FXCM Like the Look of MetaTrader?
For the last month FXCM have been busy migrating all the new customers they acquired when they took over UK broker ODL. I have now received several emails from ODL on the topic. The one I received on May 21st informed me that:
Your MT4 username and password have not changed. Continue to trade with the same installation of MT4 currently on your computer.
That seemed to work out reasonably well, and I'm now happily trading using my shiny new FXCM MetaTrader 4 account without having to install yet another flavour of MetaTrader. The biggest problem was that the times of the quotes changed by an hour, which meant I had to reconfigure some of my expert advisors in a hurry. However the ODL demo MT4 account that I use for testing purposes doesn't seem to have migrated in the same way. It still seems to be much as it was, except that when the markets opened for business last Monday quotes for a number of indices appeared to have stopped arriving.
That same email also instructed me to:
Download and install the FX Trading Station II (TSII) platform. While you will continue to place trades using the MT4 platform, you will use TSII to run official account statements and to access MyFXCM, your new online account management portal.
Now as luck would have it I already had Trading Station II on my hard drive, but this might well have come as a bit of a shock to a lot of ODL's long standing MetaTrader clients. However once they'd managed to get TSII installed those same customers might have started to wonder what the pros and cons of trading using TSII instead of MT4 might be. We'll be covering that topic in future posts, but in the meantime I received another email from ODL on June 3rd telling me that:
Trading Station II has numerous features that MT4 does not, including: single-click trade execution, market range orders, mobile trading, and the ability to create stops/limits while placing market orders. The MT4 platform was not originally designed for No Dealing Desk execution. We have worked with a third party to make it compatible with No Dealing Desk execution. However, we recommend the Trading Station II platform if you are not automating trades with an Expert Advisor.
The "third party" in question is Boston Technologies, and it sounds as though for some reason FXCM/ODL aren't very keen on BT's MT4 bridge technology any more. It's also a real shame that I already have a TSII account, because FXCM are offering me hard cash to open one and ditch MT4 and that troublesome bridge once and for all:
Receive a 50 EUR/GBP/USD credit when you move your accounts over to Trading Station II. To receive this special offer, you must have an account balance over 5,000 units of the currency your account is denominated in.
To ease the pain of the transition FXCM have even produced a "skin" to make Trading Station II look a bit more like the familiar MetaTrader user interface. You can download a copy of the TSII MT4 profile here. Then go to "View" followed by "Load Profile" and select your newly downloaded MT4layout.fxp. Then you will find your Trading Station looks like this:
instead of this:
I can't wait to discover what's in the next email I receive from "ODL powered by FXCM"!