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  • FXCM Provides Business Update

    From fxcm.com

    FXCM Inc. (NYSE:FXCM), released today an update on its business as well as a statement from Chief Executive Officer, Drew Niv, on FXCM's month-to-date metrics along with the firm's current plans to pay down its debt. Richard Handler, Chief Executive Officer, and Brian Friedman, President of Leucadia also commented. 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 ... (full story)

I'll paraphrase.. Don't worry were on track to keep screwing you. Thanks for letting us do it. We appreciate it and please don't forget to give more! Your money is absolutely safe with us "wink" We won't take it without your consent ! We won't lose it all and then get a payday loan and tell you were paying it off while bankrupting the shareholders! We are still #1 in being #2!
There are those who know, and there are those who don't know.
lmfao......who really cares.....so professional Fxcm creating negative balances for many account holders then asking them to repay there accounts back to balance. Thats why there is a 20% margin stop on accounts , but some how and more than likely some bullshit round and round the mulberry bush excuse you will be given .Whilst the insiders there ( Crooks) just purchased another house and car a holiday and big bowl of smarties off the back of the account holders. Its Fxcm who should be crediting traders accounts back to the 20% . Thieves at work...give them nothing crooks.
We can't even trade CFD's in the U.S., so maybe FXCM UK didn't screw their customers like FXCM did Americans. Stands to reason. Screw the ones in a country that has the worst regulators & least fair regulatory requirements, & probably fewer clients than other countries.

Oh, well. We're Americans & we can take it. We're used to being screwed by our corrupt politicians (who aren't even required to report their campaign donations) & regulators (who create forex regulations that protect bucket shops while pretending to protect retail traders.)

We're proud of our president (who signed a bill that repeals all of the banks' restrictions that were supposed to keep them from being too big to fail, including all derivative restrictions in the Frank-Dodd act, & the Volcker rule) for being able to play basketball. Somewhat....

Did I mention that next year is an election year, & the last 2 market crashes occurred on election years, with telltale signs the year before? 1999 & 2007 had plenty of warnings if you knew what to look for.

Trade well.
The mind thinks, the heart knows...
Quoting Ever E. Man
We can't even trade CFD's in the U.S., so maybe FXCM UK didn't screw their customers like FXCM did Americans. Stands to reason. Screw the ones in a country that has the worst regulators & least fair regulatory requirements, & probably fewer clients than other countries.

Oh, well. We're Americans & we can take it. We're used to being screwed by our corrupt politicians (who aren't even required to report their campaign donations) & regulators (who create forex regulations that protect bucket shops while pretending to protect retail traders.)

We're...
I have read comments from people on other sites who are from the UK sitting with negative balances .. they are in the same boat.




I just wanted to ask people, so far fxcm have taken money from people who have multiple accounts where there is some positive balance...

But have they actually emailed or written to ask for any money other then that?

I've been thinking whether its better to change broker now rather then wait and see if they are around in 3 months time. (And before any rep from fxcm speaks up, i don't care what you have to say ... you will say anything to stop customers running).
Great Fxcm! Best broker ever!
Its a total joke how this brokers want to avoid all responsability. Fortunatly I moved long ago to a proffesional broker and Im completly happy with everything, apart of course the spreads of 0.2pips of EURUSD that we have as average a lot of 2014!

Here was Dukascopy attitude refering the EURCHF:

[The scenario of such shock had been anticipated four months in advance as shown in Dukascopy news published on 3rd of October 2014: "Due to the possibility of a break of the 1.2000 floor in EUR/CHF which may see significant price gaps and cause negative equity on client accounts, Dukascopy Bank is forced to implement a maximum leverage for EURCHF exposures of 1:10 as of 12 October 2014".

This is how a proffesional company works, preventing and securing the continuation of bussines.

If you want to check them here:

http://www.dukascopy.com/ibentry.php?ibref=7482

And yes Im an Introducing Agent for them, so if you are interested contact me I have good offers.

Anyway check out this broker they are awesome!

Greetings
Greetings, BeLikewater
This Is A Test Of The Emergency Ponzi Scheme System

This is only a test. Had this been an actual completed Ponzi Scheme, you would have received news and instructions on how to go fuck yourself as our do's be shut and all yo money be gone!

