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  • #6,021
  • Jan 16, 2015 12:01pm Jan 16, 2015 12:01pm
Quoting goldfinch
{quote} I know he couldn't, but he isn't here and his silence plus unsubscribing from this thread wasn't a very good PR choice.
PR is the least of their worries at the moment.
  • #6,022
  • Jan 16, 2015 12:08pm Jan 16, 2015 12:08pm
Any update from the FXCM representative ?
  • #6,023
  • Jan 16, 2015 12:14pm Jan 16, 2015 12:14pm
I have account with them, hope all will be alright. I called my account manager and he told me accounts that are held in FXCM ltd are segregated and insured by 50K. I still don't feel I am 100% safe. Hope 200 million deal will work out. FXCM is good retail broker, large and I had not issue with them so far.


Is FXCM representative still posting here?
kiss the trend
  • #6,024
  • Jan 16, 2015 12:19pm Jan 16, 2015 12:19pm
It's looking like Jefferies will save FXCM. Is this,however, good news for clients who hold negative balances?
Where price is now, it has been before, and will be again.
  • #6,025
  • Jan 16, 2015 12:20pm Jan 16, 2015 12:20pm
I'm sure Jason Rogers (FXCM rep) gets notifications in his emails whenever replies are posted in threads. If he's anything like most of us, he probably does his emails on his phone. Given that he's their representative for just about every Forex Forum on earth, he was probably getting notifications every few seconds. That would explain why he "unsubscribed" from this thread as seen in the image someone posted earlier.
  • #6,026
  • Jan 16, 2015 12:20pm Jan 16, 2015 12:20pm
Nothing concrete is stated here.


FXCM Comments on Swiss Franc Movement


NEW YORK, Jan. 15, 2015 (GLOBE NEWSWIRE) -- FXCM (NYSE:FXCM) an online provider of forex trading and related services worldwide, announced today due to unprecedented volatility in EUR/CHF pair after the Swiss National Bank announcement this morning, clients experienced significant losses, generated negative equity balances owed to FXCM of approximately $225 million.
As a result of these debit balances, the company may be in breach of some regulatory capital requirements.
We are actively discussing alternatives to return our capital to levels prior to today's events and discussing the matter with our regulators.
kiss the trend
  • #6,027
  • Jan 16, 2015 12:27pm Jan 16, 2015 12:27pm
Quoting Jenx
It's looking like Jefferies will save FXCM. Is this,however, good news for clients who hold negative balances?
Of course not. Anyone with a negative balance has lost all their money and in effect 'owes' money to FXCM. I would presume that accounts with negative balances will just get deleted, with the new owner assuming all the negative accounts balance debt.
  • #6,028
  • Jan 16, 2015 12:39pm Jan 16, 2015 12:39pm
One's who didn't have Swiss Franc positions might be affected? Especially FXCM LTD clients
kiss the trend
  • #6,029
  • Jan 16, 2015 12:39pm Jan 16, 2015 12:39pm
Thats my point ..

Quoting majkara
{quote} Of course not. Anyone with a negative balance has lost all their money and in effect 'owes' money to FXCM. I would presume that accounts with negative balances will just get deleted, with the new owner assuming all the negative accounts balance debt.
Where price is now, it has been before, and will be again.
  • #6,030
  • Jan 16, 2015 12:44pm Jan 16, 2015 12:44pm
have placed SL order at 1,1950 3 months ago..it was enough time for FXCM to hedge against very obvious risk of eurchf floor being removed ..why nobody is saying why in the hell arent SL orders triggered..have invested 15 months learning forex and demo trading..starting live account 5 months ago and made 20% return very carefully..have opened small 15000 eur/chf position with SL at -1% of the account and now i am almost 25% in negative teritory...what do i need to do now, spend next 12 months of my free time on the market just to pull back everything i lost yesterday although i duly protected myself 3 months ago...FXCM will need to cover also SL orders which were not properly managed from their side and not triggered as placed
  • #6,031
  • Jan 16, 2015 12:48pm Jan 16, 2015 12:48pm
The word was that higher spreads charged by FXCM were justified by bolstering their financial strength and providing additional funds safety - or not.
  • #6,032
  • Jan 16, 2015 12:52pm Jan 16, 2015 12:52pm
Quoting Bilstein
I'm sure Jason Rogers (FXCM rep) gets notifications in his emails whenever replies are posted in threads. If he's anything like most of us, he probably does his emails on his phone. Given that he's their representative for just about every Forex Forum on earth, he was probably getting notifications every few seconds. That would explain why he "unsubscribed" from this thread as seen in the image someone posted earlier.
good point Sir! but it doesn't mean that he'll come back or that he's still employed at this hour.
  • #6,033
  • Jan 16, 2015 1:02pm Jan 16, 2015 1:02pm
Quoting hatzius
{quote} good point Sir! but it doesn't mean that he'll come back or that he's still employed at this hour.
I'm sure the guy is more worried about his job than our posts right now. That's for sure.
  • #6,034
  • Edited 1:15pm Jan 16, 2015 1:03pm | Edited 1:15pm
Quoting neil324
{quote} PR is the least of their worries at the moment.
but it should be!
% of their accounts are more than bankrupt.
% are withdrawing funds or are posting on forums like this instead of trading and generating commissions.
---
fxcm's business model isn't the same as yesterday. even if they are getting along with jefferies, they don't have the same cash-flow.
so they should care about PR. they are f@cked anyway.

