Is FXCM reliable or a scam?
FXCM is a very big Forex broker with plenty of thousand traders and with a high trafficked website. But you don’t hear only good things about FXCM. Quite the reverse: You hear a lot of bad things. Of course there are complaints about any (!) Forex broker but in the case of FXCM it does not look very good. We collected the trader opinions and experiences for you that you can judge whether FXCM is a scam or not.
One of the most common complaints is that everything works smoothly with FXCM as long as you lose. But if you’re trading profitably the story begins. They close positions or even your account for no real reasons. This is the most common way for a broker to cheat on its traders. Closing your trades is not possible for the following reasons: “Data not found”, “Waiting for Dealer”, “Your order didn’t execute because price moved”.
There are also complaints about the bad costumer support. They seem not to act in the traders favor and sometimes don’t even care about costumer complaints.
Of course there are traders that are happy with FXCM but there are not many of them. There was also a law suite against FXCM a few years ago.
Although it seems that there was no result that does not mean that FXCM is reliable. The complaints are very serious. Also it seems that there are differences between hourly and daily charts which is pretty strange. It seems that short term charts look different to “help” traders making the wrong decision.
Traders also talk about margin calls that should not be executed.
If you take a look at the websites of the NFA you can see that FXCM already had to pay a serious fine. You can read more about it here.
You can’t really prove that FXCM is a scam but you can say that there are a lot of strange things going on and it is not a reliable Forex broker at all.
Experiences with FXCM
Let’s take a look at other traders experiences with FXCM.
I opened a position and placed a stop loss. I left my PC afterwards for half an hour. After coming back the stop loss was executed although the chart did not even touch my stop loss. I tried to talk to their costumer support and they said that I closed the position myself a few minutes after openening it. Another employee told me to take a look at it but he never came back to me.
They changed my stop loss without any action from my part.
FXCM is a good and reliable broker. I’m trading every day and I’m earning every day.
My experiences with FXCM are good so far.
I can’t recommend FXCM. Rollover fees are way too high. You can’t execute a trade all the time when it does not work in the broker’s favor.
FXCM is a solid broker with a good platform.
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Is FXCM reliable or a scam?,
Simply they don’t give my money back, for a roughly month of emailing.
That’s a scam.
Hi, the same thing is happening to me. i was not losing money so they locked my account it has been under review for 4 months now, if your account is put under review consider it closed.
If you have a choice do not use this broker they do not play by the rules
this is a scammer.. i had four positions opened and when i checked in the morning, two positions were closed redcing my capital to -90%
This fxcm is a criminal band,
i too had bad thoughts about this company. if you successfully win small they’ll leave u alone but if u trade big they seem to work against you with massive open/close price. the volatility is just unlikely. place $1000 and withdrawing $270 to fxpro.
the fact that they’re trading against they own customer base just show how underhand they are. why would any successful company want to watch their own customer fall?
please guys wisen up and leave them. and to mr Niv who pretends like hes the innocent honcho, watch bashar alassad. leaders who eat and kick on their own kind always end badly. would i recommend this shady firm? HELL NO.
i was looking into this forex broker but all this coments got me really thinking . well in this case any forex that you guys work and is real please let me know
Im also.looking for legitimate platform
I don’t really support FXCM, but it seems that you’re trading without any understanding of how things work, which will make your fall whatever broker you use.
FXCM has FX in its name, implying lots of CFD trading. CFD is a bet against the broker. ANY CFD TRADING is a trade against the broker. So yeah, if you’re a CFD broker there’s pretty much a lot to win from having your customers slowly lose because what they lose is FXCM earnings (I mean, other than the spreads who already make a ton of money together, they usually make more money on your cumulated spreads than you’ll ever make with your same trades)
It is a fake broker and full of scams who takes customers money by creating artificial volatility on their platform. I lost 55k in two days, they just took my money, although I made complaint with evidences however, it was the same answer from their audit department. When you need to deposit money to maintain your margin, you find that their system doesn’t work or even though you were successful after several tries but you may find that the amount was not added in to your account or equity. Often they create artificial votality on thier platform to put customers money in to risk, i mean they put you in margin calls. No way that you can make any money from FXCM , moreover you will lose your total capital. When they close the trading on friday at 9;55pm UK time afte then they continue another 5 minutes to reduce your margin and equity (in this 5 minutes you have no access to your opening positions but you can observe what and how they do dodgy thing).
I think customers who are serious about making profit or already made profit, ofthen they targeted those customers and put them in troubles in future tading so that customers never wins…
I think if we all come together and complaint to FCA directly that might work and we may able to prevent thousands of innocent traders from their scams.
In 2017 they USA banned FXCM for fruadlent activitis. So many time they have een fined and bankrupt. Read the full article below , no wonder your 55K was much needed support for FXCM in 2017
https://en.wikipedia.org/wiki/FXCM
Hi all! Do you recommend this broker?
how you soing britney. have you find any broker yet? im looking for one i was just wondering if you already find a real one?
