FXCM server is down again ! ! !

[Pippi436]

Quote from cabletrader:

What? Do you think every marketmaker is a bucketshop? Do you understand the difference between a marketmaker and a broker or agent?

Well, i was just adopting ET wording. You said your self that you trade at bucketshops (oanda, cmc). I personally dont like the term at all, imo it is just used as a derogatory word for a marketmaker, which internalizes part of his client order flow (which is just the nature of a mm).

What i was pointing out, all your arguments can also be used against platforms like ebs, that clearly operate on a agency only basis. Alright?

 

[aiyah_mark_lah]

Quote from Jason Rogers:

Happy to address this as well. I checked on this with our technical support team and some clients were unable to login from about 4:30-5:30am EDT on the 21st.

If there ever is a technical problem, what you should do is contact the trading desk asap to manage positions by phone, and if you want to dispute a trade, we can open a trade audit through client services.

We also update the website www.fxstatus.com in real time whenever there is a technical issue. I would recommend visiting that site first to see if we're experiencing any technical issues. And then contact client services.

Hi Jason, thanks for your reply. As long as alternative avenues of managing a position is available, I think it is still fine.

The other thing is, and I believe this question has been asked before here, is that why micro account spreads are better than standard account ? It really do not make sense given that larger lot trades should be given a better deal. With one of my brokers, the larger the size I trade the cheaper my commisions gets. At another supposedly bucket shop type of broker, the same size trades allowed me access to better spreads. (their advertised E/U 3 pips spreads were lowered to 1.5 for me.)

Besides, the level 2 rates are really a joke, that was fxcm pro days though.

Regards

 

[aiyah_mark_lah]

hmmm actually, looking at cabletrader's arguement, I think the main issue is the way a broker is being presented or mis-presented to a customer as there are too many grey areas. The retail public at large is generally under informed, and is trading under faulty pre-concieved ideas of the kind of market they are trading, usually with the help of clever marketing from brokers in general.

Look at the whole NFA intervention thing, nothing much has changed (except the way overdue FIFO policy). Only thing they did was drive away competition. Of course baring the fact that they also uncovered a number of "dead" firms, even that, NFA has used some really donkey counter measure, but we are not here to argue about that so.....

 

[cabletrader]

Quote from Pippi436:


What i was pointing out, all your arguments can also be used against platforms like ebs, that clearly operate on a agency only basis. Alright?

FXCM don't operate on an agency only business. Alright?

 

[cabletrader]

Quote from aiyah_mark_lah:

hmmm actually, looking at cabletrader's arguement, I think the main issue is the way a broker is being presented or mis-presented to a customer as there are too many grey areas.

Exactly, and that grey area (mis)representation is what understandably causes suspicion.

If you tell clients their trades are being "executed back to back with a global bank or financial institution" it would be reasonable to assume that the company isn't a marketmaker taking the other side of your trades, irrespective of the reasons they give for having to when it turns out they are in fact counterparty.

As far as I can see it's all a bit of fancy footwork and marketing to try and gain back some of the credibility which the business undoubtedly lost.

If you mention retail forex to the average trader he'll laugh at the idea of trading off exchange where your counterparty decides the quotes he's going to stream to you! The idea sounds preposterous!

As for NFA, I think they've done traders a great service with their price adjustments rule 2-43(a). Shops like FXCM and Refco were able to reverse trades hours later without giving any reason, and believe me they took full advantage. Fortunately they're limited now thanks to the new rule, which could explain the scaremongering they were doing regarding stops and limits and offering to move clinets to their FSA regulated operation. Once again NFA had to intervene and warn them to stop spreading misinformation....

 

[Jason Rogers]

Quote from aiyah_mark_lah:

Hi Jason, thanks for your reply. As long as alternative avenues of managing a position is available, I think it is still fine.

The other thing is, and I believe this question has been asked before here, is that why micro account spreads are better than standard account ?
Regards

The micro spread is lower because our expenses on micro are tightly controlled.

