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FXCM MT4 Good/Bad vs IBFX?

  • #341
  • Nov 18, 2014 10:53pm Nov 18, 2014 10:53pm
Quoting smash1820
{quote} I don't care if it's old news, I want to hear a response from Jason Rogers. I know FXCM has already been scamming people for a while, so it'd be interesting to hear what he will say about this... that is, if he says anything at all. If Jason Rogers (now I understand why he can't or doesn't use his real name) responds, I imagine it will be more of the typical MM BS, which is why I am prepared to fight back on this one, should something be said that is untruthful or out of line or context....

Bad trader, nuff said

Who are you going to blame next?

FXCM is fine, go scapegoat someone else
  • #342
  • Nov 19, 2014 1:19pm Nov 19, 2014 1:19pm
Quoting spzd
This is not UJ, but as you can see the price in the Market Watch is the same as on the "1 Click Trading" tool. Jason, I do not envy you with regard to your job... I would be more like this -----> {image}
What I was referring to was the following screenshot, which I assume and hope Jason is aware of.

Notice the difference between the highlighted prices! It has already been this way for weeks since the migration.
Attached Image (click to enlarge)
Click to Enlarge Name: these prices.jpg Size: 263 KB
Please check out my blog at https://from-zero-to-hero . net
  • #343
  • Nov 21, 2014 6:12am Nov 21, 2014 6:12am
Quoting Jason Rogers
That's why I want to clarify the details related to when you receive "off quotes" messages on your MT4 platform, because there are no requotes with FXCM. For starters, what is your Maximum Deviation setting and what currency pairs are you trading? Thanks, Jason
//----

hey jason..... pardon my 'requote' here......... sorry.... couldn't resist......

in the picture below you can see my order number which received the requote error..... requote or off quotes makes no difference to me but this time there was an additional popup box overlayed in the requote popup which i was too slow to catch..... it offered new prices with an accept or decline prompt....

if that is a new feature please make sure someone knows it's a very neat idea for those people scalping..... not me btw...... but the additional popup box needs to stay up longer..... of course it might have disappeared due to those 'new prices' being no longer valid.....

feel free to look at my account and trades anytime ...... there was not an error message in the journal like you normally see with 'off quotes'.....

and again, requote or off quotes are just words to me..... bottom line is the same.....

keep up the good work..........h
//-----
Attached Image (click to enlarge)
Click to Enlarge Name: requote.png Size: 93 KB
to trade and code, keep both simple... no call to impress....h
  • #344
  • Edited 10:18am Nov 21, 2014 6:17am | Edited 10:18am
correction there was a message in the journal.....h
//-----
Attached Image (click to enlarge)
Click to Enlarge Name: error.png Size: 141 KB
to trade and code, keep both simple... no call to impress....h
  • #345
  • Nov 21, 2014 8:51am Nov 21, 2014 8:51am
Quoting hayseed
there was not an error message in the journal like you normally see with 'off quotes'..... and again, requote or off quotes are just words to me..... bottom line is the same..... keep up the good work..........h //----- {image}
Quoting hayseed
correction there was a message in the journal.....h //----- {image}
Hi Hayseed,

Thanks for bringing this to my attention. I've never seen such a message on our MT4 platform and am having our techs investigate this now. In the meantime, for your security, please edit the image in your second post to hide your account number.

Thanks again,
Jason
  • #346
  • Edited Nov 26, 2014 9:25am Nov 25, 2014 12:17pm | Edited Nov 26, 2014 9:25am
Quoting hayseed
there was not an error message in the journal like you normally see with 'off quotes'..... and again, requote or off quotes are just words to me..... bottom line is the same..... keep up the good work..........h //----- {image}
Hi Hayseed,

We just heard back from MetaQuotes regarding the "requote" message you received. It turns out that there is a limitation with the platform itself that prevents MT4 from placing trades on negative spreads. The reason you got those false requote messages is because when MT4 saw that the Bid was higher than the Ask, the platform assumed those prices were incorrect, which was not the case.

