Hello Jason,
Regarding FXCM’s office in the UK, does the trading platforms from them use london close daily candles? or do they use NY close daily candles?
Thanks much.
Happy New Year, Awk!
All FXCM accounts worldwide use New York Close on Trading Station charts. The platform allows you to select which time zone you want displayed, but this does not impact when the daily candles begin and end which is 5pm New York time to coincide with the New York Close, so that there are exactly 5 daily candles each week of 24 hours in length.
On the MT4 platform, currently all live accounts worldwide have daily candles that begin and end at midnight GMT, which corresponds to 7pm New York time. However, we have received feedback from many clients requesting that we change the time zone on our MT4 servers, so that the daily candles begin and end at 5 PM New York time. To phase in these changes, we have started by updating some of our MT4 demo servers to test that everything works smoothly, before we proceed with updating our live MT4 servers.
In the meantime, clients who wish to have charts with a New York Close on their live MT4 charts can use the free New York Close indicator available at FXCMapps.com
[B]UPDATE: New York Close charts are now available on FXCM’s newest live MT4 server.[/B]
That means your daily charts with have 5 candles per week with no Sunday candle. Note that in order to make this possible, the time zone on this MT4 server is set to GMT+2 so that midnight on the charts corresponds to 5pm New York time (AKA New York Close).
If you have an existing MT4 account with us on a server that’s set to GMT, you can email <[email protected]> referencing your account number to request that the account be transferred to the new MT4 server with New York Close charts. Your account must be flat. Please allow a couple of business days for your account to be set up on the new server. You will receive an email with your new login details when the setup is complete.
[I]* Please let us know your thoughts on our new MT4 server with New York Close charts. Based on your feedback, we can decide how many of our MT4 servers to keep on GMT time and how many to switch to New York Close.[/I]
** FXCM Trading Station charts have always been set to New York Close. Unlike with the MT4 platform, Trading Station allows you to display the time zone of your choice, and the daily candles will still begin and end at 5pm New York time.
Hi Jason,
What is the difference between the method you mentioned here and the FXCM App (fxcmapps.com/metatrader-4/daily-candles-in-est/)? I’ve been told by FXCM Admin to use this app? Are both methods accurate or is there a preferred method?
Cheers,
Cliffy
Hi Cliffy,
FXCM has many live MT4 servers, but currently only our newest live server has the time zone set to GMT+2. That is the time zone need in order for the daily candles on MT4 charts to begin and end at 5pm EST to correspond with the New York Close.
For the time being at least, our other live MT4 servers (including all of our non-USD servers) are still set to GMT. That’s because this time zone is easier for more traders around the world to understand, since people usually know the difference between their own time zone and GMT.
We’re currently evaluating the feedback we receive from our clients about the GMT+2 time zone on our newest MT4 server to see if they prefer it to GMT. That will help us determine whether we should convert some or all of our other live MT4 servers to GMT. Traders on our other MT4 servers can still view daily candles set to the New York Close by using the app that you mentioned.
Please let me know if you have any further questions about this.
Jason
To Jason
Not sure if you have answered this before, but I am interested in starting an account with FXCM UK when I move to the UK in August this year, firstly a micro account, then if I have a positive experience, will change to an active trader account. I am not a UK resident, and will be considered as domiciled in another country. Would I be eligible to start any trading accounts with FXCM? With regards to live trading accounts with FXCM UK, can it be started online or via posted documents? I will not be in London while I am in the UK. Last question with regards to the active account: I have a bad experience with O***a for their wide spreads during news releases. Is there a link where FXCM publishes the historical spread for majors so that I can make a comparison? Thank you very much in advance for your answers!
Hi Carra,
It depends on where you live. FXCM UK can accept clients from most countries. Go the CHOOSE YOUR COUNTRY OF RESIDENCE section on our application page to see if you are eligible.
Provided you are eligible to open an account with FXCM UK, you can proceed with our online application. Then you can complete your application by emailing <[email protected]> with a copy for your ID (passport or driver’s license) and proof of residence (utility bill or bank statement).
FXCM demo accounts show our live spreads. From our Trading Station platform, you can view a tick chart to see our historical spreads during new releases.
Jason