Quote:
Originally Posted by forex savior
Good for FXCM. I'm glad to see them taking this issue a lot more seriously than you are Tess.
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FXCM are taking this charade seriously because of one glaringly obvious reason Mr forex savior
….EVEN MORE (easy) $$$$$$ signs flashing in front of their greedy, greasy little eyeballs!
You got a company boasting in excess of
$120mio in capital. They got offices in all the major financial centers of the world, with god knows how many employee’s running around left, right & center.
They bang on incessantly with their well worn statements bout “looking out for their customer base” & “having only the sincere best interests of their clients at heart” LOL, don’t make me laugh…they repeatedly insult the intelligence of those who actually “work” this business for a living!
Well, if they’re such a stout pillar of the trading community, then how come, (with all this superior financial clout & depth of professional integrity) they don’t offer their customer base a fair deal regards trade execution?
They inform everyone of their supposed top level business relationship with all their Grade A liquidity suppliers. They’re obviously on top of their credit lines & front/middle/back office facilities across their dealing desk operation?
So, presumably they’re receiving ultra tight spreads & deep liquidity from all concerned if they’re such a high & mighty hitter in the spot markets?
Then how comes they pass down typical dealing spreads of 4 pips on GBPUSD….7 pips on GBPJPY….5 pips on EURJPY….etc etc etc etc……
ECN's such as Interactive Brokers & EFX consistantly print & pass on "choice to 2 pip dealing clicks on decent size all day long across those pairs!
If they (FXCM) had their clients best interests at heart & were intent on providing a professional, up-front service with 1st class customer care objectives, then surely they’d operate a similar operation, charging a fair commission rate for trade matching & back-up implementation, no??
You telling me they wouldn’t be able to offer ‘choice to 2 pip
variable spreads’ across all the major instruments during London & New York traffic?
The reason they don’t offer these positive steps is because they
DON’T HAVE TO!! It wouldn’t return them the
obscene profits they glean from trading against their client bank, shading their already disgusting spreads to suit their own ends, blatantly ignoring tradeable prices by re-quoting…freezing and/or delaying order requests, sticking profitable traders on manual execution - further hampering their potential profitability.
They wouldn’t be able to spike prices on & around key (stop) levels to forceably liquidate positions or run quotes up & down the ladder during low liquidity gaps across the 24hr map.
Ya know, at the end of the day, it’s not particularly the endless stream of ‘good intentioned reporting’ I mind so much - as to be honest - some of your work is quite interesting….it’s the veiled massaging & subliminal promotion of your “holier than thou” well capitalized sharp operators that irks me.
When you strip them down to their underwear, they’re simply legalized thieves (to quote one of my sisters comments). They don’t give a hoot about the (trading) welfare of their customers, neither do they barely bother to disguise their blatant theft tactics.
The sooner customers begin waking up & smelling the coffee in regards to these dealing-desk brokers & voting with their feet, the faster these pond life leeches will be brought into line!