NexusFi: Find Your Edge


Home Menu

 





FXCM review


Discussion in Brokers

Updated
      Top Posters
    1. looks_one Jason Rogers with 54 posts (53 thanks)
    2. looks_two Big Mike with 21 posts (19 thanks)
    3. looks_3 sledmt with 15 posts (8 thanks)
    4. looks_4 Itchymoku with 10 posts (1 thanks)
      Best Posters
    1. looks_one IzhakHaim with 1.1 thanks per post
    2. looks_two Jason Rogers with 1 thanks per post
    3. looks_3 Blash with 1 thanks per post
    4. looks_4 Big Mike with 0.9 thanks per post
    1. trending_up 72,610 views
    2. thumb_up 181 thanks given
    3. group 46 followers
    1. forum 187 posts
    2. attach_file 3 attachments




 
Search this Thread

FXCM review

  #21 (permalink)
 
andby's Avatar
 andby 
Norwich, UK
 
Experience: Intermediate
Platform: Multiple:research&executi
Broker: Started with Stage5/OEC ... multiple
Trading: Anything found profitable goes ...
Posts: 167 since Jul 2012
Thanks Given: 88
Thanks Received: 88


Big Mike View Post
Please share your thoughts (good or bad) about FXCM if you are or have been a customer of FXCM directly.

Forex Trading | Currency Trading | Forex Broker | Forex | FXCM

Thx,
Mike

They seem to have good integration with Ninja, and provide 30 days demo accounts.
Not too sure about hidden fees.
Through their chat, I learned there is a $50 account "dormant" fee per year. Which turns out to be $74 in the UK (as they charge Ł50 per year in UK). They may have it, but I did not find this on the website.

Mike, as this thread was opened some time ago, did you open an account with them and what is your feedback about FXCM and FXCM compared to MBTrading?

Thx

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Are there any eval firms that allow you to sink to your …
Traders Hideout
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
Better Renko Gaps
The Elite Circle
Exit Strategy
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
61 thanks
Funded Trader platforms
39 thanks
NexusFi site changelog and issues/problem reporting
26 thanks
Battlestations: Show us your trading desks!
26 thanks
The Program
18 thanks
  #22 (permalink)
 FB2012 
Munich Germany
 
Experience: Beginner
Platform: MultiCharts .NET,MultiCharts,Amibroker
Broker: Interactive Brokers IQFeed
Trading: Stocks,Index CFDs
Posts: 149 since Aug 2012
Thanks Given: 81
Thanks Received: 84

I used FXCM only for trading index cfds and beside other people claiming about stop running I never experienced that.
Therefore I will again trade index cfds with FXCM.

The other big advantage I see on side of FXCM is the various platforms and API they are offering for free.
The newest API enables the programmer to write even strategies in c++ for a linux machine.
That is great because a linux machine hosted on amazon cloud service is maybe saver and needs less
resources than a windows machine. Therefore the execution should be more reliable.

I have not tested that yet.

What I do not like about FXCM is the marketing practice of using so called traders with high reputation.
In my opinion that lowers the value of FXCM, e.g in Germany they are using Stefan Riße as promoter.
He before promoted for CMC Markets and I really did not liked them.
The others are Birger Schäfermeier and Michael Voigt, all German Traders in Germany they may have a high reputation. I just do not aggree with their marketing it is too much in my opinion I do not think that they are really profitable. On seminar e.g. Michael Voigt answered a question if he is still day trading, the following way.
No he was daytrading but he is now more in the controling of longterm investment. And he is telling me how to daytrade.

Therfore I think FXCM could do a better job in marketing in Germany, that does not mean to have
high rollers as promoters. But maybe just show that they are a serious broker.
Because in my opinion this high marketing just makes them equal with the other cfd brokers and as
said before I trust FXCM in trading cfds, therefore they are just great as they are right now. Maybe they could spent the money put in marketing in getting a similar connection to multicharts than they have with ninjatrader.
To get FXCM data displayed I have to pay multicharts or do some trading on my account.

But regarding the platform Trading Station 2 it is a great order platform I like the inteface very much.
The same is true with the other two strategy trader and MT4 great variety of platforms.

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #23 (permalink)
 
Jason Rogers's Avatar
 Jason Rogers 
New York
 
Experience: Intermediate
Platform: Strategy Trader
Posts: 166 since Aug 2010
Thanks Given: 122
Thanks Received: 153



andby View Post
Through their chat, I learned there is a $50 account "dormant" fee per year. Which turns out to be $74 in the UK (as they charge Ł50 per year in UK).

Just to clarify for everyone regarding dormancy fees, FXCM only charges these if an account has been inactive for an entire calendar year. Even after a full year of inactivity has passed, clients are sent an email notice a few weeks before the dormancy fee is to be charged. That way clients have the opportunity to avoid the dormancy fee by placing a trade or closing the account before the date specified in the email.

If you have questions about our services at FXCM please send me a Private Message.
Follow me on Twitter Reply With Quote
Thanked by:
  #24 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


Jason Rogers View Post

...Thanks for taking the time to read this, and please feel free to ask any questions if anything is unclear.

-Jason

I just applied for a minimum account tonight, ready to expand into new markets and excited about a "real" 24 hour market.

I have looked at Alpari as well, and chatting with them through email. I may open more than one account as I test the waters of currency trading. I was initially drawn to Pepperstone, but cannot open a margin account as a US citizen/resident (I forget which, but it is forbidden ).

I actually chose FXCM as the path of least resistance, finding it to be the recommended direction as a user of Sierra Chart, and not wanting to learn / not really liking the demo of MT4.

Can you tell me in the short version why I want to be with FXCM vs other options? Thanks Jason.

