Two questions:
1) Will FXCM still allow transfers to FXCM UK?
2) If so, will leverage still be the same, or will FXCM UK also lower the leverage to 100:1 per NFA new margin regs?
FXCM Sponsors the CNBC Australia Currency Challenge
- Thread starter Jason Rogers
- Start date
Two questions:
1) Will FXCM still allow transfers to FXCM UK?
2) If so, will leverage still be the same, or will FXCM UK also lower the leverage to 100:1 per NFA new margin regs?
Jason Rogers
ET Sponsor
1. Yes, we still allow transfers to FXCM UK. The links are not on the website but you can find them here
standard 10k account: http://www.fxcm.com/std10k-transfer-form.jsp
micro account: http://www.forexmicrolot.com/micro-hedging-transfer-form.jsp
The forms indicate a minimum amount for it to be transferred, but that can be disregarded. We will now transfer an account with any amount.
2. FXCM UK will not be capping leverage at 100:1. The rule only affects FXCM LLC (US) accounts. We will be sending out details to US accounts in the next couple of weeks on the new margin rules going into effect on Nov. 30.
Jason
At least they are not doing a "1 day" contest like another sponsor here. But NONE of these contest holders have any clue about how to run a contest.
They award prizes to the highly overleveraged newbie who accidentally guessed the right number of beans in the jar. All the others who crash the paper trading account (most "contests") have nothing to lose by all or nothing betting.
Sharpe/Sortino? Profit Factor? Drawdown Analysis? All the contest holders usually focus on, is who had the highest $$$ growth, completely ignoring "Risk-Adjusted Growth" which is many times more important.
Sort of like a beauty contest for dead warthogs...
Thanks Jason ... looks like the NFA has let you folks off the hook. While I believe FXCM wanted to drive customers from US to UK, the NFA has now made it more attractive for customers to do so, if for no other reason than that the NFA has gone from protecting the public from the industry, and now has adopted protecting the public from itself as a policy goal.
I would say they're protecting inexperienced people (can't really call them 'traders'!) from being taken advantage of by less than scrupulous bucketshops. Price adjustments and 'hedging' are perfect examples.
It's interesting to note that Oanda, one of the fastest growing shops in the business, has had pending OCO orders, no 'hedging', and a limit of 50:1 leverage for as long as I can remember! There's been no need for them to avoid NFA regs by skulking off to the UK, it's just business as usual for them and their clients.
That Yen-pair spike and the manner in which it was handled really turned me off on Oanda, Cable.
FXCM isn't perfect, but until Oanda gets its act together with their data, I'm not to keen to trade with them.
Yep fair point, I can't argue with that, the way Oanda handled it was total incompetence, and how their software couldn't filter such an obviously erroneous series of quotes is a real mystery.
With FXCM I just find it amazing a company of that size can't (or won't) add a few lines of code to allow for flexible orders, that's what makes me suspicious of their motives.
I have a question for Jason if he knows the answer.....are non-UK-resident clients of FXCM UK offered the same protection of funds by the FSA and FSCS as UK residents?
Jason Rogers
ET Sponsor
Hi cabletrader,
Yes, regulations give non-UK residents the same benefits UK residents receive as far as protection of funds.
Jason
Ok, thanks.