I have compared FX spreads quoted by Plus500 (website) with FXCM (platform) at the same time and see that the spreads on Plus500 seem rather wide. Plus500 is definitely not for me. I have found spreads on FXCM remain variable, but narrower than competitors and do not increase once profits are made. I have withdrawn thousands of pounds from my FXCM account and have had no problems.
i agree.fxcm has made mistakes in the past but is transparent now with excellent leadership and i predict they will become the champion of old again.i think many complainers dont know enough about trading the markets at all.
FXCM may give a better deal than similar platforms for some FX trades. For example, I left some long positions on AUD/USD open on FXCM and my account received some small overnight financing CREDITS. In contrast, my account was DEBITED somewhat larger amounts by CMC Markets for AUD/USD long financing. The various platforms do not have comparable pricing structures and I find the best outcome is achieved by using one platform for, say, index futures and another for, say, FX pairs. There are differences between providers that are difficult to compare unless accounts are opened. I note some providers list their overnight financing per instrument in a readily accessible table, whereas others provide the information primarily in the transaction record after the event. Perhaps this has its origins in different standards prevailing across territories.
FXCM Australia is operating like a casino! they have openly admitted to trading against its retail customers so if i went buy they would go sell for the same contract size.
“You are betting against FXCM not the market”
FXCM founder Drew Niv has openly said he would be surprised if 15% of the customers make money the system to designed to lose , We don’t like your trading strategy and they make there own rules.
They also have the ability to change the equity margin at any time to favor themselves for profitability!! and have pre-market information.
FXCM Australia have removed the payment gateway system so you cant TOP up your accounts with a credit card to avoid a margin call at any time!!! payments can be done via Bpay so wouyldtake up to 72 hours to hit your account also as per discretion by FXCM they make the rules.
FXCM Australia is flying under the radar and has been reported to ASIC , ACCC , Financial Ombudsman for defrauding its retail customers and breach of TPA in Australia.
I have been using FXCM Trading Station (UK) for 2 years come November. I withdraw up to £1,000 per month and providing I am using BACS, my cheque account is credited often the next working day, or the day after at the latest. Card refunds take a long time, since the funds are removed only after a couple of days and take a long time to reach the bank. I can see no satisfactory reason for this. However, I have never had a problem with withdrawing funds, except for the wait.
Spreads are perhaps not that good and rollover seems high. However, I avoid trading instruments with excessive rollover charges. If I want to keep a long position open and a future is available on, say, City Index, I will use that in preference to FXCM.
I feel some of the comments on this website are not comparable to my experience with FXCM, but there may be variations between countries.
This website feel rather like an advert for Plus500, but I will take a look.
FXCM is absolutely reliable forex partner. I’m trading with them over a Year and have no problem at all. Withdrawal is as easy as deposit funds. I withrawed my wins I withdrawed my funds I deposited when needed etc. I have no any problem at all. I read complains and do not have any ideas about what they talk about. Is it some type of gossip or some rivalry. FXCM is reliable. Completely. No doubt. Even with my poor english.
Hi Peeter,
Please can you give a guide on how to get started.
Thanks
I opened a trading account with FXCM, made a deposit of $ 1800 and then made a profit of approximately $ 2,700. After that I ordered the withdrawal of the principal capital ($ 1800) and the withdrawal was successful.
Then I asked to withdraw the profits of ($ 2715) and the amount was deducted from my trading account with notification that the transfer needs 3 to 5 working days to reach my bank account, but on the fourth day on 03/07/2017 the amount was returned to the trading account.
After that I was notified through email that your trading account has been temporarily suspended, and to this day the account is suspended and I can not trade or withdraw money, and whenever i communicate with them, they tell me that your account is under review.
They have been reviewing my account for more than a month without any updates, and I need to withdraw my money but they are preventing me from doing so under the pretext of reviewing the account.
(account no: 96053170 / name: EISA ALMASRY / broker: FXCM.COM)
Attachment: Account statement from the beginning to the day
Hi, have you received your money since then?
hey did they already fix your issue ??
Real company with good platform, but they don’t care about you, beside they can create problem for you even if you have enough money for your floating position. They can lock your account, you will not able to trade until they solve problem what they create, you will lose more money. Disorganised company who really don’t know about what’s going on. They lost my id few times, it is ready crime. I am talking about Canadian branch FXCM Friedberg Mercantile Group Ltd. Thing before, do better research before trade with them.
Thanks to Alfredwood …..i can’t believe that i would be able to make money online with first experience in binary trade with $500 invested on it,on till i experience my first withdrawal of $7200 profit paid directly to my account through a honest man who was recommended to me,now am a full time binary investor with him
Can you give me more info?
you are a SCAMMER. Pathetic you should be ashamed of yourself
No one is even going to jail, nothing is happening worth while, except them being shut down in USA, they still have operations all over the world! Do you think they will not do the same in other countries where they are? 7 million fine from CFTC, not even NFA because they had someone in their pocket there. This is the fucking injustice in our society. You steal $20 from a store, or you take that $20 from a person, you go to jail, and for a month if you cant pay the ticket. Hey, but if you try to defraud your customers and steal from them, and set up situations where you (the customer) should loose money by purposely by their own doing, its ok no big deal right! If you try to hide 77 million dollars from the government, then they will just shut you down, and you can open another place, don’t worry! On top of this, they made lawless action to try to defraud their customers, and its OK. But if someone walked into their offices and took a computer from their desk, you better believe your going to jail!
