FXCM Discussion

Hi newzTrader,

I would be happy to put you in touch with one of my colleagues in our FXCM Pro division. You can send me a PM with your contact details.

Jason, Is that FXCM's final answer?

Could you give a formal reply in my email?

I will follow up with the Compliance department for you, so you can have a formal reply from them by email.

Below are the CFD holiday trading hours for Good Friday and Easter. Forex trading hours remain unchanged, and you can view the holiday rollover interest schedule here: http://bit.ly/20Hpj6s

Times below are in GMT

1. This may be what you are looking for - I do not have time to to check exact facts. If it is, apparently recently is 26-October-2014* (1 year 5 months ago).
2. One of the voices of Jason should give a precise answer.
3. Jason, do you think if reps were provided with a historical check list or flow chart of significant FXCM trading updates they would be better equiped to answer basic questions ? This is basic standard administration.
4. Jason, you have not answered why FXCM reps do not provide a case number with their verbal promise of case submit.

* received 22-October-2014 - see top right corner.

Edit: This appears to correspond to Jason's link #Post 8802 - http://www.forexfactory.com/showthre...43#post7788843

Thanks Phylo,

Indeed that seems to correspond to Jason's post. So then it was since late 2014 the pricing was switched. I had been trading all this while and up to last Monday with the old pricing which was on average 1 pip on top of their supposed all in pricing. After I sent a message to Jason to request FXCM's formal answer Jason forwarded my message to their compliance and provided me with a compliance ticket number. Besides that I sent FXCM a formal complaint via email stating the issue and I was informed that my situation is being investigated and that they will take up to 14 business days to reply.

1. It is bad enough that as a customer my questions and requests for investigation through live chat were being dismissed without being given proper ticket ID for review at best. Only after many rounds of back and forth finally they reply. I think in the future it is best to start with a formal email rather than live chat.

2. FXCM seems to feel that when they update any other clients' even those based in Indonesia with the new spreads leaving behind older customer seems to be perfectly fine contradicting FCA's regulation of treating clients fairly. Here's Jason's PM reply :
To: Fx882 | From: Jason Rogers | Sent: Mar 22, 2016 5:20pm
------------------------------------ ------------------------------------ ---------
The pricing was not incorrect. Your account was set up on the NDD pricing model you agreed to when you opened your account.

When we introduced the new NDD pricing model, it was not rolled out everywhere at the same time. As I mentioned then, the transition to the new model has been done by region, and Indonesia is not one of the countries where existing accounts have been automatically switched:http://www.forexfactory.com/showthre...53#post7832453

It's worth noting that new accounts in Indonesia require a minimum balance of $20,000 to trade on the new NDD pricing model: http://bit.ly/1ZpVsjN

3. From that reply he did not seem to get my point. Even comparing my account with the mini from FXCM Indonesia EUR/USD spread is also 1.3 pips not 2.5 that I am seeing. And by the way, in late 2014 which is where the new pricing had been in effect my account was around USD 20,000 and in 2015 it was in excess of that amount but I was not offered the change by FXCM again contradicting what Jason said. Again as per FCA regulation under Fair treatment FXCM should treat clients equally and put clients' best interest ahead.

For those who want to see what my account was like here's the screen recording of my spreads . See EUR/USD spread at around 2.4-2.7 compared to their demo showing 0.3 to 0.5 (which after adding commission say 1 pip comparable to 1.3-1.5 in their mini). And that is why my trades are always 1 pip worse. So if I trade and put a stop that 1 pip extra will get my stop triggered earlier compared those who has mini or low spread + comission model Hence I will always be disadvantaged with my trades. An example: 3 traders: me, a person with mini account, a person with low spread + comission account. We all entered long EUR/USD at 1.1220 and put a stop at 1.1200. When my account showed that my stop is hit means the bid at my dealing rates is at 1.1200 and position closed, the person with mini account will have their bid at somewhere around 1.12005 and the person with low spread + comission will still have their position with bid at 1.12015.

Hence that small 1 pip difference can cost a trader a lot. Think what this means between mini and standard. Having the cost as a commission rather than a spread will buy you that 1 pip leeway which could mean the difference between margin call and a turn around. In my case it is even worse.

So when FXCM says the cost is the same between 1.3 spread and low spread+ comission, the answer is no.