For the record, there are no requotes with FXCM. However, if you wish to take advantage of the negative spreads that sometimes appear with our new raw FX spread pricing, you will have to use one of the other platforms we offer such as Trading Station or NinjaTrader. If you try placing a trade on negative spreads using MT4, then you will get a false requote message, but that is not FXCM requoting you. That error message is hardwired into the MT4 platform itself.

You mentioned that "off quotes" and "requotes" seem similar to you, but for you and everyone else reading this post, I want to make sure I highlight the important difference between the two. Requote messages are designed to protect a dealing desk broker from losses. By contrast, FXCM provides you with No Dealing Desk (NDD) forex execution, which means we don't take the market risk on the other side of your trades. We see no benefit from you missing out on trades. On the contrary, we make money from your trading volume, so we want your orders to be executed.

"Off quotes" messages on our MT4 platform are designed to protect you from unwanted negative slippage. If you receive such a message, then it means the price that was available in the market to fill your order was outside your specified Maximum Deviation range. The message is to inform you that your order was cancelled to protect you from negative slippage beyond your accepted tolerance.

On the MT4 platforms of some brokers, the Maximum Deviation feature might not be available at all, and with others if it is available, then it can limit both your negative slippage and your positive slippage equally. By contrast, FXCM enhanced how Max Dev works on our MT4 platform by allowing you to limit your negative slippage while still enjoying the full benefits of any positive slippage.

Below are stats compiled from over 43 million trades executed through FXCM from August 2013 to January 2014. In just those six months alone, FXCM clients benefited from over $15 million in positive slippage: http://bit.ly/P6lUzX

  1. 73% of all orders had no slippage.
  2. 15% of all orders received positive slippage.
  3. 12% of all orders received negative slippage.
  4. Over 60% of all limit and limit entry orders received positive slippage.
  5. 53.32% of all stop and stop entry orders received negative slippage.

If you find that you are getting the "off quotes" message too frequently, then consider increasing your Maximum Deviation, particularly if you trade during times when prices can change quickly. You can access this on your MT4 platform by going to Tools > Options and the Trade tab as shown below.

http://img811.imageshack.us/img811/9...mdeviation.png


Since FXCM uses 5-digit pricing (fractional pips), every 10 points on the Maximum Deviation is equivalent to one pip. If you adjust your Max Dev to 30, that would equate to price range of 3 pips.

Please let me know if you have any further questions about this.

Thanks,
Jason

PS: For your security, please edit the image in your second post to hide your account number.
  • #347
  • Edited 6:56pm Nov 29, 2014 6:12pm | Edited 6:56pm
Hi Jason,

Would you please tell me why these spreads are so awful on so many pairs, when they are supposed to average a spread of about 1 pip?

A spread of 20 pips on a pair that is not even exotic like NZD/JPY seems a bit ridiculous, especially when you are paying commissions on top of that.

Also, the prices (ie: bid and ask) are not correctly reflected on the charts as you can see from the image.
Attached Image (click to enlarge)
Click to Enlarge Name: spreads.jpg Size: 795 KB
Please check out my blog at https://from-zero-to-hero . net
  • #348
  • Nov 29, 2014 6:22pm Nov 29, 2014 6:22pm
Quoting smash1820
Hi Jason, Would you please tell me why these spreads are so awful on so many pairs, when they are supposed to average a spread of about 1 pip? A spread of 20 pips on a pair that is not even exotic like NZD/JPY seems a bit ridiculous, especially when you are paying commissions on top of that. Also, the prices (ie: bid and ask) are not correctly reflected on the charts still, as you can see. {image}
weekend spreads once market open those spread are very low, you should understand that
  • #349
  • Edited 11:40pm Nov 29, 2014 6:56pm | Edited 11:40pm
Quoting PoundTrader
weekend spreads once market open those spread are very low, you should understand that
I understand and I figured that was the reason, but the spreads do not average 1 pip even when the market is open. The spreads were way too high on Friday even before the market closed. I know this because I was watching them closely on Thursday and Friday.

