I'm confused... which one is the real one? Fxcm or fxmax? Because both have Indonesian websites..
@ aden:
As far as I know, fxmax is a white label representative for FXCM in Indonesia. You can trade through fxmax or directly with FXCM, but if you trade with FXCM in New York you will be subject to regulations like US clients, namely the FIFO (First In First Out) rule and hedging is not permitted. In addition, you can also trade at FXCM Australia which was previously IBFX Australia (acquired by FXCM since September 2014).
Our advice is that you can trade at fxmax because you get support facilities in Indonesia and are not subject to regulations like US clients. For deposits you transfer directly to FXCM New York, not to fxmax's account, so it's safe.
I have a trading account at FXCM, opened through ForexBrokerPro. I got a premium account and no dealing desk execution even though the deposit was only $200. So, you don't need to deposit $20,000 for a premium account.
@ Lenny:
That's right, that's how it has developed due to increasingly fierce competition between brokers. From the information I received, this forexbrokerpro broker is an IB of FXCM Ltd UK, the minimum deposit is USD 100, the execution is no dealing desk (NDD), the account is equivalent to a premium account and goes into a segregated account at FXCM UK, and it can also be swap free.
The deposit and withdrawal methods are also via wire transfer, so I think it's quite safe to trade with this broker.
To Ramadhani Priambadha,
You can choose from a variety of deposit methods offered. However, if you choose to use a wire transfer, you must transfer funds to the company's account number as stated in the deposit/withdrawal instructions on your FXCM portal.
Hope this helps.
I registered an FXCM account through their representative, and I was very helped by the support being available via WhatsApp chat.
If we talk about slippage, all forex brokers will experience slippage when trading news, especially big-impact news like NFP. If there's a loss due to slippage and the spread was indeed widened due to the news, of course it won't be compensated.
Just fill out the complaint form at FXCM if you feel disadvantaged. I once felt disadvantaged and submitted a complaint with the help of forexbrokerpro, and FXCM responded with a reasonable explanation.
A friend of mine once had their losses compensated by FXCM after submitting a complaint due to an incident at that time.
So, complaints to FXCM will be explained by the FXCM audit team, it can be compensated or not, according to their explanation which I think is acceptable & makes sense.