Friends, don't get duped by FXCM's advertisement about ensured fill on all market conditions. Following is the transcript of my chat with one representative:
FXCM)8: Welcome to FXCM's Live Chat Feature. So we might better serve you, don't hesitate to provide me with your name and email address. How may I help you?
You: What happened to Market order using'at best' option?
You: I put an at best order to sell EUR/CAD following Canadian employment news and following 6 minutes I got a message your order can not be filled
FXCM)8: the best choice is available
FXCM)8: and you used'at best'?
You: Again following NFP I put buy USD/JPY at best order and I am yet to receive any message
you: On both occassion I used'at best' option.
You: This is in fact a terrible advertisement for'at best' alternative
FXCM)8: NFP was 24 minutes ago
FXCM)8: and you are still awaiting execution?
FXCM)8: really this is the first I am hearing
FXCM)8: that
FXCM)8: that an order would delay so long
FXCM)8: the only time you would get the above message with at best
FXCM)8: is if there are no quotes
you: No I am not waiting, however I didn't even receive any message
FXCM)8: out of any banks on a pair
FXCM)8: that could happen for a split second with crosses
FXCM)8: around something like nfp yes
FXCM)8: however if you see active prices
FXCM)8: best will fulfill a trade3
you: Its quite difficult to see in a split second if there is any feed or not
FXCM)8: well, there were 4 I saw that were gray immediately
FXCM)8: following the news
you: And what about the best order to sell EUR/CAD after Canadian employment news
FXCM)8: that would be a perfect example, trading a cross, in which the USD pair gapped 100 pips, the cross was not quoted initially.
FXCM)8: it is very important to find that lots of the largest forex trader members are quoting any pairs
FXCM)8: even now
FXCM)8: our prices come from banks
FXCM)8: you can and do possess gray outs
FXCM)8: however frequently for moments
FXCM)8: instead of an hour or more
FXCM)8: that is actually the advertisement, this is why traders choose FXCM because of their news speculation
you: However you shouldn't ever mention again that'at best' option will certainly be executed even in volatile markets. You have to write down that there is no Guarantee to fulfill your market order using best choice during extremely volatile markets.
FXCM)8: I can fully understand your fruion, and it is something that needs to be looked into. We're subject to the banks, and the liquidity they provide. It's highly aggressive in relation to other brokers, but you are right in that
FXCM)8: there ought to be no guarantee because unless a broker is taking the other side of this trade
FXCM)8: there is no way to ensure a fill
you: And also you need to write down that'at best' choice does not work for crosses.
FXCM)8: again, I completely understand your fruion, but this is really not true
you: Then why do you advertise'at best' option is ensured fill
FXCM)8: if it greyed, and I saw that it did
FXCM)8: then it won't fill
FXCM)8: But if the price is available
FXCM)8: you will get filled
you: I am not frued. But I am pointing into your hollow promise in advertisement
FXCM)8: if you want, considering you are the only customer who has made these assertions to me
FXCM)8: we can look into other factors
FXCM)8: such as connection
FXCM)8: it is possible to paste a ping of your ip to us here
FXCM)8: and that I can examine it with you
FXCM)8: additionally
FXCM)8: I want to pull a report
FXCM)8: what is your account number?
You: Through NFP I didn't receive any message, therefore that I might have some issue regarding connection. But during Canadian employment news I received a message from you and therefore there's absolutely no question about connection.
You: If you pull my report are you really going to fulfill my'at best' order?
FXCM)8: ok, well without any details on your account, with no report and with no trace path I am not sure there is anything else I can assist you with here
FXCM)8: I know you are frued, and I've tried to explain and certainly will look into it further
FXCM)8: however now, without any more information I am not sure what else I can assist with here
you: I do not need any help from you unless you promise that my'at best'order will be filled. Only thing I need is that henceforth whenever you advertise for'at best' choice you need to say there is no guarantee for it to be filled.
FXCM)8: if you are clicking on a price that's not greyed out, then it will fill
FXCM)8: is there anything else I can assist you with now?
You: So you don't make a fool from your clients
FXCM)8: known. Without the report I cannot even affirm that what you are claiming actually occured
you: Have fun. Have a good week end.
FXCM)8: however I can tell you that anytime that the price is available you can be filled with the at best choice
FXCM)8: Edue you and take care