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Hi Jason,

I have question about trading xau/usd on fxcm micro. Do you use the same process as other currency pairs? If yes, how can you give fixed spread for gold?

Hi invezgra,

FXCM makes the market for the CFD products unlike the NDD forex execution. We do this because the position offered is smaller than than the minimum position size on exchange. FXCM seeks to proivde the best execution experience possible which is why there are still no re-quotes on our CFD products, and you are still protected by our no debit balance policy. The execution risks section of our website goes into detail about CFD execution here CFDTrading Risk Information

Let me know if you have any additional questions and welcome to the forum!

Jason
 
Away Message

Just to let everyone know, I will be out of the office until January 2, 2013, so any questions you post for me will be answered when I return. FXCM customer support will remain open 24 hours a day except for the holiday periods mentioned previously in the holiday hours post.

Wishing you a happy holiday and a prosperous new year!

Jason
 
NFA Proposes New Rules

The National Futures Association has put forth some additional customer "safeguard" rules in light of the of the bankruptcies of MF Global and PFG. Again, these are steps in the right direction but we believe requiring firms to publish a quarterly, audited financial statement to be a more effective and comprehensive public safeguard.

Member Newsletter


NFA enhances monitoring of FCMs, amends forex capital requirements

At its November 15 meeting, National Futures Association's (NFA) Board of Directors approved two measures that will further enhance customer protection safeguards. The first measure will enable NFA to make better use of technology in order to better monitor futures commission merchant (FCM) segregation compliance. Secondly, NFA's Board approved rule amendments to increase the capital requirement for FCMs acting as counterparties in off-exchange foreign currency (forex) transactions with eligible contract participants (ECP).

FCM daily confirmation system

Earlier this year, as part of NFA's ongoing effort to further safeguard customer funds, NFA's Board approved a proposal to develop a daily segregation confirmation system that would require all depositories holding customer segregated and secured amount funds-including banks, clearing FCMs, broker-dealers and money market accounts-to file daily reports reflecting the funds held in segregated and secured amount accounts with each FCM's designated self-regulatory organization (DSRO). The DSRO would then perform an automated comparison of that information with the daily segregation and secured amount reports filed by the FCMs to identify any material discrepancies.

In November, NFA's Board approved amendments to Financial Requirements Section 4 in order to implement this new daily confirmation system. The new amendments will require an FCM to instruct its depositories holding segregated, secured amount and cleared swaps customer collateral to report those balances to a third party designated by NFA. The amended rule also states that in order for a depository to be deemed acceptable, it must report the FCM's customer segregated and secured amount balances and cleared swaps customer collateral balances to a third party designated by NFA.

The daily conformation system is still under implementation, but the first phase, beginning with banks, is expected to be implemented by December 31. Other categories of depositories will be added in 2013.

Increase in capital requirements for FCMs acting as counterparties in forex transactions with ECPs

Over the past year, NFA has observed that several NFA Member FCMs are almost exclusively acting as counterparties to forex transactions with ECPs. Specifically, three FCM Members have ceased to act as forex dealer members (FDM) but continue to act as counterparties to forex transactions with ECPs. Because these firms do not act as a counterparty to retail forex transactions, their minimum adjusted net capital requirement is only $1 million pursuant to NFA Financial Requirements Section 1.

Given the counterparty nature of these FCMs' forex activities, NFA is concerned that these firms are currently subject to inadequate capital requirements. Specifically, NFA believes there is no sense from a financial safeguard perspective that an FDM that acts as counterparty to a retail forex transaction must maintain at least $20 million in adjusted net capital while an FCM that engages in an identical type transaction with an ECP must only maintain a minimum $1 million in capital.

Therefore, NFA's Board approved an amendment to Section 1 that includes a provision requiring an FCM that acts as counterparty to a forex transaction with an ECP to maintain adjusted net capital of at least $20 million. This amendment was submitted to the Commodity Futures Trading Commission for approval on November 20.
 
