True story of FXCM at best option
Page 1 of 842 12 LastLast
Results 1 to 10 of 15

Thread: True story of FXCM at best option

  1. #1
    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

  2. #2
    Not sure why your using these men. Their are tons of better platforms..efx
    etc... FXCM is a pure bucket store and till they clean up their act
    it is probably a lot of money will leave their premises.

  3. #3
    FXCM's at best is a SCAM.

    I am struggling to find some free time to buy a very nice domain name like fxcm-atworst dot com and then upload some extremely intriguing videos which can burn FXCM.

    This is what the videos will reveal....

    The previous few months I did an experiment with FXCM's at greatest attribute. I was opening my posstion two minutes before the big reports NFP, CPIs etc.. The times that I got lucky and the spike had been on my side I had been trying to close the commerce using AT BEST and guess what happened.... This scam company was holding my orders pending and they were closing my position near the top of the retracement with the minimal profit for me. Isn't unbelievable??? I have many many case like this, not on exactly the exact same account, not on the exact same server.

    I have very few accounts with them, minis, EUR, GBP, std just in order to get provisioned on the couple servers that they have in their Fiorano powered net farm (hey FXCM rep what is that RAPID server that you have? You know what I mean right? Can I get provisioned on this?)

    Really what these folks do about the news is just an internal order matching, nothing more. They deliver to the clients quotes which suppose to come in DB, LBFX and UBS however none of them are really tradable in the quoted prices. They even suppose to implement FIX commands in their Order2Go API however they only mimic the differed Opentrade(). I am able to continue for days telling you about these...

    Anyways, I wasted too much precious time with them. I am moving ahead.

    PS1. The purpose here is that although FXCM includes a super great trading channel for the novice Currency Market user they need to not mislead the traders by advertisements the AT BEST attribute and give guarantees that never come true.

    PS2. Perhaps you have noticed that since the news-auto-clicker become very popular the Currency Market brokers started integrating one-click execution features on these platforms?

  4. #4
    Quote Originally Posted by ;
    Have you noticed that because the news-auto-clicker become quite popular the forex brokers began incorporating one-click execution features in their platforms?
    Would that not work together with the autoclicker? I thought you click execution would work?

  5. #5
    Quote Originally Posted by ;
    .. .They send to the clients quotes that suppose to come in DB, LBFX and UBS but none of them are really tradable at the quoted prices....
    Who is LBFX?

  6. #6
    Yes exactly, I have the belief that the brokers attempt to make their client channels autoclicker capable.

    Perhaps you have noticed how terrific these channels function with autocklickers? You have 100 percent fill, even on NFP.... On demo accounts however However, the new demonion user ate the bait and he's willing to open up a new account (= deposit money on brokers account, increase the user base of the broker).

    Quote Originally Posted by ;
    Can that not work together with the autoclicker? I thought one click implementation would work?

  7. #7
    If I am not wrong it's the Lehman Brother FX Indeces.

    I discovered this acronym in their offers table with the API.

    Quote Originally Posted by ;
    Who's LBFX?

  8. #8
    Like spinning your wheels in the sand. Even should you get filled there is a great chance they can come at you a few weeks/months later and your trades. At the end of the day brokers aren't likely to allow you to exchange the scalp or spike.

  9. #9
    Dear forexforum.co.za posters,

    I came across your thread about the At Best Attributes regarding the FXCM Trading Station II. The At Best feature was made to fill traders at the best available price on the market at that time. Unfortunately due to a technical issue during the Canadian Unemployment launch a week, some liquidity suppliers were reluctant to honor prices that they had been quoting during this time. Subsequently, a very small fraction of customers experienced a problem where their orders were not satisfied as they should have been.


    As a No Dealing Desk provider, currency rates and implementation of orders are supplied by the banks that we have relationships with, unlike conventional market manufacturers who are the counterparty to their customers' positions. We are the agent on your Currency Market transaction and it is in our best interests to get your orders filled as we collect our commission in the bid/ask spread. Although these types of situations are infrequent, there are instances when banks do not have a market to cancel positions. If a counterparty cannot cancel a transaction at a particular price, then the order won't be executed or it will be executed at a price which can be offset.

    While this issue was ill-timed for several traders, I want to stress that a very small fraction of all FXCM's over 90,000 accounts were changed. We're actively looking at an answer to this dilemma to alter the percentage changed from little to zero. Some of the solutions include the capability to interchange rate suppliers immediately, the capability to receive immediate confirmations regarding successful or unsuccessful order implementation, as well as the capability to queue different orders by kind.

    I also need to reiterate that FXCM is a Non Dealing Desk firm and we're compensated solely via the bid/ask spread. If customers are unable to trade, FXCM doesn't profit. It's mutually beneficial for customers to be able to trade and be executed at their will.

    If you have any queries feel free to contact us anytime. We are delighted to answer any questions that you might have.



    FXCM Management

  10. #10
    Interesting that using FXCM's larger client base (and consequently, liquidity), it performs poorer than MBT. At MBT I had been full of market order.

    Was these a liquidity issue wherein your banks refuse to honor quotes? I heard that story repeatedly from bucketstop brokers.

    Come on, a smaller broker for example MBT has bandwidth; why a larger one dont? Certainly you have lots of customers registered to BUY USDCAD even during volatility and certainly the sellers should have captured these orders. BUT NO. . The orders were delayed for several minutes.

    This seems like a change game: Wait for the price to undo and fulfill the hapless traders at the bottom price. But after a few minutes, seeing there was NO REVERSAL, the only best thing to do was NO FILL.

    So what happend to the liquidity? I believe either FXCM took the liquidity away for themselves to the very last dime or they have their preferred clients clean this up.

    Sorry FXCM; this AT BEST has never functioned as advertised - I kept getting requotes ever since.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners.