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User reviews
Friday, 22 May 2009
Written by Rodders from United Kingdom
Like Damien, I was attracted by the rare (unique?) combination of a straight-through processing (ECN) service, and a MetaTrader 4 platform. Also, like Damien, I initially found their response to emails poor, and I had concerns about their regulatory oversight (they are a USA-based company, but have chosen not to go for NFA registration, but instead have applied (but not yet received) regulatory approval from the Dubai regulator (the DFSA).
However, their on-line support service is good, and I have noticed an improvement to email responses.
Not being based in the USA, I am not affected by their strategy that prevents them taking North American clients. I can see advantages to me in DFSA as opposed to NFA regulatory oversight; firstly the DFSA insist on client funds being held separately from the company's funds; this potentially offers greater security to client funds. Secondly, the NFA are just introducing their bizarre no-hedging policy. I don't want a regulator to tell me how to trade, and hedging forms part of my trading style.
I therefore opened a demo account with FXCBS and after a couple of weeks trialing their platform, I decided to open a small live account.
I am really impressed with their service. It does what it says on the tin; a no-dealing desk service, straight through to the market. Spreads are as good as you are going to get from any retail forex broker; they are basically the spreads on the 'real' market. FXCBS do not add to the spread; instead they charge a fixed commission of $8 per standard lot, which equates to 0.8 PIP. This does not make them the cheapest, however, it is such a minor cost that I'm not bothered, and they are only 0.3 of a PIP from the nearest equivalent.
Slippage is virtually non-existent (usually zero; the worst I've spotted in a very rapidly moving market was 1.2 PIPs). I have only had 2 failed orders, which were accepted a couple of seconds later without any price disadvantage to me.
All in all, I'm very pleased. I was particularly keen to find a broker offering a STP service with MT4, and as far as I am aware, FXCBS are the only one currently doing this. I am aware of 2 other brokers currently 'trialing' such a service, but none I can access for live trading. FXCBS get a thumbs up from me. I would have given them 5 stars if they had competed their regulatory approval process with the DFSA, were better communicators, and updated their dreadful website. They have promised to do the latter 'soon', and the regulatory approval is 'in the pipeline'. Time will tell whether I can improve my rating of them.
Since it is very difficult to find a true ECN that uses MT4 with a low deposit requirement, I found this broker very attractive. I was also impressed by their mission and vision statements.
However, after multiple inquiries to the company to several of their e-mail addresses (
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,
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,
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), I found them not responsive at all. The ratio of response to my inquires where 1 response to my 3 inquiries. Response time was a minimum of a week.
The second and final response I received from FXCBS was to inform me this Delaware based ECN does not accept US/Canada based clients.
They certainly accept US dollars for opening an account.
------------------------------------------------------------------------------------------- Here are the e-mails. This was the one from today (3/5/09)
Dear Mr. Damian,
In order to be able to open a corporate account, there are some requirements in the terms of initial deposit and account type. And Please note that we don't accept clients from the United States or Canada currently. However, soon we will lower the initial deposit and the minimum transaction size for Professional Accts.
Thank you
Quoting Damian Scott :
> I am still waiting for a reply. If I don't hear back soon, I will take my > business else where. > > --- On Wed, 2/25/09, Damian Scott wrote: > From: Damian Scott > Subject: Re: Waiting for Reply > To: "FXCBS Sales Dept." > Date: Wednesday, February 25, 2009, 9:41 PM > > Thank you for getting back to me. Yes, I found that zooming in made the > candlesticks much more clear. > > I am looking at opening a standard account as an LLC. Are there any > restrictions? With regards to the definition you provided for scalping, my > strategy is a t/p of 10 pips each day, not several times through out the > day.. Please let me know if that is acceptable. I would like to do business > with FXCBS as everything I have seen with your company looks very positive. > > Eventually, I will open a professional account. > > > Damian > > --- On Wed, 2/25/09, FXCBS Sales Dept. wrote: > From: FXCBS Sales Dept. > Subject: > Re: Waiting for Reply > To:
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> Date: Wednesday, February 25, 2009, 6:08 AM > > Dear Mr. Damian, > > Thank you for your interest in our services, and we apologize for the late > response, but your messages went to the junk mail folder for some reason. > > Regarding your inquiries, > 1- To display the candlestick charts, please zoom in the chart and you will > see > more clearer candlestick charts. > > 2- Scalping is hunting for few pips from the market (Less than 20 pips) in a > short period of time (Less than 15 minutes). However, scalping and EA's are > allowed for Professional Accounts. > > Should you need further assistance, please contact us. > > Best regards, > > FXCBS Sales Dept. > Tel: +1 312 69 88744 > Fax: +1 312 69 88871 > E-mail:
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> www.fxcbs.com > Fienex Group LLC 2000-2009
Friday, 06 February 2009
Written by Nidal from Germany
I’m client at the FXCBS for professional account and I feel comfortable because it makes possible to get the best for customer with low spread, and allow EA, Scalping, connected ECN on MT4 and gives the customer FXCBS Master Card that makes easy for deposit and withdrawal... thanks
Saturday, 24 January 2009
Written by Akram from United Arab Emirates
I have been trading with fxcbs for few months, I like their MT4 ECN platform, low spreads, they also allow scalping and EA, but for professional accounts only (minimum deposit $10,000). I like their support too.
