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  • #10,201
  • Mar 14, 2017 2:11am Mar 14, 2017 2:11am
Quoting Jason Rogers
{quote}I want you to know we continue to stand by the quality of our trade execution in general and our No Dealing Desk (NDD) forex pricing in particular. Consider what happened on January 15, 2015 with the SNB flash crash: The majority of retail forex traders were long EUR/CHF when the Swiss National Bank made their surprise announcement to abandon the 1.2000 exchange rate floor they had established for the pair...
I think at this point what most folks want to know is where the Leucadia loan repayment stands at now that FXCM US was sold. We want facts not sales pitches, there's still plenty of loan debt left and January 2018 is coming. But FXCM seems lackadaisical when it comes to all the other entities that FXCM previously specified it would sell off in order to fully pay the Leucadia loan. If "FXCM Inc." a.k.a. "FXCM Group LLC", a.k.a "Global Brokerage Inc.", and a.k.a. "GLBR" is waiting for the very last minute to repay the loan, then I hope people bail out months in advance before 2018 if they don't want their money caught up in a possible FXCM/Leucadia mess.

Jason I understand that you are prevented from talking about certain specifics but if FXCM cant even officially clarify/confirm as of today that it doesn't utilize some similar conflict of interest setup (taking positions against clients/last look ala Effex/HFT Co. fake NDD), with FXCM UK/AU. Then its time for everyone to truly wake up and just bail out already. FXCM really needs to do some kind of mea culpa soon and make things right if it wants to get any real trust back. You should tell that to your higher-ups if they still don't get it.

Now in other news and to summarize the gravity of the situation:

FXCM.com Removes All Mention Of Non Dealing Desk Model. [03/04/17]

Leucadia Puts Maximum Exposure to Loss Due To FXCM at $500.8m. [02/27/17]

Effex Used Last Look Tactics To Cheat FXCM Clients. [02/07/17]

HF Trader Scam/HFT Co. [CFTC PDF - 02/06/17]

January 2018 Leucadia & FXCM Tick-Tock. [03/10/16]

Effex Capital Owned By FXCM Setup Solely To Act as Counter-party to FXCM NDD Clients. [10/08/12]

So I guess at this point for non U.S. clients I would recommend looking into LMAX, Global Prime, IC Markets, and FXOpen UK/AU as better STP/ECN options. Unfortunately U.S. clients don't really have those type of options. Be forewarn the clock is seriously ticking on all this mess!
  • #10,202
  • Mar 14, 2017 5:11am Mar 14, 2017 5:11am
Quoting Jason Rogers
{quote}
Hi Jason, please can you tell me if FXCM operates spread betting in the UK and do you offer guaranteed stops for it, like IG Index do?

Thanks
  • #10,203
  • Mar 14, 2017 10:21am Mar 14, 2017 10:21am
I think this thread has been hacked by China or Aliens...
  • #10,204
  • Mar 14, 2017 10:31am Mar 14, 2017 10:31am
..
Quoting Jason Rogers
{quote} Hi Dee, I'm glad you're pleased with FXCM's execution in comparison to other brokers. You may interested to know FXCM recently completed a study that examined the quality of execution for FXCM UK client orders versus the three largest FX trading venues globally, venues widely considered to represent the benchmark for reliable FX pricing: http://bit.ly/2di2WEC Part of our settlement with the CFTC was to close our US subsidiary. Since the law only allows CFTC-regulated firms to offer forex trading to US residents, our non-US entities...
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  • #10,205
  • Mar 14, 2017 12:00pm Mar 14, 2017 12:00pm
Quoting USATrader007
1 min ago..Left FXCM BS Tick chart vs my ECN Broker (MT4 Market watch) {image}
There would be a number of factors involved with the price, pips allocated to the broker for services, liquidity providers pair(s) traded, Central Bank news, political news or should we just cover economic events.

