FXCM - stock trading

Lord TSC

ravima wrote: »

When you need to sell, you will need to get a broker to do so and be aware that they will NOT sell until they are in receipt of the certs, at which time the price could be different to that on the day you decided to sell. You also run the risk that if you post them to broker and they get lost, its your problem.

Just to go back to this, when you say broker, you mean anyone like SAXO, FXCM and co.?
Out of interest, how are they at just letting you open an account to cash out?

ravima

teamshadowclan:

Yes - you will need someone like 'SAXO, FXCM and co'. You cannot sell direct as you are not a member of the stock exchange.

I cannot say how good they are at opening accounts to 'cash out'

Lord TSC

Yeah.

See, that's my main concern about taking the paper route; what happens then if no one wants to actually open an account for me and take them

Still, I reckon it's my best bet. I always put the money in as a long, long term investment so I guess I can worry about that problem in a few years time...

ravima

someone will always open an account for you, as they only make money if you trade, either a buy or a sell!

rs500ff

I was wondering if those that applied to Saxo have had your accounts successfully set up by now?
I supplied all relevant documentation to Saxo but as of yet to receive confirmation.

Seifer

Yeah, mine is up and running. The transfer from FXCM is gonna take awhile but they assured me that I would not be charged any inactivity fees as a result.

rs500ff

Thanks for the quick reply.
After enquiring by email i received a response saying there is a delay with the process so not sure where I stand.

Kristopherus

I got an email purporting to be from FXCM. This is the 3rd one I got from them. Here it is:




Dear
Thank you for updating your account(s) details recently. We have reviewed your submission and we are still missing details for three important fields.
 Annual Income, Net Worth and Liquid Assets
Please update these so you can continue trading without interruptions, it should take you less than one minute. Update Details Now
Account Number(s): xxxxx
Important, please ensure:
1. To submit this information for each account type you hold with FXCM Securities.
2. That when providing financial information for joint accounts, this should reflect the combined figure.
Please rest assured that the information you previously submitted is secure and updated correctly in our records. We apologise for any inconvenience this may cause.
Should you have any questions, please do not hesitate to contact us at service@fxcm.com
Best regards,
FXCM Securities Ltd.
Northern & Shell Building
10 Lower Thames Street, 8th Floor
London EC3R 6AD
service@fxcm.com


________________________________________
FXCM Home | service@fxcm.com | Contact FXCM
Northern & Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD
________________________________________
FXCM Securities Limited is authorised and regulated in the United Kingdom by the Financial Services Authority (Firm Registration No.171487) and is a member of the London Stock Exchange and of NYSE Liffe. FXCM Securities Limited is a registered company in England and Wales (Registration No. 02926252). Registered address is Northern & Shell Building, 10 Lower Thames Street, 8th Floor, London, EC3R 6AD. VAT number 904 4506 46.


I'm not at all sure if this is genuine. The account No quoted had the correct letters and figures, but in the wrong order !!!!

Should I be wary of this?


EDIT. Have now found that this email came from now.eloqua.com. Googling this brought up some mixed answers. Even blkood McAfee.com seems to think its a legit marketing outfit.

rs500ff

I got the below today:
___________________________________________________________________________________________________________


Dear Sharewatch Client,

We have recently received your enquiry or application to open a Saxo Capital Markets UK Limited (SCML) trading account which is currently being processed.

We are aware that one of the main reasons that you wish to open an SCML trading account is to transfer your current cash and equity holdings from your existing broker Forex Capital Markets Limited (FXCM) following their intention to implement an inactivity fee.

Currently SCML does not charge an inactivity fee, however our parent company Saxo Bank A/S will be implementing an activity fee which will to come in to effect from February 2013. As a wholly owned subsidiary of Saxo Bank A/S, it is likely that SCML will implement a similar fee in 2013 and further details will be communicated once a formal decision has been made in accordance with our General Business Terms.

