Discuss Fxcm.com

[FCMReform]

Just read a very interesting comment letter to the CFTC by James Gellert of Rapid Ratings:
http://comments.www.cftc.gov/PublicComments/ViewComment.aspx?id=58346&SearchText=

Mr. Gellert makes the following comment about the benefits of FCM’s being required to disclose their audited financials:

Would Mr. Wasendorf have been as ready to invent financials if his customers had demanded full, audited balance sheets and income statements all along? Would Mr. Wasendorf have been able to compose such reports with sufficient skill as to withstand rigorous third-party examination over twenty years? Rapid Ratings recalls that, by applying large numbers of interrelated calculations to the published reports of Enron, our firm was able to detect vivid inefficiencies entirely inconsistent with the investment grade ratings that Enron enjoyed from the...

Mr. Gellert’s point about the difficulty of forging financial documents using the kind of standards that publicly traded companies use is well taken. Had PFG been forced to use such standards Wasendorf’s scam would have likely been caught long before July of 2012. Furthermore, ratings agencies like Rapid could break down the data in a manner that average investors could more easily understand. Although, we disagree that only ratings agencies be allowed to see such data. We believe any trader who opens an account with a FCM or Forex Dealer should be able to judge for themselves a firm’s financial health.

You can make your feelings known to CFTC by posting comments here:

http://comments.www.cftc.gov/PublicComments/CommentForm.aspx?id=1250

 

[Jason Rogers]

New language options for FXCM Trading Station Mobile

Hi Everyone,

We just released an update on Apple App Store and Google Play (Android Market) for Trading Station Mobile phones and tablets to include new language options. The platform now supports English, Chinese(Simple), Chinese (Traditional), Japanese, German, Spanish, Italian, French, Greek, Russian and Turkish. Your phone or tablet will not force you to update the program, so to make sure you have the latest version, go under Settings and make sure you have Version 1.4.080712.

​

Below are links to User Guides for FXCM Trading Station Mobile. We have versions of the platform for iPhone, iPad, and Android phones and tablets.

* FXCM US Trading Station Mobile User Guide for iPhone and Android phones *
* FXCM UK Trading Station Mobile User Guide for iPhone and Android phones *
* FXCM US Trading Station Mobile User Guide for iPad and Android tablets *
* FXCM UK Trading Station Mobile User Guide for iPad and Android tablets *​

Some of the features in the pipeline for a future update are more indicators and trading directly off the charts. I'll keep you posted.

Have a great weekend

Jason

 

[Trader Gaz]

Hi FPA Readers

I wonder if anyone out there has also suffered my fate with this FXCM scam? Basically I had been trading for a few years with FXCM – intermittently and I do not profess to be a good trader, but my own trading was always at acceptable risk levels. I was in some trades recently when market went against me and I went into some losing positions, but well within my account size and then out f the blue I suddenly get the emails below from FXCM. So they waited while I was in drawdown to close my account and close my positions while negative to take my funds. Funds were not lost in trading but through what is said to be a legitimate FXCM business action.

No explanation was offered when I kindly asked to wait until I got my trades into a positive position before my account was closed, albeit obviously FXCM would not have made any money in this instance. Had they have let me, I would have been less inclined to see this as a scam.

Is this common in this lightly broker regulated market?

To me, I feel it is a deliberate and very underhand scam and perhaps this is a subject for the Traders Court, but I simply put it here to see if it is a normal or regular action of this or any other large broker or see if anyone can explain a rationale for their actions?
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Fri 10/08/2012
Dear xxxxxxxxx (name removed)

Thank you for contacting FXCM Securities. At this time your positions have been closed on account xxxxxxxx, per the resent email you were sent. In order for the funds to be returned, please provide bank details. The details should include, the banks name, sort code ,and the account number. You can email service@fxcm.com with the details. Once the details are received please allow one to two business days for your withdrawal to be processed.

If you have any questions, please do not hesitate to contact us. FXCM Securities Limited is committed to offering clients excellent execution, easy accessibility, and exceptional service. We provide full client service, with live support 24 hours a day, seven days a week.

Kindest regards,

Xxxxxx(name removed)
Operations Associate
--------------------------------------------------------------------------------------------------Fri 10/08/2012
Dear xxxxxxx (name removed)

Thank you for your continued interest in Forex Capital Markets (“FXCM”). As outlined in the Client Agreement (“Agreement”), FXCM reserves the right to terminate the Agreement for any reason it deems necessary.

FXCM frequently reviews its client account database and after a thorough review of your account, we regret to inform you that we will be unable to maintain an account with you at this time. Termination decisions are not intended to be personal in any way.

We ask that you provide us with instructions as to the withdrawal of the remaining balance in your accounts. Please submit a withdrawal request through www.myfxcm.com at your earliest convenience and we will process it for you according to the timeline set forth on the withdrawal request.

