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  • #2,061
  • Aug 16, 2011 9:05pm Aug 16, 2011 9:05pm
Wow, so is this now a very clear indication that customers may be treated differently depending on what jurisdiction they are in? I mean, naturally, customers from jurisdiction to jurisdiction should expect some minor differences but this would be a very clear indication that FXCM is acting in bad faith as one imagines that their trading infrastructure in regard to slippage would treat customers in all jurisdictions the same and so should refund customers in any jurisdiction that relies on their trading infrastructure.

Very very bad if not properly and very clearly explained. This seems like a major snub to traders.
  • #2,062
  • Aug 17, 2011 4:16am Aug 17, 2011 4:16am
Quoting Wacky Canuck
Wow, so is this now a very clear indication that customers may be treated differently depending on what jurisdiction they are in? I mean, naturally, customers from jurisdiction to jurisdiction should expect some minor differences but this would be a very clear indication that FXCM is acting in bad faith as one imagines that their trading infrastructure in regard to slippage would treat customers in all jurisdictions the same and so should refund customers in any jurisdiction that relies on their trading infrastructure.

Very very bad if not properly...
Jason has dodged this question on every other forum as well. I think it's safe to assume this practice was widespread but for whatever reason they can only be forced to compensate US customers. I wonder how much they made in total from this practice, probably much more than the $8 million they have to give back to US clients.
  • #2,063
  • Aug 17, 2011 7:47am Aug 17, 2011 7:47am
Does somebody know what happened with FXCM's stock? It increased 4 $ in a few days, although there is a recent NFA lawsuit.

Maybe Jason can comment on his?
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  • #2,064
  • Aug 17, 2011 8:57am Aug 17, 2011 8:57am
Quoting Forex5050
Does somebody know what happened with FXCM's stock? It increased 4 $ in a few days, although there is a recent NFA lawsuit.
Will be interesting around the red line (roughly 12.85).

Jason, I have a friend who would like to open a micro account in the UK but is also interested in trading oil and stock indices. I think I can remember you saying that these may be integrated into the micro accounts also, is there any more news on this please?

FXCM H4
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  • #2,065
  • Aug 17, 2011 9:24am Aug 17, 2011 9:24am
Quoting 89tick
Jason has dodged this question on every other forum as well. I think it's safe to assume this practice was widespread but for whatever reason they can only be forced to compensate US customers. I wonder how much they made in total from this practice, probably much more than the $8 million they have to give back to US clients.
Hi 89tick,

My apologies for the delay in reply. While I wish I could answer every question for you, I'm only able to discuss what is listed in the FAQ found through the press release http://ir.fxcm.com/phoenix.zhtml?c=2...037&highlight= . Any questions beyond this, and you will need to email [email protected]

-Jason
  • #2,066
  • Aug 17, 2011 9:26am Aug 17, 2011 9:26am
Quoting Wacky Canuck
Wow, so is this now a very clear indication that customers may be treated differently depending on what jurisdiction they are in?
Hi Wacky Canuk,

All FXCM accounts on NDD forex execution receive price improvements regardless of jurisdiction.

-Jason
  • #2,067
  • Aug 17, 2011 9:29am Aug 17, 2011 9:29am
Quoting Forex5050
Does somebody know what happened with FXCM's stock? It increased 4 $ in a few days, although there is a recent NFA lawsuit.

Maybe Jason can comment on his?
Hi Forex5050,

We had our earnings call last Thursday, and the audio recording plus slides is available here http://ir.fxcm.com/phoenix.zhtml?p=i...ventID=4168629 . You'll need to click on the link "Click here to listen with Windows Media" to access the recording.

The settlement amount and the client price improvement credit will have no negative impact on FXCM's financial balance sheet because several founding partners of FXCM have reimbursed the company for the credit and the fines. As of June 30, 2011, FXCM Inc. had over $200 million in cash and no debt.

-Jason
  • #2,068
  • Aug 17, 2011 9:47am Aug 17, 2011 9:47am
Quoting fosking
Will be interesting around the red line (roughly 12.85).

Jason, I have a friend who would like to open a micro account in the UK but is also interested in trading oil and stock indices. I think I can remember you saying that these may be integrated into the micro accounts also, is there any more news on this please?

