FXCM - manual execution

Discussion in 'Forex Brokers' started by ForexPro, May 2, 2006.

  1. Beware, if put on manual execution by FXCM, there is no appeal process.
    On manual, they slow the quotes, requote, and take ages to execute (if you are in profit). For instance, you can never get the price you see on the screen, unless the price pauses for 30seconds (unlikely)
    I think they do it to increase customer sign-ups for propfx, and to increase customer losses.

    Here is a transcript on the subject:

    FXCM: Welcome to FXCM's Live Chat feature. So that I may better serve you, feel free to provide me with your name and email address. How can I help you?
    You: Hi,
    FXCM: hello
    FXCM: how may i assist you
    You: I was put on "manual execution" after the 1st day on using my account almost a year ago. I have been an active trader since. I would like automatic execution restored to my account as otherwise the platform is too slow and i will be forced to move my account to another broker. My ac is **********
    FXCM: ok for clients on this method
    FXCM: usually the best platfrom
    FXCM: would be the propfx platfrom
    FXCM: especially if you used the term slow
    FXCM: http://www.propfx.com
    FXCM: the minimum deposit is $10,000
    FXCM: for this type of account
    FXCM: there is no manual execution
    FXCM: no requotes
    FXCM: nothing of that nature
    FXCM: it seems suitable for the type of trading you are referring to
    FXCM: but as far as being removed
    FXCM: that is up to dealer discretion
    FXCM: and requests cannot be submitted
    You: I was informed at the time that it was because I was keeping my trades too short. However, after 1 year of trading, I feel that I keep my trades a lot longer. Therefore, I feel it is my right to appeal, and for someone to review my account
    FXCM: i understand
    FXCM: but it is up to dealer discretion
    You: Why cannot requests be submitted?
    FXCM: they periodcally review accounts
    FXCM: but one cannot request to be removed
    You: But why cannot the dealer review my account?
    FXCM: it is just the poicy
    FXCM i understand your frustration
    You: I place about 7 trades a day, every day, even at 10k a contract, that is £2500 in commission a year (on the spread) from my account. I think other brokers would like that commission.
    You: Well, if no-one is prepared to review my account, can you provide me a link to account closure forms?
    FXCM: this is why we developed the propfx accounts
    FXCM: sure
    FXCM: here is the link
    FXCM: To withdraw funds from your account, simply complete and fax the Withdrawal Request form to FXCM at 212.897.7669. Here is the link: http://www.fxcmtr.com/live-clients/forms.html
    FXCM€15: you are more than welcome to withdraw funds at any time
    You: Does the propfx account have to be in $
    FXCM: it is a usd account
    FXCM: you can fund with any curency
    FXCM: but then there will be conversions from your bank for example
    FXCM€15: if you send a wire from your personal gbp account to usd fxcm account
    You: Ok. So in summary there is no chance you will review my fxcm mini?
    FXCM: there is not
    FXCM: it is up to the dealers
    FXCM: it is just policy
    FXCM: you can demo propfx if you like
    FXCM: that would be a great option
    FXCM: the link for the demo is on the site
    You: So you would sooner lose a customer than review the account?
    FXCM: this is the poilcy
    FXCM: it is the same for all clients on this type of trading accross the world
    You: So, no-one who has been on "manual" has ever gone back?
    FXCM: that is not information that can be disclosed as it pertains to accounts other then yours
    You: ok, thanks for your help
    FXCM: sorry about the inconvienice
    FXCM: thanks for chatting
    FXCM: good luck
  2. I'll take that as a "no"...
  3. I like the front in pushing me towards propfx, when I'm not happy with fxcm.
  4. Would honestly even consider Propfx when thier parent, Fxcm, have pretty much admitted screwing you for the last year?
  5. jm73



    They are not promoting propfx. They are kicking you out to propfx becasue their dealer doesn't like you for whatever reason. it is simple as that.
  6. $$$lover


    I would leave them as fast as possible and certainly not go to their other subsidiary.....furthermore I would make sure to spread the word so no goes to them.....

    So according to them you can't scalp in fx......imagine if spot interbank fx wasn't allowed to scalp....the fx market would have closed 20 years ago.....

    Finally whoever their "dealer" is that is certainly NOT A "DEALER".....
  7. Exactly, on requesting quotes they pause so if the price moves against on request they'll fill you at the requested price, if vice versa they'll requote you. So the only honest prices you get is via limit orders as they are done automatically.