To ensure the fair treatment of our clients we would like to take this opportunity to notify you that SCML is likely to implement an inactivity fee during the first quarter of 2013 and therefore provide you with sufficient time before transferring any cash and / or securities from your current broker or if you believe that an SCML trading account is no longer appropriate for you to provide you with sufficient time to consider other alternative brokerage arrangements.

In view of the above, I would be grateful if you could reply to this email and confirm if you would like to SCML to continue to process your application for a trading account. If we do not receive any reply from you we will place your application on hold until we receive confirmation from you.

If you have any questions please do not hesitate to contact us.

Gautama

Seifer wrote: »

Yeah, mine is up and running. The transfer from FXCM is gonna take awhile but they assured me that I would not be charged any inactivity fees as a result.

Looks like Saxo will charge you that inactivity fee instead:
http://www.askaboutmoney.com/showthread.php?t=141602&page=8#142

So, I guess the days of the low cost/no cost online broker are over?

Seifer

This is kinda beyond a joke at this point...

Lord TSC

Nearly glad SAXO declined me so. Means I don't have to go through the whole mess of getting out again :S

Anyone know how long it takes for paper shares to be sent out from FXCM?

rs500ff

Saxo have finally approved my application however they are now looking for me to fund my account.
What's that about?

I have a substantial holding at the moment of which they are aware of through Sharewatch.

thill1993

In the same boat as the rest of the posters here. Have been trawling through all the different share dealing platforms TD Waterhouse, Saxo, Davy etc and they all seem to be charging an inactivity fee. Looking at it now AIB online share dealing with an annual fee of 25 euro seems to be the cheapest way to go. I personally am going to get the share certs from FXCM for some shares and going to cash in my other US shares.

skydome

The Saxo fee is 0.35% p.a. On an account of 10k, this is a fee of 35 euro. Its paid monthly, therefore 2.92 euro a month.

paraiceen

£300 per annum is a big price to pay just to have an online account.

I see Sharewatch are not charging an inactivity fee trading via the Saxo platform.

<http://www.sharewatch.com/noticesaxo.php>

Is this a change in policy or do they still intend to implement a fee in Feb. If so, their web-site is being very economical with the truth.


Might be worth checking out if you are an infrequent trader.

Saveus.222

Doesnt that notice say they they intend to introduce inactivity fees from March 2013 onwards?

paraiceen

So it does!!

Guess we're stuck with paying fees to companies for doing nothing!

BenEadir

Guys,

How easy is it to transfer an account from FXCM to TDWaterhouse.ie? I have shares in a couple of companies which I'm holding medium term so not active enough to avoid the €15 inactivity fee on FXCM but as the total holding is >€5,000 I would avoid inactivity fees by switching to TD.

Has anyone else done this and if so was the process straightforward?

Ben

AP_MAN

The process is easy, but takes about 4-6 weeks for the transfer, once you submit the transfer form to TD, they will take care of every thing...

BenThere wrote: »

Guys,

How easy is it to transfer an account from FXCM to TDWaterhouse.ie? I have shares in a couple of companies which I'm holding medium term so not active enough to avoid the €15 inactivity fee on FXCM but as the total holding is >€5,000 I would avoid inactivity fees by switching to TD.

Has anyone else done this and if so was the process straightforward?

Ben

ballyharpat

I am charged stg25 per month for trading with FXCM, I am currently waiting for TD to finish the transfer of stocks etc. but that's an awful lot this shower are charging me, what is everyone else paying?

AP_MAN

yes, they are charging me £25 per month as well..

I noticed a interesting thing though, FXCM has live prices streaming where TD has 15 mins. delay !!!

ballyharpat wrote: »

I am charged stg25 per month for trading with FXCM, I am currently waiting for TD to finish the transfer of stocks etc. but that's an awful lot this shower are charging me, what is everyone else paying?

dealhunter1985

just to point out, for anyone who doesnt intend on doing any trading in the coming months but has holdings with FXCM , you can just close your account as ask them to send your holdings in certificated form.
They will charge around 20 GBP for this and when it comes to selling, whatever broker you choose will charge you roughly the same for dematerialising the shares.

