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Need US broker for a large account

  • #81
  • Nov 6, 2016 9:19am Nov 6, 2016 9:19am
Quoting nonlinear
Pipmaster, you seem wise to trading offshore. Which brokers do you feel safe with? I read the comments on other forums and Tradersway and FXChoice seem to be the best thus far (since Tallinex beame a recent cftc target). But I wonder when these brokers will drop US clients like the others have. I also wonder if and when offshore forex trading for US residents will become illegal without satisfying onerous requirements.
I use the exact 3 you have mentioned. I do not worry about the when's and if's, as of right now I can trade at all 3. It depends on the election, vote one way and we may have the freedoms of the rest of the civilized world, vote the other and well...... So make sure you vote coreectly.
If it were to come down to it, I would probably leave the US as I refuse to let them continue to regulate things for their benefit only while brainwashing the public that it is done for their "protection". I lost a significant income when they banned online poker, moved to forex and once again they are skewing things for their benefit only.
If you want to "protect" the public, put onerous restrictions before they can place their life savings on black or red in Vegas or the poor souls who wager their entire paychecks on lottery tickets. Oh wait....the government benefits from Vegas and the lottery. Forex is a skill, which requires years of training and knowledge, how dare they try to restrict my income from something I've devoted years to.
  • #82
  • Nov 7, 2016 6:29am Nov 7, 2016 6:29am
Quoting pipmaster77
{quote} They do have a dealing desk. It depends on your balance. As far as transparency, google search this: FXCM fines. Once again, please do some research before posting non-facts.
But FXCM claim themselves to be offer No-dealing desk execution. See this https://www.fxcm.com/why-fxcm/forex-execution/
  • #83
  • Nov 7, 2016 2:08pm Nov 7, 2016 2:08pm
Quoting ammy
{quote} But FXCM claim themselves to be offer No-dealing desk execution. See this https://www.fxcm.com/why-fxcm/forex-execution/
Hi Ammy,

As mentioned on the webpage you referenced, FXCM provides No Dealing Desk (NDD) forex execution to all Standard accounts (5k minimum opening balance) and Active Trader accounts (25k minimum). For Mini accounts ($50 minimum), we provide DD execution. It's worth noting that we use the same base price for DD execution on Mini accounts (before adding the spread markup) as the base price we use for our NDD execution (before adding the commission), so you can have confidence trading with FXCM regardless of the account type you choose.

Your forum profile mentions you live in Canada, so I want to make sure you're aware of FXCM's relationship with Friedberg Direct:

It was formed for the purpose of allowing Canadian traders access to FXCM's suite of products, including our award-winning Trading Station platform, NDD forex execution and other operational services, while maintaining your account with a regulated Canadian firm. All accounts are opened by and held with Friedberg Direct, a division of Friedberg Mercantile Group Ltd., a member of the Investment Industry Regulatory Organization of Canada (IIROC). Friedberg is also a member of the Canadian Investor Protection Fund (CIPF), so your account is protected by CIPF up to $1 million.
  • #84
  • Nov 7, 2016 2:43pm Nov 7, 2016 2:43pm
so your account is protected by CIPF up to $1 million

why can't SEC do this for the US traders...this country is a hell hole i tell you
  • #85
  • Edited Nov 8, 2016 11:56am Nov 7, 2016 6:11pm | Edited Nov 8, 2016 11:56am
Quoting hilmy83
so your account is protected by CIPF up to $1 million why can't SEC do this for the US traders...this country is a hell hole i tell you
Hi Hilmy,

Your forum profile mentions you live in the Bahamas. If that is the case, then as a Bahamian resident, you can open an FXCM UK trading account which is protected by the Financial Services Protection Scheme for up to 50,000.

If you live in the US, then US law allows only CFTC-regulated brokers to offer you forex trading services. While there seems to be some pessimism here about the choices available in the US to forex traders, there are reasons to be encouraged. We have seen spreads industrywide come down dramatically, and where dealing desk execution was the only option before, there are now alternatives like No Dealing Desk (NDD) forex execution.

