Thread: Questions and Answers

Originally Posted by hegeduszoli

Thanks thats great! So nothing is changing except the firm?

Z

This is correct, your account would still be a micro account, however it would be held through FXCM UK ltd . This is opposed to what you have now with FXCM llc.


Walker

Originally Posted by imported_Bigpips

Besides stopping hedging, I have heard that NFA will not be allowing stop and limit orders on open positions either, as this conflicts with their FIFO (first-in, first-out) new May 17th policy.

For now this new law is rather confusing, to say the least.

Really? Why would they want to eliminate stop and limit orders? Or is the real goal to discourage traders from having more than one open position? After all, closing them manually in the wrong order would violate FIFO too, but stop and limit orders would not violate FIFO if only one position was open. Or maybe the real goal is to discourage traders from having any open positions by hampering them with unnecessary rules ("Go out and get a real job you bunch of parasites!"). Seriously, does anybody know anything more about this? I was actually hoping not to have to read any of the official material, but now I am concerned enough to go read it. Non-US regulated trading is beginning to look more and more appealing.

Want2Make$

P.S. IBP, are you being paid for the advertisement in your signature? Just wondering why you are hawking a website.

Originally Posted by 12Make$

After all, closing them manually in the wrong order would violate FIFO too, but stop and limit orders would not violate FIFO if only one position was open. Or maybe the real goal is to discourage traders from having any open positions by hampering them with unnecessary website.

From what I understand of reading the reg. FIFO applies to the order processing at the Interbank end, not at the customer end.

Relax, there is no giant conspiracy here.

When hedging originally appeared for retail accounts, I remember reading a quote from the CEO of FXCM saying that he was against implementing it and it was because of the reasons being given now, by the regulator. You're paying spread twice to open a flat position. FXCM implemented the hedging function because of customer demand.

I am still waiting for confirmation for my account transfer, how long does this normally take as hedging end this week, May 15 I believe

thanks

Originally Posted by Caesu

I am still waiting for confirmation for my account transfer, how long does this normally take as hedging end this week, May 15 I believe

thanks

Hi Caesu:

I was told that Micro accounts will not be transferred until beginning of June. So you will have about 2 weeks of no hedging. Hope this clarifies everything!

I have another question, I am confused when the account transfers,

Non-US Residents: You will be able to deposit via credit card in GBP, EUR, AUD, and NZD.

I am a Canadian resident, as of right now I deposit in USD through credit card funding and my account is in US dollars as of today

How will depositing and withdrawing in GBP, EUR, AUD, NZD work, I am really confused here.

My questions to simplify are as follows:

1. After the transfer what currency will my account be held under

2. If I deposit in the account in GBP, EUR, AUD or NZd do I have a choice of which currency I am charging to my credit card

3. will my deposit be converted into US funds

4. what currency will my withdrawals be based on then, as I am assuming it would be back to the credit card, would the credit card convert it back to Canadian funds

Please clarify, I am scratching my head on this

Caesu,

All Micro accounts are held in USD. You may fund using another currency but your funds will be changed to USD. All withdrawals will be in USD as well. This process will be exactly the same as the one you are already familiar with. If any changes occur regarding our deposit/withdrawal system we will update our forum and web page to reflect them.


Walker

Your answers brought clarity to the issue, I understand now

thank you again

Originally Posted by Caesu

I am still waiting for confirmation for my account transfer, how long does this normally take as hedging end this week, May 15 I believe

thanks

I submitted my transfer form over a week ago and have not heard anything back either. It says 3-5 business days at the bottom of the form. Is there anyone we can contact to find out status, or to find out if our transfer form even went through?

Moderator2, please advise. Thanks.

Originally Posted by abcxyz

I submitted my transfer form over a week ago and have not heard anything back either. It says 3-5 business days at the bottom of the form. Is there anyone we can contact to find out status, or to find out if our transfer form even went through?

Moderator2, please advise. Thanks.

Hey abcxyz,

Oh they emailed me and told me that there is no receipt confirmation of the form. If you submitted the form, they will process it. Yes, Hedging has ended last friday, remember, you will have approx. a 2 week period that you will not have hedging as they transferring of your account will be on June 1. But if you are hedging, you can leave it, it will not be closed until you decide to close hedging. hope this helps!

Hi, i am in Australia and find that i can still hedge trades......is this correct ??

Originally Posted by Rise

Hi, i am in Australia and find that i can still hedge trades......is this correct ??

This is correct, if your account is not based with FXCM llc out of the USA you will have hedging enabled.


Walker

Hi

I head that day trading regulations do not apply when you trade on derivatives where you don't take ownership or delivery of the goods/underlying asset. (Currency in this case)

Is this correct? I just want to be sure that I would not be breaking any day trading regulations by trading many times in one day.

Thanks in advance.

Originally Posted by NewTrader-

Hi

I head that day trading regulations do not apply when you trade on derivatives where you don't take ownership or delivery of the goods/underlying asset. (Currency in this case)

Is this correct? I just want to be sure that I would not be breaking any day trading regulations by trading many times in one day.

Thanks in advance.

At this time there are no restrictions to the number of times you may trade with FXCM Micro. As long as you have margin available, you will be able to create orders.

Walker

I received the following response in an email from FXCM Micro - Sales & Client Services

"Don,

Thank you for the email. Please note clients trading through FXCM US LLC will not be able to use Stops or Limits to manage their trades."

Reading through the prior posts, it appears that the FXCM Client Services rep who wrote that does not understand the effect of the new NFP regulation concerning Hedging. Since it is now May 19th and I am still able to place Stops, Limits and Entry Orders using my Real account, it would appear he/she is definately mistaken.

However, various responses I have received from FXCM have blamed the NFP hedging directive for not releasing a platform update with a Dynamic Trailing Stop function for Real accounts - though it is currently implemented in Demo accounts.

So, my question is, why would the NFP Hedging directive impact the release of the Dynamic Trailing Stop initiative for Real accounts?