First of all, Id like to say, I would like to hand it to FXCM. I love their trading station, and depositing/withdrawing money is done relatively easy in the US. However, due to the recent stock value, it makes me worry to keep my account in there, at least until they pay off their balance or the reverse 1 to 10 split pays off and their business gets back on track.
That being said, anybody have any experience with oanda or mb trading? Or another US based trading broker with tight spreads for scalping 10-100 pips? I heard forex.com kicks you out if your successful… lol.
I understand what you mean. I have a scalping auto system, but I had to set the parameters to meet up with the rules and regulations of most brokers. Trade has to be open for up to 1 minute before it closes. Less than a minute is not advisable because most brokers have problem with that time frame. I have an account with Dukascopy, it works there without issue. I also had to upload it on my standard account with Profiforex and it makes money for me. No issues. Sorry I don’t know other US brokers.
Thanks for being a client of FXCM. I’m glad you are pleased with our Trading Station platform and services.
It’s important to note that despite the events of January 15th, our capitalization remains at levels similar to before the SNB event. Since you mentioned being in the US, below are the latest capital figures for FXCM’s US-regulated entity, so you can see how we compare to other US brokers.
The stock price is a reflection of shareholder value as a result of the loan FXCM received from Leucadia in January. While I’m not authorized to comment on that beyond citing info that’s already publicly available, below is an excerpt from a recent LeapRate article:
“most of the overall writeoff/loss is non cash and non operational, and has nothing to do with FXCMs operations and corporate health, but rather with accounting charges FXCM needs to take due to US GAAP accounting rules thanks to the future benefit that FXCM gave up to Leucadia.”
Most other forex brokers are privately-held companies, so it’s hard to know how much debt they have on their books or the state of their finances. Since we are a publicly-traded company (NYSE ticker: FXCM) the details of the Leucadia loan are well known. In fact, in our most recent quarterly earnings presentation, we clearly outlined how we plan to repay that debt by the end of the year through the sale of the follow non-core assets:
Hi Jason. Thank you for your response to the concern raised about FXCM’s capitalization post SNB de-pegging. I too had some questions about this, which you’ve addressed as thoroughly as possible, it seems. Another question I have about FXCM is the following: does FXCM still forgive client negative balances? I thought I read somewhere that they have changed this policy and will now no-longer forgive negative balances. Can you clarify FXCM’s current policy on negative balance forgiveness? Thanks in advance.