Sharing my perspective as both a retail forex broker and a retail forex trader, I believe it's important that we as members of the US retail forex community work together to let the US regulators know what's most important to us. This has yielded fruits in the past. For example, when the CFTC and NFA were considering reducing FX leverage to 10:1, retail traders had significant influence by submitting over 10,000 comments (if I remember the approximate figure correctly).

While we might not yet have all the items on our wish list for retail forex in the US, such as segregated accounts status for client funds, which the US government and regulators have chosen to give as an advantage to futures, and insurance on client funds which is available in the UK and Canada, I am optimistic there is much we can still achieve to build on the progress that has already been made.
  • #86
  • Nov 9, 2016 2:12am Nov 9, 2016 2:12am
I really hope that now, with Mr. Trump, the US FX industry would have some breath of fresh air as he promised to revitalize it...

Wish him good luck and wish good luck to all the american traders here in FF...

Green pips to all,
MrJinks.
  • #87
  • Nov 9, 2016 4:11pm Nov 9, 2016 4:11pm
Quoting mrjinks
I really hope that now, with Mr. Trump, the US FX industry would have some breath of fresh air as he promised to revitalize it... Wish him good luck and wish good luck to all the american traders here in FF... Green pips to all, MrJinks.
I'm encouraged by your optimism, Mr Jinks

As has been noted in this discussion, there are fewer brokers in the US now than in the past. While FXCM will advocate for what our clients tell us they want, what could have even more impact for retail forex in the US is if more traders speak up to regulators directly about what they want whether it is segregated funds, insurance, etc.
  • #88
  • Nov 16, 2016 1:36pm Nov 16, 2016 1:36pm
Quoting Jason Rogers
{quote} Hi Ammy, As mentioned on the webpage you referenced, FXCM provides No Dealing Desk (NDD) forex execution to all Standard accounts (5k minimum opening balance) and Active Trader accounts (25k minimum). For Mini accounts ($50 minimum), we provide DD execution. It's worth noting that we use the same base price for DD execution on Mini accounts (before adding the spread markup) as the base price we use for our NDD execution (before adding the commission), so you can have confidence trading with FXCM regardless of the account type you choose....
Hi Jason,

Why are small traders discriminated, why cant you offer NDD execution to accounts under $5k while the whole world is doing that?
VK
  • #89
  • Nov 16, 2016 1:37pm Nov 16, 2016 1:37pm
Quoting hilmy83
so your account is protected by CIPF up to $1 million why can't SEC do this for the US traders...this country is a hell hole i tell you
I absolutely agree with you and pipmaster
  • #90
  • Nov 16, 2016 5:30pm Nov 16, 2016 5:30pm
Quoting vk79
{quote} Hi Jason, Why are small traders discriminated, why cant you offer NDD execution to accounts under $5k while the whole world is doing that? VK
Hi Vk79,

With our No Dealing Desk (NDD) forex execution, FXCM profits from client trading volume and offsets each client order one-for-one with the best prices from competing liquidity providers. Accounts with a balance of at least 5k trade more volume than smaller accounts not only in the short term (larger accounts have adequate margin to place bigger trades) but also over the long term (research has shown 5k+ accounts tend to be more profitable than sub-5k accounts, source: FXCM's Traits of Successful Traders Guide).

