FXCM Discussion

This Thursday is the Thanksgiving Holiday in the US which will impact the rollover schedule and trading hours for certain CFD products. So please take note:

1. Rollover: The JPY pairs will have 5X rollover and all other pairs will have 4X rollover today as a result of the holiday. There will be 0 rollover for all pairs tomorrow. The monthly rollover calendar can be found on DailyFX here http://www.dailyfx.com/frollover

2. Forex Trading: There are no changes to forex trading hours. Trading will continue through Friday as normal and close on Friday at the normal time of approximately 4:55pm ET. Please be aware that liquidity will likely be lower than normal which could impact spreads.

3. CFD Trading: The times listed below show the change to CFD trading instruments in US Eastern Time (GMT -5 hours). (CFD trading is not available to residents of the United States)

rollover20121120101824.png



Let me know if you have any questions.

Jason
 
Quote from Wallace:

hi Jason, is CFD trading available to Canadians - by Province
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Hi Wallace,

Currently only forex trading is available for Canadian residents, but I will post an update on this thread if CFD trading also becomes available. Note that Canadian residents actually open their accounts through Friedberg Direct (www.fxcm.ca) which is regulated by IIROC and offers CIPF protection.

Jason
 
Since GFT's announcement yesterday stating that they are pulling out of the US retail forex market, FXCM has received several inquiries from GFT clients. Below I wanted to address some of the most frequently asked questions.


Does FXCM still offer retail forex trading to US clients?
Yes, we have no intention of leaving the US retail market. In fact, we see this as an opportunity to get new business as smaller firms leave the US. FXCM has continued to grow in the US in terms of accounts and deposits, even as other firms have contracted, as you can see from the most recent quarterly reports from the CFTC.


Why did GFT pull out of the US market?
We can't speak for another company, but their announcement said it was a business decision. What we do know is that US forex regulations are some of the strictest in the world. A minimum of $20 million in capital is required just to be able to accept clients, and then additional capital is needed for open positions and customer assets. In this environment of lower volatility and lower interest rates many forex brokers are struggling to make money, and many have had to make drastic cuts.

That is why we feel FXCM's full transparency on its financials, and push for all firms to be more transparent as well is something that should be more important than ever to clients. Additionally, as one of the few publicly-traded forex brokers (NYSE: FXCM) our regularly published financial reports give our clients confidence in who they are doing business with that is not possible with a privately held broker.


I'm a US client of GFT. What changes can I expect if I switch to FXCM?
Clients on GFT's Dealbook platform will be happy to know that FXCM's flagship Trading Station platform supports many of the popular functions you are accustomed to including trading from charts. In addition, the FXCM Trading Station has functionality to support custom indicators and trade automation. These are among the reasons why the FXCM Trading Station was awarded Best Proprietary FX Platform at the Forex Magnates summit last month. Click here to for a free demo.

FXCM also offers popular 3rd party trading platforms such as MT4 and NinjaTrader. And all FXCM clients get free access to real-time trading signals and alerts from our DailyFX research team.
 
All times below are in Eastern Standard Time (EST)


Forex Trading Hours and FXCM Customer Service Hours
forexhours2012december1.png



CFD Trading Hours for Christmas
christmashours2012decem.png



CFD Trading Hours for New Year's
newyearshours2012decemb.png



Happy Holidays from FXCM!
 
Seasons Greetings!

In my last post, I mentioned our holiday trading hours. In addition, it's important to note that with holidays comes holiday rollover. Here's a look at what the rollover interest schedule will be like from now until the end of the year.

December Rollover Calendar from DailyFX.com
decemberrollover2012dec.png



Happy Holidays to Everyone!

Jason
 
Quote from Bry:

Jason,

http://www.nfa.futures.org/basicnet/CaseInfo.aspx?entityid=0308179&type=reg

Did the 2011 $2 million fine from NFA to FXCM get applied for stop hunting? What was the reason for that fine?

Thx, Bry
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Hi Bry,

No, it had nothing to do with stop hunting. On FXCM's No Dealing Desk forex execution model, we immediately offset client orders with our liquidity providers and add a pip markup for our profit. That means we make our money from the trading volume, not client losses. Since we aren't taking a market position against our clients on our NDD model, there is no incentive for us to hunt stops. The NFA action concerned positive slippage not being passed on in full when transactions were offset with liquidity providers. I posted a detailed explanation here. You can find a more detailed explanation from me located here: http://www.elitetrader.com/vb/showthread.php?s=&postid=3301100&highlight=nfa#post3301100

Jason
 
Quote from Jason Rogers:

Hi Bry,

No, it had nothing to do with stop hunting. On FXCM's No Dealing Desk forex execution model, we immediately offset client orders with our liquidity providers and add a pip markup for our profit. That means we make our money from the trading volume, not client losses. Since we aren't taking a market position against our clients on our NDD model, there is no incentive for us to hunt stops. The NFA action concerned positive slippage not being passed on in full when transactions were offset with liquidity providers. I posted a detailed explanation here. You can find a more detailed explanation from me located here: http://www.elitetrader.com/vb/showthread.php?s=&postid=3301100&highlight=nfa#post3301100

Jason
More...

Ok, thanks.
 
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