FXCM fined $2 million by NFA

Status
Not open for further replies.
Back in the day my son opened an account with FXCM when he was 18. He did not fund it, but they contacted him almost daily for the entire year. Obviously, they saw his age and knew he would probably blow up.

Maybe they changed their policy since then, but I noticed on their website that they debit an account for negative interest, but do not credit it for positive interest.

I do not know why any retail trader still participates with non-ECN brokers- makes no sense!
 
Quote from Jason Rogers:

NDD
More...

Alert to new traders- "Non dealing desk" is not what you want. Dealing desk, aka ECN brokers, are what you should look for- just because Rogers says the word "non" and implies that this means they are not scamming you by mischievously "dealing" does not mean it is best for you.

With an ECN, the broker is motivated to provide the lowest spread to you. On pairs like EUR-USD, it is usually under 1 pip. You pay a commission that is small for this (a few dollars per lot). I think new traders should expect to save over 2 times with an ECN. That's my 2 cents. :cool:

mike
 
Not exactly sure how they can inform a client that they will reimburse for a mistake on their end and then just ignore the client after they make them sign the release form.
 
Status
Not open for further replies.
Back
Top