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FXCM to lower spread

  • #61
  • Nov 8, 2014 11:00am Nov 8, 2014 11:00am
is there a fxcm active trader discussion thread in there? I'm contemplating on migrating to their since I dont believe they intend on reducing spreads here in canada (even though deposit req is $2k). P.S currently 2pips avg, and when I get active trader I'll know what the spreads are like
  • #62
  • Nov 9, 2014 3:00am Nov 9, 2014 3:00am
What is the real criteria to the new pricing? the account type or the living place of the trader?
  • #63
  • Nov 9, 2014 11:48am Nov 9, 2014 11:48am
Quoting Jason Rogers
{quote} Welcome to the forum, Luiche I'll be happy to explain how the commissions work for you. With FXCM's new pricing, our clients are now trading on raw FX spreads. That means the sell price and buy price you see on your platform are the best bid and the best ask being quoted from among 10+ competing liquidity providers on our No Dealing Desk (NDD) price feed, and FXCM no longer adds a markup* to the spread like we did in the past. That's why our new spreads are so tight. {image} *In some instances, accounts for clients of certain intermediaries...
Hi Jason,
I have couple of questions for you:
1. First one is regarding this phrase "*In some instances, accounts for clients of certain intermediaries are subject to a markup.""
What does it mean? (Who are "clients of certain intermediaries"?)
2. Can you let me know if FXCM (particularly FXCM Australia) is an ECN Forex Broker for every Account type (Standard, Active Trader, Private Client Group)?
3. All trades are routed directly to the market (liquidity providers)?
Thanks.
  • #64
  • Nov 10, 2014 11:58am Nov 10, 2014 11:58am
Quoting mithras
What is the real criteria to the new pricing? the account type or the living place of the trader?
Hi Mithras,

It's based on your country of residence. The transition is being done region by region 1) to ensure we follow regulatory requirements for due notice to traders which vary by regulator and 2) to ensure an orderly transition within our own system so as not to negatively impact our traders.

Also, I received your private message and have responded.
  • #65
  • Nov 10, 2014 12:26pm Nov 10, 2014 12:26pm
Quoting cdn.igloo
is there a fxcm active trader discussion thread in there? I'm contemplating on migrating to their since I dont believe they intend on reducing spreads here in canada (even though deposit req is $2k). P.S currently 2pips avg, and when I get active trader I'll know what the spreads are like
Hi Cdn.igloo,

The transition to our new pricing is being done region by region 1) to ensure we follow regulatory requirements for due notice to traders which vary by regulator and 2) to ensure an orderly transition within our own system so as not to negatively impact our traders. While I don't have information for traders in Canada at this time, I will let you know as soon as I do. Do you currrently have a live trading account with Friedberg Direct (www.fxcm.ca). Your forum profile mentions that you live in Zimbabwe.

While there isn't a discussion thread on this forum for Active Trader specifically, I would be happy to arrange a follow up call for you with one of our Active Trader specialists to discuss this account type. If that interests you, please send me a private message with your contact details and the best time to reach you.

Thanks,
Jason
  • #66
  • Nov 10, 2014 1:58pm Nov 10, 2014 1:58pm
Quoting jigsawman
{quote} Hi Jason, I have couple of questions for you: 1. First one is regarding this phrase "*In some instances, accounts for clients of certain intermediaries are subject to a markup."" What does it mean? (Who are "clients of certain intermediaries"?)
Hi Jigsawman,

All traders on FXCM's new pricing model trade on raw FX spreads with the exception of the clients of certain intermediaries. An example of this would be a client whose account is set up under an introducing broker that charges the client a markup on top of the raw spread as compensation for value-added services provided such as trading strategies, premium charting, etc.


Quoting jigsawman
2. Can you let me know if FXCM (particularly FXCM Australia) is an ECN Forex Broker for every Account type (Standard, Active Trader, Private Client Group)? 3. All trades are routed directly to the market (liquidity providers)? Thanks.
All new accounts opened through FXCM entities worldwide including FXCM Australia trade on our No Dealing Desk (NDD) forex execution where each of your orders is offset one-for-one with 10+ competing liquidity providers.

Previously, FXCM used to offer traders the option of either NDD or DD. Traders who regularly visit the FXCM discussion thread know that I've posted about that option many times: http://www.forexfactory.com/showthre...57#post6693557

However, with FXCM's recent introduction of new pricing on our No Dealing Desk (NDD) forex execution, we no longer offer the DD option to new clients on our website, since our new pricing offers traders the best of both world with low pricing and NDD execution.
  • #67
  • Nov 10, 2014 3:03pm Nov 10, 2014 3:03pm
Quoting Jason Rogers
{quote} Hi Jigsawman, All traders on FXCM's new pricing model trade on raw FX spreads with the exception of the clients of certain intermediaries. An example of this would be a client whose account is set up under an introducing broker that charges the client a markup on top of the raw spread as compensation for value-added services provided such as trading strategies, premium charting, etc. {quote} All new accounts opened through FXCM entities worldwide including FXCM Australia trade on our No Dealing Desk (NDD) forex execution where each of your...

Quote "All traders on FXCM's new pricing model trade on raw FX spreads with the exception of the clients of certain intermediaries. An example of this would be a client whose account is set up under an introducing broker that charges the client a markup on top of the raw spread as compensation for value-added services provided such as trading strategies, premium charting, etc."


