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FXCM Discussion

  • #8,101
  • Sep 28, 2015 5:00am Sep 28, 2015 5:00am
Here is what FXCM thought about leverage not too long ago - http://www.dailyfx.com/forex_forum/f...tml#post576853

Specifically - "FXCM’s experience in Hong Kong, where significantly lower leverage levels are mandated by law, suggests lower leverage results in more successful trading. As another example, many professional traders use up to 8:1 leverage and typically much less. The reason to use low leverage is to make sure that that a losing position does not make a significant negative impact on the overall account."

So what now? You think using large leverage is bad for traders, so you unilaterally force everyone to use 400:1 leverage - a full 50 times what you think professionals should be using, and take away our ability to dial it back?

What's stopping you from taking away what you have left of a negative balance protection? How can we even trust a broker who in their own words are acting against it's client's interest?
  • #8,102
  • Sep 28, 2015 5:08am Sep 28, 2015 5:08am
Quoting Tarvold
Here is what FXCM thought about leverage not too long ago - http://www.dailyfx.com/forex_forum/f...tml#post576853 Specifically - "FXCMs experience in Hong Kong, where significantly lower leverage levels are mandated by law, suggests lower leverage results in more successful trading. As another example, many professional traders use up to 8:1 leverage and typically much less. The reason to use low leverage is to make sure that that a losing position does not make a significant...
  • #8,103
  • Sep 28, 2015 5:20am Sep 28, 2015 5:20am
Quoting philtre71
Still waiting for bid/ask lines on MT4 charts that reflect market price. Doubt we'll ever see these now.

Quoting Jason Rogers
{quote} Hi Philtre, I'm now just waiting for confirmation of the exact date when the solution will be implemented on our MT4 servers and will post an update for you at that time.
And your customers are also still waiting.

Charts displaying incorrect Bid price
Forced increases in leverage

Whats next
mmm let me guess - Everybody will have to change from MT4 to Troy Station
Target 2 : Stoploss in the green
  • #8,104
  • Sep 29, 2015 4:03pm Sep 29, 2015 4:03pm
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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No comments
I want to buy PATIENCE
  • #8,105
  • Sep 29, 2015 6:02pm Sep 29, 2015 6:02pm
Quoting matheszabi
{image} {image} No comments
In fairness, if you took this screenshot around 5:00PM EST, those spreads are standard as liquidy goes dry around that time. From the time Tokyo opens up till New York closes, spreads are usually under 1 pip. But I trade on an FXCM standard account, the spreads are marked up on mini accounts, I believe.
  • #8,106
  • Sep 29, 2015 6:11pm Sep 29, 2015 6:11pm
Quoting psychop13
hi jason, i have fxcm us account, but i am not from usa. Can i participate...? If i can, Does my account automatically participate the contest ?
Hi Psychop13,

If you live outside the US and are a client of FXCM US, then you may participate, but leverage on your trades will be limited to 50:1 in compliance with CFTC regulations. All traders with live FXCM US Mini Accounts at the start of the month are automatically entered in the contest. You can visit the contest webpage for complete rules and the current leaderboard.
  • #8,107
  • Sep 29, 2015 6:28pm Sep 29, 2015 6:28pm
Quoting Tarvold
So what now? You think using large leverage is bad for traders, so you unilaterally force everyone to use 400:1 leverage
Quoting scalpz
Forced increases in leverage
No one is forcing you to trade at a higher leverage than you want. That would be like saying that a car manufacturer is forcing you to drive at 250kph, because that's the top speed of the car they sell.

It's important to understand the difference between the maximum leverage that's available to you and the actual leverage that you use on your trades. When we say that we now offer you up to 400:1 leverage on your account, that means the minimum margin requirement for your trades has been reduced to as little as 0.25% or $2.50 per 1k in open positions. How you use that available leverage is entirely up to you.