FXCM H4
Attachment
Hi fosking,

There are still plans to add stock indices and oil to the micro accounts, but I haven't seen much in terms of timeline. The priority was switched to launching the USDOLLAR index basket which is live with FXCM UK and FXCM Asia, but not sure about a timeline for stock indices and oil unfortunately.

-Jason
  • #2,069
  • Aug 17, 2011 8:11pm Aug 17, 2011 8:11pm

FXCM home of the largest ever NFA fine of $2 Million.

LINK


PS: don't forget trading the EURO is Easy and even easier for FXCM thanks to suckers like you.
  • #2,070
  • Edited 11:15pm Aug 17, 2011 8:35pm | Edited 11:15pm
Quoting Jason Rogers
Hi Wacky Canuk,

All FXCM accounts on NDD forex execution receive price improvements regardless of jurisdiction.

-Jason
But no refunds for previous ill performance. Again, this is a very clear act of bad faith on the part of FXCM. I used to speak rather lowly of those who would bash FXCM on what I thought were frivolous grounds. Being one of the biggest players in the retail FX market, I know you're bound to attract twits, dolts, morons and idiots who will blame you for their own failings. It's easy to see that just because you're big, you'll be called out for faults that you may not have and so, it was always my attitude that unless some one had concrete facts and reasoning behind their complaints, they probably weren't worth listening to.

Now, things have changed. In this situation, customers across the board were effected negatively because of deficiencies in your trading infrastructure. Common sense very very clearly shows us that while the NFA only applies forcibly to American customers, it would simply be inconsistent ethically for FXCM to deny customers not affected by the NFA refunds because they all used the same trading infrastructure...and that's exactly what FXCM has done.

This is very poor form. While FXCM remained in my list of brokers for consideration (I thought that under particular circumstances, I would have joined up again after having left) previously, they now no longer deserve my consideration. I don't want to entrust any significant or even slightly noticeable amount of money to a broker that I think acts unethically.
  • #2,071
  • Aug 18, 2011 3:08am Aug 18, 2011 3:08am
This had nothing to do with a technical 'deficiency' or 'mistake' this was a system clearly designed to pocket positive slippage but pass on negative slippage. Brokers have been caught using systems designed to facilitate this in the past eg mt4 virtual dealer plugin and Boston Technologies software.

FXCM have set aside $16 million to pay these claims. I wonder if that will be enough once word spreads to non US customers. Remember they are already facing action from the CFTC on this matter.
  • #2,072
  • Aug 18, 2011 10:00am Aug 18, 2011 10:00am
Quoting 89tick
This had nothing to do with a technical 'deficiency' or 'mistake' this was a system clearly designed to pocket positive slippage but pass on negative slippage. Brokers have been caught using systems designed to facilitate this in the past eg mt4 virtual dealer plugin and Boston Technologies software.

FXCM have set aside $16 million to pay these claims. I wonder if that will be enough once word spreads to non US customers. Remember they are already facing action from the CFTC on this matter.
Most of us who have been around the metatrader platform long enough know that MT4 was designed originally for Market Makers. This isn't a bad thing, just the way it is. A big part of this is because forex does not have a centralized exchange so each brokers becomes a de-facto market maker. Even so-called true ECNs, look carefully at the contract you sign and see who is the counterparty to all of your trades. Mt4 had to be hacked, bridged, etc to make the front-end of the work within the scope of a true ECN / STP.

The majority of other trading platforms out there, including MT5 are designed to work with financial exchanges and a wide range of products, including products traded for physical delivery (futures) and therefore already have "industry standard" net positions calculations for entry / exits, FIFO-ready, level II capable, FIX and other financial api-protocol compliant, etc.

-----

I can understand Jason's restrictions about talking openly about sensitive topics that are "above his paygrade" so to speak. However, I think that FXCM UK, et al should reconsider refunding all of their respective clients the positive slippage that they are due. One of the main reasons is that i do not think [for example] the FSA would look favorably upon you if a similar investigation was performed on fxcm uk you willingly held back funds that were due to a significant amount of your clients. Not to mention the forum and other public relations backlash that looks like it is already in its beginning stages.

