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  • #6,161
  • Jan 18, 2015 9:02pm Jan 18, 2015 9:02pm
Quoting cenetti
{quote} Margin/leverage trading means you're BORROWING money from your broker to open the position. FXCM's disclaimer says "The possibility exists that you could sustain a loss of some or all of your deposited funds" doesn't say "more". So I imagine they'll bring people's accounts to '0'. But you may be with a broker who doesn't give you any guarantees. I think this event should make people open their eyes and read the 'fine print' before they sign the dotted line. All I see bunch of children running around like headless chickens blaming everybody...
So you're saying all negative accounts will be deleted.. GOT IT, THANKS FOR LETTING US KNOW!
  • #6,162
  • Jan 18, 2015 11:54pm Jan 18, 2015 11:54pm
Conversation from FXCM Live Chat:

David: I have a question...when will FXCM be putting a statement out regarding negative balances and are they going to zero them out as per FXCM website
FXCM - Carsten : For the most recent updates regarding these questions please go to www.fxcm.com --> investor relations.
FXCM - Carsten : As of now the situation is still relatively fresh and as such I can"t say what will happen regarding negative balances. Please keep yourself up to date by visiting fxcm.com --> investor relations.
David: ok thank you
FXCM - Carsten : I appreciate your patience and understanding that I can't give any qualified answer as long as the press statement regarding these questions is still in production.
David: is there any indication when the press release or clients will be notified
FXCM - Carsten : As of now I can't tell, I am waiting just as you are waiting.
David: ok thanks for your time
  • #6,163
  • Jan 19, 2015 1:13am Jan 19, 2015 1:13am
Quoting TheGrind
{quote} So you're saying all negative accounts will be deleted.. GOT IT, THANKS FOR LETTING US KNOW!

???? I said I "IMAGINE they will" as in 'IMO' .You people have some serious reading and comprehension problems. No wonder!
  • #6,164
  • Jan 19, 2015 1:35am Jan 19, 2015 1:35am
Quoting grin
{quote} It is bizarre. Why? The company has been offering insurance against a calamity as a free perk. It cost the firm as per their product's design.
They designed their business to take a +$200m hit in the event of an accident?

They almost just died on the operating table, no matter how much PR gets pumped out about the bail out from Jefferies. How long can they limp on with reduced market cap, reduced customer base, legal costs and an expensive loan to pay off?
"Risk comes from not knowing what you're doing." - Warren Buffett
  • #6,165
  • Jan 19, 2015 1:39am Jan 19, 2015 1:39am
Quoting grin
{quote} It is bizarre. Why? The company has been offering insurance against a calamity as a free perk. It cost the firm as per their product's design.

Bizarre to protect what is mine?

I'll have to pull my funds while this stabilizes...
Chasing The Dream...
  • #6,166
  • Edited 2:51am Jan 19, 2015 1:44am | Edited 2:51am
FXCM UK & AU sites : Advantages → Safetey of Funds section (19-Jan-15 07:44 GMT)
Attached Image (click to enlarge)
Click to Enlarge Name: FXCM - Losses 3.PNG Size: 11 KB

Above absent from FXCM US site.
TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #6,167
  • Jan 19, 2015 1:50am Jan 19, 2015 1:50am
I my opinion anyone that stays with FXCM needs their head testing, their risk management was appalling plenty of brokers managed to get their clients out of chf at reasonable levels because they hedge against event risk.I for one won't be giving them a second chance to lose me my money.
  • #6,168
  • Jan 19, 2015 2:24am Jan 19, 2015 2:24am
I my opinion anyone that stays with FXCM needs their head testing, their risk management was appalling plenty of brokers managed to get their clients out of chf at reasonable levels because they hedge against event risk.I for one won't be giving them a second chance to lose me my money.
  • #6,169
  • Jan 19, 2015 3:11am Jan 19, 2015 3:11am
Quoting cenetti
{quote} ???? I said I "IMAGINE they will" as in 'IMO' .You people have some serious reading and comprehension problems. No wonder!
ok cenetti, even if you are completely right, you still do a disservice to all of us with your comments. it makes no sense to kick people in the balls for not understanding and integrating a 30 deviation standard event into their trading. $50 bucks or more - what's worth to know is that we get liquidated by margin calls. otherwise, it's like taking precautions that we'll never get stopped. why don't you play along with the rest of the trading community and say that we understand what we are doing and if we don't we are more than willing to take responsibility and go bust? rather this instead of having ignorant members ($50 bucks is all that matters when it comes to regulators, not tier1) and screaming for more cftc babysitting us!i'm sorry for you that you're so much in love with fxcm and you'll rather prefer to see its liable customers getting punished instead of fxcm going under. i'm not - and let me tell you why. i payed them for their business, as much as you did. i don't wanna know more, other than the technicalities of a my last/next trade. i got screwed several times in terms of execution. i swallowed it - i try not to blame my misfortune on my broker. but now, unfortunately, they have to swallow it. you're staying with them. i respect your opinion and i wish you luck!the only thing that matters to me is how fxcm is going to behave from now on. it wasn't sweet for the last days. their business is in dire straits, so expect some of their"good employees" to be gone in the next two months. more fuck-ups to come, more failures, more we are sorry, etc. and when you'll dispute a trade, you'll possibly face a revengeful side blaming you, the trader, for destroying their business. i only care for my money and for whoever wants to take my business (having a good business tough). fxcm is from the past.you could also show more sympathy toward people that have lost their shirt - it could have happened to you, to me, to anyone. it's good for your karma!
  • #6,170
  • Jan 19, 2015 3:39am Jan 19, 2015 3:39am
I spoke with a rep this morning (uk) and they said they have a number of sudden account openings due to people wanting to invest their money in a safe broker. Being listed on NYSE. Could just be typical salesy talk but it's interesting if it's true. I think it's human nature to create a panic, just look at sky news, they talk about something 24/7 then drop it when it's boring.
  • #6,171
  • Jan 19, 2015 4:02am Jan 19, 2015 4:02am
Quoting hg2014
I spoke with a rep this morning (uk) and they said they have a number of sudden account openings due to people wanting to invest their money in a safe broker. Being listed on NYSE. Could just be typical salesy talk but it's interesting if it's true. I think it's human nature to create a panic, just look at sky news, they talk about something 24/7 then drop it when it's boring.
" I think it's human nature to create a panic, just look at sky news" genius bro!
  • #6,172
  • Jan 19, 2015 4:43am Jan 19, 2015 4:43am
Quoting hg2014
I spoke with a rep this morning (uk) and they said they have a number of sudden account openings due to people wanting to invest their money in a safe broker. Being listed on NYSE. Could just be typical salesy talk but it's interesting if it's true. I think it's human nature to create a panic, just look at sky news, they talk about something 24/7 then drop it when it's boring.
lol FXCM is the opposite of a safe broker.

