Spread betting at FXCM

[Jason Rogers]

@jason:

Apologies if this has come up and been answered before, but:

1. Does the Trading Station platform (Spread Betting) offer tick charts?
2. Can you trade microlots on the Tradestation platform (Spread Betting)?
3. If I open a demo account, will I be bombarded with phone calls...?
4. Is both funding of, and withdrawal from a live account both possible to/from a debit card these days? (I seem to remember that it didn't use to be).

Many thanks,

Mike

Hi Mike,

First, there is no difference between spread betting accounts and non-spread betting accounts in regards to the functionality available on Trading Station. Both account types also benefit from the same liquidity and execution. The only difference between the two is that spread betting accounts have tax-free status for residents of the UK and Ireland.

1. Tick charts are available on Trading Station. You can test this out with a free spread betting demo account: http://bit.ly/1iRP4OY
2. Micro lot (10 cents per pip) trading is available for all FXCM accounts on all the platforms we offer including Trading Station.
3. If you register for a demo account, you probably will receive a follow up call from one of my colleagues to help you get started. However, if you tell them you wish to receive no more calls, they will honor your request.
4. You can deposit and withdraw funds for free using a Visa or MasterCard debit card.

 

[Jason Rogers]

Hi Jason

Sorry if this question might appear rude, it is not meant to be.

But I see the FXCM spread for DJIA is 4 points.

Compared to the other well known spreadbetting firms (that generally offer a spread of 0.8 to 1.0 point), a 4 point spread seems a bit wide.

Is it correct? I did see it written on a CFD page not a spreadbetting page:

http://www.fxcm.com/uk/markets/cfds/stock-indices/

If it is correct, are there any plans to reduce it?

I realise I am a a VERY tiny player, I was just curious as due to my day job I can only trade in the evening which effectively means the DJIA.

Thanks

Sally

Hi Sally,

The spreads on our CFD page are the same for both spread betting and non-spread betting accounts. Our spread for US30 is 4 points. One thing to keep in mind, since you mentioned you are "a VERY tiny player" is that FXCM offers micro lot trading even on CFDs like US30 while some other brokers have a higher minimum trade size for such products.

Also, it's worth noting that your FXCM spread betting account allows you to trade forex 24 hours a day and we recently introduced new low FX spreads.

 

[Jason Rogers]

Hi Jason

I am based in the UK.

If I have Technical Support questions, is there an email address to which I can send the questions?

Do FXCM have a UK support desk or do all queries go back to the US?

Either way, please can I have the email address(es).

Thanks

You can email tech questions to [email protected]

We have offices in London and around the world: http://bit.ly/1rndGWT

Our global offices work as a team to provide FXCM clients with live support 24 hours a day, 7 days a week. That means your calls will get routed to whichever one of our offices worldwide is available at the time to provide you with the fastest response.

 

[Jason Rogers]

I'm out of the office until Monday, December 1st for the Thanksgiving holiday in the US and will respond to your questions when I return. If you require immediate assistance, please contact our 24-hour live customer support: http://bit.ly/1npGdbM

 

[Jason Rogers]

Holiday Hours for Christmas and New Years

Happy Holidays to Everyone!

It's worth noting that Christmas and New Years are the only two holidays during the year that affect the normal 24-hour customer service and forex trading available to you through FXCM. Below are details of our customer service and trading hours in GMT for all markets during these holidays. For information on the holiday schedule for rollover interest/swap rates, please visit the DailyFX Rollover Calendar.

 

[Jason Rogers]

I will be out of the office from now until January 5th and will respond to your forum posts and private messages when I return. For urgent inquiries, please contact our 24/7 live support: http://bit.ly/1npGdbM

 

[utrecht_00]

MT4 UK100 underlying price

Guys,

I think FXCM uses the underlying Ftse cash price for its Mt4 platform instead of futures. Does anyone know if any other brokers that also use the underlying ftse cash price for their UK100 Mt4 offering? Can be spreadbet or CFd.

Many thanks in advance.

 

[x4x]

NinjaTrader

Hi Jason,

I had a live chat session with your support guys the other day, my question was regarding the associated costs with using NinjaTrader. I was told that there were costs, but I needed to contact NinjaTrader directly as it is a third party offering.

It was only afterwards that I found this thread and it seems that FXCM actually offer it free if certain criteria is met - is this still the case and if so, could you give me a rough idea of the trading volume required if trading the German DAX.

Thanks in advance.

 

[Jason Rogers]

Hi Jason,

I had a live chat session with your support guys the other day, my question was regarding the associated costs with using NinjaTrader. I was told that there were costs, but I needed to contact NinjaTrader directly as it is a third party offering.

It was only afterwards that I found this thread and it seems that FXCM actually offer it free if certain criteria is met - is this still the case and if so, could you give me a rough idea of the trading volume required if trading the German DAX.

Thanks in advance.

Hi x4x,

The free offer you mentioned is no longer available. Pricing options for the NinjaTrader platform can be found on their website.

 

[leemo]

Jason,

I day trade and would like to trade US30 but FXCM's spread is 4 ticks during normal trading hours is too excessive, this is way more than most other brokers who have a fixed 1 tick spread. Are FXCM considering reducing this spread?

 

[Jason101]

Hi Jason I wonder if you could shed some light on these three questions please.

I opened a spread bet account a few years ago. Now my account has grown considerably. And all of a sudden I am feeling a little uncomfortable about having so much of my money in an account which is not a bank account. I feel as though there is more security with a bank.

1. How much of client money would be compensated by the FSCS? Is it still £50k? And is the compensation just for bankruptcy or does it cover fraud, if say someone hacked my internet account with a Trojan horse?

