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UK Based Customer who wants to leave FXCM

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    UK Based Customer who wants to leave FXCM

    Hey there,

    I would like to know what the options are for UK Customers who want to leave FXCM.

    18 months ago I posted on these forums asking about suspicious behavior on FXCM:
    http://ninjatrader.com/support/forum...ad.php?t=79767

    And I noticed that by using simulated stops I got much better results despite supposedly being on a Non-Dealing Desk Direct-Market account. After yelling down the phone at my FXCM representative and threatening to pull my business things miraculously normalised.

    I do not believe that FXCM's latest devious practices are not confined to the USA. These latest revelations have only been investigated/discovered there. Its a global company. Any time I call their trading desk from the pub on a Friday night and to ask them to flatten my account before the market closes I get through to someone in New York. So I've got no doubt that the same stuff has been going on in the UK.

    Here's some more of FXCM's dodgy practices over the years:

    https://www.bloomberg.com/news/artic...tomers-profits
    http://www.fxweek.com/fx-week/news/2...43-000-by-cftc
    https://www.fca.org.uk/news/press-re...s%E2%80%99-and
    http://www.cftc.gov/PressRoom/PressReleases/pr7222-15
    http://www.globenewswire.com/news-re...aler-FXCM.html

    This broker is crooked to the core. And I'm not interested in giving them my buisiness any longer.

    What are my other options for Spot Forex via Ninjatrader?

    Thanks,

    Kevin
    Last edited by reach4thelasers; 02-10-2017, 08:49 AM.

    #2
    Hello Kevin,

    Thank you for your post.

    We created a FAQ to help answer these questions, you can review the FAQ at the following link: http://ninjatrader.com/FXCM_FAQ

    For Non-US there is Interactive Brokers that is supported in NinjaTrader 7 and NinjaTrader 8. You can find the connection guide for Interactive Brokers at the following link: http://ninjatrader.com/ConnectionGui...nnection-Guide

    Please let me know if you have any questions.

    Comment


      #3
      Originally posted by NinjaTrader_PatrickH View Post
      Hello Kevin,

      Thank you for your post.

      We created a FAQ to help answer these questions, you can review the FAQ at the following link: http://ninjatrader.com/FXCM_FAQ

      For Non-US there is Interactive Brokers that is supported in NinjaTrader 7 and NinjaTrader 8. You can find the connection guide for Interactive Brokers at the following link: http://ninjatrader.com/ConnectionGui...nnection-Guide

      Please let me know if you have any questions.
      Hello Patrick

      I live in Australia and the issue with FOREX trading has now become more complicated.

      IB cannot currently provide FOREX trading to Australian customers as their business model was deemed non compliant by the regulator ASIC about 2 years ago. IB originally put out a communication that they were looking at the issue but nothing has happened in the subsequent 2 years.

      FXCM in Australia is a subsidary of the US parent and are still operating but it is possible that ASIC may want to look at them more closely following the US debacle. One might also reasonably ask whether the issues that caused the problems in the US are also prevalent outside of the US. I have just drawn all my funds out of FXCM Australia and doubt I will ever trade with them again.

      It now appears that there is no current way for me to trade FOREX in Australia using NinjaTrader. The Australian financial regulations offer generally better customer protection protection than FOREX traders in the US so I want to stick with an Australian compliant Broker. There are some good Metatrader Brokers that are Australian registered but apparently none that can accept NT clients (apart from FXCM)

      Comment


        #4
        This is the latest response from IB with respect to trading FX in Australia.

        Thank you for contacting IB.

        Currently, there are restrictions applied onto Australian client accounts for FX, where you will not be able to see FX quotes nor open any non-AUD currency balances. We hope to be able to resolve this matter and continue to offer related services to Australian clients. We apologize for any inconvenience it may have caused.

        and


        Things Australian IB Clients Cannot Do:
        Interactive Brokers will no longer display to Australian clients real-time, executable forex prices on the IB Trader Workstation or through API’s.
        We will no longer allow Australian clients to initiate new forex positions (for example, a long currency position offset by a short currency position being financed through IB).
        We will no longer allow Australian clients to convert Australian dollars into another currency and hold the other currency in their IB account.

        If you then eliminate FXCM Australia because of the yet unknown fallout from the banning in the US it doesn't appear to leave any mainstream options for trading FX via NinjaTrader through an Australian regulated ECN type broker.

        Comment


          #5
          Hello FMtrader,

          I will forward your comments and concerns to our management team.

          Please let me know if I may be of further assistance.

          Comment

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