Has this been disclosed to the client ?
Is the IB a licensed participant ?
Why wouldn't the client just pay for the service instead of paying a mark up every time he trades?
  • #68
  • Nov 10, 2014 7:18pm Nov 10, 2014 7:18pm
Quoting Jason Rogers
{quote} Hi Mithras, It's based on your country of residence. The transition is being done region by region 1) to ensure we follow regulatory requirements for due notice to traders which vary by regulator and 2) to ensure an orderly transition within our own system so as not to negatively impact our traders.
I do not understand this statement. They do not switch to the new pricing worldwide because it can affect negatively to traders. Don't you think it is impacting more negatively to traders paying 2.5 pips for EURUSD instead of paying 1 pip including commission in the new pricing?

I do not think any trader will be affected if you say them since tomorrow you are going to pay a spread of 1.5 pips less when you trade the majors?
  • #69
  • Edited Nov 11, 2014 2:18am Nov 10, 2014 10:07pm | Edited Nov 11, 2014 2:18am
Quoting lasty
{quote} Quote "All traders on FXCM's new pricing model trade on raw FX spreads with the exception of the clients of certain intermediaries. An example of this would be a client whose account is set up under an introducing broker that charges the client a markup on top of the raw spread as compensation for value-added services provided such as trading strategies, premium charting, etc." Has this been disclosed to the client ? Is the IB a licensed participant ? Why wouldn't the client just pay for the service instead of paying a mark up every time...
It's common knowledge that most IB's charge a markup of some sort, nothing is free in this world!

It's not some big compiracy like you think
  • #70
  • Nov 11, 2014 1:44am Nov 11, 2014 1:44am
Thanks Jason, much appreciated...
  • #71
  • Nov 11, 2014 1:32pm Nov 11, 2014 1:32pm
Quoting mitch77
{quote} It's common knowledge that most IB's charge a markup of some sort, nothing is free in this world! It's not some big compiracy like you think

I'm aware of that but given the transparency now that applies to the wholesale market, the retail market will come under even more scrutiny.
  • #72
  • Edited 3:20pm Nov 11, 2014 2:40pm | Edited 3:20pm
Quoting oggalan
{quote} I do not understand this statement.
Hi Oggalan,

You focused on only the second part of my statement, which is why you may not have understood it. What I said was that this transition is being done region by region "to ensure an orderly transition within our own system so as not to negatively impact our traders". That said, I will let you know just as soon as I have more information for you.
  • #73
  • Nov 11, 2014 3:15pm Nov 11, 2014 3:15pm
Quoting lasty
{quote} Quote "All traders on FXCM's new pricing model trade on raw FX spreads with the exception of the clients of certain intermediaries. An example of this would be a client whose account is set up under an introducing broker that charges the client a markup on top of the raw spread as compensation for value-added services provided such as trading strategies, premium charting, etc." Has this been disclosed to the client ? Is the IB a licensed participant ? Why wouldn't the client just pay for the service instead of paying a mark up every time...
Quoting mitch77
{quote} It's common knowledge that most IB's charge a markup of some sort, nothing is free in this world! It's not some big compiracy like you think
Quoting lasty
{quote} I'm aware of that but given the transparency now that applies to the wholesale market, the retail market will come under even more scrutiny.
Hi Lasty,

To answer your questions, an IB must notify their clients if they charge a markup on top of our raw FX spreads. While licensing requirements for IBs can vary from region to region, if you have a particular IB in mind, they should be able to tell you what licensing they have, if it's necessary for the region(s) where they operate. You can also ask them about what options they can offer you to pay for their services. That should help you decide whether you prefer to set up your account through them or open through FXCM directly.
  • #74
  • Nov 11, 2014 3:16pm Nov 11, 2014 3:16pm
Quoting jigsawman
Thanks Jason, much appreciated...
It's my pleasure.
  • #75
  • Nov 12, 2014 1:13am Nov 12, 2014 1:13am
I got the raw spreads from today too! Thank you Jason, much appreciated.
  • #76
  • Nov 12, 2014 10:27am Nov 12, 2014 10:27am
Quoting wzero
I got the raw spreads from today too! Thank you Jason, much appreciated.
My pleasure, wzero
  • #77
  • Nov 21, 2014 2:43am Nov 21, 2014 2:43am
Hi Jason, I'm an FXCM UK customer, but I live in Italy. When lower spreads will be available for me?

I though I was subjected to the UK FXCM timeline, but till now I haven't received any new spread.
  • #78
  • Nov 21, 2014 8:42am Nov 21, 2014 8:42am
Quoting wzero
I got the raw spreads from today too! Thank you Jason, much appreciated.
I got them from yesterday, too. Thank you Jason for all your help.


Sincerely,


oggalan
  • #79
  • Nov 21, 2014 9:09am Nov 21, 2014 9:09am
Quoting lucariga
Hi Jason, I'm an FXCM UK customer, but I live in Italy. When lower spreads will be available for me? I though I was subjected to the UK FXCM timeline, but till now I haven't received any new spread.
Hi Lucariga,

The transition is being completed by region. That means if you have an FXCM UK account but live outside of the UK itself, your account may still be on the old pricing. That said, please send me a private message and include the email address that we have on file for your account. With that information I confirm the settings for your account.

Thanks,
Jason
  • #80
  • Nov 21, 2014 9:10am Nov 21, 2014 9:10am
Quoting oggalan
{quote} I got them from yesterday, too. Thank you Jason for all your help. Sincerely, oggalan
It's my pleasure, Oggalan
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