For traders looking to start with as little as $50, FXCM offers a Mini account option with DD execution. When your Mini account balance grows to 5k, you have the option of switching to Standard NDD execution. It's worth noting that we use the same base price for DD execution on Mini accounts (before adding the spread markup) as the base price we use for our NDD execution (before adding the commission). That's a key reason you can have confidence trading with FXCM regardless of the account type you choose.
  • #91
  • Nov 16, 2016 7:24pm Nov 16, 2016 7:24pm
Quoting Jason Rogers
{quote} Hi Vk79, With our No Dealing Desk (NDD) forex execution, FXCM profits from client trading volume and offsets each client order one-for-one with the best prices from competing liquidity providers. Accounts with a balance of at least 5k trade more volume than smaller accounts not only in the short term (larger accounts have adequate margin to place bigger trades) but also over the long term (research has shown 5k+ accounts tend to be more profitable than sub-5k accounts, source: FXCM's Traits of Successful...
This is the point i have been making all along. You have confirmed it here, the NDD execution, FXCM benefits from trading volume. Using that statement, this would mean DD execution DOES NOT benefit from trading volume, which would mean DD execution benefits from client losses. So as I have been stating all along, unless you have a balance of $5K or more, FXCM loses when you win and wins when you lose. You are playing against an opponent who controls the software just like Oanda and Forex.com. There is not a viable option in the US for smaller accounts. I will not disclose how large my accounts are with my offshore brokers, but I average 100-300% per week in these accounts. This is not possible whatsoever in the US due to the restrictions placed on the trader. When I have a losing week it's 20-30% but the gains FAR OUTWEIGH the losses.
  • #92
  • Nov 16, 2016 9:54pm Nov 16, 2016 9:54pm
As usual you are incorrect Pipmaster...there is no longer any point in me engaging with you. If FXCM sells 100 billion at 103.48 in the course of a month, and BUYS 100 billion from you, at 103.475, the liquidity provider BEHIND fxcm, and FXCM to a lesser extent, made the half pip on 100 billion....FXCM is a no dealing desk, and in most accounts, that ALSO means the client is paying 4 cents per thousand on major pairs, as a commission.....they make money per transaction, and actually WANT you to win, you simpleton.

Why? because if u win, you keep trading, and they keep making the 4 cents per thousand commission, which if you knew anything , you would know that is what they charge, and how they make their money.
  • #93
  • Nov 16, 2016 10:20pm Nov 16, 2016 10:20pm
Quoting BrianWatt
As usual you are incorrect Pipmaster...there is no longer any point in me engaging with you. If FXCM sells 100 billion at 103.48 in the course of a month, and BUYS 100 billion from you, at 103.475, the liquidity provider BEHIND fxcm, and FXCM to a lesser extent, made the half pip on 100 billion....FXCM is a no dealing desk, and in most accounts, that ALSO means the client is paying 4 cents per thousand on major pairs, as a commission.....they make money per transaction, and actually WANT you to win, you simpleton. Why? because if u win, you keep...
Please read the post from the FXCM rep himself. Any account under 5K is dd execution. Did you miss that post?
  • #94
  • Nov 16, 2016 10:20pm Nov 16, 2016 10:20pm
In case you can't find it 4 posts above.


Quoting Jason Rogers
{quote} Hi Vk79, With our No Dealing Desk (NDD) forex execution, FXCM profits from client trading volume and offsets each client order one-for-one with the best prices from competing liquidity providers. Accounts with a balance of at least 5k trade more volume than smaller accounts not only in the short term (larger accounts have adequate margin to place bigger trades) but also over the long term (research has shown 5k+ accounts tend to be more profitable than sub-5k accounts, source: FXCM's Traits of Successful...
  • #95
  • Nov 16, 2016 10:47pm Nov 16, 2016 10:47pm
Or even better yet directly from their client agreement on FXCM.com:
When using the Dealing Desk Execution model, FXCM may act as a dealer and is the counterparty to any trades that you undertake. In this model, FXCM's compensation may not be limited to our standard markup and our interests may be in direct conflict with yours. Additionally, FXCM faces market risk by entering into trades with you. FXCM may take steps to mitigate risk associated from market making, including, but not limited to, at our sole discretion and at any time, transferring your account to our No Dealing Desk offering.

So to sum that statement up for you Brian, as long as you are losing they keep you on DD, if you become profitable they move you to NDD. Do you understand yet?