Much cheaper than paying the monthly 25 GBP with FXCM

Emperor1989

Hi All,

I was looking at possibly starting up trading on shares but I be more a passive investor than active. I wouldn’t be looking to buy and sell daily, rather sell and buy and hold for periods of 6 months etc. I was looking at e trade but I believe something has changed with them and they may not be taking on new business from Ireland. Could someone please advise of the best provider I should open with. I would be more interested in the American stock exchange than the Europe/London based one.

Thanks!

Kristopherus

dealhunter1985 wrote: »

just to point out, for anyone who doesnt intend on doing any trading in the coming months but has holdings with FXCM , you can just close your account as ask them to send your holdings in certificated form.
They will charge around 20 GBP for this and when it comes to selling, whatever broker you choose will charge you roughly the same for dematerialising the shares.

Much cheaper than paying the monthly 25 GBP with FXCM

£20 for € traded shares. £25 for Australian dollars and a whopping $900 for an American share. Not cheaper at all. Rip-off merchants more like:mad:

dealhunter1985

Kristopherus wrote: »

£20 for € traded shares. £25 for Australian dollars and a whopping $900 for an American share. Not cheaper at all. Rip-off merchants more like:mad:

cheaper for Euro traded shares then yes.

AntiRip

Just thought I'd resurrect this thread (for notification to other posters) for the guys like myself that transferred to SAXO from FXCM.

SAXO are now going to start charging for inactivity.

Notification of Change to product pricing and general business terms.

Inactivity Fee

Saxo Capital Markets UK Limited will be introducing an inactivity fee due to the costs of maintaining and supporting dormant accounts. The fee of £25 (or currency equivalent based on base currency) will be applied to clients who have not traded during the previous calendar quarter.

When is this fee applied?

The inactivity fee will come into effect as from 1 November 2013.

If you have not placed a trade during a calendar quarter we will debit £25 from your account at the beginning of the following quarter.

The fee will be charged on a calendar quarter basis with effect from Q1 2014. For the remaining months of this year we will be charging the fee in January 2014 to those clients who have not traded in November and December 2013.

Please note that the inactivity fee cannot reduce your account balance below zero.

SIPP and ISA accounts are excluded and will not be charged an Inactivity fee.

Seifer

AntiRip wrote: »

Just thought I'd resurrect this thread (for notification to other posters) for the guys like myself that transferred to SAXO from FXCM.

SAXO are now going to start charging for inactivity.

Cheers for the heads-up but man this is so annoying :mad:
Are there still places that don't charge fees that it'd be worth moving to?

AntiRip

Seifer wrote: »

Cheers for the heads-up but man this is so annoying :mad:
Are there still places that don't charge fees that it'd be worth moving to?

I'm signing up to tdwaterhouse.ie. They don't charge unless your cash and/or portfolio value is under e5000.

This is a nightmare again. Going to bank to get forms signed, the whole hassle of moving your shares. Plus SAXO will charge you for closing your account, I think it could be £59 (it says this on my webtrader) plus we will be probably caught for the first £25 fee and we may not have it moved in time (1st Nov)

AP_MAN

this is the one right thing I did, moved from FXCM to tdwaterhouse.ie when FXCM announced the inactivity fees, my experience with tdwaterhouse.ie is pretty okay, customer service is also pretty okay, not as bad as some of the posts here about it.

AntiRip wrote: »

I'm signing up to tdwaterhouse.ie. They don't charge unless your cash and/or portfolio value is under e5000.

