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FXCM Discussion

  • #6,421
  • Jan 22, 2015 9:45pm Jan 22, 2015 9:45pm
Quoting Kanzler
{quote} Lol, you must not have been around with these guys too much. I left Oanda because of their inane spread widening practices which were absolutely destroying some of my trades. The platform sucks, the service sucks, and while customer communication is okay, FXCM had improved with spreads to the point that tolerating Oanda's gimmicks wasn't worth it anymore. I am disappointed to see that FXCM is asking for account holders to send in additional funds to cover negative balances, although I agree with the in-house confiscation of funds given how...
1. good post and great consideration for what used to be a good broker. also agree with you about oanda vs fxcm
2. you're overconfident (just give me your money, please, instead of fxcm, if it doesn't bother you). :-))
3. they should give up the ecn pretentions.
4. who cares, if they don't cash in the receivables?
  • #6,422
  • Jan 22, 2015 9:56pm Jan 22, 2015 9:56pm
I agree with you, Hatzius except that I think the agreement of their loan is forcing them to make an unreasonable claim. I think they would have a better return if they asked their clients to pay a portion of their losses. Remember, us clients lost a lot as well. We lost on the trade and our accounts got wiped out as well. So, they lost and the clients lost on the SNB action. Certainly the professionals should have seen this coming and better prepared like FXCM started doing the last few days. Too little too late and now they want their clients bail them out.

Personally, I went with FXCM because of their terms. It was between them and CitiFX and I chose FXCM solely based on their terms that my losses were limited to my deposit. They are now changing rules.

Big losses are relative. The bigger you are, the more you make, and the more you can lose. That's the risk any business takes to maximize their profits. Either way, this is going to be an interesting ride and I will let it play out. For now, I am moving to another broker that is more reliable in their terms and business acumen.
  • #6,423
  • Jan 22, 2015 10:05pm Jan 22, 2015 10:05pm
Quoting Sesamstrasse
{quote} Aren t they famous for it ??
no idea. But the spikes are great so i would not trade with them.

http://www.forexfactory.com/jason*rogers

Mr. Roges, you didnīt really answer, what caused the spikes?
i mean is it a bug or a "feature"?

regards thodie
just do it
  • #6,424
  • Jan 22, 2015 10:44pm Jan 22, 2015 10:44pm
Have y'all noticed how FF won't allow this thread to be shown on the home page anymore?
Ghost Rider - WWTBMD?
  • #6,425
  • Jan 22, 2015 10:58pm Jan 22, 2015 10:58pm
All of these scumbag reporters sniffing around on this thread - lol.

They 'just want a comment', but when you visit their site everything is paywalled.

I'm not helping you to sell your rag unless you write me a cheque, morons.

But if you want, you can print this:

FXCM - GIVE ME MY MOTHERF***ING MONEY BACK.

How long does it take to process a transaction?!

I've made some good money for you.

I'm one of your winning traders.

Or was.

Buh bye.

And thanks for not bothering to keep in any kind of contact with me through this entire debacle.

Left completely in the dark.

Which is the main reason I'm gone.

That, and your risk management.

You do still have my money, right?

Pricks.
"Risk comes from not knowing what you're doing." - Warren Buffett
  • #6,426
  • Edited 11:37pm Jan 22, 2015 11:25pm | Edited 11:37pm
Quoting Spili
But if you want, you can print this: FXCM - GIVE ME MY MOTHERF***ING MONEY BACK. How long does it take to process a transaction?! I've made some good money for you. I'm one of your winning traders. Or was. Buh bye. And thanks for not bothering to keep in any kind of contact with me through this entire debacle. Left completely in the dark. Which is the main reason I'm gone. That, and your risk management. You do still have my money, right? Pricks.
Ghost Rider - WWTBMD?
  • #6,427
  • Jan 22, 2015 11:39pm Jan 22, 2015 11:39pm
Quoting JoeNY
Christopher, oh Christopher... remember I use TradeStation Technologies from Monex Group not the FXCM "trading station" platform. P.S. I edited the other post so no one gets confused. {quote}
Oh that's right ... so many details to remember. So many less brain cells these days.
Ghost Rider - WWTBMD?
  • #6,428
  • Jan 22, 2015 11:46pm Jan 22, 2015 11:46pm
I requested a withdraw on one of my accounts ($36,000+) which I don't trade for a while on Monday and got the money in my bank today. I still have an account with FXCM. I think FXCM is a honor broker who does not trade against their clients and I really like it. FXCM is my first choice and I hope I can do more business with it the future.
  • #6,429
  • Jan 23, 2015 12:02am Jan 23, 2015 12:02am
Quoting albchr
{quote}
Hey albchr, just happened to swing by your thread and read your story (I don't FF much) - inspiring stuff, hope it is all going well for you, admire your intestinal fortitude! Good luck for 2015.
"Risk comes from not knowing what you're doing." - Warren Buffett
  • #6,430
  • Jan 23, 2015 12:05am Jan 23, 2015 12:05am
How to get more data for oil (MT4 platform, USOil symbol)? I have on monthly chart only from april 2013...
The Market pays you to be disciplined
  • #6,431
  • Jan 23, 2015 12:13am Jan 23, 2015 12:13am
Quoting mima
How to get more data for oil (MT4 platform, USOil symbol)? I have on monthly chart only from april 2013...
If it's not in the feed from your broker you probably wont be able to see any further back - maybe just find a chart online? I think USOil probably refers to WTI, here's a chart for you but shouldn't be hard to find charts more suited to your needs - WTI is the most traded oil contract in the world (and therefore forms the US benchmark oil price).