This Concludes This Test Of The Emergency Ponzi Scheme System

Next one's for real
Ghost Rider - WWTBMD?
Mabe if you guys focus on trading your be better traders, only losers complain when things not going there way
Quoting BeLikeWater
Its a total joke how this brokers want to avoid all responsability. Fortunatly I moved long ago to a proffesional broker and Im completly happy with everything, apart of course the spreads of 0.2pips of EURUSD that we have as average a lot of 2014!

Here was Dukascopy attitude refering the EURCHF:

[The scenario of such shock had been anticipated four months in advance as shown in Dukascopy news published on 3rd of October 2014: "Due to the possibility of a break of the 1.2000 floor in EUR/CHF which may see significant price gaps and cause...
Quoting BeLikeWater
Its a total joke how this brokers want to avoid all responsability. Fortunatly I moved long ago to a proffesional broker and Im completly happy with everything, apart of course the spreads of 0.2pips of EURUSD that we have as average a lot of 2014!

Here was Dukascopy attitude refering the EURCHF:

[The scenario of such shock had been anticipated four months in advance as shown in Dukascopy news published on 3rd of October 2014: "Due to the possibility of a break of the 1.2000 floor in EUR/CHF which may see significant price gaps and cause...

They have thinkers at that broker. Well done to them.
Quoting PoundTrader
Mabe if you guys focus on trading your be better traders, only losers complain when things not going there way

on some level i agree with you .. but what about those of us who are now having to deal with brokers risk .. no real fault of our own is it ?

nobody will want to wake up to an announcement that kpmg are going to take months to sort out you getting your funds back .. oh and they may take any money owed to them from your segregated account .. forcing you to claim with the FSA ... that's a lot of hassle for something that's not your fault.
Quoting n_aftab
I've been thinking whether its better to change broker now rather then wait and see if they are around in 3 months time.
Just get the hell out right now. 90% wiped off their share price!

Safety of funds is the traders number one priority. If a broker cannot guarantee that then stay away. They are not fit for purpose.

The comments of 'business as usual' will continue no doubt...I smell desperation.
By all sane measurements they're finished, hasn't prevented vulture and predatory funds picking over their carcass. The retail industry needs a cull and FXCM would be best just folding, there's nothing left, the good will has gone as has the money.


Quoting Porkpie
Just get the hell out right now. 90% wiped off their share price!

Safety of funds is the traders number one priority. If a broker cannot guarantee that then stay away. They are not fit for purpose.

The comments of 'business as usual' will continue no doubt...I smell desperation.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
That's horseshit, if you had a wrong side bet on CHF you couldn't have avoided the carnage and let's not forget that many retail trader platforms can't/don't honour stops, because they're the plaything of the devil (your broker).

Notwithstanding that many traders may have been long Euro and short the franc, as a natural correlation trade/hedge, that's not poor decision making that saw their trousers pulled down, it was a black swan FX event.



Quoting PoundTrader
Mabe if you guys focus on trading your be better traders, only losers complain when things not going there way
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
Everybody's fault but my own. Take responsibility for your trades. Traders who tripled their account aren't singing the "it's not my fault" song.
Another ridiculous comment failing to comprehend how the events unfolded. Many traders will have been short the Swiss franc with stops in place. Those stops were useless in such an event and many retail punters saw their platforms frozen as they watched helplessly, whilst their balances disappeared and they found themselves suddenly (technically) owning their broker thousands. In short they were blameless.

In fxcm's case they stipulate in their t&cs that punters can't lose more than their balance as circuit breakers are supposed to kick in and prevent negative balances. Now we hear FXCM are chasing those in negative equity despite the t&cs.

Whilst you can point to the fact that retail FX trading is precarious and it is, trading on the toys that are retail platforms is to all intents is a joke, many retail traders have been wiped out not through: bad trading decisions, bad technique, poor money management, but through their brokers' failure to manage their business correctly.


Quoting Russell412
Everybody's fault but my own. Take responsibility for your trades. Traders who tripled their account aren't singing the "it's not my fault" song.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
Nope - not really.

Most of traders I'm in contact with had no SL in the EURCHF. (*)
Reason for that: "I won't be stopped out by a sudden spike which returns to 1.2XX in minutes". That was the common sense amongst them.