For example, I live in the US and CFTC regulations set a minimum margin requirement on forex trades of at least 2%. That allows me to use up to 50:1 leverage as a US trader. Even though I have that much leverage available to me, I don't exceed 10:1 leverage in my actual trades. Every trader has the freedom to use less leverage than the maximum that is available to them.
  • #8,108
  • Sep 29, 2015 6:58pm Sep 29, 2015 6:58pm
Hi. I am fxcm client and I am based in Mongolia. I have two problem. First, I can not have chat services available any more. Previously it was possible and I was using it asking for assistance. Can you clarify why? Every time I go to your chat service I get directed to chat offline. Secondly, I can not add more currency pairs to my trading platforms, on trading station and mt4. I do have a live account on trading station but I use mt4 for demo. Thank you your assistance
  • #8,109
  • Sep 30, 2015 1:46am Sep 30, 2015 1:46am
Quoting Bilstein
{quote} In fairness, if you took this screenshot around 5:00PM EST, those spreads are standard as liquidy goes dry around that time. From the time Tokyo opens up till New York closes, spreads are usually under 1 pip. But I trade on an FXCM standard account, the spreads are marked up on mini accounts, I believe.
I took around 00:07 GMT

LMAX shut down his servers at 00:00 until 00:05 and after that they has about the same 5-8 pip spread on G/U, usually until Tokyo open, but a lot lower on E/U.
As I saw many others has real spreads, FXCM does not fall into this category
I want to buy PATIENCE
  • #8,110
  • Sep 30, 2015 1:51am Sep 30, 2015 1:51am
Hi guys, long time reader first time poster.

I've been a member of FXCM for a number of months and now all of a sudden i've been receiving phone calls from Zurich and London from a mob named Ridge Capital Markets. They basically tried to keep me on the phone everytime i said no and informed me that i could get a guarenteed 30% return trading through them (lol). No idea where they got my information from, however they were able to quote my full name and address and in addition the knowledge that i have been registered with a forex trader. (The only one being FXCM). I know a friend who started with FXCM in December 2014 and still gets the odd call from this mob and another group.

Has anyone received similar calls from Ridge Capital or other shady providers?
  • #8,111
  • Sep 30, 2015 3:19am Sep 30, 2015 3:19am
Quoting Jason Rogers
At the time of the SNB announcement over 3,000 FXCM clients held slightly over $1 billion in open positions on EUR/CHF. Those same clients held approximately $80 million of collateral in their accounts. As you know this was the largest move of a major currency since currencies started floating 1971.
Hi Jason. How many of the 3,000+ clients were with FXCM US? It's confusing when you mix 50:1 clients and 400:1 clients. When will clients affected by the SNB event receive the Form 1099-C?
  • #8,112
  • Sep 30, 2015 7:34am Sep 30, 2015 7:34am
Quoting matheszabi
{quote} I took around 00:07 GMT LMAX shut down his servers at 00:00 until 00:05 and after that they has about the same 5-8 pip spread on G/U, usually until Tokyo open, but a lot lower on E/U. As I saw many others has real spreads, FXCM does not fall into this category
Yeah, you took the screenshot around the time that the spreads widen every day. Here's the current spreads on an FXCM standard account (8:32AM EST)
Attached Image(s) (click to enlarge)
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  • #8,113
  • Sep 30, 2015 8:58am Sep 30, 2015 8:58am
Quoting Jason Rogers
{quote} {quote} No one is forcing you to trade at a higher leverage than you want. That would be like saying that a car manufacturer is forcing you to drive at 250kph, because that's the top speed of the car they sell. It's important to understand the difference between the maximum leverage that's available to you and the actual leverage that you use on your trades. When we say that we now offer you up to 400:1 leverage on your account, that means the minimum margin requirement for your trades has been reduced to as little as 0.25% or $2.50 per...
Many reps to Jason Rodgers. He knows how to manage his risk. I couldn't agree more with him, 10 stars.

I was always taught back in the day to only use 10 percent of my account for the worst case situations and leave 90 percent unused "just in case" For instance if I have a 10K USD account, I only risk worst case max of 1K USD loss for all open balance transactions. 9K is not risk free and can be affected by things such as the SNB "reach around" we got in the shower that morning.

Also:
Quoting Jason Rogers
At the time of the SNB announcement over 3,000 FXCM clients held slightly over $1 billion in open positions on EUR/CHF. Those same clients held approximately $80 million of collateral in their accounts. As you know this was the largest move of a major currency since currencies started floating 1971.

