Discuss Fxcm.com

[Triantus Shango]

dude, i've never been a big fan of FXCM, actually quite the opposite once it dawned on me that ethics is not what informs their relationship with their customers. basically, stay away. in fact, if you can, do not, i repeat, do not do any business with any broker based in the US (for those who wonder why, may i suggest you go back in time and review the previous post in this thread). unfortunately, even though there seems to be somewhat better regulation in UK and EU, as a retail trader you're still on your own. i mean, at the end of the day, the sharks even eat each other, so what makes you think they give a rat's a$$ about us?

anyway, all this being said, i have to ask you to put down the pipe for a sec and re the discrepancy you mention on the 44 pip UJ trade: have you considered the commission cost? swap rates? and what about margin requirements/leverage which might change automatically depending whether and how they programmed their backend system, which might explain why a 5K lot gives you the same $/pip value as 10K lot. by the way, 1 10K lot == $1/pip; 1 100K lot == $10/pip. just to be clear.

also, re the 92 UJ trade, remember that depending on which direction you took the trade, the system might have to convert JPY back to USD (and USD converted to the denomination of your account, so at least 1 or more exchange rate conversion once the trade is closed at prevalent exchange rates), and since USD is way stronger than JPY, if you bought JPY and then close, thus selling JPY in exchange for USD, you will get less USD than the nominal pip amount of your trade since JPY is weaker than USD.

anyway, it's late at night, so if i screwed this up and pharaoh's mummy is lurking somewhere, please correct me.

nonetheless, i wouldn't be surprised FXCM is still up to no good and something unholy is going on with their trading engine and order management backend.

HI
i was a big fan of of Fxcm for past 4 years and many of my Friends opened an account with

 

[AminD]

dude, i've never been a big fan of FXCM, actually quite the opposite once it dawned on me that ethics is not what informs their relationship with their customers. basically, stay away. in fact, if you can, do not, i repeat, do not do any business with any broker based in the US (for those who wonder why, may i suggest you go back in time and review the previous post in this thread). unfortunately, even though there seems to be somewhat better regulation in UK and EU, as a retail trader you're still on your own. i mean, at the end of the day, the sharks even eat each other, so what makes you think they give a rat's a$$ about us?

anyway, all this being said, i have to ask you to put down the pipe for a sec and re the discrepancy you mention on the 44 pip UJ trade: have you considered the commission cost? swap rates? and what about margin requirements/leverage which might change automatically depending whether and how they programmed their backend system, which might explain why a 5K lot gives you the same $/pip value as 10K lot. by the way, 1 10K lot == $1/pip; 1 100K lot == $10/pip. just to be clear.

also, re the 92 UJ trade, remember that depending on which direction you took the trade, the system might have to convert JPY back to USD (and USD converted to the denomination of your account, so at least 1 or more exchange rate conversion once the trade is closed at prevalent exchange rates), and since USD is way stronger than JPY, if you bought JPY and then close, thus selling JPY in exchange for USD, you will get less USD than the nominal pip amount of your trade since JPY is weaker than USD.

anyway, it's late at night, so if i screwed this up and pharaoh's mummy is lurking somewhere, please correct me.

nonetheless, i wouldn't be surprised FXCM is still up to no good and something unholy is going on with their trading engine and order management backend.

HI

appreciate your reply
before i wrote that post i consider everything, and sure i know the lots value and so on , but when i can make 91 or 90$ from 92 pips in other brokers with same trade , why i should waste my time with Fxcm !? end of the day should be different between lots my friend yesterday sent me screen shot he closed deal on 7pip profit on EUR/USD and after all commission calculation and so on G P/L was ( -15$ ) for god sake do you know any broker to do that ?
in new Fxcm way is worth it to trade only currency with .10 Pip value . and distance more than 20 Pips becuase trader will not have any idea how P/L will be calculate after closing the trade

maybe i try some Aussie broker to see how it goes or i move to Saxo to be safe for ever !

im new here if i attached some image as proof will not be against Forum rules ?

cheers

 

[Jason Rogers]

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 .

Hi AminD,

First, I want to thank for being a client of FXCM for 4 years. I'm sorry to hear you closed your account over this confusion about how to calculate your pip costs and P/L with our new spreads and commissions. Please give me an opportunity to take a look at the screenshots you mentioned. I can clarify these for you and show the advantages of our new pricing. For your security, please blank out any personal details such as your name, address and account number from the images you post.