4. Jason/FXCM still does not get it, I opened my account in 2011 with FXCM UK, not FXCM Indonesia. If I print my statement this is what it says:

Forex Capital Markets Ltd
Northern & Shell Building 10 Lower Thames Street London EC3R 6AD United Kingdom
my trading agreement also clearly shows that I am dealing FXCM Ltd which I always refer as FXCM UK. I opened this account by myself as with all my other previous FXCM account. This account is opened especially because at that time I did not want to hold USD.

Here's Jason's PM reply :
To: Fx882 | From: Jason Rogers | Sent: Mar 22, 2016 5:20pm
------------------------------------ ------------------------------------ ---------

1. The pricing was not incorrect.
2. Your account was set up on the NDD pricing model you agreed to when you opened your account.
3. When we introduced the new NDD pricing model, it was not rolled out everywhere at the same time.
4. As I mentioned then, the transition to the new model has been done by region, and Indonesia is not one of the countries where existing accounts have been automatically switched:http://www.forexfactory.com/showthre...53#post7832453
5. It's worth noting that new accounts in Indonesia require a minimum balance of $20,000 to trade on the new NDD pricing model: http://bit.ly/1ZpVsjN[/quote]

-------------------------------------------------------------------------------------------------------------------------------

1. Jason/FXCM still does not get it, I opened my account in 2011 with FXCM UK, not FXCM Indonesia.
2. If I print my statement this is what it says:
3. Forex Capital Markets Ltd
4. Northern & Shell Building 10 Lower Thames Street London EC3R 6AD United Kingdom
5. my trading agreement also clearly shows that I am dealing FXCM Ltd which I always refer as FXCM UK

--------------------------------------------------------------------------------------------------------------------------------
Although you have had a shoddy run-around service all questions appear answered. Perhaps you might request when FXCM UK Indonesian clients were notified via email of transition to current spreads or if FXCM UK Indonesian clients are yet to receive emails of transition.

4. As I mentioned then, the transition to the new model has been done by region, and Indonesia is not one of the countries where existing accounts have been automatically switched:http://www.forexfactory.com/showthre...53#post7832453

http://www.forexfactory.com/showthre...53#post7832453 → Quoting oggalan

{quote} As I have understood to have a spread betting account I have to be a UK or Ireland residents and I am from Central America. Thanks in advance for your help
You are quite right, Oggalan. Spread betting accounts are only available to traders in the UK and Ireland.

To date, FXCM's new pricing has been rolled out to our clients living in the US, UK and Australia. 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.

You mentioned that your account is with FXCM UK, but since you live outside of the UK itself, your account is still on our old pricing. Your forum profile says you live in El Salvador. While I do not have information on a transition date for our clients in El Salvador at this time, you will receive email notification should a transition date be scheduled
------------------------------------------------------------------------------------------------------------------

If your account is with FXCM UK the following statement is irrelevant and has a ring of intimidation → 5. It's worth noting that new accounts in Indonesia require a minimum balance of $20,000 to trade on the new NDD pricing model: http://bit.ly/1ZpVsjN[/quote]

Rollover Rates.

Why are the rollover rates on a wednesday so significantly higher than the rest of the week? in fact why would they be higher at all on a wednesday?

Thanks

Indeed Phylo, my account is with FXCM UK.

My key point here is that nowhere in FXCM UK's website is offering spreads of 2.5 (which what I had), they can say all they want about rolling it region to region but anyone can check right now EURUSD mini is 1.3 spread in either FXCM UK or Indonesia which means they are now providing that 1.3 spread to UK or Indonesia. If I had not checked then I would still be priced in the old model forever. They are regulated by FCA and such they should have treated their customers fairly.

I agree with you FXCM saying this is not a very nice thing and not relevant. I am not opening new account, and my account had already been a standard account since opened with FXCM UK:
5. It's worth noting that new accounts in Indonesia require a minimum balance of $20,000 to trade on the new NDD pricing model: http://bit.ly/1ZpVsjN[/quote]


Here's first page of my trading agreement which is with Forex Capital Markets Limited.


