FXCM UK - New Agreement for automated trading

Posted By: DdlV

FXCM UK - New Agreement for automated trading - 06/10/15 13:15

Hi all. Has anyone else with an FXCM UK account received a notice from FXCM that FCA is requiring FXCM to secure an Agreement for automated trading by June 15?

The Agreement appears to include that one agrees FXCM may disable their automated trading at any time... Should I be worried that it may be no longer possible to use Zorro with FXCM UK?

Thanks.

Posted By: Sphin

Re: FXCM UK - New Agreement for automated trading - 06/10/15 23:45

I received this also for my German FXCM account. As fas as I can see this concerns to EAs and/or trading systems provided by or through FXCM only. I don't see why we should be effected.

Quote:

If you do not submit your consent and agreement by the Stated Deadline, please be advised that your access to purchasing EAs on the FXCM App Store will be blocked, and you will not be permitted to use auto/semi-auto copy trading systems provided by or through FXCM going forward until you provide your agreement and consent to the below.

Posted By: Sundance

Re: FXCM UK - New Agreement for automated trading - 06/11/15 11:46

I also got that email and ignored it cause as Sphin said it only targets at EAs saled by FXCM.

Posted By: DdlV

Re: FXCM UK - New Agreement for automated trading - 06/11/15 17:57

Thanks Sphin, Sundance.

FYI, I was worried enough by the ambiguity in the email to chat with FXCM today. The chat representative could not confirm the scope of the email and had to go check. I have subsequently received an email stating "... trading via the fxcm api that does not copy/follow/ is outside the scope of the FCA announcement, the agreement is not needed ...".

It remains unclear to me how they will know that API trading does or does not copy/follow. But I don't see that pursuing this further with them will generate anything clearer.

I hope their statement is correct and things don't fail after 5pm Monday...