I know that's problem. This broker is actually the largest broker in the forex industry. What it does is widely accepted in all countries that it operates in under all regulations as long as they disclose it and they do disclose it in their legal disclosure document, the stop-hunting and the delay quoting part. So it's like the casino letting you know that the game is rigged in favour of the dealer. But if you go with a scheme and win against of the casino, they don't let you keep your winnings. This is basically what happens with all of those market maker aka casino brokers in the forex industry. So instead of taking you to a room with no cameras and rough you up with all those creative tortures, they just forfeit your winnings.
On every single REGULATED broker's website, there would be a section called "Legal Documents" or "Legal Disclosures" and then there would be a document (usually in PDF) that is usually titled "Disclosure" or etc. and if you read it, it would tell you that they are market makers and that they are the counterparty to all your trades and they profit at your expense. FXCM is no exception. This is a requirement by all of the regulatory bodies that have better regulations like CFTC/NFA in the USA, IIROC in Canada, ASIC in Australia and the best one, FCA in the UK.
Thank you so much. Do you know if FXCM still has separate quoting for retail vs pros? Does the retail portion have "LAST LOOK" vs the pros?
Well they claim they don't but different types of accounts do get their quotes differently because the different accounts are compensated and structured differently. And they claim they don't do "last look".