You can no longer make accounts at FXCM UK with $50 balance? I know FXCM had accounts with $50 minimum balance but now the minimum balance for standard accounts is $2 000 and no micro accounts.
What happens to the 50 minimum basic accounts made before FXCM decided to make 2 000 minimum balance (they will also become 2000 minimum accounts)?
And another question, those who want to make new accounts will have to mantain 2000 or this is only the minimum initial balance?
Hi Pokkerface,
Just to clarify, the $2000 minimum mentioned on our website is to open a new account, not to maintain an existing one. That means current FXCM clients with a lower account balance will be grandfathered in, so they can continue trading with us and benefit from our [B]new low pricing[/B].
Also, we make no distinction between standard, mini and micro accounts. That’s because all FXCM accounts allows our clients to place micro lot trades (10 cents per pip), mini lot trades ($1 per pip) and standard lot trades ($10 per pip). In fact, you can place even larger trades than that through FXCM as long as your account has enough margin. Our maximum order size is 50 million ($5000 per pip). Still larger positions are possible, if you break them up into blocks of 50 million.
Hello Jason,
I received an e.mail yesterday about the revised, lower FXCM spreads; is this for UK accounts too, after 24th October 2014?
Thank you
Hi PMH,
The email you received was for your non-spread betting account with FXCM UK, which as you mentioned will be upgraded to our new pricing after trading closes on Friday, October 24th. Based on our previous correspondence, I know you also have a spread betting account with us. Spread betting accounts will also benefit from FXCM’s new pricing, and you will be receiving more details on that in the near future.
We’ve received lots of feedback from traders excited to switch over, but the transition is being done region by region 1) to ensure we follow regulatory requirements for due notice to traders which vary by regulator and 2) ensure an orderly transition within our own system so as not to negatively impact our traders.
Hi Everyone,
Daylight Savings Time will end in Europe on Sunday, October 26th. That means the trading hours for CFDs that follow European market times will shift by one hour starting next week. I’ve highlighted the changes below in yellow.
Note that Daylight Savings Time does not end in the US until Sunday, November 2nd. That means I will post another update next week that will include further changes to the trading hours of CFDs that follow US market times.
Thank you, Jason!!
It’s my pleasure. :50:
Hi Everyone,
Daylight Savings Time will end in the US on Sunday, November 2nd. That means the trading hours for CFDs that follow US market times will shift by one hour starting next week. I’ve highlighted the changes below in red.
Forex Trading Hours
In terms of New York Time, the trading desk will still open at 5pm on Sunday and close at 5pm on Friday as always. However, since New York Time will shift this weekend from GMT-4 to GMT-5, the trading desk hours will also shift by one hour in GMT terms. Starting next week, the trading desk will open at 22:00 GMT on Sunday and close at 22:00 GMT on Friday
A special note for all MT4 clients on our New York Close servers
The time zone on our New York Close MT4 servers will change this weekend from GMT+3 to GMT+2. In this way, midnight on your MT4 charts will stay in line with the 5pm New York Close. If you have any EAs or indicators that use a GMT offset, please update them to GMT+2 this weekend.
I’m out of the office until Monday, December 1st and will respond to your questions when I return.
Please be advised that most Western Banks have stopped pricing USD/RUB. As such, [B]FXCM can no longer offer this instrument to our clients and will begin closing any existing client trades in USD/RUB effective at Noon NY time today, December 16, 2014[/B].
Alternatives to trading the Russian ruble directly are discussed in this DailyFX article by quantitative strategist David Rodriguez: Russian Ruble Plummets and Here’s How We Might Trade the Clear Trend
Happy Holidays to Everyone!
It’s worth noting that Christmas and New Years are the only two holidays during the year that affect the normal 24-hour customer service and forex trading available to you through FXCM. Below are details of our customer service and trading hours in GMT for all markets during these holidays. For information on the holiday schedule for rollover interest/swap rates, please visit the DailyFX Rollover Calendar.
I will be out of the office from now until January 5th and will respond to your forum posts and private messages when I return. For urgent inquiries, please contact our 24/7 live support: Contact Us - FXCM
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 www.myfxcm.com or close positions as needed.
Sensible move Jason
Perhaps it would be of value to your customers if you let them know that the MMR isn’t updated unless they reboot the trading station.
You guys really need to work on the way you update the requirements in real time.
Thanks for your feedback, Anthony
On a related note, the emails we sent to clients with information on the new margin requirements specific to their account entity (AU, UK, US, etc.) mentioned that this increase in margin may be temporary depending upon market conditions. I’ll let you know more information as I receive it in terms of if/when margin may be lowered.
It’s also worth noting that FX prime brokers raised their margin requirements, even requiring institutional traders like hedge funds and HFTs to post higher margin. In addition, some regulators are increasing regulatory minimum margin requirements, as we saw from the NFA yesterday. We believe many other brokers, both retail and institutional, are also raising their margin requirements.
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
FXCM UK & AU Forex Margin Requirements - Jan 28.pdf (91.4 KB)
[I]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. [/I]
[B]Trading Station What’s New FAQ - February 2015 Update
[/B]
The latest Trading Station Desktop update adds many new features to enhance your trading experience.
[B]Summary:[/B]
[ul]
[li][B]New![/B] Market Behavior Indicators
[/li][li][B]New! [/B]Set Entry Order expirations to any future time
[/li][li][B]New! [/B]Show or Hide Candle Gaps
[/li][li][B]New! [/B]Run Reports in Your Time Zone
[/li][li][B]New! [/B]176 Other Performance Enhancements
[/li][/ul]
[B]Details:[/B]
[B]Real Volume and Transactions[/B]
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.
[ul]
[B]Real Volume and Transaction Indicators[/B]
With these two indicators, get the inside view of FXCM clients’ actual order flow on 14 of our most popular currency pairs.
[B]Directional Real Volume Indicator[/B]
Display long, short, net and total values of FXCM’s real volume individually as opposed to total value only.
[B]On Balance Real Volume Indicator[/B]
A supplement to the On Balance Volume indicator, On Balance Real Volume utilizes real volume as opposed to tick volume.
[B]Market Movers Index Indicator[/B]
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.
[/ul]
[B]Good-Till-Date Entry Orders[/B]
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.
[B]Show or Hide Candle Gaps[/B]
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.
[B]Run Reports in Your Time Zone[/B]
The Combined Account Statement now automatically reflects the same time zone as your platform.
[B]Performance Enhancements[/B]
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.
Just a reminder that the next update for Trading Station Desktop will go live after trading closes for the weekend at 5pm New York Time today. After that, your platform will update automatically the next time you log into it.