i have an account with FXCM USA and got an e-mail regarding their new rules.
NO stoploss/limit from July 31 on??? i invested so much time learning about forex (i am still new though) and FXCM’s platform and … now what i have to cancel my account with FXCM USA (because i do not like the new rules) and go to another USA broker or transfer my account to FXCM UK(they asure me that things will remain the same there). I spoke to a representative this morning and was told that:
My micro still will be in USD
The min required deposit still will be $25 for micro accounts
No fees to transfer the account from FXCM USA to FXCM UK
No fees to fund my account
5 I will only pay USA tax
The platform will not change - i am soooooooo used to it
So, it seems that things will be the same
Do you guys think it is a good idea to transfer my account to FXCM UK?
Does anyone consider it or has already done so?
I’ve already been thinking of going with Oanda or Alpari US, but do not like their platforms.
I guess most of their customers are confused and do not know what to do now, because without stoploss/limit it will be difficult to trade
you don’t need to transfer if you don’t want to. At fxcm they will offer an OCO order…which basically replaces the stop-loss and take-profit functions of what they used to offer.
But just so you know, I’d get out of FXCM anyway. They are the only broker I know of that has had to issue this kind of statement and is actually pushing people to go to their offshore business arm.
Personally, I’d go with another broker. Oanda, IBFX, ect. These seem to be the best market makers and had already addressed hedging concerns.
Also, I’d drop the FXCM platform. Not that its not good, but MT4 is industry standard. Most brokers offer it, and if they don’t there’s plenty of demos available for you to do chart work with and then place trades with whatever broker you want.
Stops and limits are still going to be available on the platform. You’ll just have to use OCO entry orders instead of placing stops and limits on trades individually through the open positions window.
I’m not sure how the additional option of being able to move your account to FXCM UK to continue trading as you always have would be considered a negative. Many trader’s strategies are dependent on being able to manage positions individually. Instead of having to recreate your strategy, you can use FXCM UK which still allows individual order management and hedging.
This is particularly important for MT4 users that have expert advisors since Metaquotes hasn’t released full details yet on how their solution will work which doesn’t give a lot of time to EA users to make sure their EA’s are compatible with any changes. The one thing you can know for certain is that MT4 will continue to work the same through FXCM UK after July 31 without having to worry about compatibility issues.