http://ycharts.com/indicators/crude_oil_spot_price
"Risk comes from not knowing what you're doing." - Warren Buffett
  • #6,432
  • Jan 23, 2015 12:31am Jan 23, 2015 12:31am
Quoting Chiang124
{quote} They request me add funds???not I must add funds???
That shows you how stupid they think retail traders are
  • #6,433
  • Jan 23, 2015 12:58am Jan 23, 2015 12:58am
Quoting Spili
{quote} Hey albchr, just happened to swing by your thread and read your story (I don't FF much) - inspiring stuff, hope it is all going well for you, admire your intestinal fortitude! Good luck for 2015.
Hi Spili, Thank you for the kind words. I'll feel a bit better when I get my funds from these folks but I'm hanging in there.

Wishing you the best for 2015 as well.
Ghost Rider - WWTBMD?
  • #6,434
  • Jan 23, 2015 1:40am Jan 23, 2015 1:40am
Quoting hatzius
don't know if these points have been covered by the previous posts. the consensus here is that fxcm is not entitled to collect money from customers. the following paragraphs might be a cold shower for some of you: 1) statement from the agreement signed between fxcm and leucadia: {quote} 2) paragraph from the "legal term and agreement" (we all have signed it): {quote} 3) trader agreement under the "fxcm consent form": {quote} don't play with fire and believe in fairy tales. you lost money, this is the reality, over your head. thinking that fxcm is...
I cant do that, due to the margin requirements changes these dayses, I cant trade with low capital

Pretty sad, but I will ask for my Money and close my account

It's over
  • #6,435
  • Jan 23, 2015 2:20am Jan 23, 2015 2:20am
Hi,

I don't have a negative balance issue .. sorry for those that do and i hope it works out for the best for you.

My question is a UK based trader i have been with fxcm for some time now and never had an issue with them..

but should alarm bells be ringing now they have had a bail out with big interest rate payments tagged on?

Are other people leaving to go elsewhere or are the majority staying and continue to trade with them?

I know its a sensitive time for some ... i am not here to provoke or cause argument for anybody just wanted a discussion about the above.
  • #6,436
  • Jan 23, 2015 3:28am Jan 23, 2015 3:28am
I was trading with them for one year , but demo and live had a much different datafeed.
It was not useful with me , after three very slow executed orders was clear for me ; I have to go to another broker .
No advertising .. but there are much better brokers on the financial market.
  • #6,437
  • Jan 23, 2015 3:33am Jan 23, 2015 3:33am
Anybody having negative balance repayment issues with this company should report to the FCA. Contact them as soon as possible lay out your case, be precise, show them the misleading ads and false promises they officially made on their site, and even the promotional youtube video, give them every tidbit of knowledge you have, dont pay just because FXCM says so. You as a client have rights, get legal advice and dont pay them. The more traders report to the FCA, the bigger the issue and the case against FXCM will become. Dont hide and hope they wont come for you, be offensive and face the problem.

UK FCA Contact:
http://www.fca.org.uk/site-info/contact
  • #6,438
  • Jan 23, 2015 3:53am Jan 23, 2015 3:53am
I'm going to stick it out with FXCM. I had no trades with the CHF. I'm just going to wait to see their financial state by April. My suspicion is that they will sell their US
division since it's only 13% of their clients. The rest are Asian and Middle Eastern. I hope they survive because I don't like forex.com or oanda's widening spreads. Although I am disappointed they still allow trading on the CHF and the CNY. If the CNY gets devalued like some analysts expect, that could be a black swan event for the AUD resulting in more insanity and regulation. The PBOC is so random as it is. It would come as a complete surprise and be a black swan again. I wouldn't be surprised if it wiped out Oanda and forex.com. So I really hope people aren't partying yet because the saga isn't over.
  • #6,439
  • Jan 23, 2015 3:57am Jan 23, 2015 3:57am
So FXCM have started to cover the negative balances from the positive balanced accounts, if a client has more than 1 account, and if 1 is positive and 1 is negative, and if there is still a difference, they will chase him. Based on their TaC, by "Act of God" (so Jordan has been promoted to god now!)

http://leaprate.com/2015/01/fxcm-let...tive-balances/
  • #6,440
  • Jan 23, 2015 4:58am Jan 23, 2015 4:58am
Quoting FxTyran
So FXCM have started to cover the negative balances from the positive balanced accounts, if a client has more than 1 account, and if 1 is positive and 1 is negative, and if there is still a difference, they will chase him. Based on their TaC, by "Act of God" (so Jordan has been promoted to god now!) http://leaprate.com/2015/01/fxcm-let...tive-balances/
Not chase but take it by force. But they have good manners, they tell you about it.
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