I attached a Bloomberg chart and quote recap and I have slight difficulties to follow David's argument that my trade was executed flawlessly. The offer never came above 164.16, away from my 164.20 stop. Whoever saw the stop or fxcked around with this order, fact remains it should have never been executed. The first chart David provided has no title, nobody knows where it originated from.
Also, saying that my looking at 20 pricing contributors on Esignal and at Bloomberg AND at FXCM AND at FXCM's PROPFX is not sufficient is laughable. NOT A SINGLE ONE PROVIDER QUOTED AN OFFER ABOVE 164.16. NOT A SINGLE ONE!!!
I dont care whether FXCM sees my stops or the banks do or not. A normal fx pricing service such as my other broker provides (it routes to an ECN) records each single tick, no matter what the vol spikes are and who is providing such feed. If the price ever ticked to 164.20 then it should be visible. BUT ITS NOT, as I pointed out above. So, how come this price is not visible on ANY of FXCM's charts, PROPFX's charts, Bloombergs's EBS charts, not quote recap tables? Very interesting.
I understand that FXCM schmoozes around with some banks they hook up with and yank up the bid/ask spread by sometimes more than 100%. Fair enough, I tested the platform beforehand and looked at the bid/ask spreads. But what pisses me off is that PropFX advertises a non-dealing desk model which it is clearly not. FXCM and PROPFX are NOT segregated entities, brokers of either side can see/execute trades of the opposite account type even though FXCM does not want you to know that. Its great to say that FXCM just routes the orders and therefore assumes no responsibility for fxcked up orders, so whom am I now supposed to deal with? UBSFX, CITIFX or DBFX? What pisses me off is that FXCM's PROP charges such high bid/ask spreads (still high in comparison to ECN brokers) but then provides no service. At times of a dispute I am told that whatever the banks do lies not in the realm of FXCM. Then when I want to inquire about a trade dispute nobody I talk to at FXCM/PROPFX can help. Its funny that when as prospective customer I wanna ask questions about either platform through chat or phone there is always someone to help out, 24/7. But when I came with a dispute I was standing in the rain for half a day not knowing what is going on. Nobody at PROPFX was there, I was promised someone would come in 2 hours which never happened. I was promised by a sales guy to be called to discuss the dispute which never happened. So, who guarantees that with adding some staff now such thing wont happen again? Next Friday my stop is again incorrectly executed and FXCM claims they have nothing to do with it, even though not a single provider quoted at such level. Should I now feel better because there are 2 more guys sitting in the office?
My point is that I strongly encourage others to also learn from my lesson: Rather look for a broker who charges commission on each trade and routes the orders to a true ECN network. This removes all ambiguity and conflicts of interest.
I wont comment on this issue anymore after this because I provided clear evidence that my order should not have been executed (see attachments and points, made above). Refuting my offered evidence of 4-5 times more pricing providers than FXCM even deals with is ridiculous and a punch in the face. Then providing a crappy graph with no title and where nobody knows where it was from and which providers fed such chart is even more audacious. THanks for your apologies about crappy customer service. I actually beg to disagree. The guy, Michael, whom I talked to at FXCM was at least telling the truth and admitting that my trade was wrongly executed, even though he did not intend to tell me. I think the whole problem lies with either PropFX or their participating banks to fxuck with orders. Whoever it is its not worth my time to worry anymore. I even withdrew my given compensation by FXCM and already moved on.
Also, saying that my looking at 20 pricing contributors on Esignal and at Bloomberg AND at FXCM AND at FXCM's PROPFX is not sufficient is laughable. NOT A SINGLE ONE PROVIDER QUOTED AN OFFER ABOVE 164.16. NOT A SINGLE ONE!!!
I dont care whether FXCM sees my stops or the banks do or not. A normal fx pricing service such as my other broker provides (it routes to an ECN) records each single tick, no matter what the vol spikes are and who is providing such feed. If the price ever ticked to 164.20 then it should be visible. BUT ITS NOT, as I pointed out above. So, how come this price is not visible on ANY of FXCM's charts, PROPFX's charts, Bloombergs's EBS charts, not quote recap tables? Very interesting.
I understand that FXCM schmoozes around with some banks they hook up with and yank up the bid/ask spread by sometimes more than 100%. Fair enough, I tested the platform beforehand and looked at the bid/ask spreads. But what pisses me off is that PropFX advertises a non-dealing desk model which it is clearly not. FXCM and PROPFX are NOT segregated entities, brokers of either side can see/execute trades of the opposite account type even though FXCM does not want you to know that. Its great to say that FXCM just routes the orders and therefore assumes no responsibility for fxcked up orders, so whom am I now supposed to deal with? UBSFX, CITIFX or DBFX? What pisses me off is that FXCM's PROP charges such high bid/ask spreads (still high in comparison to ECN brokers) but then provides no service. At times of a dispute I am told that whatever the banks do lies not in the realm of FXCM. Then when I want to inquire about a trade dispute nobody I talk to at FXCM/PROPFX can help. Its funny that when as prospective customer I wanna ask questions about either platform through chat or phone there is always someone to help out, 24/7. But when I came with a dispute I was standing in the rain for half a day not knowing what is going on. Nobody at PROPFX was there, I was promised someone would come in 2 hours which never happened. I was promised by a sales guy to be called to discuss the dispute which never happened. So, who guarantees that with adding some staff now such thing wont happen again? Next Friday my stop is again incorrectly executed and FXCM claims they have nothing to do with it, even though not a single provider quoted at such level. Should I now feel better because there are 2 more guys sitting in the office?
My point is that I strongly encourage others to also learn from my lesson: Rather look for a broker who charges commission on each trade and routes the orders to a true ECN network. This removes all ambiguity and conflicts of interest.
I wont comment on this issue anymore after this because I provided clear evidence that my order should not have been executed (see attachments and points, made above). Refuting my offered evidence of 4-5 times more pricing providers than FXCM even deals with is ridiculous and a punch in the face. Then providing a crappy graph with no title and where nobody knows where it was from and which providers fed such chart is even more audacious. THanks for your apologies about crappy customer service. I actually beg to disagree. The guy, Michael, whom I talked to at FXCM was at least telling the truth and admitting that my trade was wrongly executed, even though he did not intend to tell me. I think the whole problem lies with either PropFX or their participating banks to fxuck with orders. Whoever it is its not worth my time to worry anymore. I even withdrew my given compensation by FXCM and already moved on.