Compare that with the terms from FXCM Indonesia which is dealing with a completely different entity namely FXCM Markets Limited based in New York.


which I get from clicking this link from FXCM Indonesia, and scroll to the bottom
https://www.fxcm.com/id/compare-acco...0000000MusRAAS






Here's another interesting part from the post http://www.forexfactory.com/showthre...53#post7832453

"You mentioned that your account is with FXCM UK, but since you live outside of the UK itself, your account is still on our old pricing. Your forum profile says you live in El Salvador. While I do not have information on a transition date for our clients in El Salvador at this time, you will receive email notification should a transition date be scheduled"

By saying that it seems FXCM is aware and practice this, i.e charging FXCM UK customers based on where they reside? isn't that price discrimination. Would any reasonable man accept that? That sounds contradictory to FCA regulation. In this case does it mean overseas client of FXCM UK does not receive the same protection from FCA? It would be absolutely strange if FCA's regulation does not cover clients residing overseas even though they are FXCM UK's clients.

1. If, as according to Jason, FXCM UK El Salvador clients were to be notified via email of their transition date it would be logical to assume likewise for FXCM UK Indonesian clients.
2. If your FXCM UK account has been transitioned within the last few days as result of request it would be logical to assume it is only because FXCM UK Indonesian clients have been notified via email of transition and the transitioned date is prior to your account update.
3. The crux then is - when did FXCM UK notify its Indonesian clients via email of their transition date or have FXCM UK Indonesian clients not been notified via email of their transition date ?
4. If FXCM UK Indonesian clients have been notified via email of their transition date and that date is prior to your recent account transition why was your account not transition on the stipulated date ?
5. If FXCM UK Indonesian clients have not been notified via email of their transition date and your FXCM UK Indonesian client account has been transitioned ahead of other FXCM UK Indonesian client accounts surely that would be discriminatory if not some regulatory breach.

I withdraw my previous conclusion that Jason had provided a satisfactory answer.

Hello all, I made a small worksheet in Excel to evaluate FXCM Trading Station precision using GBDemo server t1 data wrote to csv files via MomooForex PriceDataExporter addon and I getting a 70+ seconds lag.

1. Does anyone knows if this lag also occurs on a paid account or only in a demo account?

2. How I can get cheaper real time FOREX t1 data to csv files?

Cheers!

Phylo, I agree with your first and second points. For the third point I was not aware of any notification of change in spreads. the fourth point is of course only FXCM knows.

and let me discuss your fifth point:

In regards to the the last point. The fact is FXCM Indonesia, UK, and US now, at present time offers lower spreads already (for example EUR/USD with 1.3 spread, anyone can check this on their website). That in itself is a strong evidence that the pricing had been changed. Hence any new account automatically will be under the new spread and I assume their older clients may have been transitioned (I don't know the actual fact). In my communication with FXCM there is a lot of discouragement for me to change to different pricing model citing tax issues or that the total cost is the same and dismissed my request for investigations.

If I may take your fourth point and add to it:

If FXCM UK Indonesian clients have been notified via email of their transition date and that date is prior to your recent account transition why was your account not transition on the stipulated date ? Also if the new Indonesia based clients are offered the new lower spreads why not the old clients be given the same treatment? surely that would be discriminatory if not some regulatory breach?

Again, there is nowhere in FXCM website (UK, US, or Indonesia) is showing EUR/USD spreads as high as 2.5 which I had been having in my trading station. The minis have 1.3 pip spread on EUR USD the standard account has 0.3+comission and I have a 2.5 pip spread like my service is not even in their present offerings.

Moreover As I am FXCM Ltd client I should have the same option to trade as other FXCM Ltd clients. Meaning I am entitled to have the services as shown on this website https://www.fxcm.com/uk/services/compare-account-types/ contrary to what Jason/FXCM told me.

Let's keep in mind the post referred by Jason was written on Oct 2014 a long time ago. I suppose other clients may have been transitioned over and maybe I am left behind.
http://www.forexfactory.com/showthre...53#post7832453


Now if you recall from my post on page 440(http://www.forexfactory.com/showthre...18#post8828318) , FXCM rep Ridwan asked me to open with FXCM US. Here's why:
In this page, it is clearly stated that FXCM markets is not under FCA regulation.
https://www.fxcm.com/id/legal/code-of-conduct/

UNDANG-UNDANG & REGULASI YANG MENGATUR

Afiliasi dar FXCM Markets' terdaftar dengan Commodity Futures Trading Commission ("CFTC") sebagai Futures Commission Merchant ("FCM") di Amerika Serikat, lisensi oleh Financial Conduct Authority ("FCA") di Inggris, the Securities and Futures Commission ("SFC") di Hong Kong.


