So the extent of their tricks is:
-logging traders out of the server
-marking up pips
Anything else that anyone had experienced ?
-logging traders out of the server
-marking up pips
Anything else that anyone had experienced ?
FXCM server is down again ! ! !
- Thread starter T-Bone Trader
- Start date
Jason Rogers
ET Sponsor
I wouldn't say marking up the price is a trick since it is disclosed. FXCM's active trader platform is always available if you prefer to pay a commission instead of a pip markup.
Non-executable lagging/freezing quotes
Trade reversals (not for NFA bucketshops any more!)
Mystery spikes
Crazy slippage
Crazy spreads across data
Jason Rogers
ET Sponsor
If you're concerned about trading against a broker or the broker not acting in your best interests, then don't trade with a market maker. Use a no dealing desk/striaght through processing platform. You have a choice.
If you want a completely transparent platform, then use FXCM's active trader platform. You see the level II type depth of market to know what's being offered, and you're paying a commission so you know exactly what FXCM is making. Every order is executed back to back with a global bank or financial institution. FXCM is not profiting from trader losses.
Can there be slippage? Of course there can since there is no dealing desk guaranteeing execution of a trade. You get exactly what is available in the market. Slippage is not being made to the benefit of FXCM. The same amount of commission is paid whether you are filled at the current price or filled at the next best price.
Feel free to register for a demo to see for yourself http://www.fxcm.com/active-trader.jsp
Jason
FXCM
Jason Rogers
ET Sponsor
I will be on the forums to answer FXCM related questions and address issues that may be affecting FXCM traders. No I don't expect to win everyone over. (It may take a couple of years to win you over Atticus
though) Besides, everyone knows Elite Trader has the toughest forex crowd around. Jason
Quote from Jason Rogers:
I will be on the forums to answer FXCM related questions and address issues that may be affecting FXCM traders. No I don't expect to win everyone over. (It may take a couple of years to win you over Atticus
Jason
Sorry, but I'm not in preschool.
I wouldn't trade with FXCM out of principle, I was around for the Refco fiasco and the August 2004 NFP!
You may have lots of shiny new bells and whistles but as far as I'm concerned it's like polishing a turd......no offence!
FXCM? No thank you.
Jason Rogers
ET Sponsor
If you don't like FXCM I can appreciate your honesty about explaining why.
What I can say is that in the past we weren't on the forums enough to listen to client concerns and address issues. FXCM did change our dealing model in late 2006 from dealing desk to no dealing desk, and it is better for our clients interests. I personally traded with FXCM from January 2004 through December 2004 as well before joining FXCM in 2005.
But to get back on topic, I look forward to addressing current and relevant topics about FXCM. And to those that trade with FXCM and have questions or need help, you can always private message me.
Jason
NDD started as a sales pitch after traders got fed up being screwed by bucketshop dealers and were heading for the exits to go and trade futures, it was the new kid on the block and everyone thought great, at last a more level playing field! The feeling of euphoria was short-lived, all NDD's had done was develop software to do the same job cheaper and more efficiently!
There are very few pure agents at this level. I don't know for sure but I imagine if I read through your terms of business I'll find that FXCM carry on proprietary trading on their own behalf and have a disclaimer somewhere stating clients may not receive the best price available and that FXCM, as counterparty, may get a better price. Like I say, I could be wrong as I haven't read your T&C,.
Listen I'm not here to try and give you a hard time but please don't piss in my ear and tell me it's raining!