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FXCM Discussion

  • #6,361
  • Jan 22, 2015 4:30am Jan 22, 2015 4:30am
M
Quoting kuroro001
Good bye FXCM I'm moving away from it. The MArgin requirement is just sick. Anyone knows of a good broker with low Marging requirement for everything ? or at least for Gold ?
Guys,
I'm looking for a good broker after alpari is done with my money. Any suggestion? I was looking at FXCM strongly also Oanda and pepperstone. Not liking what is said about FXCM on this post. Pls advise. Thanks
  • #6,362
  • Jan 22, 2015 4:33am Jan 22, 2015 4:33am
Quoting goldfinch
{quote} That is the one, on page 3 it says there are 4 million retail traders worldwide, only 150,000 live in the US. Retail FX in the US has been killed by regulation. That clearly shows that the retail trade with 50:1 and no hedging plus FIFO has killed the retail market there. Now cue FXCM margin changes, they are not going to last very long if there are other options available to retailers. Let's be honest here, the first requirement of most small traders with 500 dollars in his account is leverage. FXCM shot themselves in the foot, I fully...
Guys, it is NOT a 50:1 margin... that's just for tonight. Tomorrow they'll be lowering it to 25:1.
  • #6,363
  • Jan 22, 2015 5:00am Jan 22, 2015 5:00am
Quoting azlann1981
{quote} yes i do... i submitted withdraw request last friday and up until now still pending..
It always took time to withdraw with fxcm, like 5 business days. It always took me a week, but they are fast taking your money (a few minutes if not seconds)
COT: The precious data ignored
  • #6,364
  • Jan 22, 2015 7:47am Jan 22, 2015 7:47am
fxcm numbers are like 20 pips off of everybody else? anybody else care to explain this. BS broker
  • #6,365
  • Jan 22, 2015 8:17am Jan 22, 2015 8:17am
Quoting Kara696969
fxcm numbers are like 20 pips off of everybody else? anybody else care to explain this. BS broker
Its called Mario Draghi effect
  • #6,366
  • Jan 22, 2015 8:28am Jan 22, 2015 8:28am
Quoting Kara696969
fxcm numbers are like 20 pips off of everybody else? anybody else care to explain this. BS broker
which pair?
  • #6,367
  • Jan 22, 2015 8:43am Jan 22, 2015 8:43am
Quoting Naddmer
{quote} Nope - not weird at all. I can well imagine that they're now cut off from their LPs due to their dire situation and are running the shop as a MM now. That's why I said:"It was fun while it lasted"
Hi Naddmer,

FXCM uses NDD forex execution which provides a fair model for our traders and eliminates the conflict of interest that is present when you trade with a dealing desk broker. Our spread is the best bid/ask price quoted from 10+ liquidity providers unlike dealing desk brokers which can set the spread themselves. Our spreads continue to be super tight as you can see from the spread comparison on MyFXBook which also includes our commission:

http://i.imgur.com/gGdak7X.jpg
Source: http://www.myfxbook.com/forex-broker-spreads

Jason
  • #6,368
  • Jan 22, 2015 8:44am Jan 22, 2015 8:44am
Quoting ForexOracle
I gave FXCM a try and I was pretty happy with the experience. I withdraw my money, so I'm currently flat with them. As soon as the dust settles I will probably refund and trade with them again.
And we will be here ready to service your account when you return

Jason
  • #6,369
  • Jan 22, 2015 8:46am Jan 22, 2015 8:46am
Quoting azlann1981
what happen with FXCM customer service chat? i tried to ask them about my withdrawal, but i end up waiting for 20 minutes but with no reply from them. i had make a withdraw request on last friday but up until now my money still on my trading account.
Hi azlann,

Sorry if you had any problems getting in contact with customer support. Please send me a PM and I would be happy to help as well.

Jason
  • #6,370
  • Jan 22, 2015 8:50am Jan 22, 2015 8:50am
Quoting Deskpro
{quote} Hi ForexOracle - I am also with FXCM and found them decent but not sure now how safe they are and concerned about their lack of feedback on negative balances.
Hi Deskpro,

I know you have been waiting for feedback and I thank you for your patience. As mentioned previously our audit team is handling any account inquiries. We're working on a solution, but I don't have any further information at this point. I'll let you know once I do.

Jason
  • #6,371
  • Jan 22, 2015 8:50am Jan 22, 2015 8:50am
I kind of wish we could get a status update on liquidity provision @ FXCM. Spreads on CHF products are still high - not that it affects my trading. I suppose just to satisfy my curiosity. I see that margin requirements on these pairs nearly quadrupled. I too noticed the EURAUD price discrepancy on FXCM's feed big spike where other sources aren't showing it. Given the way I trade, this type of thing again, really doesn't affect me but will we be informed if FXCM say, starts using shady sh*t like the virtual dealer plugin or if they switch us from STP/NDD to dealing desk?
  • #6,372
  • Jan 22, 2015 8:54am Jan 22, 2015 8:54am
Quoting TheGrind
{quote}3. Jason is MIA... this thread is 317 pages, pull up any page before last week, and Jason's posts usually take up 1/2 of the page, now he's MIA
Hi Grind,

Been here all week but if you have any accounts questions or need immediate assistance feel free to send over a PM. Please understand that as a publicly traded company I can't always answer questions that haven't been issued in a press release as there are disclosure rules.

