My bad Experience with FXCM

[edz]

Originally Posted by virtecs

I've not heard much good stuff about FXCM. Personally I wouldn't go with anything other than Oanda...maybe IBFX, as those seem to be the brokers with the most consistent positive mentions.

Check out both. And honestly, unless you really know what you're doing, I'd suggest Oanda just because you can trade pretty much any lot size you want.

LOL.... forget IBFX they have bad off quotes and charge a conveniences fee for Debit Card deposits, as for FXCM they have been taking orders on MT4 knowingly that it has locked orders that you cant close. Bad boys!!!

NFA,CTFC will be knocking on their doors soon!!

Oh did you read on CTFC IBFX got fined 200k for letting personal details of traders get onto a google search...........LOL

Edzy

[edz]

Originally Posted by fmtrader

They have unprofessional untrained team members handling your data and transactions,
they don't have proper complaint procedures, their customer services is a joke.
I tried to fund my account yesterday by following a link one of their staff sent me; they took the money from my card and send me an email 10 minutes later saying they've declined my transaction; when i've enquired about this they've admited that the person who sent me this link have made a mistake and sent me a wrong link to a different website.

Now my card has been debited and i don't have access to those funds, that means i can't trade; I've sent them 2 emails so far and but no one bothered to reply and i even think they've me a wrong email address to write to.

I am considering filing a complaint to the authorities about the way they've handeled my transaction.

Yes do it , contact the card issuing bank also like VISA?? File at CTFC & NFA so they can knock on their doors because they have strict transaction rules that FXCM have not adheared too.

[hess]

Try Nordmarkets a swedish broker. They have true ECN feed but for an account size of 10k for smaller accounts 2k they have a mini. For mini they do have a dealing desk but spread is just 1 pip on U

They use the bank of Nordea which is they say a prominent scandinavian bank and regulated by the swedish authorities.

What struck me about them was their honesty. When i asked about mini acccounts they representative told me they can't pass on mini account orders to banks via their ECN coz banks dont accept such small orders so they hedge it manually. This dosen't mean they trade against you or spike spreads.

FXCM calims they pass on all orders on MT4 to banks which is probably not true.

I'm seriously looking into nordmarkets.

[Jason Rogers]

hi hess,

FXCM's MT4 executes all orders through No Dealing Desk execution. Each order is executed back to back with a major global bank or financial institution. This is outlined on the website and in the trading agreement to open an account.

Originally Posted by hess

Try Nordmarkets a swedish broker. They have true ECN feed but for an account size of 10k for smaller accounts 2k they have a mini. For mini they do have a dealing desk but spread is just 1 pip on U

They use the bank of Nordea which is they say a prominent scandinavian bank and regulated by the swedish authorities.

What struck me about them was their honesty. When i asked about mini acccounts they representative told me they can't pass on mini account orders to banks via their ECN coz banks dont accept such small orders so they hedge it manually. This dosen't mean they trade against you or spike spreads.

FXCM calims they pass on all orders on MT4 to banks which is probably not true.

I'm seriously looking into nordmarkets.

[o990l6mh]

Originally Posted by hess

Try Nordmarkets a swedish broker. They have true ECN feed but for an account size of 10k for smaller accounts 2k they have a mini. For mini they do have a dealing desk but spread is just 1 pip on U

They use the bank of Nordea which is they say a prominent scandinavian bank and regulated by the swedish authorities.

What struck me about them was their honesty. When i asked about mini acccounts they representative told me they can't pass on mini account orders to banks via their ECN coz banks dont accept such small orders so they hedge it manually. This dosen't mean they trade against you or spike spreads.

FXCM calims they pass on all orders on MT4 to banks which is probably not true.

I'm seriously looking into nordmarkets.

As a swede I feel that I may be able to contribute here.

It's true that Nordea is the biggest bank in Scandinavia, but they're still quite small compared to tier 1 banks such as Barclays, Citi, Deutsche and so on.
As far as I can tell the company itself is serious. It's been around for a couple of years at least. The question mark has to be though: how financially strong are they? My guess is that they're a pretty small operation.

The ECN/MT4 combo was new to me, didn't know that. Puts them in the same category as MB Trading then. Only two companies I've herad of that combine ECN and MT4.

I think that they might be worth a try, with the caveat about how strong they are capital wise.

[hess]

Originally Posted by o990l6mh

As a swede I feel that I may be able to contribute here.

It's true that Nordea is the biggest bank in Scandinavia, but they're still quite small compared to tier 1 banks such as Barclays, Citi, Deutsche and so on.
As far as I can tell the company itself is serious. It's been around for a couple of years at least. The question mark has to be though: how financially strong are they? My guess is that they're a pretty small operation.

The ECN/MT4 combo was new to me, didn't know that. Puts them in the same category as MB Trading then. Only two companies I've herad of that combine ECN and MT4.

I think that they might be worth a try, with the caveat about how strong they are capital wise.

thanks for reply appreciate your help. Yes they are a small operation just started out in 2007, only have 3000 accounts but are working hard to expand.

They are regulated by the Swedish FSA. I was hoping if you could tell us how effective the Swedish FSA are in implementng rules. Are they as efficient and effective as the british FSA and US NFA in protecting investors interests?

[hess]

Originally Posted by Jason Rogers

hi hess,

FXCM's MT4 executes all orders through No Dealing Desk execution. Each order is executed back to back with a major global bank or financial institution. This is outlined on the website and in the trading agreement to open an account.

Hi Jason,

Thanks for the reply, earlier you said "through dealing dealing execution" but now you've edited it and said through "no dealing desk execution".

?

Hopefully its an innocent typo and you really do mean "no dealing desk" because thats what FXCM website says. If this is not the case and you have a dealing desk you're concealing from us its very worrying for all of us.

Because all along we were told FXCM has no dealing desk.

I hope you can clarify and thank you for your reply.

[o990l6mh]

Originally Posted by hess

thanks for reply appreciate your help. Yes they are a small operation just started out in 2007, only have 3000 accounts but are working hard to expand.

They are regulated by the Swedish FSA. I was hoping if you could tell us how effective the Swedish FSA are in implementng rules. Are they as efficient and effective as the british FSA and US NFA in protecting investors interests?

I can't say that I have in depth knowledge of how the Swedish FSA (Finansinspektionen) compares to foreign counter parties.

In general though, I dare say that Swedish authorities are known to be very competent and except for failing to discover a few insider trading cases some years back I can't recall any scandals or such that would reflect badly on the FSA.

Although Sweden is a small country, just about 10million people, our authorities have the benefit of being a part of the EU. This gives access to competence and muscle that a small country might otherwise have a hard time providing.

From the point of view of regulatory control, Sweden is a healthy place.

I downloaded their demo and by visual comparison, their volume feed seems very similar to that of FXCM. Just an observation, but it suggests that Nordea is providing a quality feed.