FXCM conversation

[coxylad]

- Adam'
FXCM - Adam: Welcome to FXCM's Live Chat Support. Please give me a moment to review your first question.
FXCM - Adam: Hello
FXCM - Adam: How are you doing today?
maurice cox: hi
maurice cox: good
FXCM - Adam: Great to hear.
FXCM - Adam: Currently, it is 3.6
maurice cox: eur/us
FXCM - Adam: 2.4
maurice cox: on your site it says that the spread is 0.1
FXCM - Adam: That is the structure for US accounts. We will be rolling out the lower spreads to all accounts shortly.
maurice cox: so why do we get high spreads here in uk
maurice cox: on your site it dont say for us customers only
FXCM - Adam: That is something that we are going to apply to all accounts.
FXCM - Adam: So your account will be on the lower spreads as you see.
maurice cox: im not on lower spreads im on high ones
maurice cox: like gold is at 43.1 at the mo
maurice cox: iv always been on these high spreads
maurice cox: and that is not fair
maurice cox: how can you charge me these preads and someone els lower
FXCM - Adam: CFD's spreads will not be lowered at the moment. As mentioned, you will see lower spreads acorss all of your currency pairs shortly.
maurice cox: but why have all the time iv been with you iv had to pay higher spreads than others
maurice cox: this is not fair
FXCM - Adam: Where else are you seeing lower spreads?
maurice cox: on your website it says eur/usd 0.2 but yet i have to pay 2.4
maurice cox: that is just one example
FXCM - Adam: I understand. To clarify for you, we are in the process of getting this out to all of our clients. In the meantime, If you'd like you can open a new US account that will have the lower spreads.
maurice cox: so all the time I have been with you i have not been charged the correct spreads
FXCM - Adam: That is incorrect. This new lower spread is something that was just introduced.
maurice cox: if i have not been charged the correct spreads then you must refund the amount that i have been miss sold
FXCM - Adam: Again, to emphasize, the spreads you see on the website is something that we just came out with and will be rolling out to all clients. You have been getting charged the correct spreads up to this point.
maurice cox: how long have US customers been getting this preferential treatment
FXCM - Adam: This was something that was just announced a few days ago. You will soon get the same spreads.
maurice cox: i need to look further into this as it seems a case of being mis sold
FXCM - Adam: Could you please expand on that? I want to make sure that you understand.
maurice cox: Yes i understand that there is one rate for US customers and a differant one for the UK customers
maurice cox: and you are rolling it out to the UK customers shortly but in the meantime the spreads are Higher for uk customers
FXCM - Adam: Yes. You can open a US account to make sure you get the lower spreads in the meantime.
FXCM - Adam: And then transfer back once it's complete.
maurice cox: Thanks for your time have a nice day
FXCM - Adam: No problem!
maurice cox: P.S. When is this lower rate taking place
FXCM - Adam: I'm not sure of an exact date, but it should be soon.
maurice cox: ok thanks

 

[NVP]

look up Jason rogers who is the ambassador for FXCM on this forum

 

[coxylad]

look up Jason rogers who is the ambassador for FXCM on this forum

do you think there in the right there

 

[Jason Rogers]

do you think there in the right there

Hi Maurice,

As my colleague Adam mentioned to you on chat, the new raw FX spreads with no markups* that you see on our FXCM US website (fxcm.com) were launched just this week. Soon we will be rolling out the same low spreads to our clients with FXCM UK (fxcm.co.uk). While I can appreciate your desire to get access to these new prices immediately, it's important to understand that product updates can be released at different times in different regions.

In this case, you won't have to wait long. When the time comes, I will post more details here for you.

* In some instances, accounts for clients of certain intermediaries are subject to a markup.

 

[trader_2010]

"Soon we will be rolling out the same low spreads to our clients with FXCM UK"

Absolutely ridiculous!!!

This should have been done all at the same time. Don't tell us this is a technical issue... it's 2014 now.

Pure and simple fleecing!!

 

[Jason Rogers]

Don't tell us this is a technical issue... it's 2014 now.

Hi Trader_2010,

While not a technical issue, we felt it was prudent to begin with a smaller group our clients and first make sure the transition goes smoothly for them before rolling out these changes to our entire client base.

 

[kwickwool]

Coxylad,

I have no idea how you can with all the good competition out there for FX trading pay 2.4 spread on eurusd, is ridiculous regardlass of what FXCM are offering to their US clients.

There are many out there, can set up accounts in 24 hours and away you go. The way FXCM have done this FXCM deserve to lose all uk clients, and if all UK clients read this find it hard to understand how they could stay.

Also if all UK clients left tomorrow based on this information how long then do you think FXCM would take to modify their UK spreads and then co aline with the US? Instantly I would guess, but anyway regardless so much competition is a mute point. just get out and onto the next one.

kwickwool

 

[coxylad]

Who is your broker Kwickwool?

I went with fxcm because of the no dealing desk but even with the no dealing desk i still get the feeling someone or the system is trading against me.

 

[kwickwool]

LMAX at the moment but think it is all a personel journey for everyone and dont like to recommend anyone, there are many out there and the competition is pushing the industry to give a much better allround service to clients, but is horses for courses.

but 2.4 way too high for eurusd and that gets smashed by most.....

gl

 

[coxylad]

I just opened a account with EXness until fxcm sort things out
there spreads are low

 

[Jason Rogers]

When is this lower rate taking place

look up Jason rogers who is the ambassador for FXCM on this forum

"Soon we will be rolling out the same low spreads to our clients with FXCM UK"

Absolutely ridiculous!!!

This should have been done all at the same time.

how long then do you think FXCM would take to modify their UK spreads and then co aline with the US?

Hi Everyone,

FXCM's new pricing is now available on spread betting accounts for traders in the UK and Ireland: http://bit.ly/1FVtT9C