Hello everyone I’m a total newby to trading just got involved with a company last week. I’ve been learning by reading here going through the school of pipsology very helpful and practice trading on the mt4 app. I’m very skeptical about brokerage account the company I got involved with to trade suggested everyone to use traders way and fxcm. So I research brokerage accounts and wht they are and y do we have to use them cause I didn’t understand y can’t I use my bank account. I understand now tht brokerage accounts manage and take commission of trades. So I did some research on traders way and I saw a lot of negative reviews people not getting money that they request and all kinds of things like tht. I also saw a few negative ones on fxcm. So I’m wondering of someone can give me some advice on brokers. Does anyone deal with these brokers ?r there any anyone can recommend to me tht are good? Any info on anything is helpful. Please help lol thank u
Welcome to the forum, Iracks!
As FXCM’s representative here on BabyPips, I’m happy to answer any questions you have about us in the Broker Aid Station.
It’s worth keeping in mind that the vast majority of FXCM clients are pleased with our service and execution. Otherwise, we wouldn’t continue to grow as we have executing 10% more trading volume in 2015 than we did in 2014.
Also worth considering is the fact that we’ve been in business since 1999 making us one of the oldest firms in what is still a relatively young industry. If less than 1% of our clients past or present express a grievance about something, it may seem like a large number of traders compared to other brokers, because we are bigger. However, it’s not as large relatively speaking when you consider the percentages.
That’s not to say that we don’t take such client feedback seriously. One of my goals on forums such as this one is to answer questions about FXCM and address any potential concerns. However, if you see my other posts, you will find that I don’t simply promote our firm. I actively contribute to discussions to provide service and education to traders.
This also highlights how FXCM dedicates a greater amount of resources to educating new traders than many other brokers. That means more novice traders choose to begin their forex journey with us. The flip side of this is that when they misunderstand something about how the market works or how to use the software, they sometimes blame us.
I would like insight to the broker question; You represent FXCM, whom I don’t know yet. I joined babypips to get education and a start with FX trading. I having traded options before, but new to FX. I have responded to an ad by a company called Mavericks FX and researched their program. It seems that they provide good education, help to get started, a mentor and a business plan, and they leverage your funds. I’ve tried to follow the advice on this site to research them on NFA and CFTC, and no results found, but I don’t use these sites, so perhaps I don’t know how to locate a company. Is FXCM a similar type of “broker”, a service that helps beginners get trained, assist them learning how to trade the FX, as well as leveraging a small deposit, and growing their deposits? In option trading, a broker just means that they transact my orders, there is no business plan or use of their funds. I’d like to get straight on that. Perhaps all these “brokers” are executing orders, and the Mavericks FX is more than a broker? Thanks for insight on this. CaptainM
Most forex brokers offer educational resources to their clients and FXCM is no exception. In fact, our DailyFX.com research portal is one of the most popular forex news sites. In addition to the information our DailyFX research team provides to everyone on that site, they also provide exclusive analysis, trading analysis, videos and live online seminars for our clients on DailyFXplus.com
That said, US regulations require a broker to be regulated by the CFTC in order to offer forex trading services to US residents. As of the latest CFTC data, only six brokers meet this requirement as you can see below.
The column marked “Total Amount of Retail Forex Obligation” lists the amount of money retail forex traders have on deposit with each US regulated broker. Our industry leading position is due in no small part to the popularity of our No Dealing Desk (NDD) forex execution, where we offset each of your orders one-for-one with the best prices we receive from competing liquidity providers.
Welcome to the forum!