nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Child Item

FXCM - stock trading

AP_MAN

does any one has account with these guys?
what is your experience?
do you suggest these guys?

thanks in advance

Find more posts tagged with

Quick Links

Comments

sozbox

Cute Hoor wrote: »

4/5 years?
Yea its just the US markets, but of course you can trade the ADR's of all the big European companies as well.

Do they have any account maintenance fees or other annual charge that can't avoided?

Cute Hoor

Jason1984 wrote: »

Do they have any account maintenance fees or other annual charge that can't avoided?

No maintenance/annual charges whatsoever (other than the $4.95 per trade charge), used to be totally free when it was first set up.

sozbox

Cute Hoor wrote: »

No maintenance/annual charges whatsoever (other than the $4.95 per trade charge), used to be totally free when it was first set up.

Thanks! That seems like the way to go so!

mrshopkeeper

Just got an email regarding the changing T&Cs with FXCM. While others appear to have gotten the notification some time back, I received no notice until now. Wording appears similar regarding the change but the email I received indicates a transfer fee will be charged unless I go to their nominated broker (see below)

You may do so by completing a Transfer Form and e-mailing it to us at transfers@fxcm.com. Regular transfer fees will apply.

If you would like an alternative provider to consider, Saxo Capital Markets UK Ltd (SCML) is available. FXCM and Sharewatch have spoken with SCML and they welcome the opportunity to support any client affiliated with Sharewatch that would like to transfer their account in light of our new trading minimums.* FXCM will waive the typical fee of £20 per position for transfer requests to SCML, received by FXCM on or before 1 December 2012.

Really vexed about this as I have gone through all the hoops re setup with TD waterhouse and just sent Transfer request yesterday. I wonder have I any recourse?

AntiRip

Does Saxo Capital that they suggest have inactivity fees?

ravima

as far as I can see, SAXO have no inactivity fee, but of course that could change in 10 mins time or sooner!!

A Primal Nut

I just got an e-mail last night saying they are switching to a new trading platform with minimum three trades per month, designed for active traders. What a load of b*****.

I'll be taking up their offer of switching to a new broker. Pain in the ass having to go through all the address confirmation and so on, again.

AntiRip

A Primal Nut wrote: »

I just got an e-mail last night saying they are switching to a new trading platform with minimum three trades per month, designed for active traders. What a load of b*****.

I'll be taking up their offer of switching to a new broker. Pain in the ass having to go through all the address confirmation and so on, again.

I'm extremely pi**ed! Only got email yesterday evening at 6pm. Monday bank holiday so 2 days to switch. How are you able to avoid the £25 for the first month. Jdwaterhouse says it will take up to 10 days to register with postage and all.

I applied online last night for Saxo but they declined my application due to my criteria, probably my lack of trading experience. Was able to send it anyway.

seamusmcspud

From my understanding you need a min of $5,000us for a trade and that also eliminates me straight away.... any other 'free inactivity' share trading options out there???
Can't believe they only gave us till the 1st of Nov to do this!!!

seamusmcspud

Saxo is also a joke...... anybody have anything to say about 'the share centre'... their rates look good or (better at least £2.50 per quarter)

AntiRip

seamusmcspud wrote: »

From my understanding you need a min of $5,000us for a trade and that also eliminates me straight away.... any other 'free inactivity' share trading options out there???
Can't believe they only gave us till the 1st of Nov to do this!!!

What do you mean by this. If I just wanted to keep the shares I have for roughly 12 months and sell them, I need to have $5000 in my account?

Was thinking it will be better just to get my share cert sent to me until I can find a better alternative!

mrshopkeeper

Has anybody figured out how/why some traders seem to have gotten notice of this change in T&C a number of weeks ago (eg see post #13 on this thread) while most of us seem to only have been notified on the Fri evening of a bank holiday weekend?

