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  • #10,361
  • Aug 14, 2017 6:44am Aug 14, 2017 6:44am
Quoting civilpes2001
hi Jason, I was trading with you guys in UK as I was staying in UK, but right now I am in India, and I will be moving to Canada permanently. how can I withdraw my funds or deposit funds to my UK fxcm account while i am canada. please advice.
just update details in myfxcm.com
You need to provide proof of residence and details of your new bank account
Humble & Kalcker CLO2 = Covid killer
  • #10,362
  • Aug 17, 2017 10:15am Aug 17, 2017 10:15am
Attached Image
source: https://www.leaprate.com/forex/broke...yment-worries/
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #10,363
  • Aug 17, 2017 10:54am Aug 17, 2017 10:54am
I'm not one for most of this scaremongering but right now, FXCM just made an unprecedented move. They've now included in their T&Cs the right to change margin requirements due to volatile conditions arising from US & North Korea.

Fair enough with due warning you may think.

But they've now changed this to ANY INSTRUMENT, ANY TIME AND WITHOUT NOTICE!

Imagine, you get your order book heavily tilted to one side or another. Increase the margin requirements, close the positions, reap the profits.

This is as close to a red flag as you'll ever see in a company.

Caveat emptor.
  • #10,364
  • Aug 17, 2017 1:44pm Aug 17, 2017 1:44pm
Quoting triphop
I'm not one for most of this scaremongering but right now, FXCM just made an unprecedented move. They've now included in their T&Cs the right to change margin requirements due to volatile conditions arising from US & North Korea. Fair enough with due warning you may think. But they've now changed this to ANY INSTRUMENT, ANY TIME AND WITHOUT NOTICE! Imagine, you get your order book heavily tilted to one side or another. Increase the margin requirements, close the positions, reap the profits. This is as close to a red flag as you'll ever see in a...
FxOpen UK have announced that they are doing the exact same thing, I wonder how many other brokers will also soon join the party. What an easy excuse to mess with folks trades at any given time. Buckle up!...
  • #10,365
  • Aug 17, 2017 2:03pm Aug 17, 2017 2:03pm
Just found some more brokers doing similar margin changes...

Saxo Bank
Invast Global

Sources:
https://www.reuters.com/article/nort...-idUSL5N1KX3SN
https://www.financemagnates.com/fore...n-requirements
  • #10,366
  • Aug 18, 2017 10:27pm Aug 18, 2017 10:27pm
Quoting triphop
I'm not one for most of this scaremongering but right now, FXCM just made an unprecedented move. They've now included in their T&Cs the right to change margin requirements due to volatile conditions arising from US & North Korea. Fair enough with due warning you may think. But they've now changed this to ANY INSTRUMENT, ANY TIME AND WITHOUT NOTICE! Imagine, you get your order book heavily tilted to one side or another. Increase the margin requirements, close the positions, reap the profits. This is as close to a red flag as you'll ever see in a...
wow.

FXCM now included in their T&Cs the right to change margin requirements due to volatile conditions arising from US & North Korea for ANY INSTRUMENT, ANY TIME AND WITHOUT NOTICE.

if the above note is true, easy way to steal money and whoever has this kind of T&C is hardcore ROBBER.
newzTrader
  • #10,367
  • Aug 21, 2017 8:25am Aug 21, 2017 8:25am
FXCM Group, the two remaining forex, CFD and spread betting units of Global Brokerage, announced it has finalized the sale of its stake in FastMatch to Euronext.
According to the announcement, FXCM got $46.7 million in cash, with $8.7 million held in escrow subject to certain potential future adjustments. The proceeds from the sale were used to repay debt owed to Leucadia, with $66.8 million outstanding.

They're still paying off Leucadia?
  • #10,368
  • Aug 23, 2017 9:20am Aug 23, 2017 9:20am
What happened to AUD/CAD, AUD/CHF, CAD/CHF, CHF/JPY, GBP/CAD, NZD/CAD, NZD/CHF???
ALL GONE from my chart...
Good Things Come to those who patiently wait
  • #10,369
  • Aug 24, 2017 8:51am Aug 24, 2017 8:51am
FXCM issued a notice about trying to calm the fears that GLBR delisting the broker from NASDAQ would have an effect on their clients. According to their announcement there won’t be an effect.

