Discuss Fxcm.com

[Jason Rogers]

Please note there is a holiday in the US on Thursday, November 24th for Thanksgiving. Forex trading hours remain unchanged, and you can see our holiday trading hours for CFD's here: What are the CFD Holiday Hours?

I will be out of the office until Monday, November 28th and will respond to your posts and private messages when I return.

For immediate assistance, you can contact our 24-hour live customer support.

To my fellow traders in the US celebrating Thanksgiving, I wish you happy one!

 

[Jason Rogers]

Attention US traders,

The NFA has sent Notice I-16-27 to US brokers requiring an increase in the margin requirements for certain currencies as well as the removal of the increased margin requirement for the Swiss franc that has been in place since 2015:

Below is the full text of the NFA notice:

Notice I-16-27
November 28, 2016

Immediate attention required – Financial Requirement Section 12 – Changes in required minimum security deposits for forex transactions

Increase in required minimum security deposits

Given the recent volatility in the currency markets, and the margin increases that CME and ICE have implemented with respect to foreign currency futures involving the Mexican peso, Japanese yen, and New Zealand dollar, the Executive Committee has determined to increase the minimum security deposits required to be collected and maintained by FDMs under NFA Financial Requirements Section 12 to the following:

• 
  
  • Mexican peso – 8%
  • Japanese yen – 4%
  • New Zealand dollar – 3%

These increases become effective, for both new and existing positions, at 5 p.m. (CST) on December 5, 2016 and remain in effect until further notice.

Decrease in required minimum security deposits

Given the recent margin decreases that CME and ICE have implemented with respect to foreign currency futures involving the Swiss franc, the Executive Committee has also determined to reduce the minimum security deposit required for currency pairs involving the Swiss franc to 3% (from the current 5% requirement imposed in January 2015). The decrease becomes effective at 5 p.m. (CST) on December 5, 2016 and remains in effect until further notice.

If you have any questions on these requirements, please contact Sarah Walsh, Associate Director, Compliance (sawalsh@nfa.futures.org or 312-781-1202) or Nicole Wahls, Manager, Compliance (nwahls@nfa.futures.org or 312-781-1886).​

In order to comply with the NFA notice, FXCM US is raising margin requirements on MXN, JPY, and NZD pairs at approximately 5:00pm EST on Monday, December 5, 2016. FXCM US will also be decreasing margin requirements on CHF to 3% from the current 5% requirement imposed in January 2015.

Again, this NFA notice applies only to the US, so margin requirements for accounts with FXCM UK and FXCM Australia are not affected. We urge all clients to proceed cautiously as market moves may be large and unpredictable. Up-to-date margin requirements (per 1K lot) are displayed in the Simplified Dealing Rates window of Trading Station.

Remember that forex trading can result in losses that could exceed your deposited funds and therefore may not be suitable for everyone, so please ensure that you fully understand the high level of risk involved.

 

[Jason Rogers]

I will be out of the office until Monday, December 19th and will respond to your posts and private messages when I return.

For immediate assistance, you can contact our 24-hour live customer support.

 

[Jason Rogers]

It's that time of year again

Normally, the forex market trades 24 hours a day, 5 days a week without interruption even for major holidays around the world, and FXCM provides live customer support 24 hours a day even on weekends and holidays.

However, Christmas and New Year's are the two exceptions. Here is a link to FXCM's holiday hours for trading and customer support during these holidays: http://bit.ly/2ih7xrW

For everyone celebrating Christmas, I wish you a happy one! Happy New Year to all!

 

[Jason Rogers]

I will be out of the office until Thursday, December 29th and will respond to your posts and private messages when I return.

For immediate assistance, you can contact our 24-hour live customer support.

Here is a link to FXCM's holiday hours for trading and customer support during these holidays: http://bit.ly/2ih7xrW

For everyone celebrating Christmas, I wish you a happy one! Happy New Year to all!

 

[AsiaDev]

Appreciate so much attention to FPA and your clients Jason
Really enjoyed seeing Drew Niv speak at recent expo and being candid about trading!

 

[Nhramley]

Hi Jason Rogers,

Frankly, the only dissatisfaction with FXCM is why did you guys decide to quit from Mirror Trader, when most are using it to trade, and totally and successfully remove our emotion from trading. Question is : why FXCM remove mirror trader as part of the trading options in FXCM, and is there any substitute system to replace?

 

[omvad]

Hi Guys,

I have just signed up and am very new to trading and forex, I already have few beginner questions:

I was reading here that there are two types of brokers. A Dealing desk broker is not a good choice because they manipulate the spread and cost you more even though they do not charge a commission. Now I was reading on fxcm.com website and here that they do what is known as no dealing desk, and they charge by pip markup in the spread which roughly translates to a small commission.

Q1. The FMCM company has a program to provide a tuition waiver for students, the requirement is that I trade a minimum of 100K in round turn notional volume. Example: if I open and close a 100K EUR/USD position, the notional value is 200K. If this is easily manageable by any newbie why does this sound like I am missing some thing, it seems to me this is a free lunch, or am I missing some fine print? Whats the catch?

Q2. I would like to understand the actual costs involved and time involved when setting up a trading account funded with say $2500 to get started trading say EUR/USD on a live account for me is it possible to obtain such a waiver that is close to $50,000 USD (Tuition costs). If so in how much time will I be able to achieve such a rebate so that I break even with my tuition costs (I have not yet fully developed a trading plan nor a strategy, please excuse my lack of knowledge).

Q3. What should be my daily trade plan to achieve above mentioned goals?

Q4. What is the benefit for a large company like FXCM to provide rebates and advertise those rebates on their website. Is it purely growing their client base and branding which I understand is necessary or do they actually profit from this?

Q5. What other verified and reputed choices of brokerage I have to compare to FXCM?

Please guide me with your answers. I would appreciate comments both from experienced traders newbie traders and company representatives.

Thank you.
Om

 

[omvad]

Hi Guys,

I updated the links on this post.

I have just signed up and am very new to trading and forex, I already have few beginner questions:

I was reading here (thismatter.com/money/forex/forex-broker.htm) that there are two types of brokers. A Dealing desk broker is not a good choice because they manipulate the spread and cost you more even though they do not charge a commission. Now I was reading on fxcm.com website and here (docs.fxcorporate.com/charges_and_fees_llc.pdf?_ga=1.32549950.1821699783.1485484457) that they do what is known as no dealing desk, and they charge by pip markup in the spread which roughly translates to a small commission.

Q1. The FMCM company has a program (help.fxcm.com/us/Opening-an-Account/More-Topics/38756014/How-do-I-sign-up-for-the-OTA-reimbursement.htm) to provide a tuition waiver for students, the requirement is that I trade a minimum of 100K in round turn notional volume. Example: if I open and close a 100K EUR/USD position, the notional value is 200K. If this is easily manageable by any newbie why does this sound like I am missing some thing, it seems to me this is a free lunch, or am I missing some fine print? Whats the catch?

Q2. I would like to understand the actual costs involved and time involved when setting up a trading account funded with say $2500 to get started trading say EUR/USD on a live account for me is it possible to obtain such a waiver that is close to $50,000 USD (Tuition costs). If so in how much time will I be able to achieve such a rebate so that I break even with my tuition costs (I have not yet fully developed a trading plan nor a strategy, please excuse my lack of knowledge).

Q3. What should be my daily trade plan to achieve above mentioned goals?

Q4. What is the benefit for a large company like FXCM to provide rebates and advertise those rebates on their website. Is it purely growing their client base and branding which I understand is necessary or do they actually profit from this?

Q5. What other verified and reputed choices of brokerage I have to compare to FXCM?

Please guide me with your answers. I would appreciate comments both from experienced traders newbie traders and company representatives.

Thank you.
Om

 

[Jason Rogers]

Appreciate so much attention to FPA and your clients Jason
Really enjoyed seeing Drew Niv speak at recent expo and being candid about trading!

It's my pleasure, AsiaDev, and I'm glad you enjoyed hearing Drew speak.