Where Are You Trading Forex Now

Where are you all trading Forex now as it seems most U.S. Brokers are going out of business
for one reason or another. For myself I'm moving to the Futures market. Just thought
I would ask. I know with FXCM going under that left many traders looking for another broker.
All views & comments welcomed.

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It will be fair to say that FXCM issue really left many in shock and running for cover. I feel truly sad for people who were joined under them and now facing issues, as issues with broker is the WORST issue to have. But then, it’s not first time such situations have come. I work with Octafx but they don’t allow traders from U.S, so it might not be the replacement for people from there, but otherwise it could be.

Sadly FXCM is one of the few brokers I found that would actually pay out! I can confirm roughly 100k profit in a month between multiple accounts.

OctaFX is a scam. They ban, manipulate and freeze profit.. They are shitty MM with no liquidity.

Hi Acetrader,

To clarify what you have heard about FXCM, part of our settlement with the NFA and CFTC was to close our US subsidiary, but there will be no changes for FXCM clients outside the US*, and as Krumpy confirmed above, FXCM clients can withdraw their funds whenever they like using our MyFXCM.com web portal. Furthermore, FXCM continues to stand by the quality of our trade execution in general and our No Dealing Desk (NDD) forex pricing in particular. I believe the experience of many of our satisfied traders reflects this: http://bit.ly/2egIus1

So our US clients can continue trading uninterrupted, FXCM and GAIN have entered into a definitive agreement for GAIN to acquire the client base of FXCM's US operations. The transfer is scheduled to occur on February 24, 2017, after 5 PM New York Time. We will for the interim period continue to service our US customers and to provide top quality trade execution pending the customer-account sale and business withdrawal. FXCM will also be working diligently to be sure that an account transition to GAIN's retail brand, FOREX.com, will be orderly, expeditious and seamless.

On behalf of all my colleagues at FXCM, I want to express our most sincere thanks to all our US customers who have been with us over the years and wish you all the best following this transition.

____________________________

* Since FXCM US has not been a contributor to overall profits for the firm over the past few years, FXCM will target significant cost cutting by closing the US entity. Specifically, withdrawing from this business will free approximately $52 million in capital. We will use the proceeds from any sale of the US accounts, as well as the large amount of regulatory capital currently tied up, to reduce the balance of our loan from Leucadia. With the reduction of this loan balance, along with sales of non-core assets that were previously announced, FXCM could be in a position to fully pay off the Leucadia loan before the end of this year.

With this exit, FXCM will be in a better position to service our international customers and focus on our profitable subsidiaries including FXCM UK. It's also worth noting that funds held with FXCM UK are insured for up to 50,000 per client by the Financial Services Protection Scheme.

Our full financials can be found here and we will announce our Q4 and full year 2016 financials in the next few weeks.

Jason: will you be moving to London then?

is it really that difficult to find a US broker? Are US citizens really only left with options such as Gain Cap & Oanda? No one tried ATCbrokers? their US office is a member of NFA and their london office has been serving me well for years

Take a deep breath, the world is not over. There are increasingly solutions for American citizens.
Good trades Traders

I haven’t traded with FXCM, but it’s fair to say that their reputation before this was quite decent if not more. What was your capital then?

As per Octafx, I am very happy with them and I haven’t encountered anything scammy like. In fact, I enjoy it with their cTrader platform during news with quick execution and tidy spreads compared to other brokers that I have tried. Anyway, it’s my personal opinion.

not good for business

[quote=Jason Rogers;9583405]{quote} {quote} {quote} Hi Acetrader, To clarify what you have heard about FXCM, part of our settlement with the NFA and CFTC was to close our US subsidiary, but there will be no changes for FXCM clients outside the US*, and as Krumpy confirmed above, FXCM clients can withdraw their funds whenever they like using our MyFXCM.com web portal. Furthermore, FXCM continues to stand by the quality of our trade execution in general and our No Dealing Desk (NDD) forex pricing in particular. I believe the experience of many of our satisfied traders reflects this: http://bit.ly/2egIus1 So our US clients can continue trading uninterrupted, FXCM and GAIN have entered into a definitive agreement for GAIN to acquire the client base of FXCM's US operations. The transfer is scheduled to occur on February 24, 2017, after 5 PM New York Time. We will for the interim period continue to service our US customers and to provide top quality trade execution pending the customer-account sale and business withdrawal. FXCM will also be working diligently to be sure that an account transition to GAIN's retail brand, FOREX.com, will be orderly, expeditious and seamless. On behalf of all my colleagues at FXCM, I want to express our most sincere thanks to all our US customers who have been with us over the years and wish you all the best following this transition. ____________________________ * Since FXCM US has not been a contributor to overall profits for the firm over the past few years, FXCM will target significant cost cutting by closing the US entity. Specifically, withdrawing from this business will free approximately $52 million in capital. We will use the proceeds from any sale of the US accounts, as well as the large amount of regulatory capital currently tied up, to reduce the balance of our loan from Leucadia. With the reduction of this loan balance, along with sales of non-core assets that were previously announced, FXCM could be in a position to fully pay off the Leucadia loan before the end of this year. With this exit, FXCM will be in a better position to service our international customers and focus on our profitable subsidiaries including FXCM UK. It's also worth noting that funds held with FXCM UK are insured for up to 50,000 per client by the Financial Services Protection Scheme. Our full financials can be found here and we will announce our Q4 and full year 2016 financials in the next few wee



Hi Jason,
Thank your for taking the time to share with the Forex Factory members. I want to be clear with you I really have NO
complaints with FXCM & the serve you guy provided me over the time that I was a client. I open my account with FXCM three weeks after you guys start accepting customer & at that time Drew & Dave were answering the phone & working with customers. My how
times have changed. Several years into my Forex trading life I did open another account with a competing broker....not naming
this broker, but always found FXCM to be the best of the two. As I look back on my volume of trading records I find five times
that I called FXCM to dispute a trade & all five time the trade was resolved in my favor. Was never a time I even thought
leaving FXCM. I still have the other Forex account open with the other broker, but have moved over to the futures side with
the bulk of my trading.