Now, before you write back to me and suggest some collusion with Mr. Jason Rogers...Dont...I also was with FXCM as retail trader when I started trading full time longer then 10 years ago. Yes, there was suspicious activity. Yes, I did not like what I saw and every one has a choice to leave FXCM as I did.....the frustration we all share is directed at FXCMs Ambassador, Yes...but really we should be directing our frustration toward the regulatory bodies whom so entrenched this industry with rules, ineffective rules...those have become a byproduct of political propaganda and well wishing....simply they have victimized traders as a byproduct. So, here we are....screaming about FXCM, when we should be being suing all the regulatory bodies as a group.
Gregory D. Alexandr
  • #10,206
  • Mar 14, 2017 1:24pm Mar 14, 2017 1:24pm
Quoting USATrader007
I think this thread has been hacked by China or Aliens...
I actually prefer that to the broken record telling us every single day how awesome off shore brokers are.
  • #10,207
  • Mar 14, 2017 2:46pm Mar 14, 2017 2:46pm
Quoting Aad
{quote} I think at this point what most folks want to know is where the Leucadia loan repayment stands at now that FXCM US was sold. We want facts not sales pitches, there's still plenty of loan debt left and January 2018 is coming. But FXCM seems lackadaisical when it comes to all the other entities that FXCM previously specified it would sell off in order to fully pay the Leucadia loan. If "FXCM Inc." a.k.a. "FXCM Group LLC", a.k.a "Global Brokerage Inc.", and a.k.a. "GLBR" is waiting for the very last minute to repay the loan, then I hope people...
Hi Aad,

Since FXCM US was not a contributor to overall profits for the firm over the past few years, FXCM will target significant cost cutting by closing the US entity. Specifically, withdrawing from this business frees up approximately $52 million in capital. We will use the proceeds from the sale of the US accounts, as well as the large amount of regulatory capital that was tied up, to reduce the balance of our loan from Leucadia.

With the reduction of this loan balance, along with sales of non-core assets that were previously announced, FXCM could be in a position to fully pay off the Leucadia loan before the end of this year. As a result, FXCM will be in a better position to service our international customers and focus on our profitable subsidiaries: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=1011502

Also, to clarify, FXCM Group LLC and its global subsidiaries and affiliates (FXCM UK, FXCM Australia, FXCM Germany, FXCM South Africa, etc.) will continue to offer forex and CFD trading services outside the US using the FXCM brand name. It's only the publicly traded holding company FXCM Inc. (which owns 50.1% of FXCM Group with Leucadia owning the remaining 49.9%) that changed its name to Global Brokerage Inc.

Quoting Aad
Jason I understand that you are prevented from talking about certain specifics but if FXCM cant even officially clarify/confirm as of today that it doesn't utilize some similar conflict of interest setup (taking positions against clients/last look ala Effex/HFT Co. fake NDD), with FXCM UK/AU. Then its time for everyone to truly wake up and just bail out already. FXCM really needs to do some kind of mea culpa soon and make things right if it wants to get any real trust back. You should tell that to your higher-ups if they still don't get it.
We stand by the quality of our trade execution in general and our No Dealing Desk (NDD) forex pricing in particular. FXCM Group currently has 16 liquidity providers: Bank of America N.A. Barclays Bank, PLC BNP Paribas Nomura International, PLC - Citadel Securities LLC Citibank N.A. - Morgan Stanley & Co., LLC - UBS AG - Deutsche Bank AG Goldman Sachs International KCG Europe Limited and Commerzbank AG. Liquidity providers that stream pricing through the FastMatch Electronic Communication Network include: The Royal Bank of Scotland plc – RBC Capital Markets - Société Générale Corporate & Investment Banking – Credit Suisse Group AG.

Attached Image (click to enlarge)
Click to Enlarge Name: liquidity-providers-logo-group-desktop.jpg Size: 108 KB

LPs selected to price retail clients are forced to adhere to an extremely high standard of execution beyond just price including consistently low rejection rates, low latency, minimum quote sizes and high fill ratios even during market events. I discuss how they do this in more detail in my previous post: https://www.forexfactory.com/showthr...07#post9660707
  • #10,208
  • Mar 14, 2017 3:08pm Mar 14, 2017 3:08pm
Quoting Phil2015
{quote} Hi Jason, please can you tell me if FXCM operates spread betting in the UK and do you offer guaranteed stops for it, like IG Index do? Thanks
Yes Phil, we offer spread betting accounts for residents of the UK and Ireland through our FXCM UK subsidiary.

We don't offer guaranteed stops because our No Dealing Desk (NDD) forex execution offsets each client order one-for-one with the best available price from competing liquidity providers. We provide NDD execution to all Standard accounts (5k minimum opening balance) and Active Trader accounts (25k minimum) including spread betting accounts.

While we provide DD execution to Mini accounts (£50 minimum), it's worth noting FXCM uses the same base price for DD execution on Mini accounts (before adding a fixed markup) as the base price we use for our NDD execution (before adding the commission). That's a key reason you can have confidence trading with FXCM regardless of the account type you choose.

