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FXCM Discussion

  • #6,921
  • Feb 1, 2015 12:40pm Feb 1, 2015 12:40pm
Quoting Jason Rogers
{quote} Hi Anudora, You're trading through our No Dealing Desk (NDD) forex execution. That means the spreads you see on your platform are not set by us, but instead are determined through price competition between liquidity providers. {quote} As Pipburner pointed out, wider spreads can occur with any broker during news events, particularly in recent weeks with the heightened volatility in the markets. Keep in mind that on the NDD model, FXCM does not profit from your losses or lose from your profits, so we have no reason to trigger your stop loss...
So sign up right now and enjoy our 55pip weekend spread on gbp/nzd!

Hahahahaha!
"Risk comes from not knowing what you're doing." - Warren Buffett
  • #6,922
  • Edited 1:12pm Feb 1, 2015 1:00pm | Edited 1:12pm
Quoting Spili
{quote} So sign up right now and enjoy our 55pip weekend spread on gbp/nzd! Hahahahaha!
Wow, I didn't know it would matter if it is the weekend and the markets are closed. Lucky you are not with Oanda theirs is 87pips and FXPro 69pips!
  • #6,923
  • Feb 1, 2015 2:35pm Feb 1, 2015 2:35pm
Quoting mitch77
{quote} Wow, I didn't know it would matter if it is the weekend and the markets are closed. Lucky you are not with Oanda theirs is 87pips and FXPro 69pips!
On a New Zealand pair you're lucky it's as low as 87 pips around close and open. I don't remember which one it was exactly but I think they jacked one over a hundred when I was with them. Stopped my well in profit (low leverage) position out when market opened back up before price continued in my favor.
  • #6,924
  • Feb 1, 2015 3:22pm Feb 1, 2015 3:22pm
Quoting sls19086
is it possible to negotiate the amount of payment with them ?
Go report a misconduct to the government regulator in your local Jurisdiction where you set up the account from. As far as I know, FXCM's No Negative balance advertising is a misconduct of "PUBLIC LYING". Since FXCM is still playing with fire after the forgave negative balance announcement. It is now just a matter of time for those regulatory bodies to terminate FXCM's license. Trust me and take it easy and don't pay them a cent, there are a lot of things I can't mention in this public forum. But as long as we work together, I am sure we can bring this fraud company to its knees. If you are an Australian, feel free to send me a private message.
  • #6,925
  • Feb 1, 2015 4:30pm Feb 1, 2015 4:30pm
The posts on this thread are getting more and more ridiculous as the days go by. It's like our own little Idiocracy. Mixing pretend traders with pretend lawyers is one helluva combination.
  • #6,926
  • Feb 1, 2015 4:33pm Feb 1, 2015 4:33pm
Quoting mitch77
{quote} Wow, I didn't know it would matter if it is the weekend and the markets are closed. Lucky you are not with Oanda theirs is 87pips and FXPro 69pips!
My unregulated offshore ECN brokers are 12 and 10. they must have better liquidity providers.
  • #6,927
  • Feb 1, 2015 4:42pm Feb 1, 2015 4:42pm
Quoting Profit Daily
{quote} My unregulated offshore ECN brokers are 12 and 10. they must have better liquidity providers.
Which is exactly where FXCMs spreads are right now on EUR/NZD. They must have the SAME liquidity providers.

Actually...now the spread is steady between 8-10 pips.

Maybe...just maybe...time of day has something to with it.
  • #6,928
  • Feb 2, 2015 5:03am Feb 2, 2015 5:03am
weird how FXCM is now changing the wording on the websites.

Here is a screen shot prior to the 15th of January and right under a screenshot of the current page. Looks like their are trying to hide their former "no debit balance" policy. Not sure how this will work out for them..

