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  • #10,081
  • Feb 20, 2017 7:15am Feb 20, 2017 7:15am
Quoting Laurentius
Hello! I`m using FXCM already 3 years and they looks as good broker. They paid small profits, don`t know about big money trading, but for me this < 10000 USD they always pay without any problems.
Your post has much credibility as Jason's. Anyone who has been trading with FXCM has seen their dirty tricks to scam traders. Why do you think FXCM was kicked out of USA?
  • #10,082
  • Feb 20, 2017 7:52am Feb 20, 2017 7:52am
Quoting keen246
{quote} Your post has much credibility as Jason's. Anyone who has been trading with FXCM has seen their dirty tricks to scam traders. Why do you think FXCM was kicked out of USA?
Yes they using some plagins, this true. But for my trading style this no so big problem. If you use skalping i think FXCM this no so good broker for this.
westernpips web clicker
  • #10,083
  • Feb 20, 2017 8:26am Feb 20, 2017 8:26am
I see...just landed from Russia? Is this you Drew Niv???



Quoting Laurentius
Disliked
Hello! I`m using FXCM already 3 years and they looks as good broker. They paid small profits, don`t know about big money trading, but for me this < 10000 USD they always pay without any problems.
Quoting USATrader007
What planet do you live on? Just curious...{quote}
  • #10,084
  • Feb 20, 2017 9:09am Feb 20, 2017 9:09am
i`m still using FXCM. maybe you know others good brokers?
  • #10,085
  • Edited 10:49am Feb 20, 2017 10:11am | Edited 10:49am
I was temped to leave FXCM(Australia), however I have decided to stay, even if they were taking the other side of my positions through one of their LPs, its not an issue financially wise, I am a PCG trader so the spreads, commission and fills have been fine for me.
  • #10,086
  • Feb 20, 2017 4:38pm Feb 20, 2017 4:38pm
Quoting JoJosh
You mension European and Asian specifically, does that mean US traders are OK?
Quoting USATrader007
That's a question for our virtual Jason..Is everything OK for US traders? {quote}
Hi Everyone,

To clarify what you have heard about our US business, 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: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=1011502

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.
  • #10,087
  • Feb 20, 2017 4:54pm Feb 20, 2017 4:54pm
Quoting USATrader007
Just for you.. virtual Jason
Hi USATrader007,

The video you saw is from 2010. As I explained back then, there was a technical issue caused by Adobe's release of a new version of Flash that wasn't compatible with Trading Station. We resolved the issue with a platform update and any trades that were negatively impacted were reviewed for our clients as is done with any tech issue: http://www.forexfactory.com/showthre...34#post5627134
  • #10,088
  • Feb 20, 2017 5:07pm Feb 20, 2017 5:07pm
Really?? I know the video was uploaded in 2010..stop it Jason with your BS! You & your family at FXCM will have to explain more in details to SEC, hopefully soon!
Quoting Jason Rogers
{quote} Hi USATrader007, The video you saw is from 2010. As I explained back then, there was a technical issue caused by Adobe's release of a new version of Flash that wasn't compatible with Trading Station. We resolved the issue with a platform update and any trades that were negatively impacted were reviewed for our clients as is done with any tech issue: http://www.forexfactory.com/showthre...34#post5627134
  • #10,089
  • Feb 20, 2017 5:11pm Feb 20, 2017 5:11pm
Quoting allisonmagic
Jason Rogers Remember when i said you were dirty ? Trading against your clients? You told me no. Lying scum.
Quoting keen246
Anyone who has been trading with FXCM has seen their dirty tricks to scam traders. Why do you think FXCM was kicked out of USA?
Quoting Laurentius
{quote} Yes they using some plagins, this true. But for my trading style this no so big problem. If you use skalping i think FXCM this no so good broker for this.
Quoting MinW
I was temped to leave FXCM(Australia), however I have decided to stay, even if they were taking the other side of my positions through one of their LPs, its not an issue financially wise, I am a PCG trader so the spreads, commission and fills have been fine for me.
Hi Everyone,

While I can't comment on the CFTC complaint specifically due to the nature of our settlement with them, I will say FXCM stands by our No Dealing Desk (NDD) model. Furthermore, FXCM has never used a virtual dealer plugin, and we welcome scalpers, because we make money from client trading volume.

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.

Attached Image (click to enlarge)
Click to Enlarge Name: liquidity-providers-figure-1-desktop.jpg Size: 83 KB

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).*

_________________________________

* 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.
  • #10,090
  • Feb 20, 2017 5:13pm Feb 20, 2017 5:13pm
http://www.marketwatch.com/story/sha...017-2017-02-16
Quoting Jason Rogers
{quote} {quote} Hi Everyone, To clarify what you have heard about our US business, 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: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=1011502 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...
  • #10,091
  • Feb 20, 2017 5:18pm Feb 20, 2017 5:18pm
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) between September 4, 2009 through at least 2014, FXCM's U.S. subsidiary were engaged in false and misleading solicitations of its retail foreign exchange customers by hiding its relationship with its most important market maker and by misrepresenting that its "No Dealing Desk" platform had no conflicts of interest with its customers; (2) FXCM's U.S. subsidiary made false statements to the National Futures Association about its relationship with the market maker; and (3) consequently, Defendants' statements regarding FXCM's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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On February 6, 2017, the Commodities Futures Trading Commission ("CFTC") found that FXCM was engaged in false and misleading solicitations of its retail foreign exchange customers by hiding its relationship with FXCM's most important market maker and the fact that the Company's "No Dealing Desk" platform had conflicts of interest with FXCM's customers. Due to the above, CFTC barred FXCM from operating in the United States. Following this news, FXCM stock dropped $3.40 per share, or 50%, to close at $3.45 on February 7, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: www.bgandg.com/fxcm or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in FXCM, you have until April 10, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Quoting Jason Rogers
{quote} {quote} Hi Everyone, While I can't comment on the CFTC complaint specifically due to the nature of our settlement with them, I will say FXCM stands by our No Dealing Desk (NDD) model. 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...
  • #10,092
  • Feb 20, 2017 5:38pm Feb 20, 2017 5:38pm
Get ready for the Show "Watch Drew Niv on American Greed, soon on CNBC"




Rebates on EFFEX liquidity deal Where did they go?

