Now this sounds really dodgy, i am planning to deposit alot of money on fxcm over the next 6 months to 1 year. I did a quick search on google and came across a post online. My heart sank after i read the whole terms of service agreement because the fulltilt poker site incident is still fresh in my mind.
Anyway i have contacted fxcm, the person i chatted with said he will contact their legal department and get back to me asap.
"Here is an updated terms of service agreement I just got from FXCM.
Title, i.e. ownership in all money you deposit will be transferred to FXCM.
Client money will no longer be segregated from FXCM money, and, in the case of an FXCM bankruptcy or insolvency, you will be treated as a general creditor.
If your account is inactive for a period of six years, your money will no longer be considered "client money."
Man if clients will be treated as creditors if things go wrong then i am withdrawing all my money as soon as i am able to log in to my fxcm.
Anyway i have contacted fxcm, the person i chatted with said he will contact their legal department and get back to me asap.
"Here is an updated terms of service agreement I just got from FXCM.
Title, i.e. ownership in all money you deposit will be transferred to FXCM.
Client money will no longer be segregated from FXCM money, and, in the case of an FXCM bankruptcy or insolvency, you will be treated as a general creditor.
If your account is inactive for a period of six years, your money will no longer be considered "client money."
Man if clients will be treated as creditors if things go wrong then i am withdrawing all my money as soon as i am able to log in to my fxcm.
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fxcm says that your money is their money.pdf
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