Also -- allow me to rephrase and/or clarify my previous post. In what situations does FXCM spike up the spreads, by how much (is there a standard, average, or approximation? In what situations? And on what pairs? Please don't just say "when the market gets volatile". Does FXCM have a set of cleary defined criteria they use when deciding to increase/spike the spread, or is it always subject to their own discretion? Does FXCM maintain any ethics or moral code of conduct when they decide to increase the spread by, say, 20-50+ pips, even when the situation is not screaming volatility? Does FXCM consider it fair to have 50 pip spreads in some cases (more so on the exotics, but still) when you are already charging commissions? I understand that I have chosen to trade with FXCM (but not really though, they bought out IBFX and I never wanted to change. I left FXCM in the past for good reason) and so there is likely nothing I can do about it, except leave FXCM for a new broker if I am unhappy with them. Which is why I am asking these questions. How many times is the spread allowed to be "spiked" per month? I have read and heard they try not to do it more than a few times per month, but I am unsure about that from my own experience(s).
Please check out my blog at https://from-zero-to-hero . net
  • #350
  • Nov 30, 2014 12:51am Nov 30, 2014 12:51am
Quoting smash1820
{quote} I understand and I figured that was the reason, but the spreads do not average 1 pip even when the market is open. The spreads were way too high on Friday even before the market closed. I know this because I was watching them closely on Thursday and Friday. Also -- allow me to rephrase and/or clarify my previous post. In what situations does FXCM spike up the spreads, by how much (is there a standard, average, or approximation? In what situations? And on what pairs? Please don't just say "when the market gets volatile". Does FXCM have a...
lol fxcm don't spike the spreads the spreads you see comes from there LP/BANKS
  • #351
  • Nov 30, 2014 5:22am Nov 30, 2014 5:22am
I have spoken to their customer reps like 3 times in the past month asking when they will resolve the discrepancies in their MT4 trader platform. But I believe the trade station is good and you can log into it with your mt4 account number. It was very annoying earlier but Ive worked around it for now. If by February the problem is not resolved I know some of my friends that are actively looking for other options. They probably not scamming but it leaves room for foul play if they decide to.
  • #352
  • Nov 30, 2014 10:37am Nov 30, 2014 10:37am
Quoting PoundTrader
lol fxcm don't spike the spreads the spreads you see comes from there LP/BANKS
I wish this were true, but FXCM also claims they are a no-dealing desk broker.

Anyways, I am looking forward to hearing from Jason, as always.
Please check out my blog at https://from-zero-to-hero . net
  • #353
  • Nov 30, 2014 1:46pm Nov 30, 2014 1:46pm
http://www.fxcm.com/services/active-trader/

Hi guys,

Does anyone know what is the commision for EURUSD as an active trader?

Thank you.
  • #354
  • Edited 1:15am Dec 1, 2014 12:02am | Edited 1:15am
Quoting smash1820
{quote} I wish this were true, but FXCM also claims they are a no-dealing desk broker. Anyways, I am looking forward to hearing from Jason, as always.
I would have thought it is against regulation to advertise as being a NDD if you are not. Just something to think about my conspiracy theorist friend
  • #355
  • Dec 1, 2014 4:46pm Dec 1, 2014 4:46pm
Quoting smash1820
Hi Jason, Would you please tell me why these spreads are so awful on so many pairs, when they are supposed to average a spread of about 1 pip? A spread of 20 pips on a pair that is not even exotic like NZD/JPY seems a bit ridiculous, especially when you are paying commissions on top of that. Also, the prices (ie: bid and ask) are not correctly reflected on the charts as you can see from the image. {image}
Quoting PoundTrader
{quote}weekend spreads once market open those spread are very low, you should understand that
Hi Smash1820,

