Beware, if put on manual execution by FXCM, there is no appeal process.
On manual, they slow the quotes, requote, and take ages to execute (if you are in profit). For instance, you can never get the price you see on the screen, unless the price pauses for 30seconds (unlikely)
I think they do it to increase customer sign-ups for propfx, and to increase customer losses.
Here is a transcript on the subject:
FXCM: Welcome to FXCM's Live Chat feature. So that I may better serve you, feel free to provide me with your name and email address. How can I help you?
You: Hi,
FXCM: hello
FXCM: how may i assist you
You: I was put on "manual execution" after the 1st day on using my account almost a year ago. I have been an active trader since. I would like automatic execution restored to my account as otherwise the platform is too slow and i will be forced to move my account to another broker. My ac is **********
FXCM: ok for clients on this method
FXCM: usually the best platfrom
FXCM: would be the propfx platfrom
FXCM: especially if you used the term slow
FXCM: http://www.propfx.com
FXCM: the minimum deposit is $10,000
FXCM: for this type of account
FXCM: there is no manual execution
FXCM: no requotes
FXCM: nothing of that nature
FXCM: it seems suitable for the type of trading you are referring to
FXCM: but as far as being removed
FXCM: that is up to dealer discretion
FXCM: and requests cannot be submitted
You: I was informed at the time that it was because I was keeping my trades too short. However, after 1 year of trading, I feel that I keep my trades a lot longer. Therefore, I feel it is my right to appeal, and for someone to review my account
FXCM: i understand
FXCM: but it is up to dealer discretion
You: Why cannot requests be submitted?
FXCM: they periodcally review accounts
FXCM: but one cannot request to be removed
You: But why cannot the dealer review my account?
FXCM: it is just the poicy
FXCM i understand your frustration
You: I place about 7 trades a day, every day, even at 10k a contract, that is £2500 in commission a year (on the spread) from my account. I think other brokers would like that commission.
You: Well, if no-one is prepared to review my account, can you provide me a link to account closure forms?
FXCM: this is why we developed the propfx accounts
FXCM: sure
FXCM: here is the link
FXCM: To withdraw funds from your account, simply complete and fax the Withdrawal Request form to FXCM at 212.897.7669. Here is the link: http://www.fxcmtr.com/live-clients/forms.html
FXCMâ¬15: you are more than welcome to withdraw funds at any time
You: Does the propfx account have to be in $
FXCM: it is a usd account
FXCM: you can fund with any curency
FXCM: but then there will be conversions from your bank for example
FXCMâ¬15: if you send a wire from your personal gbp account to usd fxcm account
You: Ok. So in summary there is no chance you will review my fxcm mini?
FXCM: there is not
FXCM: it is up to the dealers
FXCM: it is just policy
FXCM: you can demo propfx if you like
FXCM: that would be a great option
FXCM: the link for the demo is on the site
You: So you would sooner lose a customer than review the account?
FXCM: this is the poilcy
FXCM: it is the same for all clients on this type of trading accross the world
You: So, no-one who has been on "manual" has ever gone back?
FXCM: that is not information that can be disclosed as it pertains to accounts other then yours
You: ok, thanks for your help
FXCM: sorry about the inconvienice
FXCM: thanks for chatting
FXCM: good luck
On manual, they slow the quotes, requote, and take ages to execute (if you are in profit). For instance, you can never get the price you see on the screen, unless the price pauses for 30seconds (unlikely)
I think they do it to increase customer sign-ups for propfx, and to increase customer losses.
Here is a transcript on the subject:
FXCM: Welcome to FXCM's Live Chat feature. So that I may better serve you, feel free to provide me with your name and email address. How can I help you?
You: Hi,
FXCM: hello
FXCM: how may i assist you
You: I was put on "manual execution" after the 1st day on using my account almost a year ago. I have been an active trader since. I would like automatic execution restored to my account as otherwise the platform is too slow and i will be forced to move my account to another broker. My ac is **********
FXCM: ok for clients on this method
FXCM: usually the best platfrom
FXCM: would be the propfx platfrom
FXCM: especially if you used the term slow
FXCM: http://www.propfx.com
FXCM: the minimum deposit is $10,000
FXCM: for this type of account
FXCM: there is no manual execution
FXCM: no requotes
FXCM: nothing of that nature
FXCM: it seems suitable for the type of trading you are referring to
FXCM: but as far as being removed
FXCM: that is up to dealer discretion
FXCM: and requests cannot be submitted
You: I was informed at the time that it was because I was keeping my trades too short. However, after 1 year of trading, I feel that I keep my trades a lot longer. Therefore, I feel it is my right to appeal, and for someone to review my account
FXCM: i understand
FXCM: but it is up to dealer discretion
You: Why cannot requests be submitted?
FXCM: they periodcally review accounts
FXCM: but one cannot request to be removed
You: But why cannot the dealer review my account?
FXCM: it is just the poicy
FXCM i understand your frustration
You: I place about 7 trades a day, every day, even at 10k a contract, that is £2500 in commission a year (on the spread) from my account. I think other brokers would like that commission.
You: Well, if no-one is prepared to review my account, can you provide me a link to account closure forms?
FXCM: this is why we developed the propfx accounts
FXCM: sure
FXCM: here is the link
FXCM: To withdraw funds from your account, simply complete and fax the Withdrawal Request form to FXCM at 212.897.7669. Here is the link: http://www.fxcmtr.com/live-clients/forms.html
FXCMâ¬15: you are more than welcome to withdraw funds at any time
You: Does the propfx account have to be in $
FXCM: it is a usd account
FXCM: you can fund with any curency
FXCM: but then there will be conversions from your bank for example
FXCMâ¬15: if you send a wire from your personal gbp account to usd fxcm account
You: Ok. So in summary there is no chance you will review my fxcm mini?
FXCM: there is not
FXCM: it is up to the dealers
FXCM: it is just policy
FXCM: you can demo propfx if you like
FXCM: that would be a great option
FXCM: the link for the demo is on the site
You: So you would sooner lose a customer than review the account?
FXCM: this is the poilcy
FXCM: it is the same for all clients on this type of trading accross the world
You: So, no-one who has been on "manual" has ever gone back?
FXCM: that is not information that can be disclosed as it pertains to accounts other then yours
You: ok, thanks for your help
FXCM: sorry about the inconvienice
FXCM: thanks for chatting
FXCM: good luck