We're not discussing EBS or Hotspot FXi, we're talking about a marketmaker trying to pass themselves off as an agency with quotes like "executed back to back with a global bank or financial institution". It's very clear what the motive is behind that quote, a blatant attempt at deception. Is it any wonder people distrust this business? I have absolutely no desire to discuss this with you, there is enough information on this thread for people to at least do their own due diligence about a company they intend to do business with. With 25k there are much better firms to deal with, firms which don't have the chequered history which FXCM has.
hey cabletrader, relax, can sense your fustration, see the thing is, most retail traders don't even know what is EBS....
I have been with FXCM for quite a while. It has been years since I have had a requote. That may be because I moved to a micro account instead of my former standard account, but the truth is I cannot remember the last time I had a requote. Now, to be honest, I have not been a very successful scalper. In fact, quite the opposite. I've tried other forex dealers and finally I concluded that as a scalper, I just was not good enought to profit after the spread. But that is me. I am sure others here, such as Cable, experience success at scalping. I have never felt that my losses were attributable to anyone but myself - not FXCM, not my wife, not my dog, not the gas station clerk, but me. While I am not a very good scalper, I have been profitable day trading for somewhat larger swings, especially for the last 5-7 months. I have had no trouble with FXCM or its platform for the most part. I did have one trade last February where I was long GBPJPY with a nice profit, and when I went to close the trade, the platform froze. By the time I was able to get logged back in, my profit had nearly evaporated. I submittd a trouble ticket or whatever it is called, and the next day FXCM credited my account for the amount of profit that had been drawn down from when I attempted to close the position to when I actually was able to close it. Not only that, and FXCM credited my account for an additional $25 for my trouble (though it took about two weeks for the $25 to show, but that was no matter to me). True story, believe it or not. I am not naive. I know that the forex dealers have an edge over the retail trader. I know that strange things sometimes happen (for example, Jason, perhaps you could explain the strange spike down yesterday, 7/21/2009 on the GBPUSD at approx. 15:57 EDT). But my opinion is that most of those who complain about losing at forex and blame the dealer just do not know how to trade, or they are trying to trade in a style that does not fit with their abilities. I do not know how Cable scalps the way he does and makes the profits his blotters indicate. So what? I have found a way to trade that overcomes my inability to overcome the spread. I have had it out with Jason and FXCM elsewhere over FXCM's response to the new NFA regs, so I won't rehash that here, other than to say the only negative experience I have had with FXCM is that they have decided to take away auto stops and limits and not offer contingent oco's in their place. Otherwise, I honestly can say that my experience with FXCM has been a very favorable and pleasant one. If they get their act together on the stops and limits, I'll continue to be happy. If not, then I will simply trade futures more and spot less.
The same thing applies. There's going to be a counterparty regardless of which forex broker you operate through. The difference is in what the counterparty then does with your trade. We're not trying to pass ourselves off as anything. How our execution works is clearly stated:
Good to hear from you ddaytrader. The spike yesterday occurred on GBP pairs due to a bad tick. This typically occurs due to an indicative or incorrect price from a bank that gets through onto the feed. Anytime this happens, we automatically credit back any losses that may have occurred due to the incorrect price.
lol, you're right, but I just couldn't leave the likes of a rep to run rampant without being challenged I'm not asking anyone to pay attention to anything I say, but hopefully it might encourage them to find out a bit more about who they intend to do business with. If not then they probably deserve what they get!
I will also challenge any incorrect information in reference to FXCM. I understand you traded with FXCM back in August 2004 from our posts yesterday. When did you stop trading with FXCM?
And at this risk having everyone think that I work for FXCM, I will say that as fars as reps go, I hold Jason in high regard. And as far as retail brokers go, I've tried a fair number. FXCM certainly outperforms the ones I have tried, and the spreads on the micro platform are very fair. It is as close to trading CME futures as I've been abale to get with a forex dealer. Not exact, mind you, but as close as I've been able to find.