Spread betting at FXCM

[SimonK]

FXCM would be a great broker, apart from one thing...

They routinely slip stops by 1 pip, even at liquid times of day. I have 3 examples from just yesterday, and many examples over previous weeks.

Beginning to see why clients would have been aggrieved and went to the CFTC. When has a trade ever been entered 1 pip in someone's favour?

 

[Jason Rogers]

Hi SimonK

Appreciate the post.

Regarding slippage, FXCM does not decide where forex orders are filled. With FXCM’s NDD (No Dealing Desk) forex execution, we automatically take quotes from 10+ liquidity providers and display the best bid/ask price with our pip mark-up. Orders sent to FXCM are immediately executed back to back with one of multiple banks or financial institutions. This means that FXCM does not control the prices you see on the screen or whether an order gets slipped. If an order is negatively slipped, it’s due to market conditions.

When has a trade ever been entered 1 pip in someone's favour?

FXCM has compiled statistics from 1 July, 2010 to 30 June, 2011 to display the percentage of orders positive slipped and negatively slipped, and which orders most frequently experience each. The percentage of orders between positive and negative slippage has been roughly equal.

And we have broken this down even further to display the number of orders on a monthly basis positively and negatively slipped. You can see the complete report here: Slippage Statistics.

Limit and limit entry orders are the most likely to experience positive slippage which is why we highlight using limit and limit entry orders in the execution center on our website. We will be providing more trading statistics on our forex execution center page in the months ahead.

Let me know if you have any questions.


- Jason

 

[SimonK]

Hi SimonK

Appreciate the post.

Regarding slippage, FXCM does not decide where forex orders are filled. With FXCM’s NDD (No Dealing Desk) forex execution, we automatically take quotes from 10+ liquidity providers and display the best bid/ask price with our pip mark-up. Orders sent to FXCM are immediately executed back to back with one of multiple banks or financial institutions. This means that FXCM does not control the prices you see on the screen or whether an order gets slipped. If an order is negatively slipped, it’s due to market conditions.



FXCM has compiled statistics from 1 July, 2010 to 30 June, 2011 to display the percentage of orders positive slipped and negatively slipped, and which orders most frequently experience each. The percentage of orders between positive and negative slippage has been roughly equal.

And we have broken this down even further to display the number of orders on a monthly basis positively and negatively slipped. You can see the complete report here: Slippage Statistics.

Limit and limit entry orders are the most likely to experience positive slippage which is why we highlight using limit and limit entry orders in the execution center on our website. We will be providing more trading statistics on our forex execution center page in the months ahead.

Let me know if you have any questions.


- Jason

Interesting and thanks for the reply. I'll be monitoring my limit orders to see if they are indeed slipped in my favour.

 

[advfntrader]

any way of getting black outline for candles like on mt4 ?

 

[TheNovice]

Hi JDTRADER,

Quality of execution is just as important as the spreads you’re trading on. I can see how advertisements about 0.9 pip spreads or even 0 spreads could be enticing from a marketing perspective, but you can read trader’s experiences in other threads, especially active traders, and the problems they can often encounter. We often hear also about it from traders that move over from our competitors.

With FXCM’s NDD forex execution, there are no re-quotes, no dealer referral, and no restrictions on how close you can place stops and limits to the current market price. These are all tools a market maker uses to manage their risk and often times used to the disadvantage of the trader. A market maker (dealing desk broker) with this type of marketing can give up the spread while counting on making it back through the traders losing positions. When you start actively trading or trading with the trend is when you run into trouble, and it’s funny that you will likely never receive a re-quote at a better price if the broker is truly trying to ensure you receive “the correct market price”.

You won’t run into these problems with FXCM’s NDD forex execution because we’re not making the market for forex transactions. The pricing engine on FXCM’s forex execution automatically takes the quotes from 10+ liquidity providers and displays the best bid/ask with our pip mark-up. The spreads will vary based upon liquidity and market volatility, and you know that you can click on the price without having to play games with your broker over pricing. If slippage is something that concerns you, I would recommend using the At Best vs. Market Range controls built in you can use to limit slippage depending on your preferences. We’re planning an update for the FX Trading Station II platform this month that will give our traders even more control over slippage by allowing you to customize the market range amount down to as low as a fraction of a pip.

-Jason

Is the execution on DAX also NDD?
Thanks

 

[JDTRADER]

Is the execution on DAX also NDD?
Thanks

All accounts and all Instruments are NDD. So ECN like execution

 

[Jason Rogers]

any way of getting black outline for candles like on mt4 ?

For descending candles? Yes, you can make the candle body black. From the Marketscope Charts, select File> Options > Chart View Options > Descending Candle Fill Mode > Empty.

The candle body will change to be "Empty" or the same background as your charts.

Of course you can do the same for ascending candles as well.

Let me know if you have more questions.

- Jason

 

[Jason Rogers]

Is the execution on DAX also NDD?
Thanks

Hi TheNovice,

Thanks for asking. NDD execution applies to all forex transactions. While we offer no re-quote trading on CFD products, FXCM is making a market and managing the risk for CFD (gold, silver, oil, stock index) trades being placed. Even with FXCM making the market on CFD products, our CFD products have no re-quotes which you may run into with other spread betting firms.