This system of ours is shit, it will not survive! Everything is done with injustices, and our system created to deal with these injustices. Just more and more government! We are letting go of our selves to let others do better for us, when in reality all they want to do is fuck you and take everything that you have! WTF is going on! I came to America to run away from all this shit, by the way, i came here as a baby @ 2 years old, I am now 40 years old (just little background) but in reality where is the justice. What, the shutting down of FXCM that,s justice! Oh wait the CFTC got 7 million out of it for them selves, that’s probably justice!
Did the same, I tried different brokers that seems legit and trustworthy in the eyes, but, many broker are yes of course LEGIT, but how much are they LEGIT? not all,, I found one, its the best that I found, some downsides are manageable, but as of money or capital loss, there is none, I do the Math by calculators and it matched to the Statements of your account, you can always request whenever you want, not another downside is the spreads are not as tight as the others, but, for a broker to operate efficiently, you must provide them also from what you are trading, in exchange also for — the security, stability , efficiency of the broker,, you found one with tighter spread, you think you gained, haha, but goodluck with those buggy, technical error, stop loss.
MARCH 2017, dollar is strong, gold is weak and other currencies, fed hike coming, BREXIT,,, massive selling
Hi All,
I am currently with FXCM. I have been making losses often enough that i had to remove my stop loss because those stop losses are like 50 pips away and when it touches, automatically the trades goes the other way. I was thinking, wow this thing just came to take my stop loss and continues the other way. So i refuse to use a stop loss.
I have had some profits but small. According to many friends i have who have an account with FXCM, withdrawing amounts larger the $1000 is like taking forever so i was inform to withdraw small amounts of $200 to $400 as this is small.
Anyone going for scalping will be at a serious disadvantages because of the spreads. My trades normally are very small at about $0.10 to $0.30 per pip. I wouldnt go beyond than that because at these sort of trades, i would say it will be under Market Maker, not direct.
A lot of my friends do get scam by FXCM however FXCM do have large accounts from companies and thats where they make their big commissions. Retail traders like us is a pocket change for them. Losing traders like us is not important.
The most i can make in a month to stay under the radar is about $200 based on my $100 account. Previous my account size was $2,000 but its just so easy to lose money. Sometimes i get the impression that we are trading against a programmed computer where each traders see difference in their charts. Anyhow moving to other brokers soon. PS. I am doing this for full time
Thank you for this serious review. But i have heard an information about FXCM problems with USA regulators. How will it influence on costumers? Is it possible to save your account and money in case of? For example its possible to transfer your account to FxPro. I dont know mechanics of it. Maybe you know the truth?
Oh thank you for the awareness yesterday I was in their presentation for the first time in sandton I will no longer join
I don’t have a problem with FXCM. I think they are alright. Everybody in this forum seems to get a little finicky about a couple of losses here and there. Nobody’s perfect.
What I am interested to know is whether FXCM is allowing their “liquidity providers” to cancel orders AFTER said liquidity providers have been matched with a retail client. This means that retail trader sends an order, liquidity provider who has already put out a trade is matched and the order is routed, the liquidity provider is allowed to cancel the trade even after being chosen to be the counterparty. To be clear, with a central exchange, or in my opinion “fair” decentralized exchange facilitation business, both parties take a RISK of putting out an order, not just one side. If you are in the queue, and someone wants to hit/take your order – you are not asked again when you want to accept the trade. It seems that with fxcm their retail clients have to “put up or shut up” but their liquidity providers are able to cancel trades as “last look”. I am not making accusations, but am interested to know – and interested to know if this could affect stop order fill prices during market events due to the cycle / latency which you occur when being passed around.
Last Look is usually an advantage banks get when they are the LP. That is why LPs like Citi give FXCM good rates. But the last look that they get is not used so often in the institutional environment, and it is extremely rare for them to do it to a retail client since the volume is that much lower. The only broker who won’t allow last look are market makers, and there you have issues with requotes. Most likely there wasn’t enough liquidity to fill orders which caused people to think FXCM was manipulating prices.
Hi, just want to ask if you have more reliable forex broker that is recommendable?
Hello ken, you can email me for that at [email protected]
ha ha ha, how about now, do you have a problem with FXCM now!
I think not ha, you still think they are the greatest
They are crooks!
They make thier own rules. The margins/spreads are fixed to suit them and they change in a moments eyeblink. The buy sell link buttons are rigged to change volitility just by crossing the mouse over the sell/buy button. I watched a trade go from 25 to 19 just because I moved the mouse over the sell button. It is rigged. The indexes are not in line with any other trading platform. Now I am being told it will take me up to a month to get my money back!
Thanks for your orientation. I would like to know ¿how much did you lose?
They are crooks Kristy! But it is not a scam. They openly admit to it on their website if you take the time to read their documentation.
They say that with small accounts they will work against you, they offer different prices to different people, they take the other side of ALL trades. And finally they admit that their interests are in direct conflict to the clients. They say that if you make any money they will move your account to a NDD account.
