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FXCM and CEO Drew Niv banned from US market by CFTC

  • #81
  • Feb 7, 2017 2:19pm Feb 7, 2017 2:19pm
Quoting PoundTrader
{quote}who knows what the lobbyist have in store for retail froex in the u.s.. they want us to trade currency futures
Well it's obvious, do you see how expensive it is to trade the rest of the financial instruments like options and futures? Half of it is fees to the bureaucrats in the form of FINRA fees, exchange fees, Regulatory fees, transaction fees etc. Take a look at the commission structure posted on IB's website. https://www.interactivebrokers.com/en/index.php?f=1590 I am NOT endorsing IB but since IB offers the most wide range of financial products so you can see for yourself how much commission we pay for Forex and how much we would have to pay if we trade other financial instruments.

Because Forex is OTC so none of the bureaucrats can get their hands on any fees. You think they would be happy to let that industry exist when it can't extract anything "extra" out of it?
Make your losses in demo. Earn your profits live.
  • #82
  • Feb 7, 2017 2:23pm Feb 7, 2017 2:23pm
Quoting Momba
{quote} You forgot to mention that one of your liquidity providers is actually an in house computer program designed to trade against your customers. FXCM - what a fraud. Busted! http://www.marketwatch.com/story/fxc...nts-2017-02-06
Well FXCM did disclose that they are a market maker, a counter-party to all your trades. See Line Item 12 in the attached Disclosure document below. And this is found on FXCM's website. https://www.fxcm.com/legal/disclosure/
Attached File(s)
File Type: pdf risk_disclosure_fxcm_llc_en.pdf   142 KB | 272 downloads
Make your losses in demo. Earn your profits live.
  • #83
  • Feb 7, 2017 2:26pm Feb 7, 2017 2:26pm
Quoting PoundTrader
u.s. traders are stuck with these two brokers Forex.com /gain reviews http://www.forexpeacearmy.com/forex-.../www.forex.com Oanda Reviews http://www.forexpeacearmy.com/forex-.../www.oanda.com
And Oanda is next. Just wait until you see CFTC, NFA, SEC, one of those bureaucrats find a tiny thing, like a comma that's out of place and boom, huge fines, fail to disclose, huge list of charges and Oanda is gone! And then there is one, Gain Capital.

Once Gain Capital is gone, no more retail FX for average traders. Back to mutual funds like the ol' days.
Make your losses in demo. Earn your profits live.
  • #84
  • Feb 7, 2017 2:30pm Feb 7, 2017 2:30pm
You keep up the good work, Jason. Since FXCM is still around, will be looking forward to hearing from you from time to time. Saw that FXCM is expanding to South Africa. All the best and good luck!

Quoting Jason Rogers
{quote} Hi Markula, Part of our settlement with the NFA and CFTC was to close our US subsidiary, but there will be no changes for clients outside of the US. FXCM has signed a non-binding letter of intent with GAIN Capital Holdings, Inc. (GAIN) under which GAIN would purchase FXCM's US customer accounts. The transaction is subject to regulatory approval and a definitive agreement. FXCM and GAIN are working to determine the timing for the account transfer and expect to provide further information in that regard in the coming days. We will for the...
Make your losses in demo. Earn your profits live.
  • #85
  • Feb 7, 2017 3:17pm Feb 7, 2017 3:17pm
Quoting Forexia
{quote} Well FXCM did disclose that they are a market maker, a counter-party to all your trades. See Line Item 12 in the attached Disclosure document below. And this is found on FXCM's website. https://www.fxcm.com/legal/disclosure/ {image}
No. This is about manipulating their "Non dealing desk" platform to trade against their customers. Straight through ECN independent liquidity providers or whatever blablabla they call it. Still, I don't get your point. Directly dealing against customers is not ok, ECN or dealing desk platform. Period!

