Quote from Jason Rogers:
Hi Eurotrasher,
That case was dismissed in November of 2011.
Jason
makes no difference.
once a bucket shop, always a bucket shop.
you can put lipstick on a pig and it is still a pig.
FXCM manipulation of the mt4 quote server has been exposed.
you lost the trust of the retail trading crowd a long time ago.
the bullshit continues.
BTW, congrats on being named to ambassador.
Trader Gaz, London, United Kingdom
Rating:
Date of Post: 2012-08-25
Review: I had a past experience with FXCM of a 'Margin Call' which was really only triggered as they changed margin levels per currency pair without notice and then when applied retrospectively to my open trades took me into margin default. Only applying them to new trades post margin change would have saved the account. When asked, I was told it was my job to check FXCM's website and they are under no obligation to inform of margin change.
So this was generally acknowledged as a crafty retrospective scam tactic of FXCM to trigger margin calls and harvest your funds.
'You be warned you will hopefully avoid'
2012-08-20 2Star Hi FPA Readers
I wonder if anyone out there has also suffered my fate with this FXCM scam? Basically I had been trading for a few years with FXCM â intermittently and I do not profess to be a good trader, but my own trading was always at acceptable risk levels. I was in some trades recently when market went against me and I went into some losing positions, but well within my account size and then out f the blue I suddenly get the emails below from FXCM. So they waited while I was in drawdown to close my account and close my positions while negative to take my funds. Funds were not lost in trading but through what is said to be a legitimate FXCM business action.
No explanation was offered when I kindly asked to wait until I got my trades into a positive position before my account was closed, albeit obviously FXCM would not have made any money in this instance. Had they have let me, I would have been less inclined to see this as a scam.
Is this common in this lightly broker regulated market?
To me, I feel it is a deliberate and very underhand scam and perhaps this is a subject for the Traders Court, but I simply put it here to see if it is a normal or regular action of this or any other large broker or see if anyone can explain a rationale for their actions?
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Fri 10/08/2012 08:50
Dear xxxxxxxxx (name removed)
Thank you for contacting FXCM Securities. At this time your positions have been closed on account xxxxxxxx, per the resent email you were sent. In order for the funds to be returned, please provide bank details. The details should include, the banks name, sort code ,and the account number. You can email
service@fxcm.com with the details. Once the details are received please allow one to two business days for your withdrawal to be processed.
If you have any questions, please do not hesitate to contact us. FXCM Securities Limited is committed to offering clients excellent execution, easy accessibility, and exceptional service. We provide full client service, with live support 24 hours a day, seven days a week.
Kindest regards,
Xxxxxx(name removed)
Operations Associate
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Fri 10/08/2012 08:50
Dear xxxxxxx (name removed)
Thank you for your continued interest in Forex Capital Markets (âFXCMâ). As outlined in the Client Agreement (âAgreementâ), FXCM reserves the right to terminate the Agreement for any reason it deems necessary.
FXCM frequently reviews its client account database and after a thorough review of your account, we regret to inform you that we will be unable to maintain an account with you at this time. Termination decisions are not intended to be personal in any way.
We ask that you provide us with instructions as to the withdrawal of the remaining balance in your accounts. Please submit a withdrawal request through
www.myfxcm.com at your earliest convenience and we will process it for you according to the timeline set forth on the withdrawal request.
Kindest Regards,
xxxxxxxxx (name removed)
Comment: Added by Jason Rogers on 2012-09-03 03:28
Hi Trader Gaz,
I cannot comment on the specifics of your case in a public forum, but rest assured that if you lodged a formal complaint with us then you will receive a formal response from our Compliance department. If you have any follow questions regarding this, you can email them directly at
compliance@fxcm.com. However, I can speak generally and say that FXCM would never close an account for being profitable. Our on No Dealing Desk forex execution model we immediately offset the risk on the other side of client orders with 10+ liquidity providers. That means we don't stand to lose from client profits or profit from client losses. We want our clients to be profitable, so they will keep trading with us and we can keep making money off the trading volume they generate.
Jason Rogers
FXCM Ambassador to Online Communities
