Oanda versus FXCM
Member Since Aug 12, 2009
272 posts
Feb 10, 2015 at 23:31
(edited Feb 10, 2015 at 23:32)
moneycoder posted:
I noticed after the event the 'Active Trader' minimum at FXCM went from $5,000 to open an account up to $25,000.
The Active Trader account opening minimum has always been at least 25k and has not changed since the SNB announcement.
Member Since Aug 12, 2009
272 posts
Feb 10, 2015 at 23:32
moneycoder posted:
Any further info you can share on the changes and causes, would be appreciated.
The primary change we will be making is removing currency pairs from the platform that carry significant risk due to over-active manipulation by their respective government either by a floor, ceiling, peg or band. Given what happened with EUR/CHF the industry is now looking very hard at any potentially similar issues, especially given the increased geopolitical risks in Southern and Eastern Europe.
We will also be raising margin requirements for other pairs as well. Some of these changes will be permanent while others may change as geopolitical risks change. The pairs we are removing from the platform were not material to our volume or our revenue. Some of the currencies we are removing include DKK, SGD, HKD, PLN and CZK.
Member Since Aug 12, 2009
272 posts
Feb 10, 2015 at 23:33
theHand posted:
So the bucket shop came out smelling like roses while the listed ECN behemoth barely scraped trough.
moneycoder posted:
the bucketshops did come out like a rose, but at the expense of their clients, I think that stinks even worse than a pile of poop.
They profited from their clients losses, and direct conflict of interest which should be offered back in rebates imo.
FXCM believes No Dealing Desk (NDD) forex execution provides a fair model for traders, because it eliminates the conflict of interest that can exist when trading with dealing desk brokers.
If you trade with a dealing desk firm AKA a market maker, at the most basic level, your losses can result in profits for your broker, and vice versa. That's why some dealing desk brokers are announcing record profits from the SNB announcement. Imagine what would have happened at a those same firms had the market surprised in the opposite direction.
Feb 10, 2015 at 23:38
@jasonrogers
I don't know if O got lucky to be honest. And I really wish you guys the best. Sadly I suspect were in for a few of these this year.
I don't know if O got lucky to be honest. And I really wish you guys the best. Sadly I suspect were in for a few of these this year.
Member Since Oct 19, 2014
18 posts
Feb 11, 2015 at 07:31
jasonrogers posted:moneycoder posted:
I noticed after the event the 'Active Trader' minimum at FXCM went from $5,000 to open an account up to $25,000.
The Active Trader account opening minimum has always been at least 25k and has not changed since the SNB announcement.
Hi Jason, I think the change that FXCM has made was to remove the 'Premium account' which was a $5,000 minimum. With that gone from the web page, the $25,000 Active Trader account now sits where the 'Premium Account' column used to sit. That's what threw me off I guess and why it appeared like the $5000 minimum was raised to $25,000.
https://www.reviews-fx.com/forex-brokers/fxcm-review/
Thanks
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