AntiRip

mrshopkeeper wrote: »

Has anybody figured out how/why some traders seem to have gotten notice of this change in T&C a number of weeks ago (eg see post #13 on this thread) while most of us seem to only have been notified on the Fri evening of a bank holiday weekend?

I've emailed them telling them it was a disgrace to get a few days notice especially on a bank holiday weekend also. Asked them if it was possible to get some leeway to get sorted

seamusmcspud

AntiRip wrote: »

What do you mean by this. If I just wanted to keep the shares I have for roughly 12 months and sell them, I need to have $5000 in my account?

Was thinking it will be better just to get my share cert sent to me until I can find a better alternative!

Sorry 'bout that, i meant that there is a minimum limit of $5k per trade, so for example a trade of €2,000 would be too small!!!

AntiRip

seamusmcspud wrote: »

Sorry 'bout that, i meant that there is a minimum limit of $5k per trade, so for example a trade of €2,000 would be too small!!!

I have 15000 shares worth e9000. Won't be trading at all, just selling my 15000 next year when the company is bought out hopefully. Would I be charged inactivity fees for this I wonder?

Lord TSC

I'm getting a bit worried and panicky right now. Out of interest, would it be safe enough taking the offer of a free transfer to SAXO in the short term view while we figure out where best to move share holdings in the long term?

AntiRip

Teamshadowclan wrote: »

I'm getting a bit worried and panicky right now. Out of interest, would it be safe enough taking the offer of a free transfer to SAXO in the short term view while we figure out where best to move share holdings in the long term?

I'm the exact same as yourself. Panicking all weekend over it. The fact Monday is a bank holiday and I'm away Tues and Wed making it so much worse. I also emailed FXCM last week about an unrelated matter and they didn't bother their holes replying making me very worried.

oconnot5

seamusmcspud wrote: »

Sorry 'bout that, i meant that there is a minimum limit of $5k per trade, so for example a trade of €2,000 would be too small!!!

Seamus, is this minimum limit of 5000 for transfers or purchase/ sale? With who FXCM, SAXO or TD waterhouse?
This is very very odd that some got the email in September and the rest of us 2 /3 days ago. with basically no notice Did anyone see the big difference in the two emails (the one posted on page 1 of this forum and the one from Friday). In the first they were waiving fees for transfers to all new accounts, in the second (Fridays') only to Saxo. This is a joke. I need to transfer a little over 5000 to another account. Any recommendations, its split between two shares.
Will there likely be a transfer fee to the receiving online broker too? Being in Aus now makes it even more complicated.

Lord TSC

Ugh, I'm getting a headache here.

Honestly, I have very little shares. I have 400€ worth of shares in two groups. I chose Sharewatch since it seemed the most simply and new-user friendly.

SAXOs website has me confused. Is there minimum trading fees? What's the charges for trading? Don't want to transfer if what little money I'd make in the very long run would simply be eaten up by fees. Someone please tell me who is best to transfer the shares too

On the upside, it does say the first inactivity fee will relate to November trading and won't be taken out till 1st Dec, so that means we have a month to switch, doesn't it?

AntiRip

Teamshadowclan wrote: »

On the upside, it does say the first inactivity fee will relate to November trading and won't be taken out till 1st Dec, so that means we have a month to switch, doesn't it?

Don't think so. The way I see it, if you still have your shares in sharewatch/FXCM from next Thursday you will either be hit with the £25 or maybe £25 divided by the number of days in the month. Either way the fees will be mounting up from next Thursday onwards

AntiRip

Just got a mail from Saxo saying they're not taking any transfers from people who have under £10,000!

This is getting ridiculous! Might have to ring FXCM to send out my stock cert.

Is Jdwaterhouse the only way to go now?

**Just opened a Jdwaterhouse account. Seems to be only option left for me. Rang them to make sure of fees. They are open today.

