Oanda only have a single server. It went down last week for over 6 hours. Their customers are very angry and many are leaving. Then this week they got hacked! They sent this email in the morning:
Valued Client,
We are writing to inform you of an unauthorized breach affecting some of our clients, which occurred on the morning of Monday March 3, 2014. Please note that this incident did not impact the fxTrade services, client trades or funds. However;
A historical log of some payments we received via PayPal (prior to 2007) was accessed. No passwords or personally identifiable information, outside of your name and email address, was exposed.
Usernames and passwords for our “fxPense” expense reporting tool may have been accessed (these accounts are not related to fxTrade). If you had registered for this service and use the same username and password on any other external websites, we strongly recommend changing those passwords.
Immediately upon detecting the breach, the means of access was disabled and OANDA has alerted the Federal Bureau of Investigation (FBI), our regulators and the relevant privacy offices to report the attack.
We have completed a careful review of our system services and logs, and are currently undertaking an additional study of security across all of our systems, above our regular security audits. This breach was limited to one server involved with historical data and was not connected to our fxTrade system.
OANDA takes the protection of customer information very seriously, and we regret that this incident occurred. OANDA is committed to working with you to help minimize any inconvenience you may experience as a result.
We will provide further details as we confirm and learn any additional information. For additional questions and concerns about your account(s) at this time, please contact our Client Experience team by telephone (click here for a list of local numbers) or via <[email protected]>
Sincerely,
The OANDA Team
I’ll just have to disagree with you on this, as will the over 180,000 active accounts with FXCM as of our latest quarterly results (up 7% from the previous year). The reason so many traders continue to choose FXCM over alternatives is because our clients appreciate the value we offer in providing competitive spreads, quality execution and diverse platform options, not to mention the piece of mind that comes from trading with one of the only forex brokers that’s a publicly-traded company (NYSE ticker: FXCM).
FXCM Marketing Department certainly deserves all the bragging for the work they have done.
[B]But that does not mean that FXCM is best option for a trader.[/B]
As mentioned earlier SMB does not give any credit to DD brokers with reference to the imposed quarterly profit statistics …
[B]I guess SMB have a greater understanding of what is a good broker , than an average client of FXCM .
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[B]FXCM has 180,000 customers and 131,000 of them are losing money every quarter.[/B]
[U]The annual profit statistics and longer time perspective will show that
*loss statistics of traders are well above 95 %[/U]
[B]so 171.000 of FXCM client losing money over time
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*Of the 180,000 FXCM clients how many uses Dealing desk .We know an average customer has less than 4 K account so most of their customers are using FXCM dealing desk platform today
*Pure speculation 70-80 % using dealing desk
This means that FXCM generates large amounts from clients’ loss positions
In the market that goes right into FXCM deep pocket …
[B]My question Janson
What percentage of FXCM’s profit comes from FXCM 's client loss positions from the Fxcm dealing desk …?
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Ethical is it correct that a broker can profit from their customers’ losses.
Example Oanda has dealing desk offer better spread than FXCM .
Their business model is that they do not profit from their customers’ losses in market