Attached is my convo with the FXCBS staff. Questions I asked were:
- Can you verify you are an ECN broker
- Is the office space virtual or real
- Why spreads usually higher than non ECN broker
Interesting answers, feel free to provide your feedback....
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Chat Transcript
Visitor: Jaz
Operator: FXCBS Support
Company: fienex
Started: 9 Apr 2009 13:17:29
Finished: 9 Apr 2009 13:43:43
Jaz: More info
* Welcome Jaz! Your request has been directed to the English department. Please wait for our operator to answer your call.
* Call accepted by operator FXCBS Support. Currently in room: FXCBS Support, Jaz.
FXCBS Support: Welcome TO FXCBS
Jaz: hi
FXCBS Support: Hi
Jaz: thanks, quick Q
Jaz: are you guys an ECN broker ?
FXCBS Support: Yes Sir
Jaz: regulated?
FXCBS Support: We are working under the laws and regulations of the State of Delaware, USA. Company Registration Number 4473302.
Jaz: but is my money safe? insured ?
Jaz: can you direct me where it says on your website or where can i verify that FXCBS is an ECN broker?
FXCBS Support: And we are preparing to regulated under DGCX on Dubai
FXCBS Support: Yes Sir
Jaz: can you direct me where it says on your website or where can i verify that FXCBS is an ECN broker?
FXCBS Support:
http://www.fxcbs.com/etemplate.php?id=35
Jaz: doesn't mention ECN ?
Jaz: how can I verify FXCBS is an ECN broker?
FXCBS Support: And we are making update to our web site you can check it next week
Jaz: thanks, i will check back in a week
FXCBS Support: Ok Sir
Jaz: oh and the office address you have listed, this is a virtual office. do you guys have a real office space ?
FXCBS Support: sir , our office in Chicago city in USA , and we have many office in the world , china ,KSA , Israel , Dubai, and...............
FXCBS Support: so how you say we have real office in the space
FXCBS Support: what is the problem please tell me?
Jaz: so if I come to that office in Chicago, I can meet a real person ?
FXCBS Support: Yes Sir
Jaz: the problem is that the office address in Chicago is a virtual office with many companies at that address
Jaz: and it has a front desk secretary which caters to all these businesses
Jaz: where can I meet a real manager from FXCBS itself ?
FXCBS Support: You can call Sir
Jaz: but the office doesnt have a real person from FXCBS ? (except for the secretary?)
FXCBS Support: At +13126988871
Jaz: but the office doesnt have a real person from FXCBS ? (except for the secretary?)
Jaz: is that right ?
FXCBS Support: Sir, we are moving our HQ to Dubai as we are preparing for regulations there
FXCBS Support: So, we keep the necessary staff available, it's a transition period
FXCBS Support: But this has nothing to do with providing our services
Jaz: that is fine, but please tell me if this address you have listed, is this a virtual office or exclusive FXCBS office where I can meet more than just the secretary?
FXCBS Support: If there is anything I can help you with, please ask me
Jaz: please tell me if this address you have listed, is this a virtual office or exclusive FXCBS office where I can meet more than just the secretary?
FXCBS Support: It's not virtual, but unfortunately we can't have guests there right now, we would welcome you in our new office in dubai soon
Jaz: Living in North America, its not feasible for many of us to fly to Dubai to meet you guys.. Don't you think thats a little unreasonable? Why not have a proper presence in North America?
FXCBS Support: Well, it's not feasible for our clients in Asia and Middle East to visit us in USA. But it's easier for North America clients to visit us anywhere in the world
Jaz: i see
FXCBS Support: We would invite you on our own expense once the office is functioning
FXCBS Support: :-)
Jaz: lol yea i will be moving to DUbai soon anyways.. so its fine for me.. takallam arabic ?
FXCBS Support: Yes, we have Arabic Support if you like to talk to them, hold on please
Jaz: no
Jaz: english is fine
Jaz: i have one last Q
Jaz: About the spreads. I have an FXCM account. Your spreads are comparable to their spreads + you charge commission. Most of the time your spreads are higher than FXCM. I have screenshots proving this. My understanding is an ECN broker would have better spreads. If you are an ECN broker, why are your spreads higher than FXCM which isn't an ECN broker?
FXCBS Support: Ok
FXCBS Support: In ECN, we have no control over the spread, and the advantage is the anonymous trading environment we provide, where there is no conflict between the broker and the trader
FXCBS Support: We are adding more liquidity providers soon, the spreads will be much lower, please keep watching them
Jaz: great, I will open an account once spreads are lower and I can confirm that you are an ECN provider. Being in delaware doesn't tell me much. I can create a delaware company with a few hundered dollars. So once you can update your website with more reliable information, I am sure you will see a lot of us moving to you
Jaz: will your virual office in chicago close down when you move to Dubai or will that still be open ?
FXCBS Support: :-)
FXCBS Support: I don't know sir, it's up to the admin to decide
Jaz: oh ok, thank you for your time
FXCBS Support: You're welcome
FXCBS Support: Have a great day
Jaz: Thanks, you too
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