One of the interesting issue we discussed was “interest” or “swap charges”. I asked whether FXCM offers non-interest bearing accounts and they gave me a form which I attached in this post.

After having been lied to by brokers, I was suspicious. I asked the representative clearly, unfront and honestly of my intention. I was trying to do a full hedged long GBPJPY on an interest bearing account and a short GBPJPY on a second non-interest bearing account. Right there and then he quickly jumped the gun on me and said, sorry, we'd charge you appripriate commissions instead of interest. I asked how much this commission, how frequent the commission is etc and the rep made a wholesale shotgun answer repeating “appropriate commission” to effect that this strategy wont work against FXCM.

Simply put, FXCM is totally working against traders. They dont want traders to win no matter what strategy i'd use. They wont allow me to do a non-interest bearing account even if I'd get the interest bearing account from someone else.