Reply With Quote
  #25 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,534

@GaryD, also you might ask here:



Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #26 (permalink)
 
FXCM Suhail's Avatar
 FXCM Suhail 
Dallas, Texas, USA
 
Experience: Advanced
Platform: Trading Station
Trading: Forex
Posts: 13 since Mar 2013
Thanks Given: 3
Thanks Received: 18


GaryD View Post
Can you tell me in the short version why I want to be with FXCM vs other options?

Hi Gary,

I saw you posted this question in the FXCM AMA thread as well, so I posted a response for you there. Welcome aboard!

Suhail

If you have any questions about the products or services provided by FXCM, please send me a Private Message or use the BMT " Ask Me Anything" thread
Reply With Quote
  #27 (permalink)
 
quantismo's Avatar
 quantismo 
Waco TX.
 
Experience: Advanced
Platform: retired ...maybe
Trading: anything with the slightest edge..
Posts: 242 since Jul 2011
Thanks Given: 335
Thanks Received: 176

I was wondering if anyone here uses FXCM with the Ninjatrader platform and if so is it working good for them? I had a account with FXCM about six months ago and tried using the Ninjatrader platform which back then took about 20 minutes or longer for charts to load up and I could only load data for 2 currency pairs out of their 56.

Since then I have seen a webinar here from by if I am not mistaken a FXCM rep and he was loading charts in seconds flat and showing alot more then the only two pairs I could get to work.

If someone besides a FXCM rep is using Ninjatrader with there api and it works good for them please let me know. I am considering opening a account again maybe to do some hedging.

Thanks Quantismo

Reply With Quote
Thanked by:
  #28 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,534


quantismo View Post
I was wondering if anyone here uses FXCM with the Ninjatrader platform and if so is it working good for them? I had a account with FXCM about six months ago and tried using the Ninjatrader platform which back then took about 20 minutes or longer for charts to load up and I could only load data for 2 currency pairs out of their 56.

Since then I have seen a webinar here from by if I am not mistaken a FXCM rep and he was loading charts in seconds flat and showing alot more then the only two pairs I could get to work.

If someone besides a FXCM rep is using Ninjatrader with there api and it works good for them please let me know. I am considering opening a account again maybe to do some hedging.

Thanks Quantismo

Per a recent post on the FXCM AMA thread, that is solved now that NT is serving the historical data directly.

Sent from my LG Optimus G Pro

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #29 (permalink)
 
FXCM Brad's Avatar
 FXCM Brad 
New York, NY
 
Experience: Advanced
Platform: Trade Station, MT4
Trading: FX, CFD's
Posts: 56 since Mar 2013
Thanks Given: 75
Thanks Received: 46


quantismo View Post
I was wondering if anyone here uses FXCM with the Ninjatrader platform and if so is it working good for them? I had a account with FXCM about six months ago and tried using the Ninjatrader platform which back then took about 20 minutes or longer for charts to load up and I could only load data for 2 currency pairs out of their 56.

Since then I have seen a webinar here from by if I am not mistaken a FXCM rep and he was loading charts in seconds flat and showing alot more then the only two pairs I could get to work.

If someone besides a FXCM rep is using Ninjatrader with there api and it works good for them please let me know. I am considering opening a account again maybe to do some hedging.

Thanks Quantismo

Hi quantismo, thanks for the post!

We’ve been addressing issues with data load times and believe that we have solved the problem. In your case, I would suggest installing/updating to the latest build of NT, and (more importantly) when you do that, be sure to select NinjaTrader servers as the source of historical data. This is likely the fastest way for NT to download data and should fix any issues you have experienced in the past.

Thanks again for the post! If there are additional questions, please let us know.

Brad

If you have any questions about the products or services provided by FXCM, please send me a Private Message or use the BMT " Ask Me Anything" thread
Reply With Quote
  #30 (permalink)
 Pocketful 
Vancouver, BC, Canada
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ironbeam
Trading: MES YM
Posts: 26 since Jan 2013
Thanks Given: 32
Thanks Received: 32


As a newer trader, my number one choice is to trade YM in Ninja Trader-awaiting NT8.

Well, FXCM was option B for me going live to trade YM, in this case US30 CFD, as my choice of futures brokers were very limiting to residents of BC, Canada.

These are a few items I'm working out while I just funded a live account this week.

After a few live chats and emails to FXCM, and one to Ninja support, the final configuration to get CFDs data, any data, to feed into NT and Sierra Charts, is that the account must be Non-Hedging. Although chat was quite quick, I think we both were likely not asking complete questions for resolution in one chat session. The US non-hedging account works right away with NT and SC-but does not offer CFDs. Canadian customers wanting CFDs, must direct FXCM to have hedging disable in their accounts. This was only learned through forums such as futures.io (formerly BMT).

I am feeding a free licensed NT with demo CQG data to read the BidAsk for YM on the GOM Vol Ladder rather than UpDown Tick from FXCM for US30. Although the market prices don't match, the price action is close.

The FXCM FIX connection to Sierra Charts works. FXCM API support provided configuration in few hours. I only have one month experience with SC and I am liking the chart trading.

If I decide to go 100% with NT, I would need a muti-license. A basic licence for SC is $20/mo. This is much lower cost to wean off sim trading and to trade live.

In market entries, the full spread goes to the broker first in NT. In SC, half spread on entry, second half on trade exit. I will review more closely, but what I mean by example, the US30 has 4 tick spread. In NT, you're down 4 ticks on trade entry. In SC, you're only down 2 on entry, and then lose 2 on exit. Each US30 tick is worth $1 vs YM's $5.

Until I'm an accredited investor ...

Reply With Quote
Thanked by:




Last Updated on February 7, 2017


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts