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FXCM Discussion

  • #6,501
  • Jan 23, 2015 7:09pm Jan 23, 2015 7:09pm
Hello Jason. May I know the progress of the negative balance issue.I know some of the client the total asset cannot cover the negative balance.They May go to bankruptcy. I really hope that the situation will not happen in the coming future. Please the management to have the right decision.
Quoting Jason Rogers
Hello Everyone. Before I head out for the day, here's an FXCM business update we just released: Strong Operating Metrics Through Thursday, January 22, FXCM's month-to-date retail customer trading volume, which includes all retail FX and CFD volume, is $406 billion* with 30% coming from the last 5 days alone, which included a U.S. bank holiday. Average retail customer trading volume per day during this period is $27 billion.* As of January 22, tradable accounts were 224,547, and client equity was $1 billion. "A week after the unprecedented movement...
  • #6,502
  • Jan 23, 2015 7:18pm Jan 23, 2015 7:18pm
Quoting Jason Rogers
As our CEO Drew mentioned, thank you to our traders for your continued support. I appreciate your patience while we work on answers to your most pressing questions, and I will continue to provide more information as I am able to.
Jason
And for the others, patiently waiting...there is this.
Attached Image (click to enlarge)
Click to Enlarge Name: ltt.png Size: 168 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #6,503
  • Jan 23, 2015 10:27pm Jan 23, 2015 10:27pm
"FXCM Confirms Plans to Sell Non-Core Assets Plus Record FX Volumes Amid Volatility "


They may start to sell Jason Rogers organs on the black market in order to help them get out of the hole!!
So, you think you have rights? LOL
  • #6,504
  • Jan 23, 2015 10:39pm Jan 23, 2015 10:39pm
if a brokerage is chasing you, why not make a good will gesture of offering to pay what you can towards the negative balance pending legal advice. If you are not particularly wealthy and, on working out your monthly budget, it just so happened that you could not afford to pay any more than $1 a month, at least you would be able to demonstrate to a court that you were trying to help resolve the situation to the best of your ability. If you were to do this, I'm sure you would be sensible enough to keep a copy of all of your communication with the company.

But then again I could be totally wrong because this is just speculation and I'm unqualified to offer legal council.
"Risk comes from not knowing what you're doing." - Warren Buffett
  • #6,505
  • Jan 23, 2015 11:06pm Jan 23, 2015 11:06pm
Quoting Spili
if a brokerage is chasing you, why not make a good will gesture of offering to pay what you can towards the negative balance pending legal advice. If you are not particularly wealthy and, on working out your monthly budget, it just so happened that you could not afford to pay any more than $1 a month, at least you would be able to demonstrate to a court that you were trying to help....
Jason, is that you??
  • #6,506
  • Jan 23, 2015 11:36pm Jan 23, 2015 11:36pm
Of course it's not jason..he's been nothing but helpful in answering our questions.

the only question pending answer is "will fxcm forgive negative balance?"

The answer is either yes or no..but it seems fxcm is trying to find the cure for cancer before they can answer us.
  • #6,507
  • Jan 23, 2015 11:51pm Jan 23, 2015 11:51pm
Quoting Chiang124
{quote} They request me add funds???not I must add funds???
I finish consider request. I decide they take me to court for Ģ2000 if want!

I upload file as proof of false advertising if anybody want?
http://wikisend.com/download/177356/...dvertising.zip

Contents

1. video of below page with proof of date (1 min 25 seconds in)
http://www.fxcm.com/uk/resources/vid...t-is-leverage/
2. xps of execution risks (Page 4/5 - Margin Calls and Close Outs)
http://www.fxcm.com/uk/legal/trading-execution-risks/
3. xps of faqs - Margin Requirements (Is there a debit balance risk? Can I lose more money than I deposit? section)
http://www.fxcm.com/uk/support/faq/margin-requirements/
4. xps of Safety of Funds (FXCM's policy of No Debit Balances on FX and CFDs section)
http://www.fxcm.com/uk/advantages/safety-of-funds/
5. xps of their own analyst advising of of unexpected 'Force Majeure'
http://www.dailyfx.com/forex/fundame...-in-Focus.html

Too much for court to uphold I think! Come get some!
  • #6,508
  • Jan 24, 2015 12:49am Jan 24, 2015 12:49am
Leucadia can charge as much as 20.5 percent interest for its bailout loan, FXCM said Friday in a regulatory filing, amending an earlier disclosure that said the rate wouldn’t exceed 17 percent. The rate on the loan starts at 10 percent and rises 1.5 percent each quarter.
The companies are still negotiating final terms of the agreement, according to the filing. Richard Handler, Leucadia’s CEO, said in the statement that he’s a long-term investor.

