I am trying to decide if I should choose FXCM (MT4 account) or an account with PFG . I am not really concerned about using mt4 or pfg�s proprietary platform - and usd 5000 minimum is no concern either -
BUT: what are the spreads like when comparing the two? and the service… and the stability (disconnects etc.) ? I am sure there are some older forum members or even mods that have experience with either of these 2 - so please let me know your experience:-)
I would greatly appreciate some if the forum members here could share your experience:-)
thanks in advance!
See This
good way to chose
you can see it here with its tittle. Forex Investment
bump!
pfg is supposed to be an ecn broker whereas fxcm is also claiming to be dealing with the major players - so - does anyone have experience or advice - good or bad - with either of the 2?
I’d really appreciate some independant feedback on this;-)
thanks!
FXCM doesn’t offer demo accounts for MT4
depositing your sum of money without first being able to check if your strategy works, the slippage, the spreads and the quality of execution, is plain suicide.
My opinion
I considered PFG no too long ago. Excellent customer service - although it may have been that they just wanted a deposit - answered all of my questions. Download their demo. I think you may be surpised at their spreads even as they claim to be an ECN.
You might also want to take a peek at ATC - mt4 demo and ecn information available on their website.
As far as fxcm - as good a bucket shop as there is - if I am not mistaken, doesn’t the great Kathy Lien have a stake in FXCM? - I’ve traded with them…I’m probably one of the few that actually likes the TSII platform.
Good luck!
thanks mate!
i was thinking mostly of fxcm in terms of their mt4 accounts (usd 2000 minimum) but i’ve no ida about what spreads they offer… they just state “competitive” which is a bit murky to say the least 
I have been with FXCM for a few years.
There have been bad reviews about them but I stuck with them because I liked their platform.
However lately I have encountered problems with them that caused me to lose money through no fault of mine.
Just this month, I had my pending trade passed over even though there was no gap and no news was released.
And again, this morning, when my trade was not executed as seen on my platform even though the price went in my direction.
Imagine my horror when I only realised that it was actually executed when I logged in again! All these when the platform did not hang, and the order was still in the pending trade panel.
I am looking for a new broker.
Preferably one with a segregated client account. Any suggestions?
FXCM will stick it to you every way they can. Look how much they spend on advertising. Why? Because they have to get a continuous supply of Newbies to replace the ones they’ve shafted. They use every trick in the book. Open an hour after trading starts on a Sunday so they can run the stops beforehand to stopping you paying in to meet an upcoming margin call so you get wiped out. They say they don’t have a dealing desk - but read the small print. Stay away from them.
I’ve encountered this with there system too and what happended was that my computer went on standby and when I “woke it up” I was looking at old information - even though the system was now refreshing with new data but only at the end of charts. So I never got updated on my end, while a limit order was hit on their end - so hours after the limit was hit I was still under the preception that I was still trying to get there.
I will conceed that there might be price manipulation with Forex brokers - but the trader must make sure that they are not reading fraud where none exisits and the best place to start an investigation is with your own data and if it doesn’t jive with the brokers data then complain to the broker and see if they will resolve the issue.
I’ve been using FXCM for 2 months and havn’t noticed any “funny business”.
There was an interesting thread either on BP or FFactory, I can’t remember which. Attached is the essence of what triggered the discussion. Here is a link to a previous BP discussion:
NEITHER!!
Trust me� go to ac-markets.com & see what they have to offer &their regulations; then compare.
You will see what I am talking about�
REGARDS!!!
I didnt mind them, but occasionaly before news they would miss my fill. Even before any market movement. Did get a little annoying.
I do like FXCM monthly competition tho. Im doing alright this month.
I read a post from one guy who used ACM who said ACM were great when he was losing money but as soon as he started to win they really messed him about. Additionally, he had trouble getting cheques from them and when he closed his account it took him a long time to get his money.
I don’t know what to believe any more. I can’t stand the Navigator platform so I opened an account with an MT4 broker who is supposed to be an STP broker without a dealing desk. It was great on demo but now, after I went to cash, I get delays in execution, lots of can’t quote, re-quotes and slippage. The problems seem worse outside of market hours.
Bottom line: I think they’re all crooks and one just has to keep trying different ones until one happens upon one who skims the least from you.
You should try CMC, I get good fills from them now. Gain also are quite reasonable. Both variable spread but nearly always hit my fill, or at least give a decent re quote.
[I]I [/I]trade with ACM, they were fair with me in demo mode and have continued that into my 1 year or so of live trading.
hi BPUser,
I would urge you to read the small print (actually in quite large print on page 7) in the FXCM trading agreement. It outlines exactly which accounts are executed on no dealing desk straight through processing, and which are executed through the dealing desk.
Standard 10k accounts and MT4 accounts use no dealing desk execution where each order is executed back to back with a major bank or financial institiution. Only micro accounts are executed through the FXCM dealing desk since only two of the 9 banks are currently taking micro lot trades directly.
Jason
thanks everyone for all the positive feedback. this thread has become slightly more popular than I anticipated. That’s good news for anyone looking for a good broker:)
Hansen
I personally would go for fxsolutions NFA and CFTC registered
includes 4 different trading platforms with mobile trading platform and well funded.
I use the classic platform to place trades. spreads not as tight compared to other brokers but more reliable than other borkers during news gap wise and I dont trade the news . They posted information relating to the new FIFO rule
and you can trade GOLD SILVER CFD’s
Beginner level here.
I’ve used FXCM’s demo platform for about three months 'till it expired. Then I opened a free $25 account and I am on month two. Everything seems ok with execution, but of course I only have 6 months paper trading and two months of live trading, so my overall experience is not extensive.
The platform for micro accounts I enjoy greatly.
However, for a while, I intended to take monies earned out regularly to avoid any mishaps. Then after a certain level of success has been achieved I will move on to non bucket shop with MT4.
I looked up fxcm on the nfa site its a laundry list of criminal activity i could not believe it go check