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New press release about FXCM's MT4 offering. We will no longer be offering it through FXCM US. All MT4 accounts will now be opened through FXCM UK. See full release details here
There are no pending order restrictions on FXCM UK's MT4 platform. Your EA is free to place pending orders.
The only reason that restriction may occur is if you are trying to use an MT4 platform for a US broker and hedging is disabled. That is why you we offer MT4 through FXCM UK so that you can have full use of pending orders.
Hello Jason, J' downloaded version FXCMUK for my commercial EA and c' is good.
And To compare J' downloaded the platform MT4 Metaquottes which reccommande another BROKER (Which is also that recommended for my EA) and made parallel results, at the same time.
In BACKTESTING the results are better at Metatrader, but in Demonstration, with the same account and the adjustments owing to lack of my EA (Which does not speak about FXCM in its list of Brokers provided) for l' moment the results are strictly identical, the trades are done all at the same time (has 1 mn meadows d' advances at FXCMUK)
New press release about FXCM's MT4 offering. We will no longer be offering it through FXCM US. All MT4 accounts will now be opened through FXCM UK. See full release details here
It is a good thing the FXCM has someone on this forum to inform forum members/FXCM account holders of forthcoming changes/developments in their business policies rather than "subject to changes without notification". Do continue with such form of good business practices.
A major new National Futures Association (NFA) rule goes into effect on August 1, 2009. This rule affects all U.S. regulated Forex Dealer Members. Forex traders will no longer have the ability to place stop-loss or limit orders. Nor will traders be able to modify or close trades from the “Open Positions” window. As these features will be removed, all stop-loss and limit orders held on FXCM LLC accounts at the close of trading on July 31, 2009, will be deleted.
FXCM has always encouraged active risk management through the use of stop-loss and limit orders. Stops and limits are two entry orders that are linked to an individual open position. If a stop or limit order is triggered then the other is canceled. FXCM has introduced a new feature called OCO (One Cancels the Other) entry orders, which will provide traders with the same functionality as stop and limit orders except they are not linked to any position. Watch This Video Presentation To See How To Manage Your Risk Using OCO Entry Orders
For additional information, please visit the “NFA FIFO (First in, First Out) Rules” forum on DailyFX. We will be holding live question and answer sessions within the DailyFX forum. Visit Now
The NFA, our industry’s self regulatory organization in the United States, has adopted Compliance Rule 2-43(b). Read Compliance Rule 2-43 (b). This rule requires orders be executed First In, First Out (FIFO). FIFO requires that when multiple positions are held in the same currency pair, the position which was first opened will be the first to be closed. Stop-loss and limit orders do not comply with FIFO.
The NFA’s stance is that FIFO provides more transparency to customers by offering a more accurate picture of the P/L than viewing the results of individual positions. This brings the forex market more in line with the practices of the futures and equities markets.
While FXCM acknowledges the NFA’s concern and obligation to protect clients, FXCM would like to extend an option to those who would like to continue using stop-loss and limit orders, and who understand the underlying implications. Traders can transfer their accounts to Forex Capital Markets Limited (FXCM UK) and continue to place stop-loss and limit orders and maintain the ability to modify and close orders from the “Open Positions” window.
If you wish to maintain your current platform functionality, you can trade through FXCM UK, which is regulated by the Financial Services Authority in the UK. Learn More
If you wish to transfer your trading account to FXCM UK, please complete the one page form. Account Transfer Form
DEADLINE TO COMPLETE TRANSFER FORM: JULY 8, 2009
Important Notice: If you completed the transfer form, your account will be operational prior to the implementation of the new NFA regulations. You will be notified via e-mail when your account is transferred.
Your account number and password will remain the same and your open positions will remain intact. Moving an account to FXCM UK involves some changes in deposit and withdrawal instructions, and changes in charges for transferring funds. However, FXCM UK clients have the option to send funds to a bank in the United States and fund via credit card. MYFXCM.com will also be available.
FXCM SUCKS!!!
Recently, they captured the FOREX market in the USA, and now they have started to introduce new rules through NFA in order to make their customer lose their money. I am deeply upset with them...
Last edited by timbecks777; 07-02-2009 at 06:38 AM.
It's not really FXCM rules, but the regulatory authorities... Unfortunately, if you want a regulated broker, this what you get as a "present".
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It's not really FXCM rules, but the regulatory authorities... Unfortunately, if you want a regulated broker, this what you get as a "present".
Well, do you know that FXCM has got its representatives in NFA?
And it is deemed that they "control" the agency. And it is their initiative to increase the budget requirements for US brokers in order to "buy" the customers of the brokers which do not fall under these rules...
Well, do you know that FXCM has got its representatives in NFA?
And it is deemed that they "control" the agency. And it is their initiative to increase the budget requirements for US brokers in order to "buy" the customers of the brokers which do not fall under these rules...
hi timbecks777,
This was a new rule proposed by the NFA which you can read here. New rules come from one of two places, the NFA or the CFTC. The NFA may ask for "feedback" from the forex dealer members on the rules; however, it's their decision in the end on what occurs. It's the same as an employer asking feedback from his/her employees. Suggestions can be made, but in the end you know who controls the outcome.
Our response to the NFA ruling was made as tactful as possible when we provided this statement in our press release: "While FXCM acknowledges the NFA's concern and obligation to protect clients, FXCM would like to extend an option to those who would like to continue using stop-loss and limit orders and understand the implications." There is an alternative, and that is to move your account to FXCM UK.
I mean this with all politeness timbecks; however, I cannot respond to accusations where no factual evidence has been provided. Having to comply with this ruling has taken a tremendous amount of resources away from important activities such as improvements to execution, the trading platform, and resources.
It is a good thing the FXCM has someone on this forum to inform forum members/FXCM account holders of forthcoming changes/developments in their business policies rather than "subject to changes without notification". Do continue with such form of good business practices.
This was a new rule proposed by the NFA which you can read here. New rules come from one of two places, the NFA or the CFTC. The NFA may ask for "feedback" from the forex dealer members on the rules; however, it's their decision in the end on what occurs. It's the same as an employer asking feedback from his/her employees. Suggestions can be made, but in the end you know who controls the outcome.
Our response to the NFA ruling was made as tactful as possible when we provided this statement in our press release: "While FXCM acknowledges the NFA's concern and obligation to protect clients, FXCM would like to extend an option to those who would like to continue using stop-loss and limit orders and understand the implications." There is an alternative, and that is to move your account to FXCM UK.
I mean this with all politeness timbecks; however, I cannot respond to accusations where no factual evidence has been provided. Having to comply with this ruling has taken a tremendous amount of resources away from important activities such as improvements to execution, the trading platform, and resources.
Jason
Hi Jason
Thanks for the answer
It would be nice to use the alternative to move the funds to FXCM UK as they offer CFD trading too. But here is the question, whether this law be enacted in UK in the nearest future or not.
I was trading FXCM Micro...However, FXCM UK does not have this kind of "department". That's a pity, becasuse ,as of now, FXCM could lose a lot of retail traders who do not have $10k for initial deposit. So, to my mind, they need to resolve this issue and may be introduce CFDs on US Equities as most of UK brokers offer them
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