another news..
  • #6,509
  • Edited 1:25am Jan 24, 2015 1:03am | Edited 1:25am
Quoting Kanzler
{quote} As someone else pointed out, FXCM didn't have enough to cover the losses while other big brokers did. Why? Because they weren't profiting from trader losses like some of the others were apparently. If they had been, they would have seen a huge windfall as all their clients went bust. Sure they make money on fees and commissions but let's get real, it's a company and it's out to make money. That's how the world works. For a broker, they really weren't making the killing you would expect if they were doing unethical things. The real question...
The New FXCM - Robber Banks Subsidiary Financing Vulture Got It's Foot in the Door!

Seems you are not really reading very well. I am not throwing the old FXCM to the dogs. I am throwing the new FXCM, now ruled by the vulture banking syndicate, to the dogs! The old FXCM never made a move to grab client negative balances. The new FXCM has already done so!

So far as clients winning any appeal in court and getting any money returned, it will be a cold day in hell before anything is settled. The vulture banking syndicate lawyers on retainer will drag this out as long as they can. Meanwhile, the banking vultures now have the money and will be using it to make more money for themselves. By the time any confiscated money might have to be returned, these vultures will have made enough with it to do so, and still have left more than they stole! This is the way they work. You can see how greedy these bank subsidiary financing vultures are. The ink on the cash infusion contract was still drying when they ordered FXCM to start sending out this to clients.......



Dear Client,

IMPORTANT NEWS REGARDING YOUR FXCM TRADING ACCOUNTS

Please be advised that in order to offset negative balances you currently hold in your FXCM account(s), FXCM has transferred funds from your account(s) with a positive balance. The terms of your master trading agreement entered into with FXCM, available online, provide FXCM with these rights.

If after this transfer you still maintain a negative balance on your account, you are requested to remit funds immediately. FXCM accepts deposits by, debit card, bank wire and ACH electronic check. All options can be accessed via our www.myfxcm.com portal.

As you may already be aware, last week, the Swiss National Bank (“SNB”) announced that they will no longer support a self-imposed floor on the EUR/CHF exchange rate. Learn More.

The SNB announcement, extreme price movements and the resulting lack of liquidity were exceptional and unprecedented events causing many market participants to incur trading losses. These events were unforeseen and beyond the control of FXCM, constituting force majeure events.

Record of this transaction is available by generating a Combined Account Statement and referencing the description “Offset Transfer from Account to Account for Negative Balance”.

FXCM thanks you for you cooperation and understanding.
If you have any questions, please contact one of our specialists, who are available 24 hours a day, by live chat, by calling 1-888-503-6739, or by e-mail at [email protected]

FXCM hereby reserves all rights and remedies that it may have at law, in equity, under the terms of any contracts with you. Nothing in this notice shall be deemed to constitute a waiver or settlement of any of FXCM’s rights and remedies.
  • #6,510
  • Jan 24, 2015 2:57am Jan 24, 2015 2:57am
Quoting Jason Rogers
{quote} Thanks for pointing this out, Ribo {quote} Hi Bilstein, Thanks you for being a client of FXCM for nearly 6 years. We offer you the same No Dealing Desk (NDD) forex execution as before. That means unlike with a dealing desk broker, FXCM does not make money when you lose on a trade. If you or anyone else had live trades that were negatively impacted by the spikes you mentioned, I encourage you to use this form to file a trade inquiry so the Trade Services Team can investigate what happened and follow up with you: http://bit.ly/1bPwxzZ...
I joined FXCM a couple of days ago ( 21 Ian ) . And also then I sent an email with some requests . I didn't get an response since then ... How much time should i wait for a response ?
Make choices and don't look back !
  • #6,511
  • Jan 24, 2015 5:00am Jan 24, 2015 5:00am
Jason Rogers, do I have the assumption correct, that the money your company has got from that bailout more than covers any negative balances which any clients would have had from the shock SNB decision, if so, why go after clients for negative balances?
  • #6,512
  • Jan 24, 2015 5:07am Jan 24, 2015 5:07am
http://www.wsj.com/articles/fxcm-to-...oan-1422046908

