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Author Topic: FXCM - New MT4 Account with direct Integration to its ECN  (Read 70227 times)

Offline charleslimuk

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FXCM - New MT4 Account with direct Integration to its ECN
« on: December 01, 2011, 10:35:18 AM »
WHATS NEW in FXCM Regulated by the UK FSA?.
FXCM UK has updated the integration between the MetaTrader 4 platform and the FXCM  No Dealing Desk forex execution (ECN) that eliminates the need for the MetaTrader 4 order to pass through third-party software such as ATC. The MT4 orders are now sent directly  to FXCM.

   
Your new account opened with FXCM  delivers a faster, improved MetaTrader 4 trading experience. Additionally, youll have access to the following new features:
   No more Auto-Syncs
   Faster execution
   Close all or part of an open position       
   Control slippage with Max Deviation
   Add stop loss (SL) and take profit orders (TP) while placing a trade
   Over a dozen exotic currency pairs added
   
You may contact FXCM  by calling 0808 234 8789  or email info@fxcm.co.uk.

Worth a good look!

Offline BarrySDCA

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #1 on: December 02, 2011, 05:25:27 PM »
Isn't this the broker who was fined $2 million by the NFA for slippage malpractices?

http://www.nfa.futures.org/news/newsRel.asp?ArticleID=3851

For Immediate Release
August 12, 2011

For more information contact:
Larry Dyekman (312) 781-1372, ldyekman@nfa.futures.org
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org

NFA levies $2,000,000 monetary sanction against FXCM and orders refunds to customers


August 12, Chicago - National Futures Association (NFA) has issued a Decision imposing a $2,000,000 monetary sanction against Forex Capital Markets LLC (FXCM) in settlement of a Complaint issued by NFA's Business Conduct Committee on August 12, 2011. The Complaint cited FXCM for retaining gains derived from asymmetrical positive price slippage; failing to adopt or carry out adequate procedures to ensure the efficient execution of all customer orders; failing to treat all customers equally when giving price adjustments; failing to adequately investigate suspicious activity in several customers' accounts; and - together with its principal Dror Niv - failing to supervise. FXCM is a Futures Commission Merchant, Retail Foreign Exchange Dealer, and Forex Dealer Member located in New York, New York.

In addition to the $2,000,000 monetary sanction, FXCM must credit the accounts of its customers the amount of asymmetrical positive slippage which its customers experienced on their trades from and after June 18, 2008 and provide verification to NFA of these credits. In the future, FXCM is prohibited from engaging in price slippage or margin liquidation practices, as described in the Complaint. FXCM must also enhance existing procedures to ensure efficient execution of customer orders and compliance with NFA's anti-money laundering requirements.

The complete text of the Complaint and Decision can be found on NFA's website (www.nfa.futures.org).

NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.

BarrySDCA
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Offline Mr Hector

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #2 on: December 02, 2011, 06:32:57 PM »
Well remembered Barry!

Offline nc!

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #3 on: December 03, 2011, 12:27:45 AM »
IMHO Fxcm will spend now more time discovering new bugs in there favour. I have two demo running on FXCM and Atc AND FXCM clearly makes Eas entering a trade when it should not or enters a trade with 10 pips difference from Atc. Atc liquidity provider is FXCM but they have there own server!! This was observed today so new server was on. Never the less Atc charge commission $8 round while FXCM is included in the spread which really varies instantly. Though my ea is profitable in both with FXCM is more risky and more profitable, due to martingale scenario.

I can download pictures for proof if is needed.
NC
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Offline CanadianPsycho

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #4 on: December 05, 2011, 01:04:44 AM »
Well remembered Barry!

I used to be a cautious defender of FXCM when people slagged them on message boards because I had always had a good experience with them when I used them for my largest accounts.  I found their MT4 solution at the time to be lacking though so I moved on to GO Markets and then Pepperstone for my primary account and am now firmly convinced that I will never do business with FXCM.

I had always considered them to be an option if their MT4 solution improved and I had reason to move my money again but what really gets my blood boiling in respect to that NFA ruling (and has since had me convinced that FXCM are crooked bastards)  is that they only compensated American traders because the NFA is the American regulator.  All of their traders in all jurisdictions utilize the same infrastructure for trading and so obviously, if this affected American clients, it would have affected clients from all around the world.  That they compensated Americans only for slippage tells me that they did so ONLY because the regulator got them by the chestnuts and not because they care a lick about their clients.