All of this is on their website.
they suck
I’ve been using FXCM just on demo account. When i try to trade AUDCAD on low volume 0.01 the buttons don’t work unless i increase the volume to 1.0
Their support admitted it’s nothing to do with my equity etc and told me it’s a bug with my demo account, so i opened another account and still having the same problem.
Not sure which broker is reliable enough to test a strategy on
Hello to all,
I have been trading professionally for 30 years, 26 with a major bank and the last 3 with FXCM. I have closed my account because the platform and technology is not reliable AT ALL. My personal and professional opinion is to avoid this broker. If you live outside the US, I like SaxoBank and inside the states, Interactive Broker. Both are tops in the field with great service and technology. I have even gone so far as to notify both the NFA and CFTC about FXCM’s false advertising about their technology.
Hope this helps.
I open whit fxcm not a big money , but he stolen a pip (commision), volatity , is a big scammer , i m a novice , but look a techniq analysed , he was a big and great scam , don t go do fxcm
People just trade directly with the exchanges and not the FXCM or other brokers they are all scammers
Hello Simon who i do that?
yeah Simon i fully agree with you ,FXCM is not a reliable broker ,i wouldn’t recommend it for someone , #scam…i placed a position with 15 pips stop loss it didn’t even reach there but i woke up with 28.1 loss (according to them it hit the stop loss). So people please ,try another brokers that are reliable because fxcm is NOT.
FXCM IS A PURE RIP OFF
I opened an account last year to trade equity indices (mainly CAC40 and DAX)
In few words here is what happened:
– The sales guy was very aggressive. Once the account was opened he replied to my emails very late.
– Many times I sent emails to help desk for help and they answered very late
– THE WORST –> I placed some orders with stoploss levels the day before opening (when the market is closed you cant place anything with fxcm). for example if I was short and the index was down on opening, the equivalent fxcm index was going up on opening so that it hit my stop loss and cancel my position. I should have made money but instead I lost. this is totally true story.
I sent many emails with BBG screenshots showing differences and they were not able to answer me properly (the only thing they said is that volatility can go both ways…)
It drove me made. Basically you are just trading on biased prices.
Last fall I was swamped with work and neglected my trading with FXCM. I missed a deadline for keeping my account open, in December last year.
My attempts to get in touch with FXCM customer support in reopening my account – that has outstanding funds! – has resulted in ZERO response. For all intents, my deposit with FCXM has now been confiscated.
Having alot of issues with fxcm most notably stop losses and buy sell stops being activated before they even get touched. i’ve suffered alot of losses because of this. sent in a screenshot yesterday of the latest fxcm theft when a stop loss was triggered 10 pips away and let me say it wasn’t the first time i’ve had stop losses taken out even though the market wasn’t even close. there is no consistency in it either. other losses include buy stops getting triggered but market never reaching that mark. spreads are outrageously high at 2 pips+
i have traded with fxcm for 5 years,no problems. when i did have a problem on a trade that filled incorrectly and i had the proof,screenshots ect,they promptly funded back the discrepancy.
This is the letter I receive from FXCM Compliance Department after I was provide with misleading information by two of their incompetent associates (Jason Matos And Rodrigo Regi), who intentionally gave us the wrong Information.
Information that was then used not only to block and close all of our accounts with FXCM, but also to hold our funds indefinitely.
All we ask was the way for me to trade on my friend account without having any problems.
My new Broker advise me the way to do it is to open a “Join Account” which covers the legality of all parties involved, and any separate agreement between the “Join Members” is totally up to them and not of anyone’s business….In my book this is a Broker that knows how to do business and treat their clients.
I did ask about this option “Join Account” to Rodrigo Regi, and I was very surprise because he simply couldn’t give me a straight answer…..And that’s a Manager!…Just Imagine.
Dear Juan Ramirez,
Thank you for your continued interest in Forex Capital Markets (“FXCM”). As outlined in the Client Agreement (“Agreement”), 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 will be initiating a full balance withdraw to be returned to the originating source. Thank you.
Best regards,
FXCM Compliance
FXCM
55 Water Street, 50th Floor
New York, NY 10041
[email protected]
MY RESPOND TO FXCM
To: Compliance Dept.
Thank you for your respond, I appreciate the fact that you will initiate the balance withdraw to be returned to the original source.
Referring to the first paragraph let me tell you that you are totally wrong, I do not intend or have any continued Interest whatsoever in Forex Capital Markets,or the (Agreement).
I also do understand that FXCM reserves the right to terminate any (Agreement) or account. What It’s inconceivable is the incompetent action of Jason Matos, and Rodrigo Regi, to waste my valuable time by providing the wrong information, All they had to do was to tell me from the very beginning that what we intend to do, was simply not possible.
Please don’t regret or feel bad to inform that I am unable to maintain an account with FXCM, since I can be more pleased by the decision, not only for wasting my time and treat me like a liar, but also because my new broker advise me of the financial trouble your company is going thru, information that I have confirmed. Not to mention the amount of unsatisfied customers and complaints I found on the internet after my research.