I hope you pass these comments on to your supervisors.
Measure trends automatically with zero lag
  • #2,073
  • Aug 23, 2011 3:44pm Aug 23, 2011 3:44pm
A couple of announcements from FXCM...

1. Facebook Contest: Our facebook contest for a free trip to the FXCM currency trading expo in Las Vegas ends this Friday at 11:59pm. The prize includes (1) free round-trip ticket to Las Vegas and 3 day / 2 night stay at the Rio. Here's where to enter http://apps.facebook.com/promosapp/180941

2. CNBC Million Dollar Portfolio Challenge: FXCM is sponsoring this year's CNBC Million Dollar Portfolio challenge, and registration is now open to residents of the US, UK, and Australia. Every contestant is eligible to receive a free $50 account from FXCM (terms and conditions found through the contest site). The free account link is available after registering for the contest through http://milliondollar.cnbc.com

3. New AUS200 Spreads: The spread on the AUS200 stock index (which tracks the ASX200 stock index) is now 1 pip during local market trading hours, and 2 pips outside local market trading hours.

Let me know if you have any questions.

-Jason
  • #2,074
  • Aug 23, 2011 4:09pm Aug 23, 2011 4:09pm
How about you spend your money on refunding all the non US customers you ripped off?




Quoting Jason Rogers
A couple of announcements from FXCM...

1. Facebook Contest: Our facebook contest for a free trip to the FXCM currency trading expo in Las Vegas ends this Friday at 11:59pm. The prize includes (1) free round-trip ticket to Las Vegas and 3 day / 2 night stay at the Rio. Here's where to enter http://apps.facebook.com/promosapp/180941

2. CNBC Million Dollar Portfolio Challenge: FXCM is sponsoring this year's CNBC Million Dollar Portfolio challenge, and registration is now open to residents of the US, UK, and Australia....
  • #2,075
  • Aug 23, 2011 9:20pm Aug 23, 2011 9:20pm
Quoting 89tick
How about you spend your money on refunding all the non US customers you ripped off?
Quoted for truth.

I hate to bash on poor Jason here because he's only a messenger but what he's been told to bring as a message about this slippage issue is just plainly pathetic and disgusting to me as a trader.

Seriously, it's amazing to me that Jason still feels comfortable even posting in Forex Factory right now. Again, I sympathize his position but more and more I feel absolute revulsion for the firm he's representing.

Cheers
  • #2,076
  • Aug 26, 2011 10:28am Aug 26, 2011 10:28am
Update on CFD Trading Hours for Monday, 29 August:

The UK100 will be unavailable for trading on Monday, 29 August in observance of the Summer Bank Holiday.

CFD trading hours for all symbols except the UK100 will be normal on Monday, 29 August.

http://i56.tinypic.com/1hwnmh.png


Let me know if you have any questions.


- Jason
  • #2,077
  • Aug 31, 2011 12:19pm Aug 31, 2011 12:19pm
Update on holiday trading hours and rollover:

There is 4X rollover today (August 31) for all currency pairs (except TRY pairs) due to a US bank holiday on Monday, September 5th. This Friday (September 2) there is no rollover for any currency pairs. Please keep this in mind if holding any trades open at 5:00pm ET.

There will be no changes for forex trading hours due to the September 5th holiday in the US, but there will be modifications for some of the CFD trading hours on Monday September 5th. Below is a list and all times are in GMT.

CFD Trading Hours for Monday September 5th

http://i52.tinypic.com/rtf91c.png
  • #2,078
  • Sep 8, 2011 12:06am Sep 8, 2011 12:06am
Do you guys able to login and trade via FXCM UK today? I tried to login many times, and once connected, still unable to trade.

Evidence is as attached.
Attached Image
  • #2,079
  • Sep 8, 2011 12:17am Sep 8, 2011 12:17am
Hi , I am with fxcm uk and i don't have any problem......
  • #2,080
  • Sep 8, 2011 12:25am Sep 8, 2011 12:25am
Quoting gioviforex
Hi , I am with fxcm uk and i don't have any problem......
Thanks for feedback. Now it is back to normal.

cheers
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