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  1. #11
    Jason Rogers's Avatar
    Jason Rogers is offline Verified Broker Support and Analyst for FXCM FX-Men Honorary Member
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    Quote Originally Posted by ericpayet View Post
    thank you Jason, i will get back to you regarding live account progress.
    It's my pleasure, Eric! If you have any questions regarding the process of setting up your live account, please let me know.
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  2. #12
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    I used fxcm for a while and I had pretty good experiences.
    I did once run into an issue where I was 'disconnected' during a trade or two but it really could be an actual disconnection?
    I withdrew small amounts without issue, never did a large amount.

    Instant deposit is a nice feature but does ring some alarm bells as well.

    Overall I liked the mobile app and the web app, the desktop app was crap and crashed a lot.

    I moved to another broker because the pricing was cheaper.
    Heard a lot of negative things recently about fxcm but I'm not sure if that's just an overreaction to their US issue or if the company as a whole is problematic and one should stay away from them.

  3. #13
    Jason Rogers's Avatar
    Jason Rogers is offline Verified Broker Support and Analyst for FXCM FX-Men Honorary Member
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    Quote Originally Posted by Nyad55 View Post
    I used fxcm for a while and I had pretty good experiences.
    Thanks for the feedback, Nyad

    Quote Originally Posted by Nyad55 View Post
    I did once run into an issue where I was 'disconnected' during a trade or two but it really could be an actual disconnection?
    If feel the tech issue might have been on our end, you can file a trade inquiry so we can investigate. If there was an error on our part, we will make the appropriate correction to your account.

    Quote Originally Posted by Nyad55 View Post
    I withdrew small amounts without issue, never did a large amount.

    Instant deposit is a nice feature but does ring some alarm bells as well.
    The deposit and withdrawal time frames vary by method. We try to offer many options to make the transfer process more convenient. What was it that alarmed you about instant deposits? I assume you're referring to Visa and Mastercard deposits as there are the fastest deposit methods. Other options, like bank wire transfer, take longer.

    Quote Originally Posted by Nyad55 View Post
    Overall I liked the mobile app and the web app, the desktop app was crap and crashed a lot.
    It's unusual for Trading Station Desktop to have issues like you described. Our tech support team would be happy to troubleshoot these for you to find you a solution. I'm glad you had a positive experience with Trading Station Mobile and Trading Station Web.

    Quote Originally Posted by Nyad55 View Post
    I moved to another broker because the pricing was cheaper.
    Our goal is to provide you with competitive pricing. What currency pairs and CFDs do you trade? How does our pricing compare to your current broker for these products?

    Also, your forum profile mentions you live in South Africa. You might be interested to know in the FXCM South Africa office was recently opened.

    Quote Originally Posted by Nyad55 View Post
    Heard a lot of negative things recently about fxcm but I'm not sure if that's just an overreaction to their US issue or if the company as a whole is problematic and one should stay away from them.
    While the nature of FXCM's settlement with the US regulators prohibits me from commenting on the specifics, I want you to know we continue to stand by the quality of our trade execution in general and our No Dealing Desk (NDD) forex pricing in particular.

    Consider what happened on January 15, 2015 with the SNB flash crash:

    The majority of retail forex traders were long EUR/CHF when the Swiss National Bank made their surprise announcement to abandon the 1.2000 exchange rate floor they had established for the pair. Had FXCM been on the other side of client trades, we would have made money when EUR/CHF dropped and retail traders took massive losses on their long positions.

    The moved wiped out those clients' account equity as well as generated negative equity balances owed to FXCM of over $225 million. The caveat of our NDD model is that traders are offset one for one with a liquidity provider. When a client entered a EUR/CHF trade with FXCM, FXCM Inc. had an identical trade with our liquidity providers. During the historic move, liquidity became extremely scarce and shallow, which affected execution prices. This liquidity issue resulted in some clients having a negative balance.

    While clients using NDD forex execution did not cover their margin call with us we still had to cover the same margin call with our liquidity providers. As a result, FXCM ended with a regulatory capital shortfall. Accordingly, FXCM needed to get a loan to cover this balance, which we did. For anyone that still thinks FXCM is running an FX dealing desk on our NDD model, the SNB event demonstrated that is not the case.


    How does our NDD model work?

    FXCM uses 16 liquidity providers to create a best bid best offer price stream for clients. LPs selected to price retail clients are forced to adhere to an extremely high standard of execution beyond just price including consistently low rejection rates, low latency, minimum quote sizes and high fill ratios even during market events.




    We discuss in our UK execution study the criteria we use to rank our liquidity providers which you can see listed in question 13 of the FAQ. FXCM's liquidity providers are ranked based on compliance to these standards which we identify as providing the best customer experience possible. Being a top ranked liquidity provider is important. Liquidity providers with the best pricing according to these rules may gain an advantage over other liquidity providers which could result in a large increase in orders captured. Poorly performing liquidity providers are ranked lower for order flow and ultimately could be removed from our platform until they return to compliance.

    Also, the results of this study show FXCM UK retail client order prices to be better for FX than futures prices (74.97% of the time) and interbank prices(91.56% of the time).*

    _________________________________

    * The study does not in away way attempt to represent that FXCM maintains a particular capacity or performance level. The figures in this study are provided for information purposes only, and are not intended for trading purposes or advice. FXCM is not liable for any information errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. Past results are not indicative of future performance.

    Material Assumptions
    FXCM's Retail Clients are defined as individual, joint, and corporate accounts trading on our retail price stream.

    The comparison to each of the Futures and Interbank data is made at the time that the FXCM client order is executed. Normal market slippage and slippage due to rejections by liquidity providers are already included by the time the FXCM client order is executed. However, there is an assumption that there is no slippage on the Futures or Interbank market data.

    In order to maintain consistency, Futures Market data and Interbank data used the same acceptable ranges in market trades. The summary of findings is based on the assumption that the maximum acceptable difference between the FXCM price and the Interbank/Futures market price is 5 pips in either direction.

    Fees that a participant would pay on the Futures or Interbank market, such as CME Exchange Fees, NFA Fees, FCM Fees, Clearing Fees, and other commissions, were excluded from the study. Similarly, FXCM Commissions are excluded from the study.
    Last edited by Jason Rogers; 03-07-2017 at 07:33 PM.
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