Who is going to become the replacement for FXCM?

Broker Discussion Forex Brokers
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Since FXCM is no longer going to be operating in the US who are you going to use for your broker in the US. This is too bad because under the Brokers group FXCM and Jason Rodgers were a great help to many of us posting questions. Beside that I liked having my FOREX broker from NY as they are the money capital of the world. Time to move on…so thanks Jason for your help to us newbies.

I did a Google search of best Forex brokers in the US and guess what. There appears to not be a general consensus on who is the best. I know “best” is very subjective because each of us have different want and needs. It appears everyone wants a tight spread and quick execution among the brokers they are looking at. The interesting thing is under the Brokers group in Babypips you do not see Onanda and Forex.com. What does this tell you? Do they not have a rep who participates online in active broker discussions? A Web presence tells you a bit about a company and apparently some companies think we are small fries when we are not contributing much to their bottom line…at least like Hedge fund and professional money managers who dabble in various scheme to make money for their funds.

So for you guys who are just joining in…who are you going to use for your FOREX broker? I prefer to have a US broker for obvious reasons and I would like to see these brokers have a presence on the internet. Otherwise why throw money at them and possible be hideous from what they are doing. From the looks it looks like Onanda and FOREX is as a good place as any other. What do you guys think? I also want my FOREX broker to be registered in the US.

Thanks all…

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FXCM accounts are being sold to Gain Capital (forex.com). So, the do-nothing option for existing FXCM customers is to get used to the forex.com platform, and resume trading there.

Each trader obviously has the additional option of closing his/her existing FXCM account before the transfer, or closing his/her new forex.com account after the transfer.

As for other choices of U.S. forex brokers, see the last portion of this post.

Agreed. Jason Rogers has been – and hopefully will continue to be – a valuable contributor to this forum. As far as I know, he will continue to represent the international interests of FXCM here on this forum, which will be a great help to non-U.S. traders looking for a large, well established broker.

Forex.com is headquartered in New Jersey, about 35 miles west of Manhattan.

Is that close enough to New York for your taste?

This should not surprise you. Neither is there consensus on the best bank, the best beer, the best hotel, etc. Besides, ratings you find on the internet have to be viewed with great scepticism.

I presume that you are referring to the Broker Aid Station, in which FXCM has been the most active participant, and forex.com and Oanda do not participate. I’m not sure what conclusions you can draw from that.

It would be great if more brokers devoted the time and energy to serving this forum that Jason Rogers has devoted. But, that probably won’t happen – Jason is the gold-standard for broker reps.

As for a “presence” on Babypips, both forex.com and Oanda advertise on this site, often heavily.

Several minutes ago, I captured this screen shot of the forum main page.

Forex.com was certainly all over it —

You’re now down to 4 choices – two major players, and two minor players – thanks to the ongoing efforts of the CFTC to wipe out off-exchange forex trading in the U.S. See THIS RECENT POST.

Here’s a graphic from Finance Magnates showing the market-share of the 5 U.S. brokers still in business prior to the exit of FXCM.

If forex.com captures all (or most) of FXCM’s market-share, you can do the math, and figure the resulting sizes of the 4 remaining brokers after the exit of FXCM.

.

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Thanks guys, your feedback means a lot to me! I have every intention of remaining active on the forums, so I have a pretty good feeling we’ll continue to have discussions together about trading in general if not about FXCM specifically. :57:

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Clint,
Thanks for your reply. You are correct that Forex.com is in NY and this is an consideration.

Jason,
Thanks for your continue to participate in discussions on Babypips.

I am sure many newbies have the same questions I have. That is, which Forex broker should I select to start my trading. with so many Forex brokers out there, it is mind racking in comparing all of the features that brokers offer. And besides that we all know each broker will tout why they are the best and it is up to us to discern the difference etc. As Clint alluded to…everyone has an opinion on what is the best. I hate to throw away money like the next guy so I will tread carefully to find something for me.

Thanks for your contributions folks.

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I believe that FXCM is not really gone from the market, as you can see people are still keen on getting on Forex.com, but it also depends that what kind of trading you are looking for in terms of fundamentals. So yes the alternatives are there but it can be best decided by you.

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Good points @King_Kong

@blueridge FOREX.com is now available here on BabyPips to answer your questions about us. We look forward to participating in discussions with you.

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After FXCM’s exit from the American market several other retail brokers remained active on it - Gain Capital, Oanda, TD Ameritrade and Interactive Brokers. According to data they recently shared with the CTFC about their May statistics, all their deposits have been rising and Gain Capital remains in the leading position but posts a 1.2% decline from April’s position.

Another company that has a forex license from the CFTC – Wedbush Securities – continues to be inactive.

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Hi King_Kong,

We’re still here and servicing over 125,000 active accounts for clients outside the US.

Jason

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I am not sure why replacement thing is even talked about. This company was hardly that good, so it is not going to make huge difference. We should just go with broker we are comfortable with. If we are comfortable with how we work out then we could be gaining well, but if we waste our energy on finding replacement of broker which are hardly worthy of mentioning then we are likely to face a lot of issues.

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I know this is mostly a dead topic now, but I basically quit once FXCM got shut down. I did not pick them for spreads or anything because in the big picture (I was aiming for 50+ pips a trade) a couple pips wasn’t a big deal. What was a big deal is my ability to chart and research. I hated forex.com’s platform and so far I don’t like Oanda. I loved FXCM’s tradingstation. It was great.

Is there a broker with a good platform like that?

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Ninja trader, they clear through forex.com.

The Ever Recommending VIPER

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Hi @Melchizedek

Have you tried accessing those resources with your old login details?

We understand one platform can’t please everyone. That’s why FOREX.com offers many including NinjaTrader as @TradeViper mentioned. We also support TradingView and MT4.

That said, we would appreciate any feedback you have for how we can improve the FOREXTrader platform.

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Hi Jason! Am a newbie and I wiLlady need to put me through some certain logistics… Seems alot of people count on you for advisory… Can I contact you privately

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I just set up a new account to try you again…but no ninja trader. All I see is MT4 and ForexTrader. When I pull it up, it’s only a web based, nothing to download (I kind of like having a separate desktop app). And, it’s exactly like Oanda’s FX Trader. It’s literally the same.

What are the things that I’d like to see? Things like right click (or left, whatever) on the chart to pull open a buy/sell box. In that same box is set a take profit or stop loss. Currently, if I made a market trade and later want to set a stop loss I have to go back to the “tables” section where I have my open trades and then click on it and select my take profit/stop loss. I loved being able to do everything from the chart. right clicking also pulled open the chart tools. I had to ask the guy (at oanda) where the fibonacci tool was and it’s under “add study”. That is not intuitive. None of the things in the right click pop up box are useful to me in terms of a “quick tool”. Right clicking is for quick tools in my opinion.

Anyway, that’s just a couple of the quick things that I see with Oanda (and apparently your ForexTrader). Someone from your company should check out FXCM’s tradingstation. It was really awesome.

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Hi @Melchizedek

Thanks for your detailed feedback on our platforms and for giving us another opportunity. We will share your feedback with our software development team.

It sounds like you were looking at the TradingView web trading platform. If you would like to try the desktop platform instead, download FOREXTrader Pro.

To make your new FOREX.com account compatible with NinjaTrader, you can complete the form on their website.

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ah, got ya on the ninja trader thing.

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Is Jason Rogers still at FXCM? i heard the US desk closed. He was a great help years ago. I m wondering if FXCM still is what it used to be in the old days. i have been with Etoro for the last few years but the tradestation platform and the No Dealing Desk of FXCM was superb. if only they had lower leverages…