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FXCM MT4 Good/Bad vs IBFX?

  • #61
  • Sep 15, 2014 3:50am Sep 15, 2014 3:50am
Quoting smash1820
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...
only non regulated brokers accepts us residents, there was a story where one of those brokers stole there money
  • #62
  • Sep 15, 2014 4:41am Sep 15, 2014 4:41am
Quoting PoundTrader
only non regulated brokers accepts us residents, there was a story where one of those brokers stole there money
Thanks for your response. Yes, this is what I am afraid of. But, if I am trading with just $100, I wonder if it might be worth the risk?

500:1 leverage is sooo hard to pass up, especially without FIFO restrictions, the ability to leverage, significantly cheaper spreads (hence the ability to scalp, FINALLY!), and 1000x more pairs and symbols than my previous broker, IBFX, had. The broker I am speaking of is www.ForexBrokerInc.com and I do not know if they're legit, but I'm thinking it might be worth the chance. Their website looks like total crap and a 4-year-old made it in one night (and the response time is god-awful), but I am willing to give them the benefit of the doubt until proven wrong.

Obviously, you make a few hundred dollars on a $100 account, cash out, and if they won't honor it at that point then screw them. At least you're not risking much. I'd rather lose $100 to some sketchy foreign broker that offers the right services than an "officially" regulated US broker that is legal but still crap.
Please check out my blog at https://from-zero-to-hero . net
  • #63
  • Sep 15, 2014 4:49am Sep 15, 2014 4:49am
Quoting smash1820
{quote} Thanks for your response. Yes, this is what I am afraid of. But, if I am trading with just $100, I wonder if it might be worth the risk? 500:1 leverage is sooo hard to pass up, especially without FIFO restrictions, the ability to leverage, significantly cheaper spreads (hence the ability to scalp, FINALLY!), and 1000x more pairs and symbols than my previous broker, IBFX, had. The broker I am speaking of is www.ForexBrokerInc.com and I do not know if they're legit, but I'm thinking it might be worth...
well then thats a waist of time.
  • #64
  • Sep 15, 2014 6:21am Sep 15, 2014 6:21am
maybe finfx is the only one then?
  • #65
  • Sep 16, 2014 2:34pm Sep 16, 2014 2:34pm
http://www.nfa.futures.org/basicnet/...7mVysc%3d&rn=N

Would you let a thief hold your money and be the middle man for your trades? It's sad when the people in the US have to speak this name as an option for Forex trading.
  • #66
  • Sep 16, 2014 5:24pm Sep 16, 2014 5:24pm
Wow, I have to thank all of you for this discussion. I am one of those who gets so much spam that I don't check my emails much. I found out today about the transfer.

I've been with IBFX since 2009 and only have a few things I don't like with them. Based on this discussion, I will be trying FXCM. The major positives I see compared to IBFX is being able to deposit/wighdrawal via ACH (I hated the fact that IBFX did not offer that), and no dealing desk is awesome!

With respect to swaps, I would like to see them as well. I don't make trade decisions based on swaps, but I do look at them via an indicator I wrote. I guess I will have to study the schedule mentioned earlier so I know what to expect.

So I will give FXCM a try and then make my decision.

Thanks again for the discussion.
  • #67
  • Sep 16, 2014 5:50pm Sep 16, 2014 5:50pm
Quoting dargane
With respect to swaps, I would like to see them as well. I don't make trade decisions based on swaps, but I do look at them via an indicator I wrote. I guess I will have to study the schedule mentioned earlier so I know what to expect. .
//----

hey dargane..... you can rewrite your indicator to use a multi-dimensional array instead of the marketinfo values.... you would still have to manually fill the array, but that's quite easy.....

someone from fxcm pm'd me saying the values are not currently available via metatrader..... noticed some of the other marketinfo values, such as 'mode-point', do not reflect what we are used to seeing either.....

the swap values are easily seen in fxcm's marketscope platform.....
//-----

a goal of mine is to be making 2k a month in swap alone by the end of this year, so my ea's target high swap trades and avoid negative swap directions.....

the only real positive, for me, is the lower spreads....... i estimate somewhere around 10k ,+/- a few k, a year in the lower spread savings..... that's getting near to ecn values.....

in close to 10 years with ibfx i never had a single complaint...... don't expect to have any with fxcm either.......h
to trade and code, keep both simple... no call to impress....h
  • #68
  • Sep 16, 2014 6:55pm Sep 16, 2014 6:55pm
Quoting dargane
Based on this discussion, I will be trying FXCM. The major positives I see compared to IBFX is being able to deposit/wighdrawal via ACH (I hated the fact that IBFX did not offer that), and no dealing desk is awesome! With respect to swaps, I would like to see them as well.
Hi Dargane,

I just sent you a private message with demo login details you can use to see our swaps. Please let me know if you have any further questions.