You can access yourself at FXCM.com, click on client agreement at the bottom of page and of course it is buried all the way down on page 20.
  • #96
  • Nov 17, 2016 8:41am Nov 17, 2016 8:41am
hopefully, someone sues you for your libelous comments in various message boards. It's people like you, who attack companies for no reason, since the invention of the internet, who someday will have alot to answer to in court. If you seriously think, that FXCM's intention is to get people to lose, and if you seriously think that is how they make money, you deserve to spend the next few years spending $250,000 in lawyer fees, in a public court, defending your libelous comments. And hopefully they sue the owners of this message board as well, for allowing the lies that comes out of your mouth, to be posted.
  • #97
  • Edited 3:57pm Nov 17, 2016 2:52pm | Edited 3:57pm
Quoting pipmaster77
You can access yourself at FXCM.com, click on client agreement at the bottom of page and of course it is buried all the way down on page 20.

As you have noted yourself, we provide information about our trade execution on the FXCM website including both the NDD and DD options. And to be fair, the order execution policy section of our client agreement only begins on page 18. All the topics covered in the document are important, so I encourage traders to review it before opening an account with us.

In regards to trade execution, FXCM innovated transparency in the forex market with competitive and market-driven No Dealing Desk (NDD) execution. We would love to provide NDD on all accounts, and actually did so in the past. Even now that we offer both NDD and DD account types, the bulk of our revenue still comes from our highest volume traders on the NDD model.

However, in running the numbers, we found that below the 5k balance threshold, it is hard for us to recoup in commissions the fixed costs that go into providing customer support for any account. Smaller brokers that predominantly had clients with smaller account balances struggled with this fact, which is why they no longer operate in the US. We ended up inheriting a lot of their business.

The DD model allows us to provide service even to traders with a $50 account balance. And as mentioned in my previous post, FXCM uses the same base price for DD execution on Mini accounts (before adding the spread markup) as the base price we use for our NDD execution (before adding the commission). That's a key reason traders can have confidence trading with us regardless of the account type they choose.

I see our NDD and DD account options as a win-win for traders, and the fact that US clients have more money on deposit with us than any other forex broker, shows many others agree.
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  • #98
  • Nov 17, 2016 2:55pm Nov 17, 2016 2:55pm
Quoting BrianWatt
hopefully, someone sues you for your libelous comments in various message boards. It's people like you, who attack companies for no reason, since the invention of the internet, who someday will have alot to answer to in court. If you seriously think, that FXCM's intention is to get people to lose, and if you seriously think that is how they make money, you deserve to spend the next few years spending $250,000 in lawyer fees, in a public court, defending your libelous comments. And hopefully they sue the owners of this message board as well, for...

Thanks for the support, Brian

Such discussions can be helpful in addressing misconceptions. No doubt other traders have questions not only about our trade execution but the execution quality of other brokers. That's why it is FXCM's goal to be an industry leader in providing you with transparency regarding our execution, and I am happy to answer any additional questions.
  • #99
  • Nov 17, 2016 7:27pm Nov 17, 2016 7:27pm
Quoting BrianWatt
hopefully, someone sues you for your libelous comments in various message boards. It's people like you, who attack companies for no reason, since the invention of the internet, who someday will have alot to answer to in court. If you seriously think, that FXCM's intention is to get people to lose, and if you seriously think that is how they make money, you deserve to spend the next few years spending $250,000 in lawyer fees, in a public court, defending your libelous comments. And hopefully they sue the owners of this message board as well, for...
I pulled it right from their website. So based on your theory, they want you to win, yet they are counter party to your trade. That would make them in the business to lose money. Get a clue, man.
  • #100
  • Nov 19, 2016 7:31pm Nov 19, 2016 7:31pm
clearly you know nothing bout how much it costs to book a new acct, its hundreds and hundreds of dollars in marketing, keyword ad buys and lead buys, just to book one new acct.....the idea that FXCM wants you to lose is so ridiculous lol...the absurdity of them spending millions on marketing to land new accts and hope they all lose is so dumb it defies belief, but the fact that you believe it means you are destined to be a loser in life, because you are either 1) extremely stupid and unable to process simple logic 2) you have an agenda of revenge and see yourself as some sort of avenger...either way? you are a complete moron, -and obviously a horrifically bad trader....lol....secondly they are required by USA law to state they are the counter party even when in 90% of the cases they are not..by definition, because it is not an exchange based transaction, they must state they r the counter party....
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