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FXCM Discussion

Hi all,

Just to share my issue and need yours advice, i had facing some issue on another broker this morning.total of 15 short position tp at 1.82232 however out of 15 position closed at different prices,about 700pips different.
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I recently opened an account with FXCM so that I could use the ninja trader platform ,they are partnered with ninja trader .
My account fees are pips spread plus 6p per $1000 lot entry and again on exit .
My platform is set to include these fees in my open profit and loss during a live trade .
Here is my issue after a few test trades using $1000 lot size .
When I close a small losing trade the open profit/loss is then correctly reported as realised profit loss with the correct figures .
When I close every single successful trade roughly 20 % of my open profit /loss immediately disappears and this is then reported as realised profit loss .

Example I had 1000 lot with open p/l 5.20 upon closing this position with limit order Suddenly in a slow moving market my realised was 4.20 .
Every profitable trade is like this so far .

I'am trading micro just to test the platform ,no intention of adding funds or trading bigger based on my current experience .

Has anyone got any similar issues ?
If this is working as intended then I think I will have to look for another broker that only charges the fees advertised and not the addition 20%
Any suggestions appreciated .

I'am hoping this can be resolved but based on the negative comments on here I won't hold my breath
making green pips large and red pips small this is my goal.
Quoting elf.ay
Hi all, Just to share my issue and need yours advice, i had facing some issue on another broker this morning.total of 15 short position tp at 1.82232 however out of 15 position closed at different prices,about 700pips different.
Hi elf.ay

I would suggest contacting the broker you are trading with for help.

If you were trading an FXCM account, we have an audit team setup to formally review any trade inquiries and make adjustments in the event there is an error with the trade execution.

Jason
Quoting paul1
I recently opened an account with FXCM so that I could use the ninja trader platform ,they are partnered with ninja trader . My account fees are pips spread plus 6p per $1000 lot entry and again on exit . My platform is set to include these fees in my open profit and loss during a live trade . Here is my issue after a few test trades using $1000 lot size . When I close a small losing trade the open profit/loss is then correctly reported as realised profit loss with the correct figures . When I close every single successful trade roughly 20 % of...
Hi Paul,

Thanks for bringing this to my attention. Can you please send an email to me at jrogers AT fxcm DOT com with your account number and the ticket number of the trade you mentioned or any others as an example we can investigate. We certainly want to look into this to understand what is occurring and make any corrections if necessary.

Jason
Thank you for your reply Jason ,
I am trading on ninja trader which the open p/l is based on 10p per pip.
I used your mobile app for tradestation to monitor my position ,I noticed on there it says "pip cost 0.08".so 8p/pip not 10p/pip
I have always assumed a micro lot was 10p/pip ?
This would account for the 20% discrepency reported on closing my proftable trades.
Is there a reason you only pay 8p/pip ??
making green pips large and red pips small this is my goal.
Thank you for your reply Jason ,
I am trading on ninja trader which the open p/l is based on 10p per pip.
I used your mobile app for tradestation to monitor my position ,I noticed on there it says "pip cost 0.08".so 8p/pip not 10p/pip
I have always assumed a micro lot was 10p/pip ?
This would account for the 20% discrepency reported on closing my proftable trades.
Is there a reason you only pay 8p/pip ??
making green pips large and red pips small this is my goal.
Quoting paul1
Thank you for your reply Jason , I am trading on ninja trader which the open p/l is based on 10p per pip. I used your mobile app for tradestation to monitor my position ,I noticed on there it says "pip cost 0.08".so 8p/pip not 10p/pip I have always assumed a micro lot was 10p/pip ? This would account for the 20% discrepency reported on closing my proftable trades. Is there a reason you only pay 8p/pip ??
Hi Paul,

What currency pair are you trading? And what currency is your account denominated in? Not all currency pairs will have a pip cost of 10 p/pip for a micro lot trade size. Pip cost is not arbitrarily set by FXCM but rather dependent on the currency denomination of your account, currency pair traded, and in some cases the current exchange rates.

Let's go through some examples to see how pip cost is determined. I see that you are trading from the United Kingdom, so we'll assume you are trading a GBP denominated account.

GBP/USD
When trading 1k GBP/USD you are trading 1,000 GBP in exchange for USD. At the current GBP/USD exchange rate of 1.2792, your 1k position is worth $1,279.20. If the exchange rate moves up by 1 pip from $1.2792 to $1.2793, your position is now worth $1,279.30 for a gain of $0.10. But your account is denominated in GBP, so the pip value is converted back into GBP. To get the value of your $0.10 pip movement you convert it back into GBP at the exchange rate of 1/$1.27929 which turns out to be 0.08.

The takeaway from this is that your profit is always in the currency of the second currency of the currency pair and has to be exchanged back into your account denomination. For a currency pair like EUR/GBP, your profit is already in GBP and therefore the pip value will always be equal to 1. For all other currency pairs, the pip value can fluctuate since the exchange rate itself is fluctuating.

The Trading Station platform will display the 'Pip Cost' for each currency pair in the Simple Dealing Rates

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It blows my mind that anyone is still trading with this fraudulent company anywhere in the world. It really makes me wonder about some of the posts here on FF regarding FXCM.

This company has been completely wiped from the face of the United States of America and forced to change its name and ticker symbol. Yet, Traders still maintain accounts with them?