FXCM SCAM!
  • #86
  • Feb 7, 2017 4:28pm Feb 7, 2017 4:28pm
Quoting Forexia
You keep up the good work, Jason. Since FXCM is still around, will be looking forward to hearing from you from time to time. Saw that FXCM is expanding to South Africa. All the best and good luck! {quote}
Thanks Forexia, I appreciate your well wishes.
  • #87
  • Feb 7, 2017 4:34pm Feb 7, 2017 4:34pm
when you think about it MB Trading was the only retail ECN broker until they sold out to forex.com
  • #88
  • Feb 7, 2017 4:45pm Feb 7, 2017 4:45pm
Quoting Forexia
{quote} And Oanda is next. Just wait until you see CFTC, NFA, SEC, one of those bureaucrats find a tiny thing, like a comma that's out of place and boom, huge fines, fail to disclose, huge list of charges and Oanda is gone! And then there is one, Gain Capital. Once Gain Capital is gone, no more retail FX for average traders. Back to mutual funds like the ol' days.
I completely agree. Look at how many brokers are gone that we had : mb trading, tradeking, citifx, mgforex, tradestation, fxdd, and now fxcm. Hopefully

we will still have Oanda, Gain capital, and thinkorswim. When the politicians say they're "going after wall st" it just means overregulate the fx industry out of business

while leaving everyone else alone, never giving real customer protections at the same time.
  • #89
  • Feb 7, 2017 4:48pm Feb 7, 2017 4:48pm
What I really like about FXCM is their fantastic charting software, MarketScope.

First of all it allows me to display up to 14 currency pairs on one screen so that I can just switch from pair to pair in seconds (see chart below).
This is absolutely PERFECT for my day-trading activities.

And secondly, FXCM MarketScope allows me to see historical charts from almost any time period I want. On the 15 min charts for example, I can request any chart from 2002 to 2017, at least in the major currencies, and voila! here it is.

This is perfect for backtesting any trading idea or chart pattern!

Personally that's the only Forex charting software I use, it gives me everything I need.
Attached Image (click to enlarge)
Click to Enlarge Name: Market_Scope.png Size: 159 KB
  • #90
  • Feb 7, 2017 4:53pm Feb 7, 2017 4:53pm
Quoting Momba
{quote} No. This is about manipulating their "Non dealing desk" platform to trade against their customers. Straight through ECN independent liquidity providers or whatever blablabla they call it. Still, I don't get your point. Directly dealing against customers is not ok, ECN or dealing desk platform. Period! FXCM SCAM!
Yeah but that's NOT the point. CFTC didn't get FXCM because it was trading against its client; it banned FXCM because it failed to disclose which was bs. I just uploaded that document to show you that they DID disclose clearly that they are market makers, a counter-party to all transactions that take the other side of your trades.
Make your losses in demo. Earn your profits live.
  • #91
  • Edited 5:21pm Feb 7, 2017 4:56pm | Edited 5:21pm
Quoting PoundTrader
when you think about it MB Trading was the only retail ECN broker until they sold out to forex.com
IB was one too although they also had to put in the mandatory disclosure stating that they are a counter-party to all your trades as well and so was HotSpot FX before they went institutional. And I dunno about MB. I believe they were operating as a true ECN but towards the end, there were complaints about them taking out stop-losses as well and having slippages and etc. so you never know but nevertheless I agree that they are(were) a good broker.
Make your losses in demo. Earn your profits live.
  • #92
  • Feb 7, 2017 5:18pm Feb 7, 2017 5:18pm
Bottom line... that horseshit Dodd-Frank law killed the FX trading in the US. All these scams broker games by US brokers got WORSE after Dodd-Frank.

Govts are TERRIBLE at regulating almost anything they touch...just more carnage from "bad operators" working in junk regulatory environments...junk regulations that ran off the better players we once had!

I remain with offshore brokers and I have zero issues!
  • #93
  • Edited 10:32pm Feb 7, 2017 5:19pm | Edited 10:32pm
Quoting Markula
{quote} I completely agree. Look at how many brokers are gone that we had : mb trading, tradeking, citifx, mgforex, tradestation, fxdd, and now fxcm. Hopefully we will still have Oanda, Gain capital, and thinkorswim. When the politicians say they're "going after wall st" it just means overregulate the fx industry out of business while leaving everyone else alone, never giving real customer protections at the same time.
We also lost two of the best brokers, closest to true ECN brokers, IB last year due to SEC barring leveraged fx for small traders and HotSpot FX (not to be confused with HotForex which is a real scam broker) when they decided to go institutional and sold their retail FX business to Gain Capital as well.