Again I appreciate the fact you are initiating a full balance withdraw to be returned to the originating source, hopefully this can be done as soon as possible since I would like to be done and over with FXCM.
Best Regards
Juan Ramirez
I haven’t receive my funds as of yet, and it’s being almost two weeks.
SPECIAL THANKS FOR ALL THESE COMMENTS. I WILL CLOSE MY ACCOUNT WITH FXCM VERY SOON AFTER I FINISH MY WORK.
FXCM PICK POCKETS UNSUSPECTING RETAIL TRADERS ACCOUNT
FXCM closed my position with losses (wrongfully took my money out of my account) & refuses to refund my money. At the time of wrongful liquidation by FXCM which resulted in $61.78 losses in my account on 10/2/15 9:01 am i had a open position of 27 lots of USD/CAD 27×200=$540. Before, during & after wrongful liquidation, my available margin funds were more than sufficient & not below $581.69 in my trading account. Please see below the attached daily combined account statement. while i had more then enough funds to hold my position. My account was wrongfully liquidated when i was monitoring my position , everything happened in front of me. I immediately contacted FXCM within a few minutes of the wrongful liquidation for refund of my losses & shortly after I contacted them, fxcm DEALING DESK TRADER Michael Ohneck denied refunding my money .
THERE HASNT BEEN ANY PROOF NOR ANY DOCUMENTATION SHOWN TO SUBSTANTIATE FXCM DENIAL OF WRONGFUL LIQUIDATION – STATEMENT BELOW IS THE ONLY THING I RECEIVED FROM FXCM after this denial by Dealing Desk Trader Michael Ohneck, i escalated the case to compliance department & only thing i received from Compliance Department so far in 23 days was the acknowledgement email nothing else .
Please read below for my complete documentations, proofs & correspondences .
FXCM Audit Complete – Case Number 00381322
from: Michael Ohneck
to: xxxxxxxxxxxxx
date: Fri, Oct 2, 2015 at 12:36 PM
subject: FXCM Audit Complete – Case Number 00381322
Thank you for contacting us. FXCM’s trade audit team has completed the review of your complaint fully and the details of the matter are as follows:Margin Call at: 10/2/15 1:01 PM
( he sends an email to me at 12:36 pm on 10/2/15 about liquidation time of 1:01 pm on 10/2/15 which hadnt even occured yet. The truth is wrongful liquidation happened at 9:01 am not at 1:01 pm See below my account statement for detail transaction history)
Margin Requirement: $540.00
Equity Post Margin Call: $539.90
Balance Post Margin Call: $581.69
Tickets Included in Liquidation: 19311607
(above numbers that DEALING DESK TRADER Michael Ohneck is talking about are belong to NZD/USD position that was opened at 9:19 am AFTER fxcm’s wrongfully liquidated USD/CAD position at 9:01 am on 10/2/15 See below account statement for detail transaction history)
Due to the fact that this margin call executed correctly, no adjustment is warranted in this case.
Michael Ohneck
Trade Services Representative
* ANYONE WHO READS THIS SITE !
DON’T BELIEVE A WORD THIS “JASON ROGERS” PERSON IS SAYING,HOW COME HE NEVER SHOWS ANY PROOF FOR HIS DENIALS ????
INSTEAD OF HIM INSTANTLY DENYING ALL OF THE RETAIL TRADERS STATEMENTS ABOUT EVERY HORRIFIC EXPERIENCES RESULTED WITH SUFFERING HUGE LOSSES (financially, intellectually, emotionally ect.) DUE TO “PUBLICLY TRADED FX BUCKETSHOP” OPERATIONS OF FXCM,
” JASON ROGERS” MUST PROVE ALL OF HIS DENIALS BACKED BY ACCOUNT STATEMENTS , TRANSFER OF FUNDS TO THE OUTSIDE COUNTER PARTIES(since he claims FXCM doesnt benefit from retail traders loss of funds) ECT.
FXCM COMPLIANCE DEPARTMENT ONLY COMPLYS STRICTLY WITH BUCKETSHOP RULES & REGULATIONS.
” Copper your customers & grow rich” Reminiscence of a Stock Broker Jessi L. Livermore(Edvin Lefevre)
*************************************************************************************
October 12th 2015
The FXCM Compliance Department is in receipt of the complaint you recently submitted.
We understand your disappointment with respect to the matter you have brought to our attention. Please be advised that FXCM takes these matters very seriously. We have initiated an internal investigation of this matter and we will contact you upon conclusion of our audit.
If you have any further questions regarding this matter, please feel free to contact FXCM’s Compliance Department at [email protected].
Kindest Regards,
Alexandra Goldstein
***************************************************************************************
Oct, 7th 2015
Reply By TraderFX
hi,Since, it began on 10/02/15. When will it be completed?All the information you need are in my earlier emails & my account statement, that i forwarded to other employees. Basically its my trading account statement from 10/02/2015. it simply shows everything down to the pennies & time of wrongful liquidation.i hope to receive a factual reply from you.Sincerely,
Oct, 9th 2015
Reply By TraderFX
Hi,it has been 7 since the wrongful liquidation by FXCM & you havent refunded my account. WHAT IS THE HOLD UP ?????You should have had your proofs by now in 7 day, showing that wrongful liquidation was my fault.
