No, but you should immediately sign-on for the service ASAP. That way you can prove once and for all that you actually are crazy. Either that. Or stupid as can be. Later, Jimmy
Still, a conflict of interest exists. While they use multiple banks as liquidity providers as all ECN style brokers do such as Currenex. Hotspot FXi, IB, MB Trading , etc, (which Prop FX is nearly claiming to be like), they (Prop FX) charge no fees or commissions (which all ECNs do) but instead get rebated back from the banks feeding the platform based on the volume and currency pairs traded. Another curious thing is that FXCM is indifferent about whether a client choses to trade on their retail platform or on their Prop platform. Now why would that be? (The only difference is account opening sizes.)
I don't think Prop FX get's rebated by the banks, they just mark-up the spread so that they get 1 pip RT commission per trade
They actually do get rebated. And they'll tell you as much if you ask. But even if you didn't know for sure, if you look at their platform, it would not be possible to shade prices. It's similiar to Currenex's platform in some respects. The only reasonable conclusion since they don't charge a commission like every other Spot Forex ECN, and have a low minimum deal size of 50,000, is that they make money via rebates. AKA, kickbacks... to put a more villianous twist to the term rebate.
why not just avoid the company altogether and trade through one of the "ecns"? the avoidance of commish in forex trading really does a lot of damage in the long run. The commish is really low at most ecns, usually less than the extra spread, and more importantly, no requotes or unfilled orders.
Extra spread? As in price shading? I haven't seen their platform lately but if they aren't offering 1/2 pip quote increments, then there may yet be the possibility of price shading with PropFX division.
they are more expensive than the adm or odl's currenex , but they do go throughs the currenex and deep liquidity , they are at least better than the ibex or mig or acm by no requote and no scalping .
"Extra spread" refers to the 1-pip markup of the spread by FXCM's PropFX division, as pointed out above by NickBarings. It does not refer to price shading.