FXCM Discussion | Page 529 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/JPY

Similar Threads

FXCM with Sierra Charts - Discussion and alternatives 8 replies

Elliott Waves discussion 4 replies

FXCM gets another CFTC fine, while Drew Niv leaves FXCM UK board 17 replies

Euro/Dollar discussion 9 replies

Forward Testing Discussion Thread 241 replies

Attachments: FXCM Discussion
Exit Attachments

FXCM Discussion

  • #10,561
  • Aug 17, 2018 8:19am Aug 17, 2018 8:19am
Quoting Jason Rogers
{quote} Hi fibo, I'm not seeing any incoming email that would appear to be coming from you. Can you log on to our live chat so we can check on it in real time https://bit.ly/FXCM_livechat Jason
Is there any chance that my email might have end up in Spam folder?.

I will connect with the live chat later.
  • #10,562
  • Aug 17, 2018 2:58pm Aug 17, 2018 2:58pm
Quoting fibo21
{quote} Is there any chance that my email might have end up in Spam folder?. I will connect with the live chat later.
Hi fibo,

I checked my spam folder, and nothing there unfortunately either.

Jason
  • #10,563
  • Aug 18, 2018 6:08am Aug 18, 2018 6:08am
[quote=Jason Rogers;11381121]{quote} Hi fibo, I checked my spam folder, and nothing there unfortunately either. Jason[/quote
ow no the fxcm fraudster. The only thing worse than a scammer is jason Rogers
Attached Image
  • #10,564
  • Aug 20, 2018 1:11pm Aug 20, 2018 1:11pm
I used fxcm in the past when I was introduced to forex. I haven't traded in years and only just found out they're banned from the US. This is bad for me because I haven't found a platform that really works with renko charts. Can't find a good download for a renko indicator in MT4 anymore. Once I figured out how to set it up in thinkorswim none of the indicators worked on it, I couldn't even manually draw lines on the graph. The regular forex.com desktop version didn't seem to work well with it either, it would just never load and tell me there's no data. I'm just returning to the factory with a new user account because I lost the old one. Looking for advice on a good platform/broker for using renko. I refuse to trade real money with anything else.
  • #10,565
  • Aug 20, 2018 8:19pm Aug 20, 2018 8:19pm
[quote=Pip-Miner;11381908]
Quoting Jason Rogers
{quote} Hi fibo, I checked my spam folder, and nothing there unfortunately either. Jason[/quote ow no the fxcm fraudster. The only thing worse than a scammer is jason Rogers {image}
Can't believe Mr Rogers ignored my post about FXCM being booted out of America for defrauding it's customers, but answers shitty little queries about e mails. Unbelievable..
  • #10,566
  • Aug 21, 2018 8:08am Aug 21, 2018 8:08am
Dear Jason Rogers

The price on the chart and market watch is totally different.Is this correct?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: fxcmpng.png Size: 29 KB
Click to Enlarge Name: z.png Size: 32 KB
  • #10,567
  • Aug 21, 2018 2:08pm Aug 21, 2018 2:08pm
One more chart.Chart and marketwatch prices are different.This would definetly effect the expert advisors order opening / closing.
Attached Image (click to enlarge)
Click to Enlarge Name: z.png Size: 30 KB
  • #10,568
  • Aug 21, 2018 2:47pm Aug 21, 2018 2:47pm
Quoting samkar97
Dear Jason Rogers The price on the chart and market watch is totally different.Is this correct? {image} {image}

Hi samkar,

Welcome to the thread. We had the same question come up a few weeks ago https://www.forexfactory.com/showthr...8#post11295048.

The prices (spreads) in the Market Watch window of the MT4 platform are the prices which you will trade on. The reason why the prices in the Market Watch window may be different than than the price on the chart has to do with the limited capabilities of the MT4 server vs. the pricing options we offer in our standard account and active trader accounts. The Market Watch window will always display the pricing which your account is setup for, whether it be standard account pricing or active trader pricing. But the MT4 server can only display prices on the chart for one account option to all accounts on that server. If this is what is happening in a live account, I can have our operations department check on making sure you connect to the server whose chart feed matches the Market Watch feed. I'll reach out via Private Message to get more information to help.

Jason
  • #10,569
  • Aug 22, 2018 5:57pm Aug 22, 2018 5:57pm
Jason, I've been with FXCM for years. Would you please make a comment on FXCM being banned from operating in USA due to the defrauding of it's customers? Or not?
  • #10,570
  • Aug 22, 2018 8:09pm Aug 22, 2018 8:09pm
Quoting TheGreatMilenko
Jason, I've been with FXCM for years. Would you please make a comment on FXCM being banned from operating in USA due to the defrauding of it's customers? Or not?
This has been discussed before many a time in this thread, do a search.