Oct, 9th 2015
Reply By TraderFX
FXCM HAS BEEN WRONGFULLY HOLDING MY FUNDS FOR 7 DAY & MY MONEY HAS TO BE PUT BACK INTO MY ACCOUNT ASAP!
Oct, 12th 2015
Reply By TraderFX
Hello,It has been 10 days since my Usd/Cad position was wrongfully liquidated at 9:01 am on 10/02/15 with $61.75 while i had sufficient funds to hold my position.I had forwarded FXCM my proof immediately after the wrongful liquidation by FXCM.I will wait until the end of the business day tomorrow 10/13/15 as a courtesy, if i dont hear from FXCM by then , as my next step, i will file complaints with CFTC, FSA, FINRA. I will forward them my proofs, communications with all of the FXCM Employees about this matter & your immediate denial email.
After i file complaint with Regulators, i will also post all of the issue on the various websites for victimized Traders & Where prospect new traders acquire knowledge about the Operational Style of various FX Brokers for them to judge FXCM’s dealings against retail traders, before they deposit any of their hard earned money with FXCM.
i am requesting my funds to be returned to my account where they belong immediately, since FXCM has been holding my funds wrongfully for a long time.
FXCM HAD AMPLE AMOUNT OF TIME SINCE 10/02/15 TO SEND ME THEIR PROOFS SHOWING HARD FACTS & DOCUMENTATION , 10 DAYS HAVE PASSED I HAVENT RECEIVED ANY PROOF CLEARLY SHOWING WHY WAS MY USD/CAD POSITION WAS LIQUIDATED & WHY FXCM IS WITHOLDING MY FUNDS SINCE 9:01 AM ON 10/02/15. IT ONLY TAKES MINUTES TO PROVE MONEY MATTERS, JUST AS I HAD DONE IMMEDIATELY AFTER THE WRONGFUL LIQUIDATION, I FORWARDED FXCM DETAILS OF MY ACCOUNT STATEMENT CLEARLY HIGHLIGHTED THE TIMES OF LIQUIDATION, AVAILABLE FUNDS ECT.
This is my final attempt resolve the matter directly with FXCM. i had send 4 other emails within last 10 days without a solution.
Sincerely,
THIS IS WHAT & HOW EXACTLY THE WRONGFUL LIQUIDATION & INSTANT DENIAL OCCURRED BY FXCM
OPEN/FLOATING POSITIONS
Ticket # Symbol Volume Date Sold Bought Floating P/L Comm Dividends Rollover Net P/L Condition Created By
19315122 NZD/USD 30,000 10/2/15 9:29 AM 0.64140 -45.00 -1.80 0.00 0.00 -46.80 Mkt 77027927
10/2/15 10:08 AM 0.64290
19316453 NZD/USD 5,000 10/2/15 10:01 AM 0.64192 -4.90 -0.30 0.00 0.00 -5.20 Mkt 77027927
10/2/15 10:08 AM 0.64290
Total: -49.90 -2.10 0.00 0.00 -52.00 THIS IS WHAT THEY ARE LYING ABOUT(this NZD/USD possition is their proof for USD/CAD position?!?!) THAT BELONGS TO NZD/USD POSITION WHICH WAS OPENEND AT 9:29 AM AFTER THE WRONGFULL LIQUIDATION OF USD/CAD THAT WAS WRONGFULLY LIQUIDATED BY FXCM AT 9:01 AM ON 10/2/15 please read the denial email from DEALING DESK TRADER Michael Ohneck
FXCM Audit Complete – Case Number 00381322
fxcm
from: Michael Ohneck
to: xxxxxxxxxxxxx
date: Fri, Oct 2, 2015 at 12:36 PM
subject: FXCM Audit Complete – Case Number 00381322
Thank you for contacting us. FXCM’s trade audit team has completed the review of your complaint fully and the details of the matter are as follows:Margin Call at: 10/2/15 1:01 PM
Margin Requirement: $540.00
Equity Post Margin Call: $539.90
Balance Post Margin Call: $581.69
Tickets Included in Liquidation: 19311607
Margin calls are triggered when your usable margin reaches zero. This occurs when your floating losses reduce your account equity(not balance) to a level that is less than or equal to your margin requirement. During the margin call in question your account balance was $581.69. Your account balance does not reflect floating losses, at the time of your margin call you had floating losses of $41.79. This floating losses reduced your equity to $539.90, which is less than your margin call.
The result of any margin call is subsequent liquidation unless otherwise specified. When a margin call is triggered on the account individual positions will be liquidated until the remaining equity is sufficient to support existing position(s). In deciding what positions will be individually liquidated the largest loosing position will be closed first during liquidation. This process is entirely electronic.
The idea of margin trading is that your margin acts as a good faith deposit to secure the larger notional value of your position. Margin trading allows traders to hold a position much larger than the actual account value. FXCM’s Trading platform has margin management capabilities, which allow for the use of leverage. Of course, trading on margin comes with risk as leverage may work against you as much as it works for you.
Due to the fact that this margin call executed correctly, no adjustment is warranted in this case.