FXCM absolutely disgusts me.

Offline Bigsteve

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #5 on: December 05, 2011, 01:14:52 AM »
Well remembered Barry!

I used to be a cautious defender of FXCM when people slagged them on message boards because I had always had a good experience with them when I used them for my largest accounts.  I found their MT4 solution at the time to be lacking though so I moved on to GO Markets and then Pepperstone for my primary account and am now firmly convinced that I will never do business with FXCM.

I had always considered them to be an option if their MT4 solution improved and I had reason to move my money again but what really gets my blood boiling in respect to that NFA ruling (and has since had me convinced that FXCM are crooked bastards)  is that they only compensated American traders because the NFA is the American regulator.  All of their traders in all jurisdictions utilize the same infrastructure for trading and so obviously, if this affected American clients, it would have affected clients from all around the world.  That they compensated Americans only for slippage tells me that they did so ONLY because the regulator got them by the chestnuts and not because they care a lick about their clients.

FXCM absolutely disgusts me.
Hi Canadian,
Correct me if I am wrong but to the best of my knowledge the NFA extends no such consumer protection to FXCM members who are not US citizens. Subsequently non-us traders have no consumer protection in Forex outside of their own national laws and only if they select brokers within their own countries will they have the benefit of regulations in forex. For instance if I am a US citizen and have a broker in the UK, then I AM NOT represented by the FSA because I am not a UK citizen. If the FSA settles a case against, say, Alpari UK, then I am holding my ass in my hand. I am a US citizen. If a German customer had an account at FXCM-US then unfortunatley he is out of luck and has NO representation by the NFA at all.

Offline fxcica

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #6 on: December 05, 2011, 03:37:48 AM »
WHATS NEW in FXCM Regulated by the UK FSA?.
FXCM UK has updated the integration between the MetaTrader 4 platform and the FXCM  No Dealing Desk forex execution (ECN) that eliminates the need for the MetaTrader 4 order to pass through third-party software such as ATC. The MT4 orders are now sent directly  to FXCM.

I was wondering if this is also available through FXCM US for US residents....so I went to the FXCM US MT4 page at http://www.fxcm.com/metatrader.jsp, looks like the new ECN MT4 is there as well.

I think United States residents have very limited choices when it comes to US MT4 brokers that support hedging, so I think I'll check this out, despite the recent NFA action involving FXCM. I currently use ATC MT4 (minimum lot size 0.1) and FXDD US (supports only 20 currency pairs, compared to FXCM MT4's 56 currency pairs).

Offline CanadianPsycho

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #7 on: December 05, 2011, 03:44:12 AM »
Bigsteve, you're missing the point.  You're absolutely correct that clients outside of the USA are not protected by the NFA and that's not what I'm saying is what disgusts me here.  Regardless of their residency, FXCM clients should expect that their broker be ethical and honest with them.

In this case, the NFA went to bat for Americans as would be expected.  What should have followed (and did) is that FXCM then compensate customers.  What irks me is that when FXCM compensated customers because of their unethical business practices, they did not then extend that compensatory action to clients not protected by the regulator they were dealing with.

Imagine the following scenario.  You walk into a corner store which is governed by a merchant and consumer's association and purchase a magazine for $10 and then, another customer purchases the same magazine for $10 as well.  Just after you and the other chap pay for your magazines, an agent of the merchant and consumer's association walks in and announces that in the interest of keeping their member businesses transparent, they will be auditing the pricing of their goods at random in a spot inspection.  It's found that you've been overcharged by the corner store for your magazine to the tune of $2.  The agent asks if you hold a membership card to the association and it turns out that you don't.  The other customer is a member however and is immediately compensated the extra $2 charge.  You approach the clerk and ask if you can also be compensated $2 because you were overcharged.  The clerk says that because you're not a member of the association, you aren't going to be compensated.

Be clear, this is not a case of getting a discount for services or something; it's simply recovering money after being overcharged.

That's what happened with FXCM.  The NFA essentially exposed unethical business practices and then when it came to compensatory action for being unethically ripped off, FXCM basically said "well are you an American?"