This 300 million loan or investment has to paid back, FXCM had 5 million profit last year thats not a lot.

The money has to come from you.

There are brokers who have an excellent track record like Oanda, 14 years in business without any trouble and well capitalized.

Yes a market maker, so what ?

Leverage 50:1, not enough for you huh ?
  • #6,173
  • Jan 19, 2015 5:18am Jan 19, 2015 5:18am
have anyone successfully made a withdrawal since last friday? Please show your status of withdrawal. Thank you
  • #6,174
  • Jan 19, 2015 6:07am Jan 19, 2015 6:07am
Quoting Nutkaze
have anyone successfully made a withdrawal since last friday? Please show your status of withdrawal. Thank you
my account shows a 0 balance and I got the email that the fund were processed 01/18/15. Should hit my bank tomorrow or so.

1/18/15 10:11 AM WithdACH WD
Chasing The Dream...
  • #6,175
  • Jan 19, 2015 6:14am Jan 19, 2015 6:14am
Quoting Molby
{quote} lol FXCM is the opposite of a safe broker. This 300 million loan or investment has to paid back, FXCM had 5 million profit last year thats not a lot. The money has to come from you. There are brokers who have an excellent track record like Oanda, 14 years in business without any trouble and well capitalized. Yes a market maker, so what ? Leverage 50:1, not enough for you huh ?
I spread bet so oanda isn't an option for me. But the amount of times I've read oanda has frozen the spread for 10 minutes at like 15 pips and blame it on a tech issue is incredible. FXCM will learn from this and put something in place...
  • #6,176
  • Jan 19, 2015 6:48am Jan 19, 2015 6:48am
Quoting Nutkaze
have anyone successfully made a withdrawal since last friday? Please show your status of withdrawal. Thank you
I did a withdrawal at friday and already have the money on my account today Monday morning.
  • #6,177
  • Jan 19, 2015 7:12am Jan 19, 2015 7:12am
Hello, Does anyone has any Chinese Yuan trade USD/CNH that can't be closed after the incident? how can i live with an open position without the option for closing it? does FXCM stand out for liquidity if there isn't any? is the Swiss Franc trade back to normal now? can it be traded? please advice me!
  • #6,178
  • Jan 19, 2015 7:20am Jan 19, 2015 7:20am
Quoting hg2014
{quote} I spread bet so oanda isn't an option for me.
Apparently Spread bettors have not been affected as much. That's what Charles says: ~07:25min:

http://ezeetrader.com/mondays-video-...lus-much-more/
  • #6,179
  • Jan 19, 2015 9:22am Jan 19, 2015 9:22am
Quoting OMGtrader
{quote} Jason, any word from company on how the company will take measures to prevent similar future events from significantly affecting the company?
Hi OMGtrader,

Thanks for your question. Currencies held at artificial levels as we saw with EUR/CHF remain at the same risk so we will be looking to implement additional measures to prevent this from happening in the future. I will share more details once I have more information.

Since our founding in 1999, FXCM has had experience with gapping and significant price moves. FXCM processes approximately half a milllion transactions a day and our margin system has worked through major market moves as in the 2008 financial market crisis as well as the 2011 Japan earthquake.

Prior to Thursday, the EUR/CHF was looked at as a very liquid G10 currency with very low volatility. From the profitability study DailyFX released, we know that our clients tend to be most profitable in low volatility currency pairs. The floor at 1.2000 for the past 3+ years made it a popular currency pair for traders for this reason and there were no indications that this would not continue. However, the SNB essentially lied and didn't intend to protect the floor.

We believe that the NDD model remains the fairest pricing model for forex traders. When you are trading with a dealing desk or market maker, at the most basic level, when you lose money on those trades, they make money. Some of these brokers are now announcing record profits as a result of their client losses. If the market would have moved in EUR/CHF traders favor, then we may have been looking at a much different scenario.

Jason
  • #6,180
  • Jan 19, 2015 9:22am Jan 19, 2015 9:22am
Quoting yazzie
This is really good news and I hope FXCM looks into their internal operations to prevent this from happening in the future.
Thanks Yazzie!
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