FXCM fined $2 million by NFA

[gmst]

Quote from maltatrader:

FXCM has only been ordered to reimburse US based customers, are we expected to believe that they only did this to US accounts? Somehow I doubt it, there may well be more fines to come as other regulators start looking into these corrupt practices.

Jason will completely ignore this point of course.

Highly improbably that other jurisdictions will be able to enforce anything. only places which have a chance is probably UK which might be able to enforce something against fxcm.

Happy customer etc. is fine - but the bottomline is these guys just got fined 2 million dollars )))) They are a shill, a bucketshop, who trade against the clients, and don't execute their trades at fair prices.

Moreover, Jason has only responded for traders who are on no dealing desk basis. For all those naive traders who just begin and get influenced by sleek marketing of fxcm, they just end up becoming sitting ducks for fxcm dealing desk.

Really, if Jesus Christ exists, he should send such people to super-hell for 1000 years!

Has IB for example been fined ever by NFA/CFTC/SEC ?

 

[Jason Rogers]

Quote from maltatrader:

FXCM has only been ordered to reimburse US based customers, are we expected to believe that they only did this to US accounts?

Always happy to help best I can.

The change to our execution process made last year adds positive slippage on all orders to all clients regardless of their jurisdiction. However, the settlement only impacted FXCM US accounts. No other accounts are eligible for a credit.

I don't have additional information on this matter, but you can reference the FAQ found through the press release http://ir.fxcm.com/phoenix.zhtml?c=238885&p=irol-newsArticle&ID=1596037&highlight= or contact compliance@fxcm.com if you have additional questions.

-Jason

 

[Jason Rogers]

Quote from luvtrading10:

Jason,

Thank you for the reply. For the record I am a very happy FXCM customer who has had a great experience with fills and customer service.

Good to hear.

 

[Jason Rogers]

Quote from gmst:They are a shill, a bucketshop, who trade against the clients, and don't execute their trades at fair prices. [/B]

Hi gmst,

That's not correct. Every order with FXCM's NDD forex execution is offset one for one with the liquidity providers. This is outlined in the FXCM US trading agreement as required by regulations and on our website. All orders are filled at the best price available dependent on liquidity and both positive and negative slippage can occur, again dependent on available liquidity.

-Jason

 

[OTCkrak]

they rake that shit in half a day

 

[maltatrader]

Quote from Jason Rogers:

Always happy to help best I can.

The change to our execution process made last year adds positive slippage on all orders to all clients regardless of their jurisdiction. ]

I assume that prior to that date FXCM kept the positive slippage regardless of jurisdiction. Thats what I had assumed.

 

[cqinvest]

I am having issues with FXCM for well over a month now. An erroneous margin call was triggered (wiped out my entire account, with almost 200k) because of their spread widen 30 pips for no reason and I have put in numerous complains about this, with little to no help at all from their staff... some of the emails were actually rude emails that they send me. Anyway, a month later (Nov 2), I get an email from their compliance department with a release agreement form telling me to sign it so they can refund me the full amount that my account incurred. I signed and returned the form, I wait 2 business days for them to process before following up. I go to chat, followed up, send a few emails and wait patiently again. On Nov 7, they send me a letter stating that my account has been terminated BEFORE processing the refund that I was promised. I have sent them numerous emails (about 6-8), with no respond whatsoever. This is what the email says:

Dear Jasper Que,

This letter is to inform you that as of November 7, 2012 Forex Capital Markets (“FXCM”), will be terminating the Client Trading Agreement signed between FXCM and Jasper Que as well as any other agreement and any other title signed between said parties (collectively, the “Agreement”).

Pursuant to the Agreement, this termination shall be effective immediately.

If you have any queries or comments, please feel free to contact me.

Sincerely,

Senior Compliance Associate
FXCM Compliance Department

Tel (212) 897-7660
Fax (212) 897-7669
Website: http://www.fxcm.com/


I have tried to contact several of their departments, tried to reach
out to various key people, and still nothing. They continuously keep
ignoring my emails. Is this what you can expect from "the biggest fx
broker in the world" to just dodge and ignore emails when it is
convenient for them? And not keep their word when they already send you in writing that they will refund your account 194k, make you sign a form then just forget about you?

 

[Pippi436]

How exactly is it possibe that you wipe your account out due to a 30 pip spread? Can you give more details than that? Its hard to comment without knowing exactly what happend. Clients losing money the legt way, isnt really unheard of either..

 

[Peternam]

Quote from Pippi436:

How exactly is it possibe that you wipe your account out due to a 30 pip spread? Can you give more details than that? Its hard to comment without knowing exactly what happend. Clients losing money the legt way, isnt really unheard of either..

Well, I would not be surprised that this happened with a crooked broker like FXCM..

 

[cqinvest]

Erroneous margin call. That was the first thing I mentioned. FXCM refuses to take responsibility for this error and made me wait a whole month, before their compliance sent me a release agreement form to sign so I can get reimbursed. I signed and sent it back, but before they even process it, they just closed my account and now not really responding to any of my inquiries and refused to send me back the money that they had already promised to reimbursed back 2 weeks ago. How messed up is that?