External liquidity provider EFFEX Capital was presented by FXCM as being an independent counterparty but it has become clear that FXCM had been supporting the liquidity provider, and the firm had been paying rebates to FXCM of up to 70% of Effex Capitals profit.

In 2013, the National Futures Association (NFA) began investigating EFFEX Capital, coinciding with the time at which Business Development Director Solvej Rendtorff joined the firm from CFH Group. At that time, the NFA inspection was interrupted by apparent misleading information provided by FXCM CEO Drew Niv and other employees at FXCM.

There is no information yet as to where these rebates were collected, however if it transpires that these went to an entity outside of FXCM, that would be a very serious felony and could carry criminal prosecution. FinanceFeeds will continue to investigate this and will report on any Securities and Exchange Commission filings that indicate the nature of these transactions.

We spoke to an institutional FX expert in New York today, who had some definitive views on this. While EFFEX had an unfair advantage versus other liquidity providers by knowing where other providers were pricing, CFTC and NFA could not nail FXCM for much on the effect of this setup on clients and this is why the fine is so small said this particular source.

In the end maybe some other liquidity providers did not get the flow because of EFFEX but EFFEX got the trades by showing the best price to clients.
Quoting Jason Rogers
{quote} Hi USATrader007, The video you saw is from 2010. As I explained back then, there was a technical issue caused by Adobe's release of a new version of Flash that wasn't compatible with Trading Station. We resolved the issue with a platform update and any trades that were negatively impacted were reviewed for our clients as is done with any tech issue: http://www.forexfactory.com/showthre...34#post5627134
  • #10,093
  • Feb 20, 2017 7:11pm Feb 20, 2017 7:11pm
Quoting Jason Rogers
{quote} {quote} Hi Everyone, To clarify what you have heard about our US business, 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: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=1011502 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...
LOL...They are transferring accounts from one scam broker to an veen worse scam broker. Good luck to those continuing to trade with US brokers.
  • #10,094
  • Edited 7:47pm Feb 20, 2017 7:31pm | Edited 7:47pm
Exactly Again...
TO ALL EUROPEAN AND ASIAN COUNTRIES>>>> GET OUT NOW!!! CLOSE ALL ACCOUNTS WITH FXCM!
FOREX.com = PURE SCAM = WORST Market Maker...YOU WILL REGRET IT!

Quoting pipmaster77
{quote} LOL...They are transferring accounts from one scam broker to an veen worse scam broker. Good luck to those continuing to trade with US brokers.
  • #10,095
  • Feb 20, 2017 8:41pm Feb 20, 2017 8:41pm
Quoting USATrader007
Exactly Again... TO ALL EUROPEAN AND ASIAN COUNTRIES>>>> GET OUT NOW!!! CLOSE ALL ACCOUNTS WITH FXCM! FOREX.com = PURE SCAM = WORST Market Maker...YOU WILL REGRET IT! {quote}
Good thing they are so heavily regulated by the CFTC
  • #10,096
  • Feb 21, 2017 6:14am Feb 21, 2017 6:14am
...Right...:-)

Makes you wonder why it took them so long to intervene...
Talk about regulations..expecting $$$$$$$ (I'm a big dreamer)

Thanks God, Trump is here to save this country, sorry for all others...but don't worry H Clinton is writing a book for you.
  • #10,097
  • Feb 21, 2017 8:14am Feb 21, 2017 8:14am
I was also tempted to leave FXCM(UK), but seeing as I've never had any issues with them and their API, help desk, withdrawal/deposit process and spreads are excellent, I decided I really have no need to change.
  • #10,098
  • Feb 21, 2017 4:24pm Feb 21, 2017 4:24pm
The ENTIRE USA CANT WAIT TO GET RID OF THESE F***CKIN PARASITES LIKE JASON RODGERS AND THE WHOLE LOT OF FXCM CROOKS......HEY JASON....ARE YOU GUYS STILL TAKING POSITIONS AGAINST TRYING TO MILK THE LAST FEW PENNIES FROM YOUR USA CUSTOMERS YOU FREAKING COCKROACH HUMAN PIECE OF SH&T
Plan, Prepare, Execute, Repeat
  • #10,099
  • Feb 21, 2017 4:46pm Feb 21, 2017 4:46pm
Hhm, I just noticed that AMP futures offers MT5. That is an interesting option as much of what I have coded in MT4 should work on MT5 with some mods. Has anyone tried MT5 with AMP? As far as I know, AMP is the only broker in the US offering MT5... I'm likely in the wrong thread, then again fxcm started me down this f'n path.
  • #10,100
  • Feb 21, 2017 5:25pm Feb 21, 2017 5:25pm
Quoting angus
I was also tempted to leave FXCM(UK), but seeing as I've never had any issues with them and their API, help desk, withdrawal/deposit process and spreads are excellent, I decided I really have no need to change.
Thanks for the vote of confidence, Angus. My colleagues and I appreciate having you as our client.

As I have mentioned to others here previously, the nature of FXCM's settlement with the US regulators prohibits me from commenting on the specifics. That said, 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. I believe the experience of many of our satisfied traders reflects this: http://bit.ly/2egIus1
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