please stop being in denial. withdraw everything before they'll file for chapter 11 (if you want to be on any short-list to recover some % of your funds). if i'm wrong, please forgive me! i'm strictly saying what i believe and what i did last night (here in chicago, as soon as i found out that the stock was tanking after hours and that Jason has been unsubscribing this thread).

also, 225 mil is peanuts for wall street. zuckerberg is playing with billions for some random app.
it's the business model (that's not the same business after yesterday) that matters.
you'll see that nobody cares about fxcm (some broker that was generating <10 mil in net income quarterly) or us.
if we'll get our money back, we should donate some to charity!
  • #6,035
  • Jan 16, 2015 1:08pm Jan 16, 2015 1:08pm
With almost 1,000 employees, I really doubt their customer rep is using a cell phone to interact with clients. I doubt "Jason Rogers" is even 1 person.

But what's most concerning is he/they unsubscribed from the thread, besides being a PR disaster, what kind of confidence does that give you as a client? When they shit hits the fan, don't count on them to help out. Given posts from Jason such as...

Quoting Jason Rogers
{quote} {quote} Gentlemen, I'm happy to respond to criticisms you have of me or FXCM in this thread, and only ask that you please keep it friendly with each other.
Is it too much to ask for them to at least not unsubscribe?

Doesn't seem like they "got your back", especially because he posts replies like this...

Quoting Jason Rogers
{quote} Only if you promise to use limit orders exclusively Unlike many MT4 brokers that treat limit orders as market orders when triggered (opening up the possibility of their clients getting negative slippage on a limit order ), FXCM offers true limit orders. That means your limit orders with FXCM can only be filled at the price you specified or better. Furthermore, stats compiled over a six-month period show that over 60% of limit orders executed through FXCM benefit from positive slippage: http://www.fxcm.com/advantages/forex...0000000MusRAAS...
Someone might try to bail them out, but that only means all those negative accounts WILL GO TO COLLECTIONS. They are not going to eat 225M in client losses.

As many times as we've heard this...

Quoting Jason Rogers
{quote}We typically don't offer more than 200:1 leverage, though exceptions are sometimes made on a case by case basis. It's important to note that leverage magnifies both gains and losses. Forex brokers that offer higher leverage tend to be dealing desk brokers who can profit from their clients losses, but that's not our business model. FXCM offers traders No Dealing Desk (NDD) forex execution which means that we make our money off client trading volume, not client losses. Statistics show that traders who use lower leverage tend...
It appears the MM brokers are a good option, considering Oanda has already said they are wiping out negative account balances.
  • #6,036
  • Jan 16, 2015 1:11pm Jan 16, 2015 1:11pm
Quoting Princeton
{quote} I'm sure the guy is more worried about his job than our posts right now. That's for sure.
like everyone else from fxcm!
sincerely, i feel sorry for them and for everyone being murdered yesterday.
i was lucky to oversleep and my funds weren't playing economic games.
but still don't think that i'll survive 100%, even with a withdrawal confirmation in my mail.
anyway, we'll get raped by the regulators in the next months (at least in the US), crucified.
it doesn't matter that the LPs have been rigging the market for so long. it doesn't matter that a central bank acts criminally and forces a lot of people into ruin (which is misallocating capital). what matters is that you and i were reckless, greedy, anti-social. and they'll stop this nonsense. they'll show us and everyone else who's in charge.
  • #6,037
  • Jan 16, 2015 1:11pm Jan 16, 2015 1:11pm
understand now that he may be liable for false information or insider information. Now it is really in the hands of the management/board team to get things settled and once everyday is set, information should sink down to the operations/reps level. They probably don't have more information than you right now so why bother them?
Trade what you see, not what you think!
  • #6,038
  • Jan 16, 2015 1:12pm Jan 16, 2015 1:12pm
Hi guys, I put in a withdrawl request last night on my account. Thats another matter. what I'm wondering is why is the platform still functioning or taking orders? If the company is possibly done why wouldn't the cftc or somebody halt their operation if they aren't in compliance with capital regulations?
  • #6,039
  • Jan 16, 2015 1:13pm Jan 16, 2015 1:13pm
Quoting TheGrind
With almost 1,000 employees, I really doubt their customer rep is using a cell phone to interact with clients. I doubt "Jason Rogers" is even 1 person. But what's most concerning is he/they unsubscribed from the thread, besides being a PR disaster, what kind of confidence does that give you as a client? When they shit hits the fan, don't count on them to help out. Given posts from Jason such as... {quote} Is it too much to ask for them to at least not unsubscribe? Doesn't seem like they "got your back", especially because he posts replies like this......
That's a valid point. I don't regularly participate in this thread so I'm not familiar with his/their posting habits.
  • #6,040
  • Jan 16, 2015 1:15pm Jan 16, 2015 1:15pm
Quoting wyley187
Hi guys, I put in a withdrawl request last night on my account. Thats another matter. what I'm wondering is why is the platform still functioning or taking orders? If the company is possibly done why wouldn't the cftc or somebody halt their operation if they aren't in compliance with capital regulations?
that is because it is not about to get shut down, at least yet.
Trade what you see, not what you think!
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