Yep out of all of them fxcm is still the best despite this. Never done anything wrong to me, so until that changes I'll carry on regardless. Pulling / pushed out of the US defo not a bad thing these days
i been with them for 7yrs Never had a problem . I get my money in 2 days never get slippage ( i dont trade on announcement ) i have no complaints with them . I guess the govt doesnt trust people to make there own decisions . ISnt that what all you republicans bitch about all day is govt telling you what you can and cant do ! i never had a problem with them . Hope i can get my money from them now.
would you mind sharing what spreads you see (on average) in USDJPY, EURUSD, GBPUSD, GBPNZD, and EURAUD? Thanks.
Sorry shouldn't have mentioned guns as that gets people going. My central point is why should american residents be denied the responsibility of choosing their trading provider? FXCM may well be a bunch of muppets, there are probably far far better choices out there so why aren't american residents using them? That's right the're prevented by rules to 'protect' them, ie protect the profits of the futures industry. This article mentions it: http://financefeeds.com/fxcm-leave-keys-table-op-ed/ 'A senior industry figure in North America this morning explained to FinanceFeeds “In the end it is just the CFTC & NFA witch hunt against the industry in my view. GAIN & Oanda are last standing but the CME will win in the end and those guys will have to be an exchange soon or send the business to the CME. Never underestimate the power of the Chicago derivatives industry!”' I agree FXCM should be fined but beyond that maybe a better route would be reform than a ban which further reduces competiton.
Their 'no dealing desk' always smelled of marketing BS to me, you're either a true ECN/STP provider or you aren't. And a true ECN would have no problems disclosing their liquidity providers, something FXCM were unwilling to do. Even when they did a large chunk of their order flow went to an undisclosed provider, a big red flag. There's a good summation in this article here: http://www.nobrainertrades.com/2014...-how-they-work-and-finding-the-good-guys.html 'Most people slip when they call a broker, ask if they trade against client positions, and are given the ring-a-round to the no dealing desk “model” where they end up being eaten alive by either poor technology or inflated costs. So be careful. Just because a regulatory agency is watching your broker does not mean they are up to no good. Just a couple weeks ago, the FSA went after one of the largest retail brokers in the world because of asymmetrical price slippage. This broker has been in business for years and yet such conduct is still prevalent. So do your homework. The landscape is changing and people are becoming wiser. There is no need to settle for less.'
Hopefully, Ninjatrader will connect with brokers like Tradersway, Tallinex, or FX Choice so US based traders can FINALLY trade with standard FX rules! Currently, an AMP MT5 platform user (US client) can trade futures through AMP and then connect that same platform to FX Choice to trade FX with standard FX rules. Ninjatrader needs a proper FX broker and fast...or they will start losing most all their FX trader base to the MT5 solution now in place.
This is great news but timing is really bad. What other broker choices do we have now? If this happened when we had dozen of brokers to choose from back in the day it would be no biggie. I feel the scam is CFTC themselves. They kept a broker that had a history of scamming their own traders. There were a plenty of offshore brokers who were way more ethical and had the best interest of their traders.
Let's be clear here, they agreed to a settlement to exit the U.S. market. A market which they subsequently said was a money loser for them. No-one was "banned", they just agreed to leave to avoid a bigger fine for a market that they'd probably lose money in if they had a regulator looking over their shoulder.