Thanks,
Jason

 

[Jason Rogers]

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.

Hi Damrak,

First, I would like to thank you for being an FXCM customer for almost 2 years. Second, you mentioned that you read about people having their accounts closed for unstated reasons. While I cannot directly comment on any specific case for security reasons, it's important to note that as a regulated firm, FXCM is required to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines in our client screening process both before and after an account is opened with us. These regulations may prohibit us from opening a client's account, and this impacts most financial institutions.

In regards to high leverage or high risk positions, these would not be reasons for your FXCM account to be closed, since we offer you No Dealing Desk (NDD) forex execution*. However, you may be asked to provide additional margin for such trading strategies, if market conditions warrant. It's also worth keeping in mind that this is something that could happen in any market where leverage is used, not just in forex and not just with FXCM.

* On the NDD model, FXCM offsets each client order one-for-one with the best prices from 10+ competing liquidity providers. Since we don't take the market risk on the other side of your trades, we don't profit from your losses or lose from your profits. Instead, we make our money from your trading volume. This business model means that profitable traders are our best clients, because they continue to generate trading volume for us.

 

[Triantus Shango]

yes, that's strange. but we need more context. screenshot would be great and not against Forum rules AFAIK.

re brokers: go with Europe: Switzerland, Luxembourg, UK.

avoid SAXO except for futures and equities. everything i heard about them with re to FX is bad.

a great broker for retail traders in the UK is LMAX. highly recommend it. if you got 1M/USD, then go for a prime broker.

HI

appreciate your reply
before i wrote that post i consider everything, and sure i know the lots value and so on , but when i can make 91 or 90$ from 92 pips in other brokers with same trade , why i should waste my time with Fxcm !? end of the day should be different between lots my friend yesterday sent me screen shot he closed deal on 7pip profit on EUR/USD and after all commission calculation and so on G P/L was ( -15$ ) for god sake do you know any broker to do that ?
in new Fxcm way is worth it to trade only currency with .10 Pip value . and distance more than 20 Pips becuase trader will not have any idea how P/L will be calculate after closing the trade

maybe i try some Aussie broker to see how it goes or i move to Saxo to be safe for ever !

im new here if i attached some image as proof will not be against Forum rules ?

cheers

 

[Damrak]

Hi Damrak,

First, I would like to thank you for being an FXCM customer for almost 2 years. Second, you mentioned that you read about people having their accounts closed for unstated reasons. While I cannot directly comment on any specific case for security reasons, it's important to note that as a regulated firm, FXCM is required to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines in our client screening process both before and after an account is opened with us. These regulations may prohibit us from opening a client's account, and this impacts most financial institutions.

In regards to high leverage or high risk positions, these would not be reasons for your FXCM account to be closed, since we offer you No Dealing Desk (NDD) forex execution*. However, you may be asked to provide additional margin for such trading strategies, if market conditions warrant. It's also worth keeping in mind that this is something that could happen in any market where leverage is used, not just in forex and not just with FXCM.

* On the NDD model, FXCM offsets each client order one-for-one with the best prices from 10+ competing liquidity providers. Since we don't take the market risk on the other side of your trades, we don't profit from your losses or lose from your profits. Instead, we make our money from your trading volume. This business model means that profitable traders are our best clients, because they continue to generate trading volume for us.

ok, thank you Jason for the clarification.

 

[Jason Rogers]

Notice of Increase in Margin Requirements

There are two major upcoming news events which may cause significant volatility: the ECB Bank Rate Decision on Thursday (12:45 GMT) and the Greek Election on Sunday. Due to these events we will increase margin requirements on forex and gold.


For FXCM AU accounts:

The first scheduled Margin Requirement increase will take effect on Thursday, 22nd between 11:00 AM AEDT and 1:00 PM AEDT Time. An additional Margin Requirement increase will take effect after market close on Friday January 23rd. Refer to this document below for new margin requirements: http://bit.ly/1CQVllP​

For FXCM UK accounts:

The first scheduled Margin Requirement increase will take effect on Thursday January 22nd between 00:00 GMT and 02:00 GMT. An additional Margin Requirement increase will take effect after market close on Friday January 23rd. Refer to this document for new margin requirements: http://bit.ly/1yI9mDg​

For FXCM US accounts:

The Smart Margin Feature will be disabled on Wednesday January 21st between 7:00PM EST and 9:00PM EST. Accounts will no longer be allowed to enter into temporary warning status. Accounts that fall below initial margin required for open positions will be liquidated.