English translation:
LAW & REGULATIONS GOVERNING

FXCM Markets Limited ("FXCM Markets") is a subsidiary of FXCM Holdings, LLC. FXCM Markets is not regulated and is not under the jurisdiction of the FCA.




Again if FXCM rep reads this post, My account is with FXCM Ltd (FXCM UK) not FXCM Markets. Therefore FCA regulations should be observed. It seems if FXCM rep see Indonesia client they automatically think I am with FXCM Markets.

FXCM compliance department is reviewing my case and they informed me that it will take up to 14 days. As I saw their signature it shows that it is FXCM US so I asked the person if he is the right person as my account is with FXCM Ltd (UK) see what they say about that.

Since the Compliance department is reviewing your case, I can't comment on it further. If you have any questions or additional information you would like to provide, you can email [email protected] and reference the case number I gave you. I wish you all the best in this case and hope you will be pleased with the resolution.

Great question, Nbfx!

Each week, seven days' worth of rollover interest have to be applied for each currency pair. However, rollover interest cannot be applied to a currency pair on a day when banks are closed in either of the countries in the pair. That means rollover interest cannot be applied for USD/JPY trades when there is a holiday in either the US or Japan.

Banks are closed on Saturday, Sunday and on holidays. Yesterday, you may have noticed I posted the holiday trading hours for March. We are headed into a long weekend in many countries for the Easter holiday.

In a normal trading week unaffected by bank holidays, one day's worth of rollover interest is applied on each weekday except Wednesday when three days' worth of rollover interest are applied. That's because Wednesday includes the rollover interest for one weekday plus Saturday and Sunday.

Why Wednesday instead of Friday? That's because spot forex trades have a 2-day settlement period. That means a trade I have open on Monday will settle on Wednesday, and a trade I have open on Wednesday will settle on Friday. However, a trade open on Thursday will settle on... the following Monday. It has to roll through the entire weekend, because banks are closed on Saturday and Sunday.

Note that rollover is applied only to trades that are open at 5pm New York Time on a given weekday. That's because 5pm NYT marks the end of one 24-hour trading day in the forex market and the start of the next. So 5pm NYT on Wednesday is technically already Thursday in the global forex market. Therefore, a trade open at 5pm NYT on Wednesday with earn or pay three days' worth of rollover interest in a normal trading week unaffected by bank holidays.

This is a holiday-affected trading week, because of the long Easter weekend. Banks in Europe among other places are closed next Monday and Tuesday. That means trades open at 5pm NYT this Wednesday (which are technically Thursday positions) must be rolled through the entire four-day weekend. That's why you see five days' worth of rollover interest applied on the DailyFX Rollover Calendar for many currency pairs today: http://bit.ly/20Hpj6s



Keep in mind that you can earn or pay rollover interest depending on whether you are long or short the currency with the higher interest rate in the pair. And if you're an intraday trader, you don't have to worry about rollover interest at all as long as you're flat by 5pm NYT everyday. :nerd:

Hi Luro,

I haven't used Price Data Explorer myself, so I couldn't tell you how it works. It's a third-party app developed by MooMooForex, so they should be able to help you with these questions: http://moomooforex.com/contact/

Last considerations.

1. You repeatedly refer to FXCM Indonesia and FXCM US. As your account is with FXCM UK what is effective in any other FXCM national durisdiction is irrevelant with regards FXCM (UK) UK resident and non-UK resident clients including your case.
2. FXCM has publically declared that FXCM (UK) non-UK resident clients were, as per FXCM UK policy, not automatically transitioned on date of FXCM (UK) UK resident clients. FXCM, therefore, is comfortable that no UK regulations have been breached.
3. If you are seeking redress or compensation you would need to establish:

1. if FXCM UK Indonesian clients have been notified of their transition date and if so
2. was that date prior to your account transition and
3. why your account was not transitioned on that date.

This is not exactly what you are looking for but it may be of use and interest. There are no costs for the data - http://eareview.net/tick-data

Phylo, I have replied you through PM

THANK YOU Rogers

could u explain please!

what is IMO?

WHAT ARE OTHER ALTERNATIVES?