Attached Image (click to enlarge)
Click to Enlarge Name: modifications 14 jan 2015 - now - nodebitpolicy - safety of funds 2.jpg Size: 241 KB
  • #6,929
  • Feb 2, 2015 5:35am Feb 2, 2015 5:35am
Quoting RudiMar
weird how FXCM is now changing the wording on the websites. Here is a screen shot prior to the 15th of January and right under a screenshot of the current page. Looks like their are trying to hide their former "no debit balance" policy. Not sure how this will work out for them.. {image}
Hide, or change. But from "policy" to "aim" is a rather large hint for the future me thinks. LOL
Ghost Rider - WWTBMD?
  • #6,930
  • Feb 2, 2015 5:56am Feb 2, 2015 5:56am
This sentence "At FXCM, your maximum risk of loss is limited by the amount in the account" is removed but in stead should be changed to "At FXCM, your maximum risk of loss is UNLIMITED and in case of a negative balance we will hunt you down to get our money back".
  • #6,931
  • Feb 2, 2015 11:34am Feb 2, 2015 11:34am
any updates of that 10% ?
  • #6,932
  • Feb 2, 2015 5:39pm Feb 2, 2015 5:39pm
Quoting pipdawkter
Jason (and anyone else), could you please comment... I understand FXCM claims to have strong financials going forward, but IF the company was to file for insolvency/bankruptcy etc, are clients funds safe? And is there any documentation I could read about this? I have been with FXCM for around 2 years and have never had any problems. I love the marketscope platform and I would love to stay with FXCM. But fear of the company going under and me losing my account is in the back of my mind. Thanks for the info
Hi Pipdawkter,

FXCM is regulated in multiple countries across 4 continents. The provisions in place to protect client money vary from region to region.

In the UK, client funds are segregated in accordance with FCA and they are insured for up to £50,000 per client by the Financial Services Protection Scheme. In Canada, client funds are segregated in accordance with IIROC rules and they are insured for up to $1 milllion per client by the Canadian Investor Protection Fund. In Australia, client funds are segregated in accordance with ASIC rules, but there is no insurance for accounts comparable to what is found in the UK or Canada.

Your forum profile mentions that you live in the US like me. It’s worth noting that there is no legislation in this country to protect US forex accounts either through client funds segregation or insurance. That makes it all the more important for US traders to evaluate the financials of any broker before trading with them.

Since we are a publicly-traded company (ticker: FXCM), details regarding our financials are readily available and updated every quarter on our website. The next quarterly update is scheduled for March. In the meantime, I can confirm that FXCM is in compliance with all regulatory capital requirements in the jurisdictions in which it operates. In addition below are comments from our CEO Drew Niv in a recent press release:

"A week after the unprecedented movement of the Swiss Franc, and our financing agreement with Leucadia, FXCM continues to operate in the normal course of business. All of our entities have capital in excess of regulatory requirements. As our month-to-date metrics show, FXCM continues to be a global leader in retail FX with volumes on pace to set a record. We are especially thankful for our customers' loyalty and support. The financing we received from Leucadia has strengthened our balance sheet and gives us the opportunity to grow our core business while reducing our debt through the sale of non-core assets. We anticipate that the proceeds from these sales and continued earnings, we can meet both near and long term obligations of our financing, while preserving the strength of our franchise."
  • #6,933
  • Feb 2, 2015 5:39pm Feb 2, 2015 5:39pm
Quoting Aussi
I have just seen a 10 fold increase in my margin holdings I was looking at fxcm to open a account shortly after the update Jason please explain whats going on
Hi Aussi,

Minimum margin requirements on FXCM AU accounts are now 1% for major currency pairs with the exception of CHF pairs which have higher margin requirements due to recent volatility. This post has more details on the exact margin requirements for each currency: http://www.forexfactory.com/showthre...02#post8030902
  • #6,934
  • Feb 2, 2015 5:39pm Feb 2, 2015 5:39pm
Quoting civilpes2001
{quote} Hey Jason,How can I know the leverage offered in UK account,I have an UK fxcm account, I would like to know the leverage and also the margin requirement too.Thanks in advance Cheers
Hi Civilpes,