Thanks,
Jason
  • #69
  • Sep 18, 2014 5:39pm Sep 18, 2014 5:39pm
Quoting Jason Rogers
{quote} Hi Dargane, I just sent you a private message with demo login details you can use to see our swaps. Please let me know if you have any further questions. Thanks, Jason
Has FXCM sent out new account login and password info, they said they would on 09/17/2014? I haven't gotten mine...

http://www.dailyfx.com/forex_forum/i...ml#post2002660
  • #70
  • Sep 18, 2014 8:40pm Sep 18, 2014 8:40pm
Quoting Aad
{quote} Has FXCM sent out new account login and password info, they said they would on 09/17/2014? I haven't gotten mine... http://www.dailyfx.com/forex_forum/i...ml#post2002660
Hey Aad, I emailed support yesterday to ask them the same thing. The response I get back said they will send out the new login information tomorrow, Friday.
  • #71
  • Sep 18, 2014 9:16pm Sep 18, 2014 9:16pm
Quoting dargane
{quote} Hey Aad, I emailed support yesterday to ask them the same thing. The response I get back said they will send out the new login information tomorrow, Friday.
Thanks for that info Dargane...
  • #72
  • Sep 19, 2014 8:31am Sep 19, 2014 8:31am
Quoting smash1820
{quote} Thanks for your response. Yes, this is what I am afraid of. But, if I am trading with just $100, I wonder if it might be worth the risk? 500:1 leverage is sooo hard to pass up, especially without FIFO restrictions, the ability to leverage, significantly cheaper spreads (hence the ability to scalp, FINALLY!), and 1000x more pairs and symbols than my previous broker, IBFX, had. The broker I am speaking of is www.ForexBrokerInc.com and I do not know if they're legit, but I'm thinking it might be worth...
I trade with Forex Broker Inc., I have made withdrawals with no issue, takes 4-5 business days. The only thing trading with a regulated US broker does is limits your income while at the same time INCREASING your risk. Very simple example, I have a $5,000 forex account balance, which I keep in MY BANK here in the US. Just now I decided to risk 2% on GBPAUD trade with a 40 pip stop. I transferred $100 (2%) and left $4,900 in MY BANK. I opened up a trade with .25 standard lots. To do this with A US broker, I would need $1,000 in margin sitting in a broker account that DOES NOT PROTECT MY FUNDS in any way. If a broker is good, then they are good, regardless of regulation.
  • #73
  • Sep 19, 2014 12:21pm Sep 19, 2014 12:21pm
Quoting Aad
{quote} Has FXCM sent out new account login and password info, they said they would on 09/17/2014? I haven't gotten mine... http://www.dailyfx.com/forex_forum/i...ml#post2002660
Quoting dargane
{quote} Hey Aad, I emailed support yesterday to ask them the same thing. The response I get back said they will send out the new login information tomorrow, Friday.
Your new FXCM login emails have now been sent to you. If you have not received them, or require help logging into your FXCM MT4 platform, please contact our live customer support team anytime 24 hours a day: http://www.fxcm.com/support/contact-...0000000MusRAAS

Welcome to FXCM!
  • #74
  • Sep 19, 2014 12:35pm Sep 19, 2014 12:35pm
Quoting Profit Daily
The only thing trading with a regulated US broker does is limits your income while at the same time INCREASING your risk. Very simple example, I have a $5,000 forex account balance, which I keep in MY BANK here in the US. Just now I decided to risk 2% on GBPAUD trade with a 40 pip stop. I transferred $100 (2%) and left $4,900 in MY BANK. I opened up a trade with .25 standard lots. To do this with A US broker, I would need $1,000 in margin sitting in a broker account that DOES NOT PROTECT MY FUNDS in any way. If a broker is good, then they are good,...
The purpose of regulation is to hold brokers accountable to their clients and the rule of law. Should traders do their own due diligence when choosing a broker above and beyond checking whether a broker is regulated? Absolutely, but making sure a broker is answerable to some government authority by being regulated is a bare minimum when it comes to the safety of trading funds.

If a broker is unregulated, it means they are unable or unwilling (which is worse?!) to meet even these minimum standards of financial responsibility and transparency. Below are just some recent examples:

Crown Forex

"Although some people with accounts were still able to get their money out at this early stage, many accounts were not refunded... the company had no authorization from the SFBC for any activity in the financial sector in Switzerland."