Also from they're site

Account Management Fee
€15.00 (+VAT) per quarter will be charged on all inactive accounts.
This fee will be calculated on inactive TD Trading Accounts, in arrears, on the last full weekend of March, June, September and December ("Quarter Dates"). An inactive TD Trading Account is defined as an account that, at the close of business on the relevant Quarter Date, has had no trades executed on it since the previous Quarter Date, and has a cash and / or Portfolio balance of €5,000 or less. Portfolio valuation will be based on the closing mid price on the Quarter Date.

Lord TSC

Just got a mail from Saxo saying they're not taking any transfers from people who have under £10,000!

Really? **** sake.

AntiRip

Teamshadowclan wrote: »

Really? **** sake.

I know, getting ridiculous now. Email below.

Dear Sir/Madam,

Thank you for your recent email regarding moving your portfolio from FXCM to Saxo.

Further to your query, please note that Saxo London are not accepting stock portfolio transfers under £10,000 in (total).

If your portfolio exceeds this size and you plan to trade with Saxo on a new account, please feel free to reply to this email confirming the list of stocks you wish to transfer to Saxo and we’ll be happy to assist by confirming that we can accept all stocks you currently hold and we can then advise on the process you need to take to open a new Saxo account and move your portfolio.

Thank you.

ravima

got similar and have emailed FXCM asking what they propose to do for clients with under £10K of stock.

I was also wondering if one could complain to Regulator, but the question is , what one, the Irish Central Bank, as Sharewatch is based in Cork, or the UK one as FXCM are based there?

AntiRip

ravima wrote: »

got similar and have emailed FXCM asking what they propose to do for clients with under £10K of stock.

I was also wondering if one could complain to Regulator, but the question is , what one, the Irish Central Bank, as Sharewatch is based in Cork, or the UK one as FXCM are based there?

Was thinking the same myself. Seems the small guys here being shafted big time

Also FXCM are ignoring my emails. No response at all, even emails sent over a week ago.

mrshopkeeper

I have emailed FXCM through their website today to express dissatisfaction and to seek explanations. Will go as far as - necessary to get fair resolution. Disappointed if they are stonewalling though - it will just take longer to get there.

AntiRip

Just got a phone call from a nice guy from Saxo. When I told him about the £10,000 limit he said not to worry about that and send him the proof of residence etc and he set the account up for me. He said there was absolutely no quarterly fees or anything like that.

ravima

another email from SAXO saying that the £10K limit does NOT apply to SW clients.

I've made alternative arrangements now and am sending letters to Sharewatch and FXCM tomorrow with copies to Irish Central Bank and UK FSA. I've asked for NO fee to be applied and for stock to be transferred to new broker FREE OF CHARGE.

I'll post upates as they unfold

Lord TSC

AntiRip wrote: »

Don't think so. The way I see it, if you still have your shares in sharewatch/FXCM from next Thursday you will either be hit with the £25 or maybe £25 divided by the number of days in the month. Either way the fees will be mounting up from next Thursday onwards

Got this email...

Thank you for contacting FXCM Securities.

In response to your recent inquiry, Saxo bank will accept accounts that have less than 10K. We have been able to confirm this with them again today.

Additionally, you are correct in that the inactivity will not be assessed until December 1, 2012. The fee will be assessed based on the trading activity for the month of November 2012. You have until the end of November before the fee is assessed.

So it does seem to be that once you've traded out by Dec 1st, you shouldn't be hit by a fee (since, in theory, you should have cleared out your account with them at that stage).

With Saxo, I'm looking for trading fees, and I can see this...

For Forex trades below the 'Ticket Fee Threshold' listed above, a small ticket fee of USD 10 is added to the trade to cover administration costs.

Anyone able to tell me what the main costs would be though? Inactivity fees, yearly fees, etc? Anyone able to link me to them?

risers

got FXCM email last friday eve too and was fuming!! They don't make enough money off the small stock holders so they just force us out. Saxo seem an obvious option to transfer shares over to, however I have some Irish stocks like Providence Resouces (very small number unfortunately) which are not duel listed and not sure what to do with them! Does anyone know of alternative online brokers who include the ISEQ in their list of exchanges?