Per FXCM’s complaint procedure, if you are dissatisfied with the explanation above, you have the option to escalate this matter to our Trade Audit Appeals Board. You may issue your complaint in writing to http://www.fxcm.com/compliance-form.jsp
Once again, we are sorry for the inconvenience caused and hope you will find that the points above offer a fair resolution.
Best regards,
Michael Ohneck
I am doing simulations right now with my winning model with FXCM data and the yield is very poor : first of all prices differ a lot from other brokers, and volatility is higher. btw I am looking for a trustworthy hedge fund to buy my system (20%-50% yield/year depending on the broker of course) – I am gonna publish my trading results on my blog.
Was considering opening an acct. The rep said they were STP broker and never traded against their clients. After reading the fine print this is one of many emails sent back and forth, him saying one thing and the FXCM documents saying the complete contrary. Every one has to do their own research and READ ALL the FINE PRINT!
Dear sir,
Sorry, what you are telling me verbally means nothing according to FXCM documentation and actually contradictions these very same documents? If FXCM and you say they are not a NDD broker they had better update their documents because they say they are. There is a huge lack of honesty here and the trading public is getting taken to the cleaners.
The regulations you speak of have nothing to do with how you handle orders or the contradictions in your statements or the FCXM documents themselves. All I have to do is sign them and open an account and you can do what you claim you don’t, but your document say you can and will at your discretion. How can you claim to be a trustworthy and honest broker with this kind of confusion and lack of transparency for your potential and current clients?
I would like to do business with you, but if your statements don’t jive with your documents I would be a fool to give you my money.
You also failed to answer several of my questions.
I’m really not a bastard. I just want a fair opportunity to work with an honest broker that truly takes only spread or other fair commissions and clearly outlines this in their documentation. FXCM doesn’t!
If you like refer me to Mr. Niv and I will personally explain to him my beliefs about his flawed business model and how he is just like all the other Wall Street participants and cares only about lining his own pockets.
Thank you for your time.
Yes…..I Was ” Knocked Out” of many Trades….That i Had Stops and Limits On…..And The Straw That Broke The Camels Back was When It Knocked Me Out And Moved Liked Lightning Against Me For $5000 In Less Than A Minute …While I wasn’t Looking!….Because I Had My Trade in The Hour…… This is All Demo Account….But I Know What I’m Doing……And FXCM Conveniently makes Sure….
In ” The Report”…..There Is No record Of ENTRY, STOP, And LIMIT…..It Just Tells You…..
When ” THEY SAY ” You Bought and Sold….Need I Say More….Must Check Out other Stations….Steve
Undoubtedly scam. I`ve traded (tried to) with FXCM for about two years. Soon after you make some profit you`ll notice yours stop-losses being crossed by one, two pips – price never reached same levels compare with charts from another broker.
I`ve made some print-screens after my “unlucky” trades and compare with current charts – the size of candels, price levels are literally different (same broker, same platform so obviously charts has been altered over the time).
http://i57.tinypic.com/ct369.jpg – at the time of trade,
http://i61.tinypic.com/mctclh.jpg – today
Avoid them at all cost!!
Hi All
This is to inform many of you who have attempted Forex trading with a system through your favourite choice of brokers out there on the market. Many of them are scams they are not your friends sadly. They are their to take your hard earned money and make you suffer for it, your loss is their gain.
My experience with FXCM has been terrible, I started my $50K demo account and turned it into $70K in the period of 4 months. So then I made a transition into a live account with $2k, first 2 trades went greet I doubled my money and made a grand total of $4k in 2 weeks.
Third week into trading I noticed my PC was hacked mysterious by some anonymous person. This is when things went downhill for me and lost all my money in the live account from placing trades that I kept loosing every time after being hacked.
Furthermore their so called specialized in house trades who run webinars provide misleading information to their clients when to buy and sell. FXCM business does not operate ethical and moral to their clients, they are in it for themselves.
I here them all the time say we wished all our clients were millionaires from trading with us so we can make more commission of them. Sounds to me a bit like the movie “Wolf of Wall Street”.
All I can say with many brokers out their, the day you start a live account you become a main target to be taken down. The vulnerable become the weakest pray to feed on, I know one guy who lost everything over forex trading and now lives on the streets after losing his house, wife and 2 young children’s. Forex trading can really break peoples lives losing their money and their loved ones, in the end of the day is it worth it?
Best regards
Alex
You are a tool
You turned 2k into 4k in 2 weeks? I mean if you had half a brain you would understand this is not a healthy account growth and to earn such large amounts of money in such a short time from a small account requires a lot of risk, so I can only come to the conclusion you lost your money simply because you took to many risks.
Horrible boker,they stole my money before my very eyes. Support gave flimsy excuses about spreads.I’m never going back to Fxtm.
BE WARNED. These guys are so dishonest. I was sceptical initially because they’re fully operational in Nigeria where we have little or no regulations.
They’re now fully focused on draining money from struggling Africans.
