Oanda just another bucket shop

[FXCM Rep]

Originally Posted by 4xis2ez

Hey Mick, when you withdraw your money from Oanda, please do so in increments. According to CFTC, Oanda has $36 million on its hands and if you withdraw all at once, that figure could drop to dangerously low levels.
Funny, FXCM has only $763K. http://www.cftc.gov/files/tm/fcm/tmfcmdata0702.pdf

Official letter from Forex Capital Markets, LLC

Although it is our policy not to interact on message boards we have noticed there are clearly incorrect statements being made about Forex Capital Markets, LLC’s regulatory status and financial condition. Since regulatory status and financial requirements are not a matter of opinion, but rather fact, we want to make sure these concerns are correctly addressed.

1) Forex Capital Markets, LLC is well capitalized and exceeds all financial requirements.

a. According to the most recent CFTC published reports dated as of February 28, 2007, Forex Capital Markets, LLC has $55,233,641 in Adjusted Net Capital and $42,146,753 in Excess Net Capital. This information can be confirmed by accessing the CFTC.gov’s website: http://www.cftc.gov/files/tm/fcm/tmfcmdata0702.pdf

b. Forex Capital Markets, LLC currently exceeds CFTC’s minimum financial requirements by over four times providing traders with the security in knowing that Forex Capital Markets is well capitalized.

2) Clients who open an account with Forex Capital Markets, LLC (also known as “FXCM”) US entity are opening accounts with Forex Capital Markets, LLC and NOT FXCM LLC.

a. Traders can confirm this by checking Forex Capital Markets, LLC’s Trading Application at the following link: http://www.fxcm.com/docs_pdfs/trading_agreement.pdf

b. Traders can also confirm that all funds for deposit are instructed to me made to the beneficiary “Forex Capital Markets, LLC” as can be seen on FXCM’s website: http://www.fxcm.com/depositing-bank-wire.jsp

3) FXCM LLC does NOT own nor is it a subsidiary of Forex Capital Markets, LLC.

a. Rather FXCM LLC is simply a sister entity to Forex Capital Markets, LLC and registered as a Futures Commission Merchant with the National Futures Association (NFA) to potentially offer futures dealing to its clients.

b. FXCM LLC is not currently engaged in any business activity and does not have any clients. Traders CANNOT apply for an account with FXCM LLC.

c. Traders can contact the NFA to confirm that FXCM LLC does not currently conduct any business nor does it have any clients.

Should you have any concerns about FXCM’s regulatory status, financial stability or anything else please feel free to contact FXCM’s Customer Service representatives 24 hours a day 7 days a week at 888-50-FOREX, internationally at 212 897-7660, via LivePerson Chat from our website www.fxcm.com or via email at sales@fxcm.com

Sincerely,


Forex Capital Markets, LLC

[MickMason]

Yup, it always helps to do a search on the right company

[static]

Some fuel for the fire:

Originally Posted by OANDA Messages & Updates, 04-29-07

On Sun Apr 29, there was erroneous EUR/AUD price activity between 15:04:10 EST and 15:19:01 EST.

All incorrectly executed stop losses, limit orders, take profits, market orders and margin calls will be reversed as soon as possible.

We sincerely apologize for the inconvenience.

Sincerely,
The OANDA FXTrade Team

At least they are trying to make good on their misquotes, but the frequency has been increasing it seems like.

[MickMason]

Originally Posted by static

At least they are trying to make good on their misquotes, but the frequency has been increasing it seems like.

Friday's NFP should be fun

[4xis2ez]

I appreciate your explaination FXCM rep. You have to admit it is very confusing to have 2 "FXCM's" listed on CFTC report.

I traded NFP Friday on Oanda trading gbpusd and had no problem. I waited until the spread reduced to 4.7 pips and went long. Picked up +28 pips. Not much, but the report did not produce a serious move.