Now in other news...

Southern District Of New York Dismisses Securities Class Action Against Brokerage Firm For Failure To Adequately Allege Material Misrepresentations And Scienter (August 21 2018):
https://www.lexology.com/library/det...6-febcdbcf3db8

FXCM debt to Jefferies stands pat at $70 million after Q2 as January 2019 deadline looms (August 2, 2018):
https://www.leaprate.com/forex/broke...-2019-deadline

Investors aim to prove securities fraud by FXCM (June 7, 2018):
https://financefeeds.com/investors-aim-prove-securities-fraud-fxcm-niv-lande-ahdout

Effex Capital denies liability for FXCM’s actions (March 28, 2018):
https://financefeeds.com/effex-capit...-fxcms-actions

Quoting Jason Rogers
{quote} Hi samkar, Welcome to the thread. We had the same question come up a few weeks ago https://www.forexfactory.com/showthr...8#post11295048. The prices (spreads) in the Market Watch window of the MT4 platform are the prices which you will trade on...
Jason, does FXCM still have a 5 account limit? I trade five accounts simultaneously but would like to raise it to 10...
  • #10,571
  • Aug 22, 2018 8:15pm Aug 22, 2018 8:15pm
Quoting Aad
{quote} This has been discussed before many a time in this thread, do a search. Now in other news... Southern District Of New York Dismisses Securities Class Action Against Brokerage Firm For Failure To Adequately Allege Material Misrepresentations And Scienter (August 21 2018): https://www.lexology.com/library/det...6-febcdbcf3db8 FXCM debt to Jefferies stands pat at $70 million after Q2 as January 2019 deadline looms (August 2, 2018): https://www.leaprate.com/forex/broke...-2019-deadline...
Ok. Thanks for that. Why do people still use them? Jason's got some big,if fraudulent ,balls.
  • #10,572
  • Aug 28, 2018 2:19am Aug 28, 2018 2:19am
These (one-sided) changes on Trading Agreements between FXCM and its clients are getting more absurd every day. Some remarks from within the Client Money section 15, changes effective as per 28 September 2018:
· FXCM may hold Client Money in bank accounts in the United Kingdom, and in other territories that are within or outside the EEA
· Client Money held outside the EEA may be subject to jurisdiction of that territory and your rights may differ accordingly.
· FXCM may hold client money in segregated client money bank accounts with fixed term deposits or notice periods. Such amounts may not be immediately available on requests until the expiry of the relevant fixed term or notice period for up to 95 days.
· Unless otherwise agreed, we will not pay you interest on client money or any other unencumbered funds
· Outside the aforementioned obligations, we are not responsible for the solvency, acts or omissions of any bank or other third party with which client money is held.

In other words, within mentioned restrictions:
· FXCM may select any bank in any country they see fit to, to place client money at the risk but without the benefits of their clients.
· In case of insolvency or any other equivalent failure of such banks, clients fall under the jurisdiction of that (to clients unknown) territory.
· If client money is allocated by FXCM on fixed term deposits, it could take a maximum of 95 days to withdraw account balances (or part of it) within FXCM.

This certainly introduces a conflict of interest, do not know what is going on within FXCM, although I have been very content with their services for many years but these developments are unacceptable for me, I’m out.
Don't be a hero. Don't have an ego. Always question yourself
  • #10,573
  • Aug 28, 2018 3:59am Aug 28, 2018 3:59am
I have copy pasted the following from USD-Bear's post:

· FXCM may hold Client Money in bank accounts in the United Kingdom, and in other territories that are within or outside the EEA
· Client Money held outside the EEA may be subject to jurisdiction of that territory and your rights may differ accordingly.
· FXCM may hold client money in segregated client money bank accounts with fixed term deposits or notice periods. Such amounts may not be immediately available on requests until the expiry of the relevant fixed term or notice period for up to 95 days.
· Unless otherwise agreed, we will not pay you interest on client money or any other unencumbered funds
· Outside the aforementioned obligations, we are not responsible for the solvency, acts or omissions of any bank or other third party with which client money is held.

Can I ask FXCM: Are account balances held in the U.K. protected "Under the FSCS the first £85,000 (as of January 2016)" ?

Can we check with FXCM where our own account funds are being held once the transition takes place?

Thanks
  • #10,574
  • Aug 28, 2018 9:01am Aug 28, 2018 9:01am
I have been at FXCM for roughly a year and at the end i was extremely dissatisfied with the FXCM support and i can't recommend them.
  • #10,575
  • Aug 29, 2018 4:18am Aug 29, 2018 4:18am
Quoting TheGreatMilenko
Ok. Thanks for that. Why do people still use them?...
I can’t speak for others but I have accounts with various brokers in the UK/AU, FXCM AU just happens to be one of the brokers I have accounts with. Right now my biggest concern with FXCM is the expected inability to pay off their $70M outstanding debt come January 2019. At that time it will be up to Jefferies (a.k.a. Leucadia), to sell off FXCM or extend its loan like the previous year and or bring FXCM under new management. Clearly, Jason is only an FXCM employee and doesn’t set policy or manage FXCM, so I doubt he can speculate or talk freely about any ongoing litigious matters. During defaults, unsecured creditors/clients’ money can be used to pay off debt (nothing new there).

"FXCM may hold client money in segregated client money bank accounts with fixed term deposits or notice periods. Such amounts may not be immediately available on requests until the expiry of the relevant fixed term or notice period for up to 95 days."

"Outside the aforementioned obligations, we are not responsible for the solvency, acts or omissions of any bank or other third party with which client money is held."

The above quotes remind me of:
Inserted Video


I guess let’s see where the dust settles, or simply bail before the end of September 2018...
  • #10,576
  • Aug 29, 2018 4:08pm Aug 29, 2018 4:08pm
Quoting USD-Bear
These (one-sided) changes on Trading Agreements between FXCM and its clients are getting more absurd every day. Some remarks from within the Client Money section 15, changes effective as per 28 September 2018: · FXCM may hold Client Money in bank accounts in the United Kingdom, and in other territories that are within or outside the EEA · Client Money held outside the EEA may be subject to jurisdiction of that territory and your rights may differ accordingly. · FXCM may hold client money in segregated client money bank accounts with fixed term deposits...
Hi USD-Bear,

Thanks for trading with FXCM, and I'm happy to know you are very content with our services. Regarding the updates to the terms and conditions, the FCA allows investment firms to hold a small proportion of client funds in fixed deposits. That time period used to be 30 days, but an FCA amendment now allows 95 days. The amount has been determined as to not impact the day to day running of hte business. In the unlikely event that all FXCM client funds need to be returned at once, then that small proportion of funds would only be returned once any funds held in fixed deposit become available. Following regulations is of the utmost importance for FXCM and our clients, and as a regulated company we are obliged to follow client money rules outlined by the FCA.

Quoting robgsxr
.... Can I ask FXCM: Are account balances held in the U.K. protected "Under the FSCS the first £85,000 (as of January 2016)" ? Can we check with FXCM where our own account funds are being held once the transition takes place? Thanks
Yes, FXCM UK is authorised by the FCA and accounts are covered by the FSCS (Financial Services Compensation Scheme).

Jason
  • #10,577
  • Aug 29, 2018 4:09pm Aug 29, 2018 4:09pm
Quoting Upwave
I have been at FXCM for roughly a year and at the end i was extremely dissatisfied with the FXCM support and i can't recommend them.
Hi Upwave,

I'm very sorry to hear this. FXCM is well known for our customer support, and I would like to investigate what happened so it doesn't happen again. I will reach out via private message for details.

Jason
  • #10,578
  • Aug 29, 2018 5:59pm Aug 29, 2018 5:59pm
Quoting Aad
{quote} I can’t speak for others but I have accounts with various brokers in the UK/AU, FXCM AU just happens to be one of the brokers I have accounts with. Right now my biggest concern with FXCM is the expected inability to pay off their $70M outstanding debt come January 2019. At that time it will be up to Jefferies (a.k.a. Leucadia), to sell off FXCM or extend its loan like the previous year and or bring FXCM under new management. Clearly, Jason is only an FXCM employee and doesn’t set policy or manage FXCM, so I doubt he can speculate or talk...
i wouldn't touch a broker with a 10ft pole if I knew that they were insolvent/bankrupt and able to seize client funds
Don't Worry Be Happy
  • #10,579
  • Aug 30, 2018 2:15pm Aug 30, 2018 2:15pm
Just put in a withdrawal request to withdraw money from my FXCM account. I had to answer the question "what is the reason for your withdrawal?" I find it a bit strange that you need to give your broker a reason for making a withdrawal. Perhaps Jason or anyone else, could throw some light on this for me. Thanking you in advance.
  • #10,580
  • Aug 30, 2018 2:40pm Aug 30, 2018 2:40pm
I have 25k with FXCM Friedberg Canada...If fxcm becomes insolvent in 2019 will this effect me in any way? I know my money is held with Freidnberg and is insured but I don't want it to be stuck for months before I get it back incense of a default...
12 traders viewing now