First, there's no phone or chat support. All of the support is online through the interactive support forum and by email. Second, there are no customization options for accounts. All accounts are individual accounts. All accounts are funded by credit card or debit card. All accounts are self-traded, no referring brokers. This helps us keep everything as automated as possible, and thereby keep costs lower in return. It's a good option if you want to start with a very small balance to test and can manage with the self-help options.

The standard 10k account spread is about a pip wider on average because you're paying for full support and more account options.

Quote from aiyah_mark_lah:
It really do not make sense given that larger lot trades should be given a better deal. With one of my brokers, the larger the size I trade the cheaper my commisions gets. At another supposedly bucket shop type of broker, the same size trades allowed me access to better spreads. (their advertised E/U 3 pips spreads were lowered to 1.5 for me.)

Besides, the level 2 rates are really a joke, that was fxcm pro days though.
[/B]

This is our goal with the active trader platform. The commission we charge is based on the amount of volume you are doing each month. The more volume you trade, the lower the commission we can offer, and scalpers are certainly welcome.

Active trader spreads are very competitive right now on eur/usd, usd/jpy, usd/chf and aud/usd. GBP spreads are not as sticky as we would like, but we are working on customized deals with the banks. What you can do is try the active trader demo to see the spreads, and give me feedback on what you think about the platform.

-Jason

 

[aiyah_mark_lah]

Quote from cabletrader:

Exactly, and that grey area (mis)representation is what understandably causes suspicion.

If you tell someone their trades are being "executed back to back with a global bank or financial institution" it would be reasonable to assume that the company isn't a marketmaker taking the other side of your trades!

As far as I can see it's all a bit of fancy footwork and marketing to try and gain back some of the credibility which the business undoubtedly lost.

If you mention retail forex to the average trader he'll laugh at the idea of trading off exchange where your counterparty decides the quotes he's going to stream to you!

As for NFA, I think they've done traders a great service with their price adjustments rule 2-43(a). Shops like FXCM and Refco were able to reverse trades hours later without giving any reason. Fortunately they're limited now thanks to the new rule.

yeah...same shit in new packaging. But I am really impressed with the marketing though.

oh yes the price adjustment rule, overall I am for the NFA new rulings too, maybe I just don't like how they are disrupting my "business" (oanda ?), but well these are good changes none the less.

 

[aiyah_mark_lah]

Hey cabletrader, you should post that in FF too !!

 

[aiyah_mark_lah]

Quote from Jason Rogers:

The micro spread is lower because our expenses on micro are tightly controlled.

First, there's no phone or chat support. All of the support is online through the interactive support forum and by email. Second, there are no customization options for accounts. All accounts are individual accounts. All accounts are funded by credit card or debit card. All accounts are self-traded, no referring brokers. This helps us keep everything as automated as possible, and thereby keep costs lower in return. It's a good option if you want to start with a very small balance to test and can manage with the self-help options.

The standard 10k account spread is about a pip wider on average because you're paying for full support and more account options.



This is our goal with the active trader platform. The commission we charge is based on the amount of volume you are doing each month. The more volume you trade, the lower the commission we can offer, and scalpers are certainly welcome.

Active trader spreads are very competitive right now on eur/usd, usd/jpy, usd/chf and aud/usd. GBP spreads are not as sticky as we would like, but we are working on customized deals with the banks. What you can do is try the active trader demo to see the spreads, and give me feedback on what you think about the platform.

-Jason

Honestly, then the "charges" for the full support and additional options are exorbitant.

So its called Active trader now ? ok I will take a look when circumstances permits.

Thanks much for your time Jason.

 

[cabletrader]

Quote from aiyah_mark_lah:

why micro account spreads are better than standard account ?

Because narrow spreads are a marketing tool for a bucketshop, they hedge their exposure on aggregate and manipulate quotes according to their book, the spreads they show you are pretty meaningless in relation to the underlying market. You lose, they win, and visa versa, the money they make off spreads is a drop in the ocean when you consider >95% lose their stake.