Using 10:1 leverage would have saved many accounts from the negative, or at least considerably lessened the amount owed back to the broker, on the negative
  • #8,114
  • Sep 30, 2015 3:09pm Sep 30, 2015 3:09pm
Quoting okoso
Hi. I am fxcm client and I am based in Mongolia. I have two problem. First, I can not have chat services available any more. Previously it was possible and I was using it asking for assistance. Can you clarify why? Every time I go to your chat service I get directed to chat offline.
Hi Okoso,

Our live chat feature is not available in Mongolia. You can contact our live customer support team 24 hours a day, 7 days a week by phone or email.

Quoting okoso
Secondly, I can not add more currency pairs to my trading platforms, on trading station and mt4. I do have a live account on trading station but I use mt4 for demo. Thank you your assistance
If you have a Mini Account, then you can trade the 18 most popular currency pairs that FXCM offers. If you would like to trade more currency pairs, then you can do this by switching to a Standard Account.
  • #8,115
  • Sep 30, 2015 9:19pm Sep 30, 2015 9:19pm
Can I trade more currency pairs with demo account?
  • #8,116
  • Oct 1, 2015 6:42am Oct 1, 2015 6:42am
I'm curious right now

Cloned firms

https://register.fca.org.uk/ShPo_Fir...000000MfNCCAA3

Scam

https://register.fca.org.uk/ShPo_Una...000000m4JITAA2

Scam

https://register.fca.org.uk/ShPo_Una...000000m4JIUAA2

If i were you i won't invest a penny to this FXCM
  • #8,117
  • Edited 8:52am Oct 1, 2015 6:52am | Edited 8:52am
Hello Everyone,

Below is a copy of the announcement we posted this morning: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=934649

Statement on FXCM Cybersecurity Incident

NEW YORK, Oct. 1, 2015 (GLOBE NEWSWIRE) -- FXCM Inc. (NYSE:FXCM) ("FXCM" or "the Company"), a leading online provider of foreign exchange (FX) trading and related services, today announced that it was the victim of a criminal cybersecurity incident involving unauthorized access to customer information. At this time FXCM has identified a small number of unauthorized wire transfers from customer accounts; however, all funds have been returned to the appropriate accounts and the customers have been contacted.

FXCM received an email from a hacker claiming to have unlawful access to customer information. FXCM immediately notified the FBI of this threat and is cooperating with the FBI's investigation. FXCM also immediately launched a full investigation, working with a leading cybersecurity firm, to investigate the cybersecurity incident and protect customer information. FXCM, along with the leading cybersecurity firm, is conducting an extensive forensic investigation to determine the scope of the incident and identify affected customers. Affected customers will be notified.

The Company has established a dedicated webpage where members can access information, including frequent questions and answers. Read the FAQ

Customers with additional questions can contact FXCM representatives, who are available 24 hours a day: Contact Customer Support.

FXCM takes the privacy and security of our customer information very seriously and we are dedicated to protecting that information. As we learn more, we will continue to provide updates.
  • #8,118
  • Edited 9:05am Oct 1, 2015 6:53am | Edited 9:05am
As a precautionary measure, we require all clients to reset their passwords on their trading accounts. Please reset your password using the following instructions.

How to Reset your password:

  1. Visit www.myfxcm.com and select Forgot Login/Password?
  2. Select Forgot Password
  3. Complete the Steps to Reset Your Account Password

Your new password must contain all of the following:

  1. A minimum of 8 characters in length
  2. At least one lower case letter
  3. At least one number

Note: Upper case letters are permitted but not required. Special characters are not permitted.

Mirror Trader clients will be required to log back into their account after updating their password to have all systems re-enabled for trading.

  • #8,119
  • Oct 1, 2015 7:01am Oct 1, 2015 7:01am
Quoting Jason Rogers
As a precautionary measure, we require all clients to reset their passwords on their trading accounts. Please reset your password using the following instructions. How to Reset your password: Visit www.myfxcm.com and select Forgot Login/Password? Select Forgot Password Complete the Steps to Reset...
Jason there is an issue with resetting my password!. When I went through the process on myfxcm the email sent to me contained a link to reset my password but when I click on the link it takes me to this: http://maintenance.myfxcm.com/

It says FXCM is closed for the weekend. Nobody is answering the Active Trader line. I cannot access my account. what is wrong with you guys? This is rubbish!!!
  • #8,120
  • Oct 1, 2015 7:14am Oct 1, 2015 7:14am
Jason, cannot access myfxcm either now. Please advise. This is bullshit!
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