Now Having said all of that I am having a hard time seeing why FXCM has failed that way it has. It is very apparent laws
have been violated to the extent FXCM has been barred from doing business in the United States. The big question for me is
why work against your clients? Oh I know the benefits to the Brokers is they are making money doing so, but it doesn't
have to be that way. Provide the service, get the spread, or charge a commission, keep the clients happy with good
customer service & all for the most part will go well. I know in a perfect world some will say, but you know what I mean.

From my research there is really only three U.S. based Forex brokers remaining to the trader to hold an account with
& for the most part two if not all will soon travel the FXCM path. Hope I'm wrong, but I don't believe I am.

Tell Drew & Dave one of there first clients said hello. Somehow Jason I have this feeling you are one of them & if you
are thank you for the service you once render. It what a good run while it lasted, but the train has arrive & the
station & all of the CLIENTS HAVE LEFT THE STATION. Trade station that is.

When will these broker realize when they fleece the traders they lose in the end.

Andonov, i truly wish all brokers had such nice CON list.

Hi Acetrader,

First, thanks for being our client all these years. I'll be sure to share your message with Drew and Dave. I've been with the firm just over 12 years, so you've been with FXCM longer than I have!

While the nature of FXCM's settlement with the US regulators prohibits me from commenting on the specifics, I want you to know we continue to stand by the quality of our trade execution in general and our No Dealing Desk (NDD) forex pricing in particular.


Consider what happened on January 15, 2015 with the SNB flash crash:

The majority of retail forex traders were long EUR/CHF when the Swiss National Bank made their surprise announcement to abandon the 1.2000 exchange rate floor they had established for the pair. Had FXCM been on the other side of client trades, we would have made money when EUR/CHF dropped and retail traders took massive losses on their long positions.

The moved wiped out those clients' account equity as well as generated negative equity balances owed to FXCM of over $225 million. The caveat of our NDD model is that traders are offset one for one with a liquidity provider. When a client entered a EUR/CHF trade with FXCM, FXCM Inc. had an identical trade with our liquidity providers. During the historic move, liquidity became extremely scarce and shallow, which affected execution prices. This liquidity issue resulted in some clients having a negative balance.

While clients using NDD forex execution did not cover their margin call with us we still had to cover the same margin call with our liquidity providers. As a result, FXCM ended with a regulatory capital shortfall. Accordingly, FXCM needed to get a loan to cover this balance, which we did. For anyone that still thinks FXCM is running an FX dealing desk on our NDD model, the SNB event demonstrated that is not the case.


How does our NDD model work?

FXCM uses 16 liquidity providers to create a best bid best offer price stream for clients. LPs selected to price retail clients are forced to adhere to an extremely high standard of execution beyond just price including consistently low rejection rates, low latency, minimum quote sizes and high fill ratios even during market events.


We discuss in our UK execution study the criteria we use to rank our liquidity providers which you can see listed in question 13 of the FAQ. FXCM's liquidity providers are ranked based on compliance to these standards which we identify as providing the best customer experience possible. Being a top ranked liquidity provider is important. Liquidity providers with the best pricing according to these rules may gain an advantage over other liquidity providers which could result in a large increase in orders captured. Poorly performing liquidity providers are ranked lower for order flow and ultimately could be removed from our platform until they return to compliance.

Also, the results of this study show FXCM UK retail client order prices to be better for FX than futures prices (74.97% of the time) and interbank prices(91.56% of the time).*

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* The study does not in away way attempt to represent that FXCM maintains a particular capacity or performance level. The figures in this study are provided for information purposes only, and are not intended for trading purposes or advice. FXCM is not liable for any information errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. Past results are not indicative of future performance.

Material Assumptions
FXCM's Retail Clients are defined as individual, joint, and corporate accounts trading on our retail price stream.

The comparison to each of the Futures and Interbank data is made at the time that the FXCM client order is executed. Normal market slippage and slippage due to rejections by liquidity providers are already included by the time the FXCM client order is executed. However, there is an assumption that there is no slippage on the Futures or Interbank market data.

In order to maintain consistency, Futures Market data and Interbank data used the same acceptable ranges in market trades. The summary of findings is based on the assumption that the maximum acceptable difference between the FXCM price and the Interbank/Futures market price is 5 pips in either direction.
Fees that a participant would pay on the Futures or Interbank market, such as CME Exchange Fees, NFA Fees, FCM Fees, Clearing Fees, and other commissions, were excluded from the study. Similarly, FXCM Commissions are excluded from the study.

Getting stir crazy over here. I need to dream of escape. Is anyone living in/trading from the Philippines? Panama? Queensland?