FXCM's Retail Platform/ A Post by FXCM

Discussion in 'Forex Brokers' started by FXCM Rep 1, Jun 21, 2007.

  1. In my previous
    post about FXCM's Propfx platform
    there have been many points brought up about FXCM's retail offering which is our company's main product. As such I have started this thread to open up a conversation about FXCM's Retail forex offering and address any points which I feel should be addressed to the community. As stated in my post on Propfx I do not plan to use this forum as a platform for addressing individual complaints. These should be addressed to sales@fxcm.com. Any issues which you do not receive a satisfactory response to when emailing sales@fxcm.com please email me directly at dwaring@fxcm.com.

    I would like to start this thread by clarifying what I feel is a misconception of how FXCM executes trades. Starting in early 2007 FXCM started a shift to what is commonly referred to in the industry as a "No Dealing Desk" platform. This platform allows traders to trade directly with the banks providing prices on the platform and removes FXCM as a price provider. What this has done is basically give the same best bid and offer execution that was formerly only available through FXCM's more complicated Propfx Platform through the retail platform which is much more user friendly.

    Currently about 95% of all traders trading with FXCM trade via No Dealing Desk execution and we are in the final stages of moving 100% of all trading volume to No Dealing Desk Execution. We are doing this for two reasons:

    1. This has been a popular request from existing and potential clients who want the advantages of lower spreads and better execution around news that the larger banks FXCM works with provide.

    2. The major banks offering foreign exchange recently upgraded their technology which gave them the ability to accept the smaller order flow necessary to offer this type of trading to a retail audience.

    We have completed the final upgrade on No Dealing Desk Execution as of June 9th and traders now have the ability to trade on a best bid and offer basis from multiple banks who compete for your business.

    Although FXCM has never felt that it is in the longterm interest of any firm to have their clients churn as we are accused of in my previous post, it should also be noted that as firms who offer No Dealing Desk execution earn revenue based on the trades that you make it is difficult to make the argument that these firms want you to loose money. The longer and more profitably an account trades on No Dealing Desk the more revenue the firm that provides No Dealing Desk execution should earn.


    David Waring
    Managing Director
    FX Business Development
    Forex Capital Markets LLC
    32 Old Slip, 10th Floor
    New York, NY 10005
    Tel (212) 897-7660
    Fax (212) 897-7669
    Email: dwaring@fxcm.com
  2. ScapGF


    Looks like posts were deleted...

    Any particular reason?
  3. ssss



    1.Would your company offer book with interbank spread and
    commission for order ? /example mbtrading for FX/

    2.Would your company eliminate market -making activities ?

    3. Would your company offer html reserved version for network
    heavy conditions ?

    Relevant answer would appreciated