FXCM Internet Charts Are Inaccurate

Discussion in 'Forex Brokers' started by robbo, Aug 26, 2003.

  1. robbo


    I have recently started following the Forex Markets.I am still in the papertrading stage.I have been using FXCM charts off the web,a word of warning to anyone who is also thinking of using them,they are inaccurate.The highs and lows on the daily bar charts dont match up with the high and lows on Intraday charts for that day.It has made me think twice about opening an account with them.Has anyone got any sugestions on another source of accurate forex prices.
  2. Did you try selecting one of the other data sources from the FXCm chart page? I think you can choose from FXCM, Comstock data, and one other.

    Or you can get Forex data from many providers like E-signal.
  3. m22au


    Possible (but not likely) explanation is that FXCM uses a different time as the start and end of a day, given that Forex is a 24-hour, OTC market.
  4. izeickl


    I find this true to an extent, if you pick say hourly candles from three different sources, you often find the data is not split the exact same way between the three candles even though they are using the same figures, some data is in a previous/latter candle.

    In regards to prices yes FX brokers do differ slightly, as this quote from the Economist dated Apr12th 2001 about Oanada states

    "For the moment, FXTrade’s small size means that it cannot be entirely autonomous. The amounts of a given currency that are bought and sold on its exchange each day do not always balance, so the Olsen Group must clear some of the transactions on the broader market. Without the right countermeasures, FXTrade’s small size would also leave it open to manipulation: unscrupulous investors could fix rates and then force the Olsen Group to clear transactions at a disadvantage. To prevent manipulation, FXTrade’s rates are pegged in part to the broader markets. A cursory glance this week revealed discrepancies ranging from 0.01% to 0.06% between FXTrade’s rates and global spot rates. That is not enough for speculators to stiff Mr. Olsen, but an exceptionally volatile day on the market could leave his correcting mechanisms struggling to catch up."
  5. robbo


    Tradersavvy I know they make there own market but I am only looking at FXCM Prices so it makes no difference,if I was comparing the different brokers prices you would expect the prices to be slighty different as Forex is decentralized
  6. robbo


    Uptik2000 Thanks I will check it out,I dont want to pay Esignal $150.00 because I only need to view historical charts at the moment

  7. fxcm has multiple data sources available for the FREE real time charts--this includes sp/comstock.
  8. robbo


    Marketsurfer I just checked sp/comstock there charts are a few pips out but they are a lot more accurate than FXCM Charts so I will use them.

  9. cool !
    #10     Aug 26, 2003