I guess time will tell?
  • #10,370
  • Aug 24, 2017 9:11am Aug 24, 2017 9:11am
Quoting civilpes2001
hi Jason, I was trading with you guys in UK as I was staying in UK, but right now I am in India, and I will be moving to Canada permanently. how can I withdraw my funds or deposit funds to my UK fxcm account while i am canada. please advice.
Hi civilpes,

Just as jusiur mentioned, you will still submit any withdrawal requests through the www.MyFXCM.com portal. If you deposited by credit or debit card, we will send it back to the credit or debit card used to fund the account. If requesting a bank wire and your bank information has changed, you will be able to update the bank information while submitting the withdrawal.

Jason
  • #10,371
  • Aug 24, 2017 9:27am Aug 24, 2017 9:27am
Quoting triphop
I'm not one for most of this scaremongering but right now, FXCM just made an unprecedented move. They've now included in their T&Cs the right to change margin requirements due to volatile conditions arising from US & North Korea. Fair enough with due warning you may think. But they've now changed this to ANY INSTRUMENT, ANY TIME AND WITHOUT NOTICE! Imagine, you get your order book heavily tilted to one side or another. Increase the margin requirements, close the positions, reap the profits. This is as close to a red flag as you'll ever see in a...
Hi triphop,

Changing margin requirements due to volatile market conditions is not an unprecedented move for FXCM, and many brokers manage risk by updating margin requirements due to volatile market conditions as Aad pointed out. For significant events which are known ahead of time, clients are notified in advance of any changes so you can plan for these changes. Some recent examples include UK elections in June, French elections in April, and Article 50 vote in March.

A geo-political event such as a crisis occurring between the US & North Korea is not something that would likely appear as a scheduled event on the economic calendar and as you can understand would make prior notice more difficult. However, we still took the precaution of emailing clients last week that tensions between North Korea and the US could cause highly illiquid conditions in the market.

Jason
  • #10,372
  • Aug 24, 2017 9:38am Aug 24, 2017 9:38am
Quoting mybest
What happened to AUD/CAD, AUD/CHF, CAD/CHF, CHF/JPY, GBP/CAD, NZD/CAD, NZD/CHF??? ALL GONE from my chart...
Hi mybest,

A common reason for this would be unsubscribing from the pairs in the dealing rates window. If you unsubscribe from these pairs, they will no longer be available in the Marketscope chart.

If this is not the case, I would be happy to help investigate if you can send details to me via private message.

Jason
  • #10,373
  • Aug 24, 2017 9:44am Aug 24, 2017 9:44am
Quoting Phylo
{image}source: https://www.leaprate.com/forex/broke...yment-worries/
Hi Phylo,

FXCM has no responsibility or obligation for Global Brokerage's (GLBR) debt or other obligations. Accordingly, the recent news and any adverse developments at GLBR have no impact on FXCM or its ability to service its customers.

FXCM’s only debt is its loan to Leucadia. Currently, $66.7 million remains outstanding on the Leucadia loan while FXCM has approximately $130 million in capital following the sale of FastMatch with $123.9 million in cash as of June 30, 2017. As recently announced, FXCM used $46.7 million of proceeds from the sale of its stake in FastMatch to pay down the Leucadia loan and expects additional paydowns in the coming months.

Full details can be found in the press release.

Jason
  • #10,374
  • Aug 27, 2017 12:53pm Aug 27, 2017 12:53pm
Hi Jason,

I try to withdraw some funds, but there seems to be starting back-and-forward mailing between FXCM and me, about my failed attempts. They say 'information is missing', although I filled out each required field. Each attempt is costing me $40.

How can I contact you about this matter? I assume I am not the first client who withdraws money from a FXCM US$ account to a European € account. So this needs to be sorted smoothly.

Best regards,
BT
  • #10,375
  • Aug 28, 2017 1:07pm Aug 28, 2017 1:07pm
Quoting BataviaTrade
Hi Jason, I try to withdraw some funds, but there seems to be starting back-and-forward mailing between FXCM and me, about my failed attempts. They say 'information is missing', although I filled out each required field. Each attempt is costing me $40. How can I contact you about this matter? I assume I am not the first client who withdraws money from a FXCM US$ account to a European € account. So this needs to be sorted smoothly. Best regards, BT
Hello BT,

Thanks for letting me know about this and I would be happy to help get it sorted. I will send you a private message to help directly. And rest assured, the $40 will only be charged if the wire is processed.