This is a nightmare again. Going to bank to get forms signed, the whole hassle of moving your shares. Plus SAXO will charge you for closing your account, I think it could be £59 (it says this on my webtrader) plus we will be probably caught for the first £25 fee and we may not have it moved in time (1st Nov)

BenEadir

AP_MAN wrote: »

this is the one right thing I did, moved from FXCM to tdwaterhouse.ie when FXCM announced the inactivity fees

I'm holding two long term stocks with FXCM so I need to switch to tdwaterhouse.ie. Is the switching process straightforward? Is there an idiots guide to doing it somewhere?

Ben

AntiRip

BenThere wrote: »

I'm holding two long term stocks with FXCM so I need to switch to tdwaterhouse.ie. Is the switching process straightforward? Is there an idiots guide to doing it somewhere?

Ben

Sign up on the site.
Print off form
Take passport/driving licence and a household bill/bank statement with form and take to your bank to get signed (proof of who you are)
Send off to tdwaterhouse
And wait.......

That's what I'm doing at the moment

AntiRip

I guess you have to contact Saxo when your tdwaterhouse.ie account is open and tell them to close account and transfer your shares.

AP_MAN

it is straight forward, took about 2 weeks to move my stock from FXCM to td.

There is a stock transfer form (td) you need to fill in and send to td, they will contact FXCM, and it is straight forward process...

BenThere wrote: »

I'm holding two long term stocks with FXCM so I need to switch to tdwaterhouse.ie. Is the switching process straightforward? Is there an idiots guide to doing it somewhere?

Ben

BenEadir

AP_MAN wrote: »

it is straight forward, took about 2 weeks to move my stock from FXCM to td.

There is a stock transfer form (td) you need to fill in and send to td, they will contact FXCM, and it is straight forward process...

Is this the correct form to use? http://www.tddirectinvesting.ie/more-from-your-account/transferring-to-us/international-transfers/~/media/files/assettransferireland_form.ashx

There are a few different forms available, I just want to make sure I use the right one.

Ben

AP_MAN

Yes, this is the correct form.

BenThere wrote: »

Is this the correct form to use? http://www.tddirectinvesting.ie/more-from-your-account/transferring-to-us/international-transfers/~/media/files/assettransferireland_form.ashx

There are a few different forms available, I just want to make sure I use the right one.

Ben

Seifer

AntiRip wrote: »

Just thought I'd resurrect this thread (for notification to other posters) for the guys like myself that transferred to SAXO from FXCM.

SAXO are now going to start charging for inactivity.

Where did you get the notification of this by the way? I haven't received any email or anything.

Also am I right in saying that they only require one trade per quarter to avoid the fee?

AntiRip

Seifer wrote: »

Where did you get the notification of this by the way? I haven't received any email or anything.

Also am I right in saying that they only require one trade per quarter to avoid the fee?

Got an email yes. One fee per quarter yes to avoid the fees, if that suits you you're fine.

AntiRip

SAXO also won't give you a share certificate. They will charge you €50 for closing your account. Everyone of these shares companies are robbing b€stards!

Bullpup

Can you buy Irish shares online with FXCM or is it by phone only?

underpants

My advice would be to avoid FXCM
I've had nothing but trouble with them/

Day orders have carried over and gone through a few days later.
Trailing stops only operate during US business hours.

And when I complain to custom service I'm told things like 'trailing stops are really only day trader tools'.

fionnsdragon

FXCM (to all who had a kicking from this crowd I'd love to here from you so I can take this further)

Anyone get to the bottom of why FXCM told some,

Transfer your account, positions and holdings to a new broker. You may do so by completing a Transfer Form and e-mailing it to us at <SNIP>. FXCM will be waiving the typical fee of £20 per position for transfer requests to other brokerages received by FXCM on or before 1 December 2012.

and others

Transfer your account, positions and holdings to a new broker. You may do so by completing a Transfer Form and e-mailing it to us at <SNIP>. Regular transfer fees will apply

When did you receive this notification?
Was it by email only or did some receive letters or both.
Did anyone challenge them re "Regular transfer fees will apply" and if so what was the outcome?


Also the bit about

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.