I warned you that the exposure of FXCM as a very unethical company was coming. I knew what was taking place behind the scenes regarding their legal issues but had a requirement to not divulge what I knew was taking place. This company is beyond reprehensible and employed people who violated the law and who violated customer trust.

Mind Blown.
The Event Horizon
Quoting paul1
I recently opened an account with FXCM so that I could use the ninja trader platform ,they are partnered with ninja trader . My account fees are pips spread plus 6p per $1000 lot entry and again on exit . My platform is set to include these fees in my open profit and loss during a live trade . Here is my issue after a few test trades using $1000 lot size . When I close a small losing trade the open profit/loss is then correctly reported as realised profit loss with the correct figures . When I close every single successful trade roughly 20...
You recently opened an account with FXCM......have you been living under a rock lately? Don't you know the kind of criminals you're dealing with? Please do your homework and investigate why FXCM is banned from the US, yet they continue scamming retail traders in many other countries.
Quoting keen246
{quote} You recently opened an account with FXCM......
Likewise, my jaw hit the floor when I read that. I thought to myself: This person must have been living in an alternate universe for the past year. No one in their right or left mind would do such a thing after FXCM has been exposed to be a total fraud.

I feel so vindicated. I've been holding it back for a while working on something else lately, but I just could not resist.

Absolutely, Karma.
The Event Horizon
Make that Absolute Karmalicious.
The Event Horizon
Quoting iDouble
Make that Absolute Karmalicious.

idouble might I ask who your broker is and whether you trust them from experience.
I still have small accounts with FXCM after removing the majority of my funds.
In order to diversify risk I need a couple of decent brokers in the uk and would prefer some recommendations before going in blind
If you prefer feel free to PM me

rob
Hello guys,

this is a follow-up to my #post9707902

I also wrote in another post that I initiated the Financial Ombudsman service linked on the FCA website.

A few days ago I got the first official answer which so far states that they have received my complaint. The answer was written in German language because of my passport. I asked to please reply me again in English and so far no answer, but I'm willing to give them time, before escalating it further. It should not be an issue because the text they send me looks like a standard copy&paste text.

Now the important thing is that the text describes their regulation. Basically it lists all the regulations in different countries and the names of the coresponding FXCM branch/company.

Translating from the message I received, the two important things are:

- FXCM Markets Limited („FXCM Markets“) is a part of the FXCM group and not regulated as other parts of the FXCM group
- FXCM Global Services LLC is a part of the FXCM group and not regulated as other parts of the FXCM group

It seems my account was internally linked with "FXCM Markets / FXCM Markets Limited" and this company is not regulated. At least this is what they wrote, whether it is true has to be checked.

I also want to emphasize that I now got two totally different answeres from FXCM. First they wrote me that the price on Silver (please see my first post above) was normal and caused by volatility. Now after receiving a complaint the first thing I hear is that there is now regulation for some parts of FXCM.
Please note the holiday hours for certain CFD products next week. All times are in New York EST.

Have a great weekend!

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Quoting JoJosh
I think FXCM have cleaned there act up recently.
Why would there be an act to clean up in the first instance - would be my very first question before opening an account.
The Event Horizon
Hello iDouble !

Good to see you back .I have some queries regarding one of your post ,i have posted it in your thread :
iExpertAdvisor: A Nightmare Experience.


Thanks ,
Hi Jason,

Would you please tell me what is the lotsize freeze in fxcm, in other words, what is the maximum standard lot one can use for a single order. please let me know if there are any other ways to execute trades with more lots.

Thanks in advance.
Closed my account with FXCM few days ago and withdrew everything. No complaints over service but didn't feel comfortable with history of fines and the recent ban in USA. Can never be too careful
Quoting iDouble
{quote} Likewise, my jaw hit the floor when I read that. I thought to myself: This person must have been living in an alternate universe for the past year. No one in their right or left mind would do such a thing after FXCM has been exposed to be a total fraud. I feel so vindicated. I've been holding it back for a while working on something else lately, but I just could not resist. Absolutely, Karma.
Quoting keen246
{quote} You recently opened an account with FXCM......have you been living under a rock lately? Don't you know the kind of criminals you're dealing with? Please do your homework and investigate why FXCM is banned from the US, yet they continue scamming retail traders in many other countries.
What I don't understand is if you're going to have a breakdown about FXCM, where is your outrage concerning all the other liquidity providers? When considering the likes of Goldman, Deutche, Barclays etc it's a veritable list of the who's who of criminals. So where does the "one is better than the other" idea come from, because as a retail FX trader you'll always be getting the short end of the stick? Don't get me wrong, I'm not arguing about the ethical nature of their business practices, I agree that they're criminals, but what's been posted here over the last few months seems to imply that all the troubles in the FX world stem from FXCM, and them alone.
Quoting civilpes2001
Hi Jason, Would you please tell me what is the lotsize freeze in fxcm, in other words, what is the maximum standard lot one can use for a single order. please let me know if there are any other ways to execute trades with more lots. Thanks in advance.
Hi civilpes,

The Trading Station platform allows for order sizes up to 50 million per trade provided you have the funds in your account to put up as margin. The amount entered in the order window is in thousands, therefore 50,000 would denote 50 million for the trade size.

Example:
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