BEWARE!
http://www.cftc.gov/PressRoom/PressReleases/pr6119-11
Hi guys, i am trading with FXCM and after winning my trades are all going south to an extent they closed 1140gbp wroth of loss making trades at the wort time for a 5gbp margin call. I am taking this matter to the UK FCA. let me know if any one here has had similar issues or margin calls that resulted in the maximum loss, where closing one position would have resulted in the balance being normalised.
Thanks,
Me again. And another full proof example :
january 14 2015 : Footsie (or UK100 at fxcm)
Close at every other broker is at 6412
Close at FXCM is at (Brase yourself) : 6148 !
Tried calling FXCM for explanation :
“Please fill in Complaint and we will give explanation in about 8 weeks.”
Of course, no answer ever.
Mind you, I dont trade with them anymore, just like to follow up on their scam and report them.
If an FXCM representative wants to challenge me, feel free to contact me : 2easy [@] outlook.com
Stay away from FXCM. It’s a bucket shop. You’ve been warned (twice! 😉
of course, if you look at the their charts today, they have removed this short Wick so it does not show anymore. But trust me that if you had stops, you were taken out. How can you trust a broker that modifies their past charts I ask ?!
Upside or downside goes easily according to their profit. If you have earned money from them they will try to cheat you or steal your money easily.
Fxcm cheats easily. They have cheated me and i have the proofs.
As a broker FXCM come accross as ok from the outside, however if you do not have much knowlege about spreads and price movements, they will take your money from you in an instant and you will think it all happened just because you lost a trade. FXCM proudly advertise their spreads for GBPUSD GOLD etc… but at critical times in the Market these spreads will change quickly taking stops out which should not have been taken out, or causing Margin calls where there never should have been any. If you compare the spread difference against another direct deal broker at the same time, the spread will not have been the same and you would have kept your position.
FXCM will tell you that if you read their clauses and conditons it says that during periods of volatility the spread will increase. My question is by how much. I have seen the spread on Gold go to 10 dollars before on a weekend close. They will also claim that it is happening by the Interbank Market Rate, but lets face it, when your positions are closed, the spread goes to them, nobody else. This is not even what I would call dubious practices, this is theft and fraud against their customers, the people who provide them with business every day. I have ran an account alongside Alpari before with exactly the same trades and margin available and been stopped out and margin called out of trades by FXCM where Alpari did not. They are a direct deal broker also. They only issue I have had with Alpari is that sometimes you cannot get in on the positon at your desired price but the don’t steal your money and use smoke and cloud excuses to cover the theft up.
Dear All
i want to open legal auction against the FXCM in Dubai and London
so if any guy had as my experience with them replay me
BECAUSE WE CAN BLACK LIST CEO OF THIS COMPANY IN DUBAI AND GCC COUNTRY’S AND IF THEY DONT
COME TO COURT IN HERE WE GET THE POLICE WARRANT AGAINST THEM
this Complain against the fxcm registration number 217689
On 20/11/2013 I had sell order of gold with ticket number 5947680 but when the gold price is shooting down they system can’t catch my order so I lost lots of money and all my capital as I talk to they audit team
First time they said you close this order automatically
Second time they accept they system close this order automatically because I had low margin
But as my calculation In that period of time I had around 20000$ Free. in my account the only reason they refuse to be responsible is because the order size is big is 2050 once of Gold and my sell stop rate was 1264$ and closing rate on that day was around 1200 so that’s why if they want to be clear they have to pay around 65000 $ to me as closeting rate of 20/11/2013 price and as of today 26/12/2013 they have to pay around 135000$ to me I have enough document and evidence to proof I’m right and get my right from them
so is there some 1 else had same this experience and do have better plan
thanks best regard
Hi Alireza,
Coud you tell me where you are with the Court action against FXCm in Dubai and/or UAE?
I would like to open an account but after reading your post about FXCM I am a bit nervous. Or if you have any company to recommend, just let me know.
Thanks n regards,
Tony Lima
hi
I want as well take them to court
pleas reply to me
it is obvious that FXCM is a scam. Here is the latest concrete proof that anyone can verify by themselves :
december 19 2013 : the dow (or US30 at fxcm) reached a high of 16230 (at 3:30PM New York time)
No futures at cme or any other broker has reached a high above 16200 !
This is obviously a stop chasing (or margin call) strategy on their part.
if you ask FXCM where they got their quote from, they will not tell you what signal provider of theirs provided this incredible High. This is obvious becauce it is THEM and Only THEM who jacked up this new high.
of course they will say “thank you for understanding” and not give you any further explaination because they cannot/dont want to explain. They will then redirected you to the claims departement and make you lose a lot of time and finally just send you what this poor sool has received saying that it is basically your fault and never give you back your money knowing that the SEC will not help you unless it is a class action.
This is only one exemple but if you do you homework you will see that there are many other occurences of the sort.
Stay away from FXCM and all other cfd brokers !
I maintain your opinion and comment about FXCM, it is true they are not upright.
It is enough to authenticate and read this article (which is true of course to know whatis going on :
National Futures Association (NFA) has issued a Decision imposing a $2,000,000 monetary sanction against Forex Capital Markets LLC (FXCM) in settlement of a Complaint issued by NFA’s Business Conduct Committee on August 12, 2011 and orders refunds to customers