Discuss Fxcm.com

[Jason Rogers]

Hi All,

I am 1 step to open my real account with FXCM.
I plan to open the "FXCM Market" account type.
But as I have searched myself and confirmed by FXCM Support personnel, that account type is not regulated.
Even I believe the company's financial stability and the holding company is regulated with US and UK regulator, I just have a bad thought that could there be some "manipulation" actions on my account/trading later? Or, if later I have complaints , will my complaints taken care by the regulator and/or FXCM ?


Thanks for any suggestions including from FXCM representative if any.

Hi Sun,

Markets accounts benefit from the same No Dealing Desk (NDD) forex execution that's available to FXCM clients worldwide. Furthermore, as you have already mentioned, our status as one of the only retail forex brokers in the world that's a publicly-traded company (NYSE ticker: FXCM) means greater financial transparency.

That said, it's important to note that Markets is not subject to the regulatory oversight that governs other FXCM entities. This includes but is not limited to the Commodity Futures and Trading Commission (US), the National Futures Association (US), the Financial Conduct Authority (UK), and the Australia Securities and Investment Commission (AU). That means Markets clients do not benefit from the same access to those regulators. Since you've specifically expressed a desire for regulatory protection, it might be best for you to consider one of FXCM's regulated entities.

 

[sun85]

Hi Jason,

OK noted.
Thanks for the explanation.
Since i will begin with small amount of money <2000USD as required by other regulated entities, I will go with Markets account for now and see how it goes.

 

[Jason Rogers]

Russian Ruble Plummets and Here’s How We Might Trade the Clear Trend

UPDATE: Central bank of Russia raised its short-term interest rate to 17% in a bid to "stem devaluation, inflation risks."

Quantitative strategist David Rodriguez says "If the Central Bank of Russia is unable to stop further USD/RUB rallies via interest rate hikes and interventions, we believe that the Russian government will effectively halt speculation on the domestic currency.

"If a trader is holding a position in the USD/RUB or any other RUB-based pair, this could mean that trades would be closed at a significantly unfavorable rate—likely causing losses for those on either side of the trade."

In light of these risks, Rodriguez discusses alternatives to trading the ruble directly in his article today on DailyFX.com.

 

[Jason Rogers]

Please be advised that most Western Banks have stopped pricing USD/RUB. As such, FXCM can no longer offer this instrument to our clients and will begin closing any existing client trades in USD/RUB effective at Noon NY time today, December 16, 2014.

Alternatives to trading the Russian ruble directly are discussed in this DailyFX article by quantitative strategist David Rodriguez: Russian Ruble Plummets and Here&rsquo;s How We Might Trade the Clear Trend | DailyFX

 

[Jason Rogers]

Russian Ruble Tumbles Further - Holding RUB Positions Far too Risky

In a follow up to his comments on the Russian ruble yesterday, David Rodriguez had this to say in his article today:

"The risks of capital controls were a key reason we would avoid trading the Ruble and instead shifted our focus to other Emerging Market currencies—notably the Mexican Peso, South African Rand, and even the oil price-sensitive Norwegian Krone. Thus far the correlation has held fairly well as these currencies tumbled alongside the Ruble.

"If a trader believes the Russian Ruble will continue lower against the US Dollar, we believe that he or she would be better served trading proxies in other emerging market currencies."

 

[Jason Rogers]

Holiday Hours for Christmas and New Years

Happy Holidays to Everyone!

It's worth noting that Christmas and New Years are the only two holidays during the year that affect the normal 24-hour customer service and forex trading available to you through FXCM. Below are details of our customer service and trading hours in GMT for all markets during these holidays. For information on the holiday schedule for rollover interest/swap rates, please visit the DailyFX Rollover Calendar.

 

[Jason Rogers]

I will be out of the office from now until January 5th and will respond to your forum posts and private messages when I return. For urgent inquiries, please contact our 24/7 live support.

 

[Damrak]

Hi Jason,

I'm an FXCM customer for almost 2 years and I keep reading about people having their account closed for unstated reasons. Could you give us an indication how you determine whether or not to terminate a client agreement? Is it if the client trades with excessive leverage, holding very risky positions over the weekend, where FXCM cannot mitigate its risk?

I'd like to know what (not) to do, in order to avoid an account suspension.

 

[paulm1162]

I had a demo account with FXCM (UK) for over a year and when it came to being ready to go live and even though they had hiked their minimum account by 40X from £50 to £2000, i was ready to go so I spoke with them and filled out an online application which was difficult because it is very tes/no, do/don't and so can give distorted reading of one's financial standing, but was assured by a mr Ainsworth that it is merely used in house to avoid money laundering, so i put the closest answers to the on's on offer and later got a rejection email.
Was told to email compliance dept explaining more fully, as this was just an automated email i received, and have tried several times to email fxcm compliance as well as mr Ainsworth but no reply.
Don't get me wrong Mr Ainsworth is a very likeable man and not his fault at all, still rude not to respond to emails and totally unprofessional and incompetent of fxcm not to even acknowledge my emails, especially after having no problem phoning me to "see how things are going" and a Monica ? emailing me also "how are things going" when they were trying to get me to sign up.
Shame really as they were one broker I thought were trustworthy, guess I should be grateful I found out now just how bad their customer service is and how little the care about their customers before i did place any money with them.........guess the "old" FXCM is back, the one that spends more time in court than a judge with FCA, CFTC, NFA etc etc

 

[AminD]

Fxcm and new way of Calculation

HI

i was a big fan of of Fxcm for past 4 years and many of my Friends opened an account with them and even some of them 2 or 3 accounts.
until OCT 2014 which Fxcm announced new way of Calculations which made us to close all our accounts ( near to 23 accounts total )

end of Dec 2014 we set together and try to look at our history for past 3 month and find out the different between new calculations and old one . we found many strange results :

per new calculation the pip you gain or loss will be multiple by pip cost , i closed the USD/CAD by losing 23 pips with 10K deal and i saw i lost 24$ , later on i closed a USD/CAD deal with 15 pips loss with 5K deal and again i lost 15.6$ !!!!
i found all my loss trade in same way doesn't matter is 5K or 10K or 1K !!!! always pip x pip cost

i closed EUR/USD with 34pip winning and i received only 32$ ,
the most amazing deal was my friend position on USD/JPY with 92pip winning and he received only 77$ ( all by 10K contract )

Exam :
we said lets try a scenario . my friend sold USD/JPY and other friend Bought it . just for a test
both they closed the deals in same time on 44 pips .
result : losing deal = 45$ , winning trade = 37$

Trade story :
all losses trade will be dollars more than Pip loss and winning trades always will be dollars less than Pip gained ,
and i just said something to my friends : for god sake how we can make money in this way ?

and what is burning more when i chat with them they are saying in this way trader can make more money ?!!!
or maybe we should find new way to trade to gain more which i dont know it and please some one show it to us

if is not against the Forums rules i can attache many screen shots and part of history as a proof

4 years happiness is over , TSII was the best platform ever for trade with many useful option .
it was a safe home for me and my friends and is always hard to leave your house and move to new place .

we even request to put our account with high spread as before and with old calculation method which they refused .