My currency trading goals: Will FXCM do?

Discussion in 'Forex Brokers' started by Kastro_316, Apr 23, 2010.

  1. Hey all,

    I have a certain income comming in, and I want to open an account with someone, and hold certain ammounts of money in USA, and at certain times convert to CAD.

    Also, I want to make some mid/long term trades. Very little account activity though, but a good ammount of money.

  2. Dataa



    absolutely not

    FXCM will not do at all

    If you had 5 k I would say fine. But anything over 10 or 15 k should be done with reputable non bucketshop broker like IB, Dukas and other ECN brokers.

    Hell even MB would be better choice than FXCM

    How can you trust a broker that cheats customers 100 000 times a day with virtual reality pip spread game.

    I mean, are you nuts, like completely ?

    Its like asking a guy that sells stolen watches on the street to be good when dating your daughter.

    LOL some of you don't have a clue
  3. Lethn


    Where's your proof besides your mindless ranting?

    I don't know about you but I find the huge brokers even less trustworthy these days than the smaller ones, same idea with the whole financial system.
  4. Dataa


    Do you want me to break the big news here on ET.

    FXCM and Oanda and bunch of others do not send your orders anywhere.

    You are playing a virtual reality game with their servers.

    don't say no one told you :)
  5. Lethn


    Again, if you actually have proof I'd be more than happy to listen, but otherwise it just seems like your bitching over losing out on trades in my opinion.

    To the OP, I wouldn't really know about doing high volume trading but FXCM have treated my well so far and I haven't really found anything wrong with them yet. I'd say this in particular is a terrible place to go for advice on that, just use your judgement and trust no one. I only recently looked up FXCM and there were a bunch of blatantly bad reviews and not just 'bad' but badly written with no real thought behind it that made me think that a large amount of these people bitching just don't know how to trade particularly since most of their complaints revolved around them executing a trade and then having it 'suddenly go in the opposite direction', much lulz indeed to be had with those words.

    I've lost money in trading but mostly it was due to my own inexperience, I seriously doubt it had anything to do with what the broker was doing, right now I'm actually beginning to make it all back.
  6. Ignore this person (Lethn).
  7. I'd use Oanda for that. They have sub-accounts in various ccys (including cad and usd). You can also convert and wire out in either ccy using their physical delivery service (so much for virtual reality).

    Alternatively, Interactive Brokers, which can do the same thing.
  8. Dataa, you're a moron

    Kastro_316, FXCM are fine, so are Oanda etc
    not sure about the CAD conversion. my local currency is CAD and i deposit into and
    receive US$ funds from my broker into my bank account, but don't use the bank to
    convert funds since they overcharge
    ask the broker about setting-up US and CAD accounts to transfer funds between the
    two, then have wire/cheque withdrawal sent to you in the currency of your choice, but
    you'd need to verify what the transfer costs would be between the US CAD accounts
    local exchange sell: US$1.014000 sell: US$ 1.00010
  9. Dataa


    Kastro will regret listening to you Wallace

    but hey I ain't got skin in this game, all good :)
  10. Surprise


    If u have a canadian bank account then ( Oanda canada ) will be a good choice , first you can convert between your sub accounts ( USD and Cad ) using Oanda quotes , second : your funds has protection up to 1 M $ from the IROC in Canada ... also Interactive brokers is a good choice ...
    #10     Apr 24, 2010