LOL. That's funny. but unnecessary Ok, done the search and a vagilion sites came up, what now, read them all? Come on people, is it that hard to get an answer from someone directly implicated with fxcm? give a fellow trader an opinion.Has anybody made the switch from their demo to the real acc?
I traded a demo with FXCM in 2003. I have had a live account since then, almost 3 years. They have never missed a beat. Even when the market spiked on Non-farm payrolls, they always gave me the exact price I executed. In other words, no slippage in three years. Sure they have made a couple of mistakes, but they corrected them 100% of the time. No complaints. Oanda still may be better. I don't know. I can only say that my experience 3 years with FXCM has been perfect execution.
Thanks for your input. Tell me please, are you winning or losing with them? Could they win more if you lose more, or do they win more spreads when you increase your acc size?
Hey, I have one account at REFCOFX and one at FXCM. Both accounts trade fine, and generally I'm makeing over 100% a year. Thought right now, I'm in the middle of restructering my accounts, and I will be going over to Oranda. Not because of FXCM trading performance. I just have a HUGE problem that they want me to guarantee my LLC's trading account personally. I believe they are misrepresenting the truth wether or not you can loose more than you have in your account, when they make a person sign a personal guarantee in order for an LLC to have an account with them.
Zonetrooper, here is an excerpt from the FXCM account agreement: I think that it is always very important to read the fine print.
I was wondering about that myself. I plan to open a mini of 300$. In what conditions would you say I could wind up beeing in debt to fxcm. Could I loose a substantial amount over my 300$, say a few thousand, or even assets?
Yes I am winning. I wouldn't still be trading after 3 years if I wasn't winning. The first year I lost. The second year I broke even. The third year I was profitable. If I lose and burn through my account, the broker loses because they don't rake in any more commissions off of me. If I win, then I scale up. Instead of making commission on one or two lots, they may make commission off of 5 or 6 lots. So, the broker actually wins if you win. If you lose, then the broker has to go out and find another sucker. If you win, then that is advertising dollars they don't have to spend to find a commission replacement. By the way, FXCM will close out your position automatically if you go over margin. In general, you don't have to worry about owing them money although the possibility does exist. Don't trade close to margin and you won't have to worry about things like this. Even during the huge spikes in 2004 from Non-farm payrolls, this wasn't a problem. FXCM honored my stops even after they changed their gaurantee. They may not be the best broker, but don't stress about $300. Go with who you are comfortable with. After you become very profitable, look for the best broker or at least spread your stake among brokers. Happy trading!