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BeamFX vs CMS Forex?

Discussion in 'Forex Company Comparisons' started by Kevin Morgan, Mar 29, 2010.

  1. Kevin Morgan

    Kevin Morgan Recruit

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    I've signed up for a live account with BeamFX (no money sent yet though!).

    The MT4 package I've downloaded says "BeamFX MetaTrader".

    However, the actual company that I'm working with seems to be CMS FX; they are one sending me the instructions for installation, etc.

    I read the reviews of BeamFX and they are pretty good; I read the reviews of CMS FX and they are pretty bad.

    So I'm a bit confused as to who/which company I'm really dealing with here. Is BeamFX really just a "front" for CMSFX? Am I in a nominal situation here re: working with "BeamFX", or have I somehow been "diverted" to a different actual brokerage?

    I'm going to ask their support (both BeamFX's and CMSFX's) as to what the relationship is as well and will report back. If anyone knows about this and can explain to me me, thanks!

    -Kevin
     
  2. Pharaoh

    Pharaoh Colonel

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    It's possible that one is an IB or whitelabel for the other.

    Read the reviews carefully. If the differences are based on customer service responsiveness (or lack thereof), then pick the one with the best reviews if you want to go with associated companies. If there are any serious issues regarding withdrawals for any company that is part of a group, walk away and take your money elsewhere.

    Just for fun, ask Beam why CMS is involved.
     
  3. Kevin Morgan

    Kevin Morgan Recruit

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    From BeamFX support I got this answer:

    "CMS UK is our clearing agent. BeamFX is an introducing agent to CMS UK."

    From CMS Forex I got this answer:

    "Beam FX is an introducing broker to CMS. They essentially use our MT4 platofrm and receive comission for passing clients through to ourselves. Your account is not direct with ourselves."


    So everything is consistent, anyway. However, I don't understand the "your account is not direct with ourselves" from CMS, as all the account creation paperwork I've done is directly with CMS.

    What does this mean about BeamFX, that it is nothing more than a market organization, signing retail accounts up for CMS?

    More concerning overall is the radically different reviews and claims about these two (not really two?) brokers, both on this site and elsewhere. For example, "BeamFX is an ECN shop", while "CMS has a trading desk and trades against you".

    The rather bad reviews of CMS are very concerning, yet the more I look at alternatives the less I care for this whole mess. I found BeamFX under the impression it might be pretty good, and it appears it's just a front!

    Maybe I'll stick to trading stocks, where the brokerage industry is clearly legitimate, regulated, and transparent.
     
  4. West Coast Pips

    West Coast Pips Sergeant

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    I have been dealing with Beam FX for several weeks now. All I can say is that I am blown away by their excellent service. When I first encountered Beam FX I thought they were a broker too. I even got an MT4 platform that was set up under Beam FX. I have asked so many questions by email and phone and really got very honest answers each and every time.

    I was unaware that Beam FX is an IB for CMS UK. So when I set up a live account with what I thought was Beam FX was in fact CMS UK. I was still curious to trade with them based on the responses I got from Beam FX.

    I use SNW to make 90% of my trades. I traded one of the UK releases a few weeks ago and was slipped about 30 pips. I contacted Beam FX and they contacted CMS UK. They actually went as far as crediting my account 24 pips which I thought was amazing.

    I tried to trade again on the MT4 CMS UK platform now under a different feed. I believe I traded US retail sales and again got slipped about 20 pips. This time I was not getting credited. I was however told that their MT4 platform has a 200ms delay when it comes to trading. This can be a big spanner in the works when it comes to news trading. Beam FX still wanted me to remain with them and CMS UK despite me wanting to close my account. I now have their institutional Currenex platform which is certainly complicated but I want to give this a go.

    I have never come across an IB like Beam FX that goes out of its way to keep you as a client and make you happy.
     
  5. West Coast Pips

    West Coast Pips Sergeant

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    Well I tried trading CMS's Currenex platform around the news. I have got rejections on a couple of different trades. I thought I may at least be able to get in with their Currenex platform with slippage but not even that. I am closing the door on CMS & Beam FX. I got to give it to them though; they did try very hard to make me happy especially Beam FX.
     
  6. PipStar

    PipStar Sergeant

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    CMS Forex are not worth it as they are a dealing desk. You will get a few good fills after you open a new account then they will you on manual execution and you get filled each time at the end of the spike.
     
  7. BeamFX_Andrew

    BeamFX_Andrew Recruit

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    Hello Everyone,

    BeamFX is a U.S. regulated introducing broker located in New York. We have made some changes and now introduce exclusively to Institutional Liquidity, LLC (ILQ). ILQ's primary clients are institutional traders, hence, their name. Retail FX traders can't trade with ILQ unless they go through an IB, such as BeamFX.

    “After many years of offering our forex clients several RFED options to trade with, Beam FX decided, that as of January 2012, we would introduce clients exclusively to Institutional Liquidity LLC (ILQ). Based on our experience, we are of the opinion that ILQ's proprietary price feed aggregation software combined with multiple top tier banking relationships, offers retail forex traders one of the most competitive combinations of spreads, commissions, and liquidity currently available with a U.S. regulated foreign exchange dealer.”

    It’s our belief that brokers aren't carefully scrutinized enough. We believe that brokers should be evaluated by the overall trading experience they provide. I welcome any questions that you guys may have and look forward to speaking with you.

    Sincerely,
    The BeamFX Team
    www.beamfx.com
    http://beamfxnewyork.blogspot.com/
     
    #7 BeamFX_Andrew, May 16, 2012
    Last edited: Jun 5, 2012

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