- Jason

 

[Jason Rogers]

FXCM has launched a new Online Web Platform

I am excited to announce FXCM’s new online web platform called Trading Station Web. Login Now

The Trading Station Web platform is available at https://tsweb.fxcorporate.com/

You now have access to the Trading Station in three formats – on your web browser, desktop software and mobile devices.

We’ve added a link to access the web platform from our FXCM US and FXCM UK homepages:

For our UK traders near London, FXCM is hosting live, free seminars every second Wednesday at 6 PM in our London Office. In these seminars, our in-house Analysts and Traders will show you how to combine technical with fundamental analysis, how to place trades via the platform and how to formulate your own trading strategy. You can view the schedule and register at Spread Betting Daily Webinars, Financial Spread Betting Tips | FXCM. We look forward to seeing you there!

Have a great weekend.


- Jason

 

[mrfigure]

Hi Jason, will you be having online / on demand seminars

 

[YouAreNotFree]

Are your spreads on the DAX and Ftse 1 point?

On your site I see 1(2). What does that mean? Target and typical?

 

[Ross Spur]

Are your spreads on the DAX and Ftse 1 point?

On your site I see 1(2). What does that mean? Target and typical?

Theoretical and actual?

 

[Jason Rogers]

Hi Jason, will you be having online / on demand seminars

Hi mrfigure,

We are currently hosting online seminars held Monday - Friday at 11am by Alejandro Zambrano, and these seminars are focused on intraday market strategies for the major currency pairs and CFD's. The in-person seminar held every Wednesday at 6pm goes over some of the same topics plus additional information on FXCM and how to use our trading platform. Information for both can be found here Spread Betting Daily Webinars, Financial Spread Betting Tips | FXCM. The daily online seminar is the first event in the list.

-Jason

 

[Jason Rogers]

Are your spreads on the DAX and Ftse 1 point?

On your site I see 1(2). What does that mean? Target and typical?

Hi YouAreNotFree,

The first number is the typical spread during exchange trading hours for the underlying product, and the second number is the typical spread outside of exchange trading hours for the underlying product. So if you see 1(2), that would mean the spread is typically 1 pip when the exchange for the underlying product is open, and 2 pips when the exchange for the underlying product is closed.

Hope that helps, and let me know if you have any additional questions..

-Jason

 

[uk dave]

When is your Dow and fx major pairs going to be 1 pip spread?

 

[Jason Rogers]

When is your Dow and fx major pairs going to be 1 pip spread?

Hi Dave,

FXCM maintains a no re-quote policy for stock indices, metals, and oil. We will offer the lowest spread possible in order to maintain this policy. If we are able lower spreads while maintaining this policy, we certainly will as we did with the UK100, GER30, and AUS200. FXCM traders don't have to worry about re-quotes or dealer referral.

Spreads on NDD forex execution are set by price competition amongst the 10+ liquidity providers on the platform and not by FXCM. The best bid/ask price received from 10+ liquidity providers is streamed onto the platform with FXCM’s pip mark-up. The same goes for forex trading as with CFD trading that there are no re-quotes or dealer referral.

-Jason

 

[uk dave]

Hi Dave,

FXCM maintains a no re-quote policy for stock indices, metals, and oil. We will offer the lowest spread possible in order to maintain this policy. If we are able lower spreads while maintaining this policy, we certainly will as we did with the UK100, GER30, and AUS200. FXCM traders don't have to worry about re-quotes or dealer referral.

Spreads on NDD forex execution are set by price competition amongst the 10+ liquidity providers on the platform and not by FXCM. The best bid/ask price received from 10+ liquidity providers is streamed onto the platform with FXCM’s pip mark-up. The same goes for forex trading as with CFD trading that there are no re-quotes or dealer referral.

-Jason

Why not do what cmc do, advertise 0.7 but infact deliver 2.8 spread

 

[Jason Rogers]

DailyFX Spread Betting Webinars

The DailyFX.com research team now offers daily spread betting webinars that cover actionable spread betting strategies and real-time market updates.

You can join our live spread betting webinar every weekday at 11 AM GMT at www.fxcm.co.uk/calendar-of-events.jsp.

There are many other events as well so look forward to seeing you there!

- Jason

 

[x4x]

Why not do what cmc do, advertise 0.7 but infact deliver 2.8 spread

FXCM pay Introducing Brokers 1 pip of the spread - this is why they can't offer competitive spreads.

 

[gooders72]

Wanted to see if anyone has tried FXCM's spread betting platform since it was launched in March. Learn about Forex Spread Betting at FXCM Any feedback on the platform or trading execution? Would love to hear any pros/cons about your experiences.

Cheers,

Jason

Hi Jason,

I was wondering if you could tell me what the trading hrs are for the ftse 100 with fxcm? Are they 24hrs with a live account or do they always close at 8pm til 8am gmt?

Cheers.