Kindest Regards,

xxxxxxxxx (name removed)

 

[FCMReform]

Post-PFG Reforms Gaining Momentum

Two new developments in the last few days indicate that regulators are trying to get out in front of the safety of funds crisis that has gripped the futures/forex industry. However, these reforms may not extend to the retail forex market.

On Friday the National Futures Association approved a new rule requiring all Futures Commission Merchants to grant real-time, online access to FCM bank accounts. This rule is in response to Russ Wasendorf’s bank statement forgeries which had fooled regulators for 20 years. The language specifically references FCM’s and we are currently checking to see if Retail Foreign Exchange Dealers (RFEDs) will have to comply with the rule as well. FXCM’s position is that RFEDs need to be more transparent, which is why we also support a rule requiring all FCMs/RFEDs to fully disclosure their financials to the trading public.

The second development came last Thursday at a meeting in Chicago, as reported by the WSJ, in which the CME was reportedly “softening” its opposition to an insurance fund for futures traders. Again, however, no mention of extending such protections to retail forex traders was made.

http://online.wsj.com/article/SB10000872396390444508504577593424033950042.html?mod=googlenews_wsj

While both of these development are positive, the negative aspect to them is that retail forex may very well be over looked. This is why we are strongly encouraging the trading public to contact the CFTC and leave comments about the need to further protect retail forex traders. Traders can leave comments using the link below:

http://comments.www.cftc.gov/PublicComments/CommentForm.aspx?id=1250

 

[finpul13]

Hi Jason. I'm looking on the execution statistics 2011 as per https://www.forexpeacearmy.com/forex-forum/forex-brokers/1125-fxcm-com-10.html Tried to search for latest one for 2012. are there any conflicts?

 

[Jason Rogers]

Hi Jason. I'm looking on the execution statistics 2011 as per https://www.forexpeacearmy.com/forex-forum/forex-brokers/1125-fxcm-com-10.html Tried to search for latest one for 2012. are there any conflicts?

Hi Finpul13,

I checked statistics in this PDF on our website, and it's the same data from July 2010 to June 2011. If any news stats are released, I'll post them here on the forum. Those wanting to read more can click here for information about slippage and price improvements.

Jason

 

[Jason Rogers]

Hi Everyone,

I have an update on the FXCM Expo to be held in Las Vegas from Friday, November 2nd to Sunday, November 4th. E*TRADE has signed on as the premier sponsor and will be conducting workshops on Stocks, Options and Futures trading.

You can click here for the latest schedule of events. I will keep you posted as new workshops are added to the lineup.

Hi Everyone,

Here's a video preview of the upcoming FXCM Expo in Las Vegas to be held November 2-4:

​

Hope to see you there!

Jason

 

[Jason Rogers]

FXCM's New Lower Spreads

Hi Everyone,

FXCM is now offering lower spreads to clients with FXCM Australia and FXCM UK (coming soon to FXCM US). Below are the new spreads for twelve of the most popularly traded currency pairs. You can now pick the execution type that best fits your trading. Choose No Dealing Desk forex execution which we recommend for the best overall trading experience, or the new Dealing Desk execution which provides lower spreads.

Click here for the complete list.​

For those whose primary concern is transaction cost, the lower spread option is ideal. These new spreads are available on all our platforms including Trading Station, MetaTrader 4 and NinjaTrader. For a free practice account, click here: (Trading Station Demo | MT4 Demo). If you would like to speak with an FXCM specialist about our new lower spread offering, click here to chat live or call us toll-free anytime 24 hours a day.

Jason

 

[FCMReform]

CFTC Nearing A Decision Regarding FCM Reforms?

The CFTC has recently closed the comment period that was associated with the Public Roundtable on PFG:

http://comments.www.cftc.gov/PublicComme...t.aspx?id=1250

This could mean that CFTC is nearing a decision and is about to announce their planned reforms. Comments and suggestions can still be sent to the CFTC however by emailing secretary@www.cftc.gov.

FXCM is recommending that all FCM’s and forex dealers publicly publish their financials once a quarter and employ a top ten accounting firm. We encourage retail forex traders to share these and other suggestions with regulators by emailing them directly. Thousands of PFG customers traded retail forex with PFG and their voices should be included in any discussion designed to increase customer protections for NFA regulated firms. Furthermore, providing insurance to futures traders and not forex traders would be a further insult to injury for those currency traders at PFG and any future forex traders caught up in an insolvency. Make your voice heard today.

 

[Jason Rogers]

CFD Trading Hours for Labor Day Holiday

Hi Everyone,

Just a reminder that this coming Monday, September 3rd is the Labor Day holiday in the US. Forex will continue trading as normal 24-hours-a-day next week. The holiday trading hours for CFD products are listed below in GMT time. Please manage your trades accordingly.

Jason