In addition we will increase Margin Requirements on the USD/HKD and USD/CNH Currency Pairs on Friday January 23rd, 2015 after market close:

Note that this increase in margin may be temporary depending upon market conditions. Please review your account to ensure that you have enough available margin to support your open positions. You may deposit additional funds at MyFXCM.com or close positions as needed.

 

[Jason Rogers]

Note that this increase in margin may be temporary depending upon market conditions.

Hi Everyone,

I wanted to let you know that the minimum margin requirements on FXCM UK and FXCM AU accounts are being lowered from 2% down to 1% allowing you up to 100:1 leverage on most major currencies. You should see this reflected on your platforms later today. Attached are PDFs of these updated margin requirements for FXCM UK and FXCM AU. Minimum margin requirements on FXCM US accounts will remain as shown here: FXCM US Forex Margin Requirements

 

[Jason Rogers]

February 2015 Trading Station Desktop Update

The next update for Trading Station Desktop will go live after trading closes for the weekend this Friday at 5pm New York Time. After that, your platform will update automatically the next time you log into it.


Trading Station What’s New FAQ - February 2015 Update

The latest Trading Station Desktop update adds many new features to enhance your trading experience.


Summary:

• New! Market Behavior Indicators
• New! Set Entry Order expirations to any future time
• New! Show or Hide Candle Gaps
• New! Run Reports in Your Time Zone
• New! 176 Other Performance Enhancements

Details:

[video=youtube;AcEXmscjup8]https://www.youtube.com/watch?v=2TOqRVTi9UE&feature=youtu.be [/video]
​

Real Volume and Transactions
Experience five ground-breaking indicators based on FXCM’s trading book. Each indicator gives you a real look at market behavior and trading psychology by showing you what the crowd is doing.

• 
  Real Volume and Transaction Indicators
  With these two indicators, get the inside view of FXCM clients’ actual order flow on 14 of our most popular currency pairs.
  Directional Real Volume Indicator
  Display long, short, net and total values of FXCM’s real volume individually as opposed to total value only.
  On Balance Real Volume Indicator
  A supplement to the On Balance Volume indicator, On Balance Real Volume utilizes real volume as opposed to tick volume.
  Market Movers Index Indicator
  Find the smart money—Market Movers Index shows the ratio of real volume divided into transactions per period, so you can see conviction behind breakouts.

Good-Till-Date Entry Orders
Now you can add a specific expiration to your entry order. Set your entry order to expire tomorrow, next week, next month or after large news events.

Show or Hide Candle Gaps
When an instrument closes at a different price than where it opened, a candle gap can occur. Now you can show or hide candle gaps, giving greater accuracy to your indicators and strategies.

Run Reports in Your Time Zone
The Combined Account Statement now automatically reflects the same time zone as your platform.

Performance Enhancements
We've made 176 performance enhancements to improve order execution and further stabilize the platform, along with many other polishes to functionality to optimize your trading experience.

 

[Jason Rogers]

FXCM Open House 2015 – Try Our Best Trading Tools for Free

FXCM is hosting an Open House for a limited time so that you can test our best products and resources for yourself with no commitment at all. We want you to see the advantages of being with FXCM, and we’re going to do that by letting you test-drive our most popular trading resources for yourself. Access Now.


For a limited time you will have access to:

FXCM Apps: This limited-time access period includes $500 in App Store credit for FXCM-created applications, strategies and programs at the FXCMApps store. You can use this store credit right now.​

Premium products from DailyFX including:

360° Course: The 360° program is a full educational curriculum that emphasizes ‘probability-based trading’ using data from the DailyFX Traits of Successful Traders research series. The course includes a curriculum that teaches traders to simplify fundamental and technical analysis while keeping an eye on the all-important factor of risk management.

DailyFX on Demand – The Ultimate Trading Room: This includes access to four market sessions per day covering the most active periods in the market which an analyst, instructor or strategist will cover economic announcements, data prints and price movements as they happen. DailyFX on Demand also includes access to Real-time SSI and bank research through the live sessions.

DailyFX PLUS: This is the client portal for DailyFX.com where we offer our On-Demand video course, The Live Classroom and the DailyFX PLUS Trading Signals. This portion of the website has grown massively in recent years, and can bring value to traders in a multitude of different ways.
​

Access FXCM Open House 2015​