I applied to Saxo and was turned down therefore was trapped with FXCM inactivity charges or forced to pay 20 quid for each lott transferred out of FXCM or pay for certs at 20 quid and then whatever to rematerialize them back again.
Unfair whatever you look at it.

Thanks yall

FedupwithFXCM

Hi everyone - just wondering if any of you have had any experience dealing with FXCM lately since they moved over to their new Phoenix platform from MYTRACK.

My experience has been really really bad. Be very careful if you are considering using them. Your head will be spinning trying to figure out what is going on. Had no issues before.

FedupwithFXCM

Hi everyone - just wondering if any of you have had any experience dealing with FXCM lately since they moved over to their new Phoenix platform from MYTRACK.

My experience has been really really bad. Be very careful if you are considering using them as your broker. Your head will be spinning trying to figure out what is going on. Had no issues before the changeover. Every trade seems to bring new issues either trades not going through properly or different charges being charged depending on the day of the week. It's like whatever bit of profit you make is swallowed up in fees that were not there before. What's the point in using them then. I know they are a business and have to make money but now I feel like I am being fleeced.

Service desk people seemed to be stretched to the last and nobody able to explain to me what is going on.

Called the British Financial Ombudsman office. Apparently FXCM are on their radar (whatever that means) and they have advised me to contact the Financial Ombudsman Service and complain to them.

oconnot5

Interesting to hear. When did this change to Phoenix platform happen. I knew inactivity fees were coming in 1st of Jan/ 1st July depending on if direct or through an agent. I used the site a week or two ago to withdraw money from my cash account bu have not traded in a few months.

FedupwithFXCM

Got an email on the 27th of June saying that the switch was going to happen on the 4th of July. Earlier on in the year FXCM were asking what currency did we want the account designated in. On the MYTRACK platform you could see what you had in euros, sterling and dollars but you could you could see in your designated currency how much your account was worth. Was locked out of my account as they wanted to update their system with my details so did not see that the sterling and dollars had been converted until the end of July. When I tried to update my details the platform would only go so far and not let me complete the details. Nothing indicating what the problem was. All my sterling and dollars got converted to Euros without an email being sent asking me for my permission to change them to Euros so it means now that everytime I buy a share my euros are converted to sterling or dollars and when I sell that share again it is switched back to euros so now I am exposed to Forex charges each and everytime I trade which means I am going to be trading less with FXCM if at all. Tried buying American shares there a while ago and apparently there is an error on the platform which is preventing the buying and selling of American shares from going through properly. From never having one problem with FXCM to having one after the other I am not surprised their share price is going down. They have to be losing a lot of customers.

oconnot5

oconnot5 wrote: »

Interesting to hear. When did this change to Phoenix platform happen. I knew inactivity fees were coming in 1st of Jan/ 1st July depending on if direct or through an agent. I used the site a week or two ago to withdraw money from my cash account bu have not traded in a few months.

Sorry, I totally got that wrong. I was previously with FXCM but moved to Saxo when fees came in. Fees in on Saxo accounts now too.

The Cuban

The new phoenix software seems slow, level 1 info has been removed and you have to pay £6 a month if you want it. I preferred the old system , it was easy to use and fast.
I`m thinking of switching to Saxo, or maybe another Broker.
Any recommendations? I only trade maybe 8 - 12 times per year

oconnot5

I have found Saxo good. Inactivity fee started in July for me. You do not pay though if trade in that quarter. For your number of trades this won't apply. I found them good with phone and email queries. Had no issues so far

MikeSoys

Hi
Ive emailed this crowd [fxcm] for an explanation - but as of yet I didn't get a response. I was hoping to buy shares in a uk mining company today [bhp] as i seen [on bloomberg, yahoo etc...] the share price was circa 9.67 - but within the fxcm trading platform [phoenix] they were only offering a buy at about 1060 ? -- can they do this ??
why would they not offer the market price (unless it was a technical issue) at the real price?
thanks
guys