Good morning all,anybody having trouble getting orders in this morning with fxcm apart from pending orders which are being accepted?Im getting "out of quotes"," waiting for dealer answer, this may take a while".I think maybe someone from the uk branch should address this one.I ask what is the point of having a broker if you cannot get the trades on.Regards Mike
 
Good morning all,anybody having trouble getting orders in this morning with fxcm apart from pending orders which are being accepted?Im getting "out of quotes"," waiting for dealer answer, this may take a while".I think maybe someone from the uk branch should address this one.I ask what is the point of having a broker if you cannot get the trades on.Regards Mike

Hi Redtag12,

I'm sorry to hear you've been having this difficulty. I just checked with our tech support team, and there have been no other reports of such a tech issue this morning. If you're getting an "off quotes" message, it's possible your Max Deviation setting is too low. Since FXCM uses 5-digit pricing (fractional pips), every 10 points for the Maximum Deviation is equivalent to one pip. If you adjust your Max Dev to 20 or 30, that should solve the problem. You can do this by going to Tools > Options and the Trade tab as shown below.

fxcmmt4maximumdeviation.png

If that does not resolve the issue, please contact our tech support team which is available 24 hours a day.

Jason
 
Holiday Trading Hours for January

There are two holidays in January that will affect CFD trading hours. Details are below. All times are in EST.

fxcmjanuaryholidayhours.png


Forex will trade 24 hours a day as normal.
 
2nd CFTC Roundtable

The CFTC held another public roundtable on the PFG/MF Global customer protection proposals that are now open for comment:

MF Global Customer Funds Rules Get Another CFTC Hearing - Bloomberg


FXCM continues to advocate for greater FCM/RFED transparency as detailed below. The CFTC will keep its comment period open for one more week.


Proposals to Bring Full Market Transparency and Accountability to the Futures/Forex Industry

1) Require All FCM’s to Publicly Publish Their Financials Once a Quarter:
Currently, the CFTC publishes monthly “Net Capital” reports that disclose to the public how much money a Futures Commission Merchant has set aside in capital. However, that report provides very little insight into how well the company is doing financially. By requiring FCM’s and RFED’s to publish their audited financials the trading public will know how much risk they are taking with each firm since investors will be able to weigh the liabilities along with the excess capital that these firms have.

Furthermore, the published financial statement should include everything (i.e. holding company’s financials) since what happens to other subsidiaries of the company can easily affect the regulated FCM/RFED. Each company should be required to provide a link to its financials on its own homepage so that the public can do its proper due diligence.

Too often, those firms that are teetering on the edge of bankruptcy lure customers in by offering unsustainable gimmicks (dirt cheap commissions, account opening bonuses) that temporarily puts off the inevitable. Customers should be aware of the perilous finances of those firms that would offer these kinds of gimmicks before opening an account with such a firm. PFG Best was a classic example of a firm that used such gimmicks as they routinely low balled their competitors with uneconomical discounts that no reputable, legally compliant firm could match.

2) Require all FCM’s to Employ a Top Ten Accounting Firm:
There need to be much higher accounting standards than currently exist in the FCM world. The Platt Group publishes an annual ranking of public accounting firms that could be used by FCM’s. Whether it is top 10 or top 25, the main point is that FCM’s must use a nationally recognized and respected accounting firm that could apply the same tough standards to FCM’s that publicly traded companies must meet.

While no one proposal will guarantee that a future FCM will not fail, these proposals will enhance the public’s due diligence capabilities by bringing greater market transparency and accountability to the world of futures/forex trading.
 
Just a reminder: HKG33 will be closed for trading on Monday, February 10th through Wednesday, February 12th in observance of the Lunar New Year.

fxcmlunarnewyear2013feb.png

Here's wishing you health and prosperity in the Year of the Snake :clap:
 
Just a reminder: HKG33 will be closed for trading on Monday, February 10th through Wednesday, February 12th in observance of the Lunar New Year.

fxcmlunarnewyear2013feb.png

Here's wishing you health and prosperity in the Year of the Snake :clap:

Correction on the dates: HKG33 will be closed for trading until Wednesday, February 13th at 8:15pm New York time.
 
An important message FXCM Micro clients out there. This weekend we are phasing out "FXCM Micro" and the website will redirect to FXCM.com. Micro lots are still available along with the $50 starting balance, it's just that the websites are being merged.

FXCM Micro began as a special product offering designed to let new forex traders trade with 1k lot sizes and start with small $50 balances. As the offering became more popular, we lowered the minimum contract size in standard accounts as well. Now that there are no major differences between "micro" and "standard" accounts, we are merging the websites.

For "FXCM Micro" clients, there will be no changes on your end. You will keep the same account number and can continue logging in on the same platform. Your existing leverage settings and platform functionality will not change. You will gain access to new features such as access to all the standard deposit and withdrawal options, including free withdrawals back to the credit or debit card you used to fund your account. Second, you will now have access to all of the standard platform options such as MT4, Mirror Trader, and ZuluTrader. Lastly, if your account is with FXCM UK or FXCM Australia, your micro account will now have access to all CFD products compared to only gold and silver previously.

Let me know if you have any questions and have a great weekend!

Jason
 
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How to overlay charts on Trading Station

Recently, I've had a few people ask me how to overlay charts on Trading Station, so I thought I'd post the steps here in case more of you are interested.

Step 1: Open the MarketScope 2.0 charts and select your desired currency pair.

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Step 2: Click on Insert and then on Price Overlay

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Step 3: Select the currency pair that you would like to overlay and click on OK

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Step 4: The price will be overlaid on your current chart

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Let me know me if you have more questions about this or other Trading Station chart features.
 
What's Next On Capitol Hill

The comment period for the CFTC’s additional customer funds protection proposal is now closed. But there will be additional opportunities to advance the cause of greater retail forex protections this summer. Yesterday, Senate Agriculture Committee Chairwoman Debbie Stabenow announced that she and Ranking Member Thad Cochran are soliciting comments from the general public in the run up to this year’s CFTC Reauthorization:

Sen. Stabenow Announces CFTC Reauthorization Plan - Farm Futures

"These comments and recommendations will become part of the public conversation," Chairwoman Stabenow said. "We would like to hear from the public on a couple of fronts: concerns with commodity market oversight generally and on the need for additional customer protections in light of the failures at MF Global and Peregrine Financial. Senator Cochran and I will work together closely on this issue. The process will be open and bipartisan while the product will be consensus-driven."

Retail foreign exchange has long been in need of additional customer protections, in particular segregation of customer funds and account insurance. We expect these issues to be front and center this summer and customer backing will be necessary if we are to have any success convincing Capitol Hill to support these necessary reforms. More to come in the weeks and months ahead.
 
How to set up Price Alerts on Trading Station

Price Alerts are a great way to stay up to speed on the current price action without needing to stay glued to the charts at all hours. To setup price alerts on the MarketScope charts, follow these simple steps:


Step 1: Open the MarketScope charts and right click anywhere on an open chart and select Price Alerts and then Add Price Alert

2bp0l3.png


Step 2: Select the parameters for the price alert that you would like to set using the properties menu.

TIP: To have your price alert activate the moment the price touches your desired level, change the period size to Tick. If the period size is set to a different size than Tick, the price alert will only activate after the bar has crossed and closed at or above your desired price level.​


Step 3: Click OK and your price alert will be set and display on the chart.

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Let me know me if you have any questions about this or other Trading Station chart features.
 
I see some negative spreads on FXCM dealing desk platform (server time Friday 15:30 UTC-5:00), the USD/CHF is only about -0.8 pips, last for about a minute after I noticed it. Too good to be true!?
 
How to place a Market Order on the MarketScope Charts

On the Trading Station platform, it's possible to place a market order directly on the charts without having to switch back to the main platform window.

To place market orders from the charts, follow these steps:


Step 1: Right click inside the MarketScope chart and select Create Market Order.

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Step 2: The Create Market Order window will appear. Verify the Symbol, Sell/Buy, and Amount for the order and click OK.

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Step 3: Once the order is executed, the open position will display on the Market Scope charts for convenient position management.

27xjcr4.png


Let me know if you have any questions about this or other features of the Trading Station.
 
An important message FXCM Micro clients out there. This weekend we are phasing out "FXCM Micro" and the website will redirect to FXCM.com. Micro lots are still available along with the $50 starting balance, it's just that the websites are being merged.

FXCM Micro began as a special product offering designed to let new forex traders trade with 1k lot sizes and start with small $50 balances. As the offering became more popular, we lowered the minimum contract size in standard accounts as well. Now that there are no major differences between "micro" and "standard" accounts, we are merging the websites.

For "FXCM Micro" clients, there will be no changes on your end. You will keep the same account number and can continue logging in on the same platform. Your existing leverage settings and platform functionality will not change. You will gain access to new features such as access to all the standard deposit and withdrawal options, including free withdrawals back to the credit or debit card you used to fund your account. Second, you will now have access to all of the standard platform options such as MT4, Mirror Trader, and ZuluTrader. Lastly, if your account is with FXCM UK or FXCM Australia, your micro account will now have access to all CFD products compared to only gold and silver previously.

Let me know if you have any questions and have a great weekend!

Jason

Hi Jason just noticed the CFDs , what about withdrawal fees by bank wire , how much is it now ? I recall it was cheaper for micro accounts ...
 
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