It's not about who is and who is not protected by the NFA.  That has nothing to do with it.  It's about whether or not FXCM has the best interests of their clients at heart and obviously they don't.  They're scum bags.

Offline fxcica

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #8 on: December 05, 2011, 03:54:31 AM »
It's not about who is and who is not protected by the NFA.  That has nothing to do with it.  It's about whether or not FXCM has the best interests of their clients at heart and obviously they don't.  They're scum bags.

Is there actually any retail FX broker who has the best interests of clients at heart? I just assume there isn't one, unfortunately.

Offline BarrySDCA

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #9 on: December 05, 2011, 04:02:37 AM »

...
I think United States residents have very limited choices when it comes to US MT4 brokers that support hedging, so I think I'll check this out, despite the recent NFA action involving FXCM. ...

IMHO:  That's very much like hiring the crook to manage your money after he gets out of jail
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Offline fxcica

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #10 on: December 05, 2011, 04:02:42 PM »

...
I think United States residents have very limited choices when it comes to US MT4 brokers that support hedging, so I think I'll check this out, despite the recent NFA action involving FXCM. ...

IMHO:  That's very much like hiring the crook to manage your money after he gets out of jail

It seems to me most FX brokers will do what they can to take clients money (for example, those MT4 brokers who employ Boston Technologies' Virtual Dealer Plugin to play games with client trades, and those brokers who somehow trigger stop-hunting or otherwise manipulate trades with slippage, delayed quotes, and so on). In other words, they're all "crooks".

As I indicated in my previous post, is there actually any retail FX broker who always put clients first? So I try to find brokers who'll play the least games with my money and will process withdrawal requests quickly.
« Last Edit: December 05, 2011, 04:06:25 PM by fxcica »

Offline Jason Rogers

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #11 on: December 08, 2011, 08:11:30 PM »
WHATS NEW in FXCM Regulated by the UK FSA?.
FXCM UK has updated the integration between the MetaTrader 4 platform and the FXCM  No Dealing Desk forex execution (ECN) that eliminates the need for the MetaTrader 4 order to pass through third-party software such as ATC. The MT4 orders are now sent directly  to FXCM.

   
Your new account opened with FXCM  delivers a faster, improved MetaTrader 4 trading experience. Additionally, youll have access to the following new features:
   No more Auto-Syncs
   Faster execution
   Close all or part of an open position       
   Control slippage with Max Deviation
   Add stop loss (SL) and take profit orders (TP) while placing a trade
   Over a dozen exotic currency pairs added
   
You may contact FXCM  by calling 0808 234 8789  or email info@fxcm.co.uk.

Worth a good look!

Hi charleslimuk,

We would appreciate any feedback and comments about the new MT4 setup.  Our goal in releasing this new MT4 without a 3rd party bridge is to have faster execution while making it an easier platform to use with our No Dealing Desk forex execution such as finding solution around auto-account syncs, partial closes, more exotic pairs, etc. 

Thanks and looking forward to hearing everyone's feedback.

Jason


Offline jshear

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #12 on: December 08, 2011, 09:52:30 PM »
Hi I opened up an account with new FXCM MT4 seems good but spreads are not good. I have a raw feed spread account using ATC brokers servers to FXCM that the speeds are great. I use it mainly for manual trading as they have a one click execution that is included with there MT4.


Jeff

Offline forexpro1218

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #13 on: December 09, 2011, 08:16:26 PM »
What i don't understand is that if it is MT4 and it is not a dealing desk some type of bridge has to be used to connect to the liquidity source? What bridge would r they using now?  Still Boston Tech?

Offline fxcica

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Re: FXCM - New MT4 Account with direct Integration to its ECN
« Reply #14 on: December 09, 2011, 08:50:36 PM »
What i don't understand is that if it is MT4 and it is not a dealing desk some type of bridge has to be used to connect to the liquidity source? What bridge would r they using now?  Still Boston Tech?

From http://www.fxcm.com/metatrader.jsp:

"FXCM has upgraded its MT4 platform to integrate seamlessly with our No Dealing Desk forex execution. This means no 3rd party bridges and no auto account syncs."

In other words, I think that means their new MT4 is directly integrated with FXCM's back office processing. Completely bypassing Boston Tech.

 

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