Disliked{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...Ignored
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!
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