Unfortunately, that wasn't the end of the story. A couple of years after going bankrupt, the people from Crown Forex were at it again, this time helping others become unregulated brokers.



JadeFX

"fraudulently solicited and misappropriated more than $3.2 million from more than 500 customers in the United States and throughout the world to trade forex... None of the defendants has ever been registered with the CFTC."



At FXCM, our goal is to provide excellent service and a safe place for traders to keep their money. That is why we are regulated in major financial centers in the US, Europe, Asia and Australia. In addition, we are one of the only retail forex brokers that is a publicly-traded company (NYSE ticker: FXCM) providing an additional level of transparency and oversight for our operations and financials. That is why traders entrust us with $1.312 billion in client funds.
  • #75
  • Sep 19, 2014 4:17pm Sep 19, 2014 4:17pm
Quoting Aad
{quote} Has FXCM sent out new account login and password info,
//-----

hey aad..... it's 4:10 pm cst 9/19/14 here..... have not received mine yet either..... but it appears the open trades are gone, probably moved to fxcm..... my ibfx account still shows a balance......h
to trade and code, keep both simple... no call to impress....h
  • #76
  • Sep 19, 2014 4:43pm Sep 19, 2014 4:43pm
Quoting hayseed
{quote} //----- hey aad..... it's 4:10 pm cst 9/19/14 here..... have not received mine yet either..... but it appears the open trades are gone, probably moved to fxcm..... my ibfx account still shows a balance......h
Hey guys, check your spam folder. I just happened to be looking for another email and there was the one with my new login information.
  • #77
  • Sep 19, 2014 5:04pm Sep 19, 2014 5:04pm
I already got mine.
  • #78
  • Sep 19, 2014 5:42pm Sep 19, 2014 5:42pm
Quoting Jason Rogers
{quote} {quote} Your new FXCM login emails have now been sent to you. If you have not received them, or require help logging into your FXCM MT4 platform, please contact our live customer support team anytime 24 hours a day: http://www.fxcm.com/support/contact-...0000000MusRAAS Welcome to FXCM!
I got my login info and the email shows two trade accounts but when I login to the FXCM site it only shows one of them and with a zero balance, perhaps balances have not been transferred yet...

Quoting hayseed
{quote} //----- hey aad..... it's 4:10 pm cst 9/19/14 here..... have not received mine yet either..... but it appears the open trades are gone, probably moved to fxcm..... my ibfx account still shows a balance......h
Yeah, I see the same thing and when I checked the info over at the FXCM site (which unfortunately looks like a step backwards from the IBFX web interface), they got some of my details wrong. LOL! I guess a smooth transition was a pipe dream, next they will probably ask me to send everything like if I was just signing up with them in order to correct it, but if that’s the case I think I will shop around before deciding.

By the way, was anyone else put on a Dealing Desk, I thought everyone was to be on a No Dealing Desk? I'm glad I only left a small balance at IBFX in case there was problems with the transfer... Urg! :nerd:
  • #79
  • Sep 19, 2014 6:15pm Sep 19, 2014 6:15pm
got my official fxcm login info at 6:17 pm cst......

just to let those once upon a time ibfx'ers not familiar with fxcm, and i'm sure jason will correct me if i'm wrong, their platform is down for a small period of time during the weekend for various reasons....

i've used fxcm via etradefx, a division of etrade, for quite some time with no problems at all......h
to trade and code, keep both simple... no call to impress....h
  • #80
  • Sep 19, 2014 6:40pm Sep 19, 2014 6:40pm
Quoting Jason Rogers
{quote} The purpose of regulation is to hold brokers accountable to their clients and the rule of law. Should traders do their own due diligence when choosing a broker above and beyond checking whether a broker is regulated? Absolutely, but making sure a broker is answerable to some government authority by being regulated is a bare minimum when it comes to the safety of trading funds. If a broker is unregulated, it means they are unable or unwilling (which is worse?!) to meet even these minimum standards of financial responsibility and transparency....
Yes, FXCM is certainly accountable to the rule of the law. The money you guys make breaking it far exceeds your fines. I'm sure FXCM is in some politician's pocket. That is why I keep my funds in my bank and just transfer what is needed to trade, which is 10% of what is required in the US. I'm still only risking 2% per trade. The only way the leverage regulation changes risk is by INCREASING IT by requiring people to have more funds held in an unprotected US broker account. How EXACTLY does FXCM protect my funds?
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