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Fxcm.com

Discussion in 'Forex Brokers' started by Administrator, Dec 20, 2007.

  1. Jason Rogers

    Jason Rogers FXCM Representative

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    Hi promualdo,

    The position you originally contacted me about should now be resolved. You are correct that whenever a bad tick occurrs it does create a backlog in trades we have to go through. I do apologize for how long this takes to correct.

    If you're trying to open a trade and receive the message "off-quotes", please contact us as soon as possible. The message may be occurring due to a technical issue on our side which our technical support team should be able to resolve fairly quickly.

    I have also seen the "off-quotes" message appear when a trader tries to close the position. This could indicate the position is no longer open but the MT4 platform has not updated to reflect it. Please review the combined account statement through the FX Trading Station II or myfxcm.com to review the position and contact us if necessary.

    Making sure the "off quote" error does not occur is a top priority for us and we will be implementing changes on our back end over this weekend and throughout next week to make sure the system is running as smoothly as possible.

    Please don't hesitate to contact me if there's anything you need help with.

    -Jason
     
  2. promualdo

    promualdo Recruit

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    Hi Jason,

    Indeed the initial problem with the "strange" position has been sorted out.

    The off quote problem happened mostly when I tried to open a postion, but I guess it might have occured when closing some of the EAs trades too.

    I had a one more incident: a trade was opened by EA that was shown as executed by MT4, but it could not be closed with it. When I checked on Trading Station, the trade was not there. It took almost 22 hrs before it was cancelled, the small position showed profit when I called support and FXCM let me keep it :) (even though the trade did not occur sort of).

    I really look forward to changes in the FXCM MT4 over BT solution, as this is the only problem that makes trading with FXCM less than satisfactory for me.
     
  3. DJBedych

    DJBedych Recruit

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    Hard to open an account

    I'v tried to open an account in FXCM. They'v asked me I think everything. It takes me about 15 minutes of my life it's really hard. I think they have to simplify they registration.:mad:
     
  4. Jason Rogers

    Jason Rogers FXCM Representative

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    Hi Bedych,

    Were you applying for a micro account? The micro application will ask you questions at the end to verify your identity instantly. Please let me know if there's anything I can do to help.

    -Jason
     
  5. dariuslarkin

    dariuslarkin Recruit

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    FXCM and Price Spikes and Price Manipulation (hitting stops)

    I have two FXCM accounts and one Forex.com account.

    Today, I just experienced a price spike which hit my stops.
    The hitting of my stops is not a bad thing.
    Intentionally spiking prices to hit stops is not only bad, but extremely unethical.

    I noticed that the price high on my Forex.com account was 15 pips different from both of my FXCM accounts.

    This caused me to do further investigation.


    On all three brokers, I was shorting CHF/JPY and had moved my stops to 83.754 and 83.690 for the two FXCM accounts

    At 605pm (EST), the following occured:

    One FXCM platform spiked to 83.780, thereby taking out my 83.754 stop.
    The other FXCM platform spiked to 83.756, thereby taking out my 843.690 stop.

    However, At 605pm (EST), other Forex.com has 83.634 as the high with no abnormal spike.

    It would appear that FXCM Micro is intentionally spiking price action to hit stops.

    I had only read about this before and did not believe it.

    And I am not complaining about losing money because I actually made money.

    The issue is confidence in FXCM's trading platform as well as ethical business practices.

    Also, the two FXCM accounts reside on two different servers.
    One on "MINIREAL8" the other on "MICROREAL02"

    So, at 605pm (EST), on a 5min bar, why do two servers at the same broker have two different prices? (ie. 83.780 and 83.756 as highs)

    Here are some screenshots:

    FXCM server "MINIREAL8" - CHF/JPY price at 605pm (EST)
    TechSmith | Screencast.com, online video sharing, FXCM MINIREAL8 Price at 605pm

    FXCM server "MICROREAL02" - CHF/JPY price at 605pm (EST)
    TechSmith | Screencast.com, online video sharing, FXCM MICROREAL02 Price at 605pm

    Price at compared to Forex.com:
    TechSmith | Screencast.com, online video sharing, 2010-07-12_1813

    Also note that the Open Low and Close are the same on both server.
    Only the highs are different.

    Hmm...

    Thoughts and feedback are appreciated.
     

    Attached Files:

  6. Jason Rogers

    Jason Rogers FXCM Representative

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    Hi dariuslarkin,

    I see that you also posted this message on Forex Factory and traders with multiple other brokers confirmed the same price action EURUSD - Page 18014 @ Forex Factory . The EUR/CHF move was legitimate and not unique to FXCM.

    Additionally, the indicative price feed on Net Dania's chart also displays the same price action. I have attached a copy of the chart to this post.

    Prices do not spike intentionally on FXCM's platform but are rather a result of the best bid/ask price being streamed to FXCM from 10 banks. In the rare event a spike occurs due to a bad tick, we will go through and correct any trades that were affected.

    Please let me know if you have any additional questions.

    Jason
     

    Attached Files:

  7. tlo1

    tlo1 Recruit

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    bugga

    yes lost 31k doing there stuff and the trading station broke down and lost 8k in one night.not all there fault though nz telecom broke down 2 days and i was bugerd.
    ive followed henry since and although a dum bugga like me, stuck with fxcm cause im loyal and honest i now follow henry.he talks like someone i can understand.oh ye 4 years for me,go henry
     
  8. Jason Rogers

    Jason Rogers FXCM Representative

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    Hi tlo,

    If you're ever unable to trade due to technical issues on your side or FXCM's side, the trading desk is available by phone to place trades or manage your positions.

    All the best with your trading,

    Jason
     
  9. Scott Shuttleworth

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    Hey Jason,

    I'm quite interested in becoming a customer of FXCM, is there some way I can get a guarantee that if there is a price spike, FXCM will cover any loss that may have occured to me?

    I would verify the spike via other price feeds and have no problem showing you the evidence.

    Please do not consider this ranting at you :) , I understand price spikes are rare but inevitable, afterall technology isn't perfect! However the peace of mind knowing my trades are safe would be of great value.

    Also what evidence would you require for me to have guaranteed spike loss protection? e.g. pictures, trade numbers etc.
     
  10. Jason Rogers

    Jason Rogers FXCM Representative

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    Hi Scott,

    Thanks for the post and would be happy to help with your question :).

    If the market spikes and we find that it was caused due to a bad tick, then we we will correct any trades which were affected by the bad tick. For example, there was a bad tick in some of the AUD pairs earlier this year and you can see how we handled the situation from this thread on Forex Factory.

    If you're ever unsure about a spike in prices, then the first you should do is check it against another feed as you suggested. Second, contact client services as well and ask to have a trade audit for any trades affected. The trading desk will review the market prices at that time and check with our liquidity providers on whether or not the price was an executable price or determine with our technical support team if this was caused by an error in our system.

    I can't make a blanket guarantee that all price spikes are incorrect or due to bad ticks, but if you bring it to our attention we will investigate and make any adjustments if needed. We also have a website at FXCM Platform Status Center – FXCM Support Portal where we alert traders to any technical issues such as bad ticks, platform technical issues, etc.

    I hope that helps and let me know if you have any additional questions.

    -Jason
     
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