As Poundtrader mentioned, you were looking at weekend spreads which are not tradable. Now that trading is open for the new week you can view our live tradable spreads which are much lower: http://bit.ly/1shNooZ
  • #356
  • Dec 1, 2014 4:58pm Dec 1, 2014 4:58pm
Quoting smash1820
{quote} I understand and I figured that was the reason, but the spreads do not average 1 pip even when the market is open. The spreads were way too high on Friday even before the market closed. I know this because I was watching them closely on Thursday and Friday.
Can you be more specific? To what exact currency pairs and times are you referring? My previous post includes a link to our live spreads, and below is a table of FXCM's average spreads. Historical spread figures shown are time-weighted averages derived from tradable prices at FXCM from 2 July 2014 to 31 July 2014.

http://i.imgur.com/gk8W0tr.jpg

  • #357
  • Dec 1, 2014 5:13pm Dec 1, 2014 5:13pm
Quoting smash1820
In what situations does FXCM spike up the spreads, by how much (is there a standard, average, or approximation? In what situations? And on what pairs? Please don't just say "when the market gets volatile". Does FXCM have a set of cleary defined criteria they use when deciding to increase/spike the spread, or is it always subject to their own discretion? Does FXCM maintain any ethics or moral code of conduct when they decide to increase the spread by, say, 20-50+ pips, even when the situation is not screaming volatility? Does FXCM consider it fair...
Quoting PoundTrader
{quote}lol fxcm don't spike the spreads the spreads you see comes from there LP/BANKS
Quoting mitch77
{quote} I would have thought it is against regulation to advertise as being a NDD if you are not. Just something to think about my conspiracy theorist friend
Both PoundTrader and Mitch77 are correct. With FXCM, you're trading on No Dealing Desk (NDD) forex execution where 10+ liquidity providers compete with each other to fill your orders. At any given time the best bid and best ask prices from among these liquidity providers determine the spreads available to you. When you see the spreads rise, it means that the difference between the best bid and the best ask has widened due to market conditions.
  • #358
  • Dec 1, 2014 5:17pm Dec 1, 2014 5:17pm
Quoting IveGotQuads
I have spoken to their customer reps like 3 times in the past month asking when they will resolve the discrepancies in their MT4 trader platform. But I believe the trade station is good and you can log into it with your mt4 account number. It was very annoying earlier but Ive worked around it for now. If by February the problem is not resolved I know some of my friends that are actively looking for other options. They probably not scamming but it leaves room for foul play if they decide to.
Hi IveGotQuads,

We are working on a solution to update the MT4 charts. To clarify, the prices they show reflect the old model where a pip markup was included in the spread instead of a separate commission. More details are available in this discussion: http://www.forexfactory.com/showthre...08#post7878308
  • #359
  • Dec 1, 2014 5:20pm Dec 1, 2014 5:20pm
Quoting Unabletrader
http://www.fxcm.com/services/active-trader/ Hi guys, Does anyone know what is the commision for EURUSD as an active trader? Thank you.
Hi Unabletrader,

You can email [email protected] to get in touch with one of our Active Trader specialists. They will be able to discuss pricing options available to you based on your trading volume/account size.
  • #360
  • Last Post: Mar 3, 2015 8:34am Mar 3, 2015 8:34am
FXCM VS IBFX,

I used both for years, their both good companies.

I preferred IBFX as they supported the Mini Terminal app by FXBlue Labs which is great one click app for entering and exiting the Market place. The thing that I enjoyed most about the Mini Terminal was the they had feature that every time you buy or sell currency that your stops were preset and enter. This would was nice because I would always have stops and take profit with out errors, which to me is so very important. I would prefer to do business with IBFX becuase of the FXBlue tools. I also work with a group of professional traders who have been trading 10 years plus, they preferred IBFX for other reasons. Many of them are now using an broker Eastern Europe who except US clients, but that broker does not offer the Mini Termincal.

I'm now using another broker who is associated with FXCM which is ATC. ATC has a one click terminal, but is junk compared to the mini terminal.

If anyone knows of any other brokers that excepts US clients and use the Mini Terminal like ATI out of Australia uses please let me know. Note: ATI was voted the best broker of the year 2014 in Australia and offering these FXBlue Labs apps and tools on MT4 platform helped their rating, but they do not accept US clients.

Thank You
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