Jason
  • #6,373
  • Jan 22, 2015 9:19am Jan 22, 2015 9:19am
Please help! I have an account with FXCM. I did not trade CHF, but I have other exposure. In case FXCM were not able to secure additional funds on Friday, what would have happened with clients’ accounts?

For example, I have quite a few positions that are in the red. I do not realize those losses since I am a long-term, conservative trader. I can tolerate them.

What if FXCM declares insolvency, will I be forced to close all of my positions? Will the losses be compensated? Do I have a legal right (as a non-US citizen) to demand the compensation in such cases?

Thank you very much for your help!
  • #6,374
  • Jan 22, 2015 9:48am Jan 22, 2015 9:48am
I've just been on live chat, then phone to FXCM because I couldn't believe what lc were telling me.
I noted on just one of the accounts I trade that MMR had changed from 6 to 24. (FTSE & DAX trades only.)

Thought it must be a mistake as
a) hadn't received any notification of changes to indices, only fx and gold and
b) only one account had changed.

They have confirmed they are in the process, without any advance notification, of changing the indices MMRs from 6 to 24.

Absolutely shocking.

One of my investors had just freed up £100k additional capital to trade. It won't be going into FXCM now, they are just a short-term option until I can close out trades now.

I'm thinking IG Index will be the way to go.
Full-time trader and loving it!
  • #6,375
  • Jan 22, 2015 10:16am Jan 22, 2015 10:16am
Karma is indeed a sum-bitch!!! They've been raping clients for over a decade and it took just 3 minutes market action for them to get screwed from the ass with no lubrication
  • #6,376
  • Jan 22, 2015 11:46am Jan 22, 2015 11:46am
Quoting Jason Rogers
{quote} Hi Naddmer, FXCM uses NDD forex execution which provides a fair model for our traders and eliminates the conflict of interest that is present when you trade with a dealing desk broker. Our spread is the best bid/ask price quoted from 10+ liquidity providers unlike dealing desk brokers which can set the spread themselves. Our spreads continue to be super tight as you can see from the spread comparison on MyFXBook which also includes our commission: {image} Source: http://www.myfxbook.com/forex-broker-spreads Jason
Hi Jason,

thank you for replying.
I mean I really appreciate some marketing blurb now and then. But this had no point in explaining this:
Attached Image (click to enlarge)
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from here:

http://www.forexfactory.com/showthre...91#post8013391

I mean - what would you do with the most competitive spreads, when a trade which has a stoploss 10P in profit gets stopped out with a 40P loss - meaning that a 50P slippage and even more occured?

If you would mind to explain it now, please?

Thank you.
  • #6,377
  • Jan 22, 2015 11:49am Jan 22, 2015 11:49am
Hi everybody,

My name is Ira Iosebashvili and I'm a reporter with the Wall Street Journal in New York. We're looking to talk with individual investors who had/have accounts with FXCM about the day of the Swissie's big rally (and its aftermath) for a story we're doing. We'd be interested in what trades you had on, your reaction to the big move, what you plan to do next, etc. If you care to talk, please send me an email at ira dot iosebashvili at wsj dot com. We'd love to hear from you!

My two latest stories on the pain the Swiss franc's rally has caused both retail traders and huge institutions can be found here:

http://www.wsj.com/articles/swiss-fr...S=iosebashvili

http://www.wsj.com/articles/swiss-fr...S=iosebashvili

(I may repost this in another thread or forum, so apologies in advance)

Many thanks,

Ira Iosebashvili
  • #6,378
  • Edited 12:57pm Jan 22, 2015 12:42pm | Edited 12:57pm

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As opposed to an accurate feed
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Ghost Rider - WWTBMD?
  • #6,379
  • Jan 22, 2015 12:58pm Jan 22, 2015 12:58pm
Quoting albchr
{image}
They're all out now, guns blazing, stealing anything that moves. Anyone still executing trades with them deserves anything they get
  • #6,380
  • Jan 22, 2015 12:59pm Jan 22, 2015 12:59pm
Quoting spaceduck
{quote} Instead of hike the margin requirements, why don't fxcm do limit the max exposure (leverage), so for example you can limit the account to a MAX 50x leverage exposure, 5lots on a 10k€ account. Yet, the margin required to open those 5 lots would be calculated with a 200x leverage (5 lots would require only 2.5k€). So, both the client and fxcm would be protected from overleverage (leverage is limited to 50x), yet the aggressive trader can continue to use fxcm without getting margincalled easily. If i am not wrong other brokers do use this strategy,...
In this scenario when some CB does a swissie again, negative balances would be much larger than 225 million because account balances would be much faster at zero.
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