This post has details on the latest FXCM UK margin requirements: http://www.forexfactory.com/showthre...02#post8030902
  • #6,935
  • Feb 2, 2015 5:40pm Feb 2, 2015 5:40pm
Quoting Spili
{quote} So sign up right now and enjoy our 55pip weekend spread on gbp/nzd! Hahahahaha!
Quoting mitch77
{quote} Wow, I didn't know it would matter if it is the weekend and the markets are closed.
Quoting zznbrm
Maybe...just maybe...time of day has something to with it.
Hi Spili,

As Mitch and Zznbrm have pointed out, the spreads you mentioned were from the weekend and were indicative (not executable) rates. That means they were only displayed to give you an indication of where trading might open when the new week begins. Since trading was closed at that time, you would not have been able to place an order at those prices, nor would they have triggered any of your pending orders.

For future reference, trading is open from 5pm Sunday to 5pm Friday New York Time. Now that trading is open, you can confirm with the live spreads table here on Forex Factory that FXCM spreads are very competitive: http://www.forexfactory.com/brokers.php#spreads
  • #6,936
  • Feb 2, 2015 6:43pm Feb 2, 2015 6:43pm
Quoting Jason Rogers
{quote} Hi Pipdawkter, FXCM is regulated in multiple countries across 4 continents. The provisions in place to protect client money vary from region to region. In the UK, client funds are segregated in accordance with FCA and they are insured for up to £50,000 per client by the Financial Services Protection Scheme. In Canada, client funds are segregated in accordance with IIROC rules and they are insured for up to $1 milllion per client by the Canadian Investor Protection Fund. In Australia, client funds are segregated in accordance with ASIC rules,...
Your forum profile mentions that you live in the US like me. It’s worth noting that there is no legislation in this country to protect US forex accounts either through client funds segregation or insurance.




This is the ADDED benefit of low leverage, FIFO and no hedging.
  • #6,937
  • Feb 2, 2015 10:19pm Feb 2, 2015 10:19pm
Is FXCM disabled Smart Margin Watcher? Or still providing that?
http://help.fxcm.com/Margin-Leverage...liquidated.htm
newzTrader
  • #6,938
  • Feb 3, 2015 3:32am Feb 3, 2015 3:32am
To Jason Rogers,
Any news for all the Special Customers of FXCM with outstanding negative accounts. We have been hagging there for 3 weeks now! I am not sure that time is really an issue here. If it takes 1.5 weeks to handle 90%, another 1.5 weeks should be OK to give some news to 10%?!
  • #6,939
  • Feb 3, 2015 3:52am Feb 3, 2015 3:52am
Quoting zznbrm
The posts on this thread are getting more and more ridiculous as the days go by. It's like our own little Idiocracy. Mixing pretend traders with pretend lawyers is one helluva combination.

well little do you know ? we have plenty of bush lawyers in Australia and from the information I have from ASIC seems our bush lawyers are correct all ready the proper government bodies are looking
people leave, but this thread will go on for ever
  • #6,940
  • Feb 3, 2015 4:32am Feb 3, 2015 4:32am
Quoting Aussi
{quote} well little do you know ? we have plenty of bush lawyers in Australia and from the information I have from ASIC seems our bush lawyers are correct all ready the proper government bodies are looking
No bush lawyers, only ppl with common sense...itd be an insult to a real lawyer if he gets hired to look into this case..It's simple: Fxcm advertises and even puts into legal document a no-debit-balance policy. In the past, when clients went into negative, fxcm honoured its policy because the loss was a peanut, maybe a few thousands of dollars - pocket money for fxcm. But now, the loss is too big to handle and fxcm is trying to deny their own policy by claiming force majeure. Well, if it was force majeuere why did other brokers were able to take measures....What a joke this fxcm...i have no more respect for them..I had an account officer named jason brushe in australia..he never replied my quiries again since the snb event...before that, he was sweet and helpful..or am i being too naive trusting a broker?
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