the live platform also......

several of my best ea's rely heavily on those figures...... thanks......h
to trade and code, keep both simple... no call to impress....h
  • #57
  • Sep 8, 2014 11:24pm Sep 8, 2014 11:24pm
Quoting Jjf38
@Jason Rogers Sending an e mail on Friday COB informing that my IBFX account being transferred to FXCM , locking and declining all deposit options for 7/10 days in this volatile market and a notice about closing nano lots without my consent… You , as FXCM , are obviously aware of these conditions and still telling us how customer oriented and how safe is FXCM while I watch my account erode with my hands tied because you deliberately left us no time / room to move.
To be fair to FXCM they do not have nano lots, these are decisions made by IBFX. I closed out trading last month when they suddenly enforced FIFO with little notice. These are decisions made by IBFX so blame them.
  • #58
  • Sep 9, 2014 1:44am Sep 9, 2014 1:44am
Quoting nanningbob
{quote} To be fair to FXCM they do not have nano lots, these are decisions made by IBFX. I closed out trading last month when they suddenly enforced FIFO with little notice. These are decisions made by IBFX so blame them.
maybe but it is thiefery to close out all nanos!!
  • #59
  • Sep 12, 2014 11:55pm Sep 12, 2014 11:55pm
Quoting Jason Rogers
{quote} Hi Nondisclosure00, Yes, I'm the FXCM rep here on Forex Factory. {quote} To clarify, FXCM does not limit withdrawals to 20k per month. Our clients are free withdraw all the funds in their trading accounts, provided the funds are not needed as margin for any open positions. I will quote the section of the FAQ on DailyFX you are referring to and then clarify: {quote} To clarify, the 20k limit is on the amount you can deposit per month using a credit/debit card. There is no limit on the amount you can withdraw. Furthermore, if you wish to deposit...
Thanks for the clarifications.
  • #60
  • Sep 14, 2014 10:59pm Sep 14, 2014 10:59pm
HI HI HI,

Haven't read the last few posts above, but I'll assume that it doesn't matter.....

SO, I ASK, WHO IS THE BEST FOREIGN BROKER (NON-USA) THAT STILL ACCEPTS USA-RESIDENTS???

USA sucks dick balls, and I know because I live there...
Please check out my blog at https://from-zero-to-hero . net
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