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FXCBS Broker Review

In my last blog post I wrote about the announcement of a new ECN broker called FXCBS that was promising some pretty wonderful things for traders using the meta trader platform. .

Here’s my honest opinion of FXCBS based on my experience, you can take it or leave it.

Here’s my reasoning … see if it resonates with you in any way

  1. Their website tells you next to nothing about who they are. Their about page is 3 paragraphs and simply says they were created by some professionals. No where on the site do they disclose actual names of said professional
  2. They have been in business less than 2 years and almost no track record to speak of
  3. They do not appear to be a member of the NFA (National Futures Association) or the CFTC (Commodity Futures Trading Commission) as most reputable brokers are
  4. They require a $2000 USD minimum deposit which is not disclosed until AFTER you open an account
  5. I’ve heard reports that they do not actually take traders from US or Canada and that they don’t tell you this until after you’ve made a deposit. I cannot verify this claim so it is hearsay but I can tell you that I tried to find out and was unable to confirm for a very disturbing reason …
  6. I was not able to ever get anyone on the phone! That’s right. After opening my account, but before making a deposit I noticed my demo quote feed was freezing up so I called their tech support line and got an answering machine with a generic voice message. So I called their sale number and got the same generic voice message. So I tried calling every number on their website and got the exact same message. I was unable to reach a real person
  7. Because I was unable to reach a real person I wasn’t able to confirm if they open accounts from Canada or the US … and after that experience I certainly wasn’t going to make an initial deposit just to find out.

So the bottom line is … they don’t appear to have any track record, they don’t seem to want to tell you who they actually are(ie. people names), they don’t seem to be associated with any regulating association, and you can’t raise them on the phone.

So my question to you is; what do you do when you’re in a bad trade and your computer is down and you want to call and get out of a trade?

The answer is you wait for them to maybe call you back someday.

The last thing I want to say is that I hope in the long run I’m wrong about these guys but there are plenty of decent brokers out there who are reputable and have decent track records that work well with FAP Turbo.

You can read my initial blog post about the FXCBS Broker here.

Lastly, if you like this post please bookmark it, tweet it and digg it because I think it’s important people see this so they can make an informed decision before jumping in bed with FXCBS.

PLEASE NOTE: it has been sometime since we reviewed FXCBS and therefore it is possible they have improved their customer support since then.

Thanks,
Rob

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Comment by GroolaTak
2009-04-04 07:47:26

Great site this http://www.fapturboexpertguide.com and I am really pleased to see you have what I am actually looking for here and this this post is exactly what I am interested in. I shall be pleased to become a regular visitor :)

Reply - http://www.fapturboexpertguide.com and I am really pleased to see you have what I am actually looking for here and this this post is exactly what I am interested in. I shall be pleased to become a regular visitor :)’); return false;”>Quote
 
Comment by Rob Casey
2009-04-04 22:00:10

Thanks for stopping by and thanks for the comment. Hope to see you around often ;)
cheers,
Rob

 
Comment by Seer
2009-04-08 15:34:13

Nice review of FXCbull shit. I was looking at open account with them a couple days ago and came to the same conclusion as you.
I had been using FXDD but spreads were too big and I wasn’t getting any action. I close my account with them yesterday April 7, 2009. And have decided to open a new account at FXCM.

I’ve dealt with them before and I know where they live. I didn’t have an account that used the meta-trader program, but this time I will be using it. I intend to set up and the FX droid and test it on a real account live.

Keep up the good work.
Regards; Seer Raven

Comment by Rob Casey
2009-04-08 17:34:21

Seer,

Welcome to the site and thanks for the comments. Getting NFA regulated as a broker is not particularly difficult to do. In fact I’ve considered doing it myself just so I could become an introducing broker for some of the better brokers out there. But I’m too busy to take the exams and do all the paper work at the moment.

I’m always trying to just give an honest opinion of what I see. That’s one of the reasons I’m not all over this new Forex MegaDroid thing. Not because I think it sucks, but because it’s just too early to know for sure as I discussed in my post on the issue “Is Forex MegaDroid the Real Deal?”.

Like you though, I am testing it, but with my eyes wide open.

Cheers and good luck.
Rob

 
 
Comment by HiDAVE
2009-04-09 06:00:21

Hi Rob, how hard do you think it would be to become an IB or even a broker yourself?
Do you know of any good references for doing so?

Cheers
Dave

Comment by Rob Casey
2009-04-09 07:17:14

Hi Dave,

To be an IB for most reputable brokers, or a broker, you’d need to get your CTA registration.

http://www.nfa.futures.org/registration/cta.asp

Basically a US company in good standing as well as you’d need to pass some CFTC exams.

How hard it is depends on your background and experience.

cheers,
Rob

 
 
Comment by Seer
2009-04-11 20:28:25

Seer Says:

If $2000 is a little much for you and you want to use fxcd you can go to (http://www.asamonitor.com/forum/index.php?s=e57415639c47dba9abed77a0367a8f34&showtopic=14070&pid=252942&st=0&#entry252942) There are instructions there on how to open with $1000 and get $4.oo back with every 1 e/usd lot traded. (1 lot is $100,000 - so you need to have 10 mini trades.
But who cares? You will be trading anyway so you may as well get the rebate.
There are rebates on a couple of other currencies to, go to the site and have a look.
I have started using fxcm and will post my experiences on my site/blog At http://www.ravenforex.com.

Reply - http://www.ravenforex.com.’); return false;”>Quote
Comment by Rob Casey
2009-04-12 21:11:45

Hi Seer,

Thanks for the tip, but to be honest I could care less about the $4 rebate on a standard lot is the broker isn’t performing well for me. And FXCM is not a broker that rates high on my list. Certainly there are worse brokers so they’re no where near the bottom and some people do like them.

The example the guy give about trading a FAP Turbo account with $370 and getting something like $600 back in two months of trading is not all that realistic unless you want to go broke.

For some reason examples always seem to get blow out of realistic proportion because if they use realistic numbers then it’s not so spectacular. For instance, his example sounds great … in the example he has a $370 account which from the beginning of November to Jan 8th he suggests with FAP Turbo made 90 standard lots of trading. Given that FAP Turbo trades only 4 days a week (Fridays are not very safe for scalping) that’s at most 40 days of trading, or 2.25 standard lots per trading day on only a $370 account. That is not ever going to happen without completely losing all your money due to over trading.

Don’t get me wrong, I’m always in favor of a little cash back on my trades, but when you put in realistic numbers the cash back becomes much smaller and can easily become insignificant if the broker doesn’t perform well with spreads, requotes etc …

cheers,
Robb

 
 

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