Jason
  • #10,376
  • Aug 29, 2017 2:25am Aug 29, 2017 2:25am
Quoting Jason Rogers
{quote} Hi triphop, Changing margin requirements due to volatile market conditions is not an unprecedented move for FXCM, and many brokers manage risk by updating margin requirements due to volatile market conditions as Aad pointed out. For significant events which are known ahead of time, clients are notified in advance of any changes so you can plan for these changes. Some recent examples include UK elections in June, French elections in April, and Article 50 vote in March. A geo-political event such as a crisis occurring between the US & North...
Jason, let's be really clear here because the details matter.

Changing margin requirements WITHOUT NOTICE is utterly not acceptable. Saxo, that AAD mentioned, isn't doing it without notice, they are merely updating their risk profiles in advance.
If you cannot take the risk, do not accept the trade. Changing margin to fit your own book after the trades have been made is completely wrong. No ifs, no buts. Nothing.

Of course geo-political events are risky. For both the trader and for the broker. What you've done here is package off all risk to your clients. This is a bucket-shop practice and while it's in place, I'd advise anyone to steer clear of FXCM.
  • #10,377
  • Aug 29, 2017 8:27am Aug 29, 2017 8:27am
Quoting Jason Rogers
{quote} Hello BT, Thanks for letting me know about this and I would be happy to help get it sorted. I will send you a private message to help directly. And rest assured, the $40 will only be charged if the wire is processed. Jason
Thanks a lot Jason for your quick reply. I just sent you an email.

regards
BT
  • #10,378
  • Aug 29, 2017 2:09pm Aug 29, 2017 2:09pm
Quoting triphop
{quote} Jason, let's be really clear here because the details matter. Changing margin requirements WITHOUT NOTICE is utterly not acceptable. Saxo, that AAD mentioned, isn't doing it without notice, they are merely updating their risk profiles in advance. If you cannot take the risk, do not accept the trade. Changing margin to fit your own book after the trades have been made is completely wrong. No ifs, no buts. Nothing. Of course geo-political events are risky. For both the trader and for the broker. What you've done here is package off all risk...

Hello triphop,

Actually, if you read their business terms and policies it states that their margin requirement is subject to change without notice. And I would venture to guess that most brokers have this same policy as well if you dig into the details.

Ideally, market volatility would be known in advance and traders could be notified well in advance of margin changes. War and other developments that cause geopolitical instability may come without much warning which is why FXCM clients are being informed of the possibility of margin changes so that they may plan for its possibility. In other situations that I had mentioned previously such as the UK Elections, the date of which was clear clients are notified in advance.

Jason
  • #10,379
  • Aug 29, 2017 5:19pm Aug 29, 2017 5:19pm
Quoting Jason Rogers
{quote} Hello triphop, Actually, if you read their business terms and policies it states that their margin requirement is subject to change without notice. And I would venture to guess that most brokers have this same policy as well if you dig into the details. Ideally, market volatility would be known in advance and traders could be notified well in advance of margin changes. War and other developments that cause geopolitical instability may come without much warning which is why FXCM clients are being informed of the possibility of margin changes...
So, exactly as triphop stated, FXCM wants to be in the forex business but have no risk. If you can simply change margin without notice ALL RISK is deflated from FXCM on to the client. Complete bullshit, hopefully every other regulator bans FXCM as well.
  • #10,380
  • Aug 31, 2017 4:57am Aug 31, 2017 4:57am
Quoting Jason Rogers
{quote} And I would venture to guess that most brokers have this same policy as well if you dig into the details. I
I called bullshit on this and checked three brokers. And to my horror, Jason - you are right.

Interactive brokers. Without notice
Dukascopy. Without notice.
Saxo. Without notice.

This doesn't make it ethically right, it just means that the entire retail FX community is one multi-sigma event away from total wipeout.

So we're all clear then, in the retail world, all margin trading means 100% of the liquidity risk is instantly passed on to the consumer. All of it.

Jeez.
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