It's also worth noting that unlike our other Standard and Active Trader accounts, our spread betting accounts used a fixed markup instead of a commission, even though they use NDD execution. That's because spread betting regulations don't allow us to charge a separate commission. We use the fixed markup to take the place of the commission for spread betting accounts.
  • #10,209
  • Mar 14, 2017 5:36pm Mar 14, 2017 5:36pm
Quoting zznbrm
{quote} I actually prefer that to the broken record telling us every single day how awesome off shore brokers are.
Lol. Well then here I go again. I see you are in the US, so you basically have 3 options:

1. Trade with Forex.com or Oanda, one of which is know to be a complete scam and other has pricing that is double of my (you guessed it) offshore broker. You will have to put up 10 times the deposit for margin requirements than you would with my (you guessed it again) my offshore broker. That 10x amount is not protected in any way in event of broker insolvency.

2. Trade with an offshore ECN, where commission is half, spreads are tighter and there is no conflict of interest on your trades as there is with either of your US options. Keep the 90% of funds you won't need for margin in your own FDIC insured bank account, because just like the US options, your funds are not protected, but in case of broker insolvency you still have 90% of your trading capital.

3. Quit trading forex or move to futures, which by the way, unless you are completely oblivious, was the whole purpose of the NFA regulations anyway, so you move and they have accomplished exactly what they set out to do.

So, which option do you prefer?
  • #10,210
  • Mar 14, 2017 5:39pm Mar 14, 2017 5:39pm
Quoting Jason Rogers
{quote} Yes Phil, we offer spread betting accounts for residents of the UK and Ireland through our FXCM UK subsidiary. We don't offer guaranteed stops because our No Dealing Desk (NDD) forex execution offsets each client order one-for-one with the best available price from competing liquidity providers. We provide NDD execution to all Standard accounts (5k minimum opening balance) and Active Trader accounts (25k minimum) including spread betting accounts. While we provide DD execution to Mini accounts (50 minimum),...
Are you serious? How friggin stupid do you take us for? You've been busted OVER and OVER and OVER and OVER and yet keepcoming on here touting how great FXCM is!!!!! You've got to be kidding.
  • #10,211
  • Mar 14, 2017 6:51pm Mar 14, 2017 6:51pm
Quoting Jason Rogers
{quote} Yes Phil, we offer spread betting accounts for residents of the UK and Ireland through our FXCM UK subsidiary. We don't offer guaranteed stops because our No Dealing Desk (NDD) forex execution offsets each client order one-for-one with the best available price from competing liquidity providers. We provide NDD execution to all Standard accounts (5k minimum opening balance) and Active Trader accounts (25k minimum) including spread betting accounts. While we provide DD execution to Mini accounts (50 minimum),...
Jason, please answer this question in a succinct manner: Are you stupid or do you think the readers of this thread are?
  • #10,212
  • Mar 15, 2017 3:43am Mar 15, 2017 3:43am
Quoting Jason Rogers
{quote} Yes Phil, we offer spread betting accounts for residents of the UK and Ireland through our FXCM UK subsidiary. We don't offer guaranteed stops because our No Dealing Desk (NDD) forex execution offsets each client order one-for-one with the best available price from competing liquidity providers.
Thanks for the reply,

I don't understand why "No Dealing Desk (NDD) forex execution offsets each client order one-for-one with the best available price from competing liquidity providers" is a reason to not offer guaranteed stops or even why it applies to spread betting accounts.

Do you offer any method of negative balance protection? Guaranteed stops being a form of this, they provide me with a way to fix an absolute limit to losses in the event of a catastrophic price move.

Thanks again...
  • #10,213
  • Mar 15, 2017 2:04pm Mar 15, 2017 2:04pm
Quoting Phil2015
{quote} Thanks for the reply, I don't understand why "No Dealing Desk (NDD) forex execution offsets each client order one-for-one with the best available price from competing liquidity providers" is a reason to not offer guaranteed stops or even why it applies to spread betting accounts.
Hi Phil,

With the NDD model, FXCM fills your orders with the best prices taken from competing liquidity providers. That means your orders can only be filled at a price that is available in the market. If your stop order is for a price that's not available, it must be filled at the next best available price. That's why we don't offer guaranteed stops. Even on the DD model used for Mini accounts, we take the NDD price feed as a base.

Quoting Phil2015
Do you offer any method of negative balance protection?
Your forum profile mentions you live in the UK which means you can trade through FXCM UK. Both FXCM UK and FXCM Australia provide forex traders with up to $50,000 of negative balance protection.

Clients subject to the Negative Balance Policy who incur negative balances in excess of US $50,000 (determined by aggregating all of the client's negative balances across all accounts held by FXCM and any of its affiliate(s), incurred over a 24 hour period of time) will be responsible for and owe FXCM the value of the total negative balance above US $50,000, regardless of market conditions. Subject to certain exceptions, FXCM will waive the first US $50,000 of a client's total negative balance (determined by aggregating all of the client's negative balances across all accounts held by the FXCM group, incurred over a 24 hour period of time). This policy will apply to negative balances incurred during all market conditions, including exceptional market movements.

Specific Exceptions: Each client's master trading agreement will detail all of the specific exceptions to the Negative Balance Policy. Some of the key exceptions to this policyinclude the following: negative balances incurred by legal entities, omnibus relationships, white label relationships, Eligible Contract Participants, Eligible Counterparties and/or Professional Clients (as defined in the client's master trading agreement) and/or negative balances incurred on share CFD positions or products traded on an exchange.
  • #10,214
  • Mar 15, 2017 3:30pm Mar 15, 2017 3:30pm
Thanks Jason, I appreciate your responses. Tough crowd you've got here.
  • #10,215
  • Mar 15, 2017 6:45pm Mar 15, 2017 6:45pm
Quoting Phil2015
{quote} Thanks Jason, I appreciate your responses. Tough crowd you've got here.
what do you expect , dodgy broker stay away all costs !!
  • #10,216
  • Mar 15, 2017 8:27pm Mar 15, 2017 8:27pm
Quoting Pip-Miner
{quote} what do you expect , dodgy broker stay away all costs !!
Anyone who continues to trade with FXCM is an idiot, plain and simple. You people cannot be this oblivious. You are trading with a broker who has been caught cheating clients for years. They set up a friggin LP that where they shared the profits so they could claim no dealing desk but yet had the LP which they had a vested interest in holding the other side of client trades. about as shady as you can get. i There are so many better options. Fair, transparent and with lower trading costs.
  • #10,217
  • Mar 15, 2017 8:43pm Mar 15, 2017 8:43pm
Quoting Jason Rogers
{quote} Hi Dee, I'm glad you're pleased with FXCM's execution in comparison to other brokers. You may interested to know FXCM recently completed a study that examined the quality of execution for FXCM UK client orders versus the three largest FX trading venues globally, venues widely considered to represent the benchmark for reliable FX pricing: http://bit.ly/2di2WEC Part of our settlement with the CFTC was to close our US subsidiary. Since the law only allows CFTC-regulated firms to offer forex trading to US residents, our non-US entities...
Hi Jason,

Honestly Jason I am extremely pleased with FXCM when I compared them with other brokers. In addition to outstanding Support that I got, some of the best rates I got was through FXCM, where I would make a loss with other brokers I made a profit with FXCM.

As a matter of fact it is because of these reasons I am still with FXCM, although you guys charge $40 for withdrawals and others charge less, but that extra layer of excellence is worth that extra money for me.

I am yet to test withdrawing money so I'll keep you posted on my experience.
"The cave you fear to enter, holds the treasure you seek"
  • #10,218
  • Mar 16, 2017 4:34am Mar 16, 2017 4:34am
I like traders, we can take money away from them gobble, gobble . We got caught illegally taking money away from clients in America and not allowed to operate there any more. However, easier Prey exists in other countries . Let's try to eat them instead yum yum .
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  • #10,219
  • Mar 16, 2017 5:44am Mar 16, 2017 5:44am
Quoting dee777
{quote} Hi Jason, Honestly Jason I am extremely pleased with FXCM when I compared them with other brokers. In addition to outstanding Support that I got, some of the best rates I got was through FXCM, where I would make a loss with other brokers I made a profit with FXCM. As a matter of fact it is because of these reasons I am still with FXCM, although you guys charge $40 for withdrawals and others charge less, but that extra layer of excellence is worth that extra money for me. I am yet to test withdrawing money so I'll keep you posted on...
Do they charge to deposit ? No.

I withdraw every week from my main broker - free and in bank next working day.

Paying to get your own money seems silly to me.
  • #10,220
  • Mar 16, 2017 12:22pm Mar 16, 2017 12:22pm
Quoting claudia1
{quote} Do they charge to deposit ? No. I withdraw every week from my main broker - free and in bank next working day. Paying to get your own money seems silly to me.
Hi Claudia,

The fee dee mentioned is for a bank wire. Sending a bank wire is not a service that banks typically provide for free regardless of whe. Banks are generally fee hungry nowadays .

Please note we also offer free withdrawal options by credit card or debit card.

Jason
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