2. Do you find clients start spreading their money over several spread bet firms when they reach the compensation cap.

3. To reassure me, could you give me some idea of the higher amounts in some of your clients accounts (because it seems so alien to me to have so much of my money in a betting companies account)

Thanks Jason,

Jason.

 

[Jason Rogers]

Are FXCM considering reducing this spread?

Hi Leemo,

Not at this time, but I will let you know if that happens. Something to consider is that there are no re-quotes with FXCM.

 

[Jason Rogers]

Hi Jason,

First, I want to thank you for being a client of FXCM for several years.

1. How much of client money would be compensated by the FSCS? Is it still £50k? And is the compensation just for bankruptcy or does it cover fraud, if say someone hacked my internet account with a Trojan horse?

FSCS protection is for £50k per client. For specifics on what it covers, I must direct you to their website: http://www.fscs.org.uk/what-we-cover/

2. Do you find clients start spreading their money over several spread bet firms when they reach the compensation cap.

While that's certainly an option, it's not the approach taken by most of our clients with accounts of this size, because they have a preference for the services, platforms and support we provide, and they have confidence in our financial strength.

3. To reassure me, could you give me some idea of the higher amounts in some of your clients accounts (because it seems so alien to me to have so much of my money in a betting companies account)

FXCM has clients with account balances in the millions of dollars. The reason they have this confidence is because we are regulated on four continents and are publicly-listed on the New York Stock Exchange (ticker: FXCM). That means were are subject to more scrutiny than smaller firms and our financial details are readily available: http://bit.ly/1npdek8

I think you might find it beneficial to speak with one of my colleagues in our Active Trader Group which specializes in providing support for clients with larger account balances. They would be happy to address your concerns in more detail and discuss your options. Please send me a private message with your contact details, if you would like me to arrange a follow up for you with them.

 

[Jason101]

Thanks for the feedback
Jason

 

[Jason Rogers]

Notice of Increase in Margin Requirements

There are two major upcoming news events which may cause significant volatility: the ECB Bank Rate Decision on Thursday (12:45 GMT) and the Greek Election on Sunday. Due to these events we will increase margin requirements on forex and gold.

The first scheduled Margin Requirement increase will take effect on Thursday January 22nd between 00:00 GMT and 02:00 GMT. An additional Margin Requirement increase will take effect after market close on Friday January 23rd. Refer to this document for new margin requirements: http://bit.ly/1yI9mDg

Note that this increase in margin may be temporary depending upon market conditions. Please review your account to ensure that you have enough available margin to support your open positions. You may deposit additional funds at www.myfxcm.com or close positions as needed.

 

[bootsyjam]

Bear in mind that despite what they brokers say, you never really know that you're covered, same with any financial institution. Google MF Global for a company that covers it's clients money. Until of course you find out that it does nothing of the sort. You'll notice there haven't been any prosecutions.

 

[highbury fx]

There are two major upcoming news events which may cause significant volatility: the ECB Bank Rate Decision on Thursday (12:45 GMT) and the Greek Election on Sunday. Due to these events we will increase margin requirements on forex and gold.

The first scheduled Margin Requirement increase will take effect on Thursday January 22nd between 00:00 GMT and 02:00 GMT. An additional Margin Requirement increase will take effect after market close on Friday January 23rd. Refer to this document for new margin requirements: http://bit.ly/1yI9mDg

Note that this increase in margin may be temporary depending upon market conditions. Please review your account to ensure that you have enough available margin to support your open positions. You may deposit additional funds at www.myfxcm.com or close positions as needed.

what do you think of the bail out Jason? the terms seem a little one sided, are the fxcm staff now getting beaten with the same stick?

 

[PMEJIA]

Spread Betting interview

Hi

Im doing a market study on spread betting in sports and I need to interview someone who has placed this kind of bet before.

If you have 10 minutes for a call, I can compensate you with a $150 amazon voucher.

The interview needs to be today, let me know if you are available at [email protected]

thanks!

 

[pindol]

Hello nice to see FXCM company rep on here, dont know him personally but gives some good information while trying not to be too salesey with it. Was with the CEO's of two big brokers in London last thursday and had some greater insights into the current spreadbetting market that I didnt realise the extent of. I will just answer the latest comment I have seen as it would take ages to go back through everything. Lets talk about spread, you complain that spreads are quite high but there is a reason for this, there is no liquidity as there is no market. Spreadbetting isnt a market there isnt a liquidity pool as with FX, CFD's etc. Brokers take liquidity for orders and pay a very small amount for it as there is loads but in the spreadbetting arena they have to hunt for money that will take the other side of the trade. this is therefore more expensive and to make a markup they have to add on to an already inflated price. Hence higher spreads. Hope this helps to explain a bit more and give you some more info.

 

[pindol]

As regards margin that is a knee jerk reaction to the disaster that was "Black Thursday". The FCA have been all over brokers as they also went into panic mode, no notice visits and tried to put the frighteners on brokers quickly. The two things that will be immediately hit are leverage and margin. Just watch companies reducing leverage as well as increase margin. The increase by brokers of margin is not due to ECM Quantative Easing decisions and Greek elections as they would have therefore done it in the past for Non farm payroll every first friday of month so lets be honest here but i understand the FXCM reps reason for saying such. It is purely because so many brokers either went down the pan or suffered sever losses. A good warning though is there from Jason and with QE now being out in the open and greek elections there will be increased volatility just look at the market for ECB QE on thursday. Dont trade the Euro at the moment its just a lottery so stay out and keep you powder dry. the market is so sensitive at the moment that even non relationship news to the Euro is making it do stupid things. So please be safe and be sensible.