FXCM Response to FXCM/PropFX Rating

Discussion in 'Forex Brokers' started by FXCM Rep 1, Jun 19, 2007.

  1. yeah, but for the small guy, FXCM seems pretty good to me.

    the ones you list require substantial deposits, right?

    #51     Dec 16, 2007
  2. Not necessarily..read the details and choices offered by VCap for instance;


    Professional Accounts

    FOREX Symbol Currency Pairs Spread Commission
    EUR / USD Euro / U.S. Dollar 2 Pips $30-35 Million/None
    USD / JPY U.S. Dollar / Japanese Yen 2 Pips $30-35 Million/None
    GBP / USD British Pound / U.S. Dollar 3 Pips $30-35 Million/None
    USD / CHF U.S. Dollar / Swiss Franc 3 Pips $30-35 Million/None
    EUR / GBP Euro / British Pound 3 Pips $30-35 Million/None
    EUR / JPY Euro / Japanese Yen 4 Pips $30-35 Million/None
    USD / CAD U.S. Dollar / Canadian Dollar 5 Pips $30-35 Million/None
    EUR / CHF Euro / Swiss Franc 5 Pips $30-35 Million/None
    AUD / USD Australian Dollar / U.S. Dollar 7-10 Pips $30-35 Million/None
    GBP / JPY British Pound / Japanese Yen 7-10 Pips $30-35 Million/None

    * vCap FX is not compensated via the bid/ask spread for HotSpotFXr accounts.

    ** vCapFX is compensated through a portion of the bid / ask spread for GAIN Capital accounts.

    Spreads: Bid/Ask spreads are dependent on market liquidity
    Commissions: Determined by monthly volume transacted and clearing firm selected
    Lot Size: $100,000 USD Per Lot
    Min Trade Size: $100,000 USD Per Lot
    Min. Equity: $7,000 USD minimum(HotSpot) and $2,500 (GAIN) required to open account.
    Margin: 1%
    #52     Dec 16, 2007
  3. As you can see, HotSpot FX is only a $7,000 dollar account minimum..I think that is not bad at all for a competent set up to trade clean without all the bucketshop BS.
    #53     Dec 16, 2007
  4. cstfx


    Hotspot is, IMO, probably the best ECN out there right now not just for retail but institution as well. Spreads are pretty tight and there is no problem with the depth of liquidity either. It is used by hedgies and banks alike. In my other posts, I have stated how I use them primarily (along with IB) as my choice for currency executions. Bucket shops are crap, but most people learn fx trading starting with one of the ubiquitous shops. Most ECN's won't let you get started with $500 to test the waters and see if you want to commit your capital to this type of trading. I, and probably like many a people here, got their start trading forex using the FXCM model. I have found over the years that most people who piss and moan about FXCM are those who try to trade the news. This platform (and the similar dealing desk platforms that have to offset your trades) cannot provide a reliable system to allow anyone to scalp the NFP.

    If as a trader looking to play this market but don't have the money or chops to play with the pros, well I can think of one or two reliable dd platforms to use that are well capitalized and provide a reasonably stable platform. O... what is that names?
    #54     Dec 16, 2007
  5. cstfx


    BTW, most ECN's won't open an account with you for less than 50K, although that number seems to be giving way of late.
    #55     Dec 16, 2007
  6. ScapGF


    Do you have any examples?
    #56     Dec 16, 2007
  7. cstfx


    Dukas, FCStone, FimatFX (>50k), ADM, CapitalFx Pro,

    MF Global has lowered their costs to 25K1

    IB requires 10k to open an account.

    MBTrading/EFX can get you started with as little as $400.
    #57     Dec 16, 2007
  8. ScapGF


    Sorry I didn't clarify, but what are the hard numbers on minimum bal. for each of those firms?

    Thanks !
    #58     Dec 16, 2007
  9. You really have no credibility with this post. First of all you only have 6 posts and secondly you don't give any details. Now either you are just a disgruntled bad trader who refused to understand an explanation they gave you or you work for a competitor. Either way, it's extremely pathetic.
    #59     Dec 17, 2007