FXCM, Oanda and forex.com, Which is best? - Page 10
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  1. #91
    Join Date
    Feb 2008
    Posts
    6
    I'm Canadian and I would like to start forex but if I want to use Oanda I need 5 million net assets or I need a 200k income for 2 years. Wow I won't be able to start forex soon lol.


    Canadian need to sign a Accredited Investor before we can start

  2. #92
    I think fxcm is the best

  3. #93
    Join Date
    May 2012
    Posts
    12

    Default More problems with FXCM

    The saga continues....

    I have been experiencing numerous issues with FXCM and the "Mirror Platform". I have remained silent for the most part. But, staying silent is not doing a service for my fellow forum readers.

    I currently use FXDD and FXCM. My move to FXDD was prompted when I discovered FXCM was not executing my orders correctly. I trade the Asian, London, and NY Sessions. I contacted FXCM on Monday. I spoke with Gayla McGinnis. For over an hour I explained to her my issue during the NY Open. I could not make any trades during this time (opportunity cost). She didn't understand why I was upset and told me they were going to run an audit.

    Here is a portion of the audit from FXCM. This is just one example:

    "Ticket 49285449
    EURJPY 10k Buy

    Limit entry created 6/12/12 08:59 at price of 99.483, price changed to 99.551 at 0845. Entry order deleted at 09:06:32. Price was reached on Ask chart at 09:06:46 after order was deleted.

    Your screenshots did indicate that your were looking at bid charts, instead of ask charts.

    No adjustments warranted in this case as the limit prices were not reached.
    As with all financial products, forex quotes include a "bid" and "ask" price - the difference between the quotes is the spread."

    OK. Now I have attached both the Bid and Ask Prices for the EUR/JPY @ 6/12/12. You will see the FXCM Internal Audit is false. Both Bid and Ask prices were achieved with ease. According to the audit, I canceled my order at 09:06:46. As you can see from the screen shots, this was impossible as my order was executed at this time.

    I complained because I placed a LONG order at 09:03 for 99.487 while the pair was increasing in value for a small scalp or break out (see charts). I sent Gayla the screen shot. The audit does not show this, but the screen shot did. My order did not execute for approximately 15 minutes later after the pair has started to trade down.

    In short, FXCM did not execute my trade until it became a losing trade close to 15 minutes after I placed my order. As a result, I was stuck in a losing trade for 48 hours. In that time period, I was unable to use this margin to execute other profitable trades, costing me income.

    Name:  EURJPYAsk.jpg
Views: 1751
Size:  36.6 KBName:  EURJPYBid.jpg
Views: 2149
Size:  36.7 KB

    I received an email from Gayla stating she would be out of the office until next week. Meanwhile, my problems persists so I called customer service.

    I called during the London Session the next day, but I was denied access to a broker. Saud, my Customer Service Representative, could not confirm my identity. When I tried to rectify a non-executing order, I was not able to reach my broker. I asked a Manager to call me back.

    15 minutes later I receive a call from Charles Graves. Charles was able to verify my identity within 20 seconds. Meanwhile, my order falls into the abyss. Charles told me he would "take care" of the trade. As you can see, no one has taken care of anything with regards to my account.

    I spent over an hour on the phone with Charles explaining my issues for a total of 4+ hours on the phone with FXCM personnel this week. I explained that my time is being used to deal with issues, thus I cannot trade and make income. We agreed that he would talk to the FXCM people and they would contact me only when they have discussed a resolution to my issues .

    So today I get a call from Technical Support at FXCM asking me what's the problem....

    Now I have sent an email to David Joseph at FXCM asking if he could please oversee Charles, Gayla, Saud, etc....

    To be continued...

  4. #94
    Join Date
    May 2012
    Posts
    12

    Default How FXCM scams its clients...

    I found the following video on youtube entitled, "How FXCM scams its clients":

    How FXCM Scams its Clients - YouTube

  5. #95
    Jason Rogers's Avatar
    Jason Rogers is offline Verified Broker Support and Analyst for FXCM FX-Men Honorary Member
    Join Date
    Jun 2009
    Location
    New York
    Posts
    3,328
    Quote Originally Posted by pipswoody View Post
    The saga continues....

    I have been experiencing numerous issues with FXCM and the "Mirror Platform". I have remained silent for the most part. But, staying silent is not doing a service for my fellow forum readers..
    Hi pipswoody,

    I would like to apologize for any frustration you have experienced as a result of your trade inquiry. Our goal is to make sure that every trade audit is investigated fully to ensure the execution was correct. If there is an error due to a technical issue, we will gladly make an adjustment.

    I can't publicly discuss account inquiries due to FXCM's privacy policy; however, I wanted to post a message based on the information you posted to the forum. I can't make out the detail on the chart very clearly, but I can tell that you posted a 15 minute chart of EUR/JPY when the times described are a matter of 14 seconds apart.