It's so interesting that when every single Forex company when they fold, they always end up selling their business to Gain Capital, MB folded and sold to Gain Capital, both HotSpot FX and FXDD sold their retail FX business to FXCM but now FXCM is still sold to Gain Capital. Even a major liquidity provider, Deutche Bank when it wanted to get out of the retail FX business, it sold its business to Gain Capital. Everything, somehow always ends up coming back to Gain Capital. It's also acquired GFT, Global Futures and Forex back in 2013. If trading against clients qualifies one as a scam broker well, Gain Capital is the biggest scam broker on the market now. They openly confirm that they trade against their clients, taking the other side of clients' trades and they don't even hedge against their net positions and they don't even bother to do any b-booking. During the SNB crisis, it was only the few brokers that survived unscathed and not only unscathed but actually made positive profit because they traded against their clients. And yet nothing happens to it ever. CFTC, NFA, SEC are all perfectly fine with this scam broker continuing to scam its clients. Hmmmnn.... And:

As of 2016, GAIN Capital had 140,000 retail traders' customers across 180 countries and continued to be listed on the NYSE

A direct quote from the Wikipedia article on Gain Capital: https://en.wikipedia.org/wiki/GAIN_Capital
Make your losses in demo. Earn your profits live.
  • #94
  • Feb 7, 2017 5:23pm Feb 7, 2017 5:23pm
Yes indeed...another monopoly created in the US FX market through Dodd-Frank!!!


Hurry up Trump and KILL Dodd-Frank!
  • #95
  • Feb 7, 2017 7:16pm Feb 7, 2017 7:16pm
Certainly a market for a ECN spot broker in the US. With some start-up capital, time, decent lawyers, and the correct political backing, its a legit business model. Hhm, maybe I need to make a business plan...
  • #96
  • Feb 7, 2017 7:35pm Feb 7, 2017 7:35pm
Quoting nonlinear
Certainly a market for a ECN spot broker in the US. With some start-up capital, time, decent lawyers, and the correct political backing, its a legit business model. Hhm, maybe I need to make a business plan...
I dont think its worth it when they can regulate you away on a moments notice. Look at IB, they just killed their retail fx business without any good reason at all.
  • #97
  • Edited 7:53pm Feb 7, 2017 7:38pm | Edited 7:53pm
Quoting shrike
Look at IB, they just killed their retail fx business without any good reason at all.
IB is still a Forex broker, it's just that you need to have at least $10 Millions in assets to open an FX account.

But wait, if you have 10 MIL to begin with, why even bother trading the Forex or any market for that matter, when you can just spend the whole day doing absolutely nothing but sipping Tom Collins drinks by the pool, and live off of the interest only?
Attached Image
  • #98
  • Feb 7, 2017 8:12pm Feb 7, 2017 8:12pm
Quoting shrike
{quote} I dont think its worth it when they can regulate you away on a moments notice. Look at IB, they just killed their retail fx business without any good reason at all.
It would be an exclusive fx spot broker and thus would not have to deal with the issues of IB.
  • #99
  • Feb 7, 2017 8:32pm Feb 7, 2017 8:32pm
Quoting Mr Breakout
What I really like about FXCM is their fantastic charting software, MarketScope. First of all it allows me to display up to 14 currency pairs on one screen so that I can just switch from pair to pair in seconds (see chart below). This is absolutely PERFECT for my day-trading activities. And secondly, FXCM MarketScope allows me to see historical charts from almost any time period I want. On the 15 min charts for example, I can request any chart from 2002 to 2017, at least in the major currencies, and voila! here it is. This is perfect for backtesting...
This is what I hate to. I have paid a lot for extra stuff to go on MarketScope. I wonder if there is some way we can still use MS? Like on a Demo account?
Maybe Jason can answer that for us. This is very frustrating!
The better looser you are the better winner you are
  • #100
  • Edited 9:16pm Feb 7, 2017 8:52pm | Edited 9:16pm
Quoting USCGamecocks
{quote} This is what I hate to. I have paid a lot for extra stuff to go on MarketScope. I wonder if there is some way we can still use MS? Like on a Demo account? Maybe Jason can answer that for us. This is very frustrating!
Hi,

I believe you can still open an FXCM demo account even if you are currently living in the US, there are no laws against that (at least for now... LOL ):
https://www.fxcm.com/forex-trading-demo/
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