Now they got nothing but shice in their accounts and blame the broker for not letting them out in time. Ridiculous.

(*) Example of a high impact member who otherwise has some reasonable stops in his system:

http://www.ariva.de/forum/2015-QV-DAX-DJ-GOLD-EURUSD-JPY-513751?page=55#jumppos1400
...
EURCHF: bin long
...

Every one who trades without stoplosses should be aware that his whole equity is accountable for this behaviour in a 30 sigma event. And I'm grateful to the SNB that they created some conciusness for that truth.
Yes really, I've seen first hand how stops are (and were) blown through/ignored. You've also got to realise that many institutional businesses use the likes of FXCM for hedging their currency exposure and use stops, it's not just retail traders who were robbed courtesy of their stops not being honoured. These thousands of small to medium sized enterprises, who are extremely careful with their exposure, were ravaged through the brokers' collective failings.


Quoting Naddmer
Nope - not really.

Most of traders I'm in contact with had no SL in the EURCHF. (*)
Reason for that: "I won't be stopped out by a sudden spike which returns to 1.2XX in minutes". That was the common sense amongst them.

Now they got nothing but shice in their accounts and blame the broker for not letting them out in time. Ridiculous.

(*) Example of a high impact member which otherwise has some reasonable stops

http://www.ariva.de/forum/2015-QV-DA...55#jumppos1400
...
EURCHF: bin long
...

Every...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
Quoting Spreadbetter
Yes really, I've seen first hand how stops are (and were) blown through/ignored. You've also got to realise that many institutional businesses use the likes of FXCM for hedging their currency exposure and use stops, it's not just retail traders who were robbed courtesy of their stops not being honoured. These thousands of small to medium sized enterprises, who are extremely careful with their exposure, were ravaged through the brokers' collective failings.
Everyone had his stops blown by a magnitude of 200..500 Pips in this event on a CHF trade. This is pretty normal for such an event. If FXCM had their client exposure hedged against their traders, then they wouldn't be this much in a sea of sh*t. We're talking about 2000 pips and more which made the margin negative on a no stoploss trade.

And believe me - I'm the first in line to complain when a stoploss-fishing event is done on no-news and I always got my trades rolled back in such events.

But when a trader gets into the market without any stoploss then his whole equity is accountable for that. Not only the margin on his account.

To get this into the conciusness of the traders - the SNB should be thanked for that.
Absolute nonsense.

Quoting Naddmer
Everyone had his stops blown by a magnitude of 200..500 Pips in this event on a CHF trade. This is pretty normal for such an event.

To get this into the conciusness of the traders - the SNB should be thanked for that.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
Quoting Spreadbetter
Absolute nonsense.
Are we all entitled to know the reason to your opinion?
Quoting n_aftab
on some level i agree with you .. but what about those of us who are now having to deal with brokers risk .. no real fault of our own is it ?

nobody will want to wake up to an announcement that kpmg are going to take months to sort out you getting your funds back .. oh and they may take any money owed to them from your segregated account .. forcing you to claim with the FSA ... that's a lot of hassle for something that's not your fault.
i understand where your comming from i have a good broker and im happy i hope those people get there money back
Quoting Spreadbetter
That's horseshit, if you had a wrong side bet on CHF you couldn't have avoided the carnage and let's not forget that many retail trader platforms can't/don't honour stops, because they're the plaything of the devil (your broker).

Notwithstanding that many traders may have been long Euro and short the franc, as a natural correlation trade/hedge, that's not poor decision making that saw their trousers pulled down, it was a black swan FX event.
you should never trade a currency if there is a cap by there goverment, just like over there in china
What if FXCM was hedged internally by the sell and buy orders by their clients? In this case they do not go out and hedge on top of the internal hedge. In the case of SNB people long swiss made money and shorts lost more than the equity they had so brokers end up owning that. Here Fxcm was properly hedged right?
Quoting Naddmer
Are we all entitled to know the reason to your opinion?
Quoting Spreadbetter
Absolute nonsense.
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  • Posted: Jan 25, 2015 12:06am
  • Submitted by:
     Newsstand
    Category: Forex Industry News
    Comments: 23  /  Views: 6,750