    Entry order deleted at 09:06:32. Price was reached on Ask chart at 09:06:46 after order was deleted.
    Looking at a 15 minute chart is not going to display enough information to give an objective viewpoint when discussing a 12 second difference. I took a screenshot of a tick chart for the time period you referenced, and added lines for the price and times. The green dotted line is located at the price 99.551. The horizontal black line on the left is located at 5:06:32 ET (9:06:32 GMT) and the second black line on the right is located at 5:06:46 ET (9:06:46 GMT). And finally the red line is the ask price and the blue line is the bid price.


    I will let David know that you have emailed him so he can get back in touch with you as soon as possible. I am primarily in the office from 8am to around 5:30pm ET every day, but you are welcome to reach out to me at any time if you ever encounter problems or need to give us feedback since I provide feedback to our entire management team on a weekly basis.

    Jason
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  6. #96
    Join Date
    May 2012
    Posts
    12
    Thanks, Jason. I received an email from David. He understands my issues and has elevated my requests for assistance. Please have your management team contact me. Customer service is not a strong point at FXCM. Customers should not have to vent on forums or to an attorney to be heard by their broker.

    Thanks for posting that chart. I think you have the wrong time. Your chart states 5:00 AM. This took place around 9:03 AM. I was on the phone with Gayla as I watched the price rise from around 99.375, through my 99.487 order entry, to around 99.579. I was told my problem would be addressed. She left town. Literally.

    The chart clearly shows other positions closing above my LONG entry point. Then my entry is executed at 15 minutes later after the market has turned. Thus, I am automatically entered into a losing trade versus a winning trade.

    From my charts, it appears as though the FXCM Mirror Platform has malfunctioned. The charts clearly show the entry execution problem. Are you stating that I need a special chart to get the real rates?

  7. #97
    Join Date
    May 2012
    Posts
    12

    Default Pat from Canada...

    Try Forex Club. I just signed up with them with a 10K account and I received a bonus. The process only took a few minutes. At FXCM, the process took 3 business days and I incurred a number of problems during the sign up. I should have known better when FXCM assigned me a rep. to guide me through the application process.

    I remember contacting FXCM on a Friday to sign up. I spoke with Shalom. He told me trading was closed for the weekend and it would take 3 business days to sign up. FXCM's servers are down for the weekends. The application forms were not working at the time either.

  8. #98
    Jason Rogers's Avatar
    Jason Rogers is offline Verified Broker Support and Analyst for FXCM FX-Men Honorary Member
    Join Date
    Jun 2009
    Location
    New York
    Posts
    3,328
    Quote Originally Posted by pipswoody View Post
    Thanks for posting that chart. I think you have the wrong time. Your chart states 5:00 AM. This took place around 9:03 AM. I was on the phone with Gayla as I watched the price rise from around 99.375, through my 99.487 order entry, to around 99.579.
    Hi pipswoody,

    You'll notice from my post that I listed the times in both Eastern Time (NYC) and GMT:

    5:06:32 ET (9:06:32 GMT) and the second black line on the right is located at 5:06:46 ET (9:06:46 GMT)

    I added this distinction in my post since my chart is in ET and the time on FXCM's reports which you reference are in GMT. I did this to clear confusion about why my chart time would differ from the time in your post, but my apologies for not explaining more explicitly that 5:00am ET is the same as 9:00am GMT. The chart matches exactly the times and prices described in your post. Do you see why an order for 99.551 would not have been executed if it was deleted at 9:06:32 GMT (05:06:32 ET)?

    Jason
    Ask me questions in the Broker Aid Station:
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  9. #99
    Join Date
    May 2012
    Posts
    12
    Jason,

    I will explain again for you. I was watching the chart live. I placed at order at 9:03 AM at 99.487, not 9:06. I watched as the GREEN Candle rose on the 15 minute chart through my order execution position. I watch the body of the candle CLOSED above my position. Then I watched the next period RED Candle OPEN above my position. I watched the RED Candle drop and my trade was executed at 09:06:32 AM 6/12/12. Let me repeat:

    THE ORDER WAS EXECUTED AT 09:06:32 AM. FXCM SAYS MY ORDER WAS DELETED AT 9:06:32 AM. THE FXCM AUDIT IS A FARCE. IF YOU READ MY ACCOUNT STATEMENT YOU WILL SEE I CLOSED THE ORDER TWO DAYS LATER. IF YOU READ THE CHART I POSTED, YOU WILL SEE THE ENTRY:

    LONG (OPEN)
    OPEN: 99.487
    CLOSE: 99.745
    P/L: 25.8

    This leaves one of two possible outcomes:

    1. The FXCM platform cannot recognize all OPEN and CLOSED entries.
    2. The FXCM charting software is not always accurate.

    I have additional screen shots that show the FXCM platform was not beta tested properly. I can open that can of worms also if you like.

    Rather than take responsibility, FXCM chooses not to resolve my issue. Jason you can try to discredit me on this public forum, but the screen shots and my account statement do not lie. You can "run an audit", but history is not on your side.

  10. #100
    Join Date
    Jun 2012
    Posts
    16
    I think Oanda is better, cauz Oanda has a faster execution when we want to place a trade

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