A leading contender for sale by FXCM is its minority stake in FastMatch Inc., a separate company that operates an electronic currency-trading platform, people familiar with the matter said. FastMatch matches buy and sell orders among banks, hedge funds and other asset managers. The majority of FXCM’s revenue is from retail currency trading.
FXCM estimates its roughly 30% FastMatch stake could fetch about $70 million, some of the people said. Potential buyers have approached FXCM to express interest in assets including FastMatch, they said.
FastMatch was launched in mid-2012 and started out relying heavily on flow from FXCM’s retail currency-trading business to get a foothold in the market. FastMatch, which is located inside FXCM’s offices in lower Manhattan, has shed much of that dependence as it has launched new services directed at institutional clients.
FastMatch’s chief executive, Dmitri Galinov, said in an interview Friday that FastMatch is in the process of separating its trading entity from FXCM and aims to have that entity fully independent in the next month or two. He declined to discuss FXCM’s plans.
  • #6,513
  • Jan 24, 2015 5:08am Jan 24, 2015 5:08am
Quoting GDR3k
Jason Rogers, do I have the assumption correct, that the money your company has got from that bailout more than covers any negative balances which any clients would have had from the shock SNB decision, if so, why go after clients for negative balances?

Because the conditions of the bailout carry quite large interest payments ...

so its in their interest to pay it down quickly.

I also read fxcm are looking to sell assets to help pay it down.

They are not the only ones that are going after the negative balances ..

But they are amongst the few who have been adversing about the no negative balance feature ... so its catch 22 now .. some customers will see this as a lies and leave .. i am still in 2 minds .. leave and go where?
  • #6,514
  • Jan 24, 2015 5:10am Jan 24, 2015 5:10am
Quoting Purec
{quote} I joined FXCM a couple of days ago ( 21 Ian ) . And also then I sent an email with some requests . I didn't get an response since then ... How much time should i wait for a response ?

usually 2 - 5 days

you should get an initial email saying your withdrawal is in the queue to be authorised

then you should recieve another email saying it has been authorised ..

once that is all done usually 2 - 5 days ...

I have never had any problems withdrawing funds from fxcm myself .. my method is paying with debit card and funds returned to debit card ... so that could also affect the time in wait too..
  • #6,515
  • Jan 24, 2015 6:23am Jan 24, 2015 6:23am
Quoting thodie
{quote} 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
"Mr" Rogers answers only those convenient questions he wants to answer.
Come with me if you want to live....
  • #6,516
  • Jan 24, 2015 6:27am Jan 24, 2015 6:27am
Quoting GDR3k
Jason Rogers, do I have the assumption correct, that the money your company has got from that bailout more than covers any negative balances which any clients would have had from the shock SNB decision, if so, why go after clients for negative balances?
Because they have to pay it back and,.. oh yeah, ... FXCM are the King of Thieves and I feel genuinely sorry for anyone caught up in this negative balance BS
Come with me if you want to live....
  • #6,517
  • Jan 24, 2015 6:31am Jan 24, 2015 6:31am
Quoting Ill-b-back
{quote} "Mr" Rogers answers only those convenient questions he wants to answer.
Sounds like a politician who lives on a web of lies
  • #6,518
  • Jan 24, 2015 6:33am Jan 24, 2015 6:33am
Quoting rayzz
Of course it's not jason..he's been nothing but helpful in answering our questions. the only question pending answer is "will fxcm forgive negative balance?" The answer is either yes or no..but it seems fxcm is trying to find the cure for cancer before they can answer us.
Yeah, that's the way they roll.

Now wait for Jasons' help on this one, ....(just don't hold your breath)....
Come with me if you want to live....
  • #6,519
  • Jan 24, 2015 6:34am Jan 24, 2015 6:34am
Quoting Spili
if a brokerage is chasing you, why not make a good will gesture of offering to pay what you can towards the negative balance pending legal advice. If you are not particularly wealthy and, on working out your monthly budget, it just so happened that you could not afford to pay any more than $1 a month, at least you would be able to demonstrate to a court that you were trying to help resolve the situation to the best of your ability. If you were to do this, I'm sure you would be sensible enough to keep a copy of all of your communication with the...
Any payment would put the client into the situation of agreement of the debt. It is the last thing to do!
  • #6,520
  • Jan 24, 2015 6:36am Jan 24, 2015 6:36am
Quoting GDR3k
{quote} Sounds like a politician who lives on a web of lies
Silence and avoidance until it all blows over is the long held strategy.....
Come with me if you want to live....
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