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Can I request a compensation?

  • #1
  • First Post: Oct 12, 2006 10:48am Oct 12, 2006 10:48am
I like to ask you an advice about what I shall do.
Friday I've tried to buy USD/CHF pair with FXCM during non farm payroll.
But they didn't fill my order because (even if under open order status it was "executed"), they said, the bank has refused my order.
Now I'll like, before closing all accounts with them to request a compensation for the unfilled order.
Do you think I have some possibilities or not, What can I do?
I wrote them but they even didn't answer me.
  • #2
  • Oct 12, 2006 10:50am Oct 12, 2006 10:50am
Thats the danger in tradeing the NFP. You can try but i hardly believe that you will find them willing to give you money for a trade that never happened.




Quoting alpignolo
I like to ask you an advice about what I shall do.
Friday I've tried to buy USD/CHF pair with FXCM during non farm payroll.
But they didn't fill my order because (even if under open order status it was "executed"), they said, the bank has refused my order.
Now I'll like, before closing all accounts with them to request a compensation for the unfilled order.
Do you think I have some possibilities or not, What can I do?
I wrote them but they even didn't answer me.
  • #3
  • Oct 12, 2006 10:53am Oct 12, 2006 10:53am
Compensation for what? You have suffered no loss. If you put your car up for sale as best offer, and they offer a price and then you refuse it, Are you obligated to pay them for not selling it to them?
  • #4
  • Oct 12, 2006 11:09am Oct 12, 2006 11:09am
Another trader on this board had "difficulty" on NFP with FXCM. Below is my exact post in his thread. While your issue is only slightly different the same principle is in play. If you can find anywhere FXCM has guaranteed that they will fill you in any market condition you have a case. If not, well.....at least you weren't the guy who got filled at a really crappy price and lost a bunch of money.

Quoting Captain Piptastic
I don't trade with FXCM. I think I may have visited their site once or twice a few years ago. The following information took my less than 5 minutes to obtain.

http://www.fxcm.com/why-choose-fxcm...r-execution.jsp

** All stop-loss, limit and entry orders are guaranteed against slippage except in extraordinarily volatile market conditions. All quotes and trades are subject to the terms and conditions of the Client Agreement accessible through this website.

http://www.fxcm.com/key-market-orders.jsp

*Order execution and trade confirmations are immediate under normal market conditions. All quotes and trades are subject to the terms and conditions of the Client Agreement accessible through this website.

*Under normal market conditions. Additionally, FXCM offers a "No Dealing Desk" execution option. Clients may be able to select this option or be placed on it at FXCM's discretion. The "No Dealing Desk" option does not provide fixed spreads, nor are there any guarantees regarding slippage.

http://www.fxcm.com/docs_pdfs/tradi...0ag reement%22

The client agreement is a pdf which is locked so I can't copy and paste from it.

I did read through it though. No where does it state that market orders are guaranteed to be requoted if the original price is not available. You simply cannot state that the trader "knew he had a way out". If his belief really was such he should have confirmed it with FXCM. Simply because he tried it a few times and got away with it should not give him any confidence that an automatic requote was FXCM's written policy. I cannot find anywhere that FXCM has stated such. If you can find such a statement from FXCM I'll gladly write a nasty email to FXCM on the traders behalf (anything to help out ).
Secret Identity: Bill Sullivan
  • #5
  • Oct 12, 2006 3:19pm Oct 12, 2006 3:19pm
Every thread that includes this topic, I remind people the same thing.... FXCM is just not any good when it comes to placing orders and slippage during big news events.......doesn't anyone search the forum???

FXCM is fine if you are a regular intraday trader or a mid to long term position trader................they are like a "vanilla" broker.........not exotic......well known, popular, financially stable, safe for your funds, user friendly platform, live customer service web chat...........beyond that, expect nothing from them.

You will not win your arguement.....sorry to say.
  • #6
  • Oct 12, 2006 3:27pm Oct 12, 2006 3:27pm
Well, this would be a time for bitching, since most of you are good at it.
But, to make you feel any better, i'm sorry that happened to you.
I think one of you should be generous enough to write a full retail ebook, based upon brokers across ALL fields in forex, futures, eminis' and so on.

It's the least that one of you could do, since bitching is what many here do best. Once again, i am sorry that you got burned.

Have you considered an ECN, or a STP desk?
  • #7
  • Last Post: Oct 12, 2006 3:39pm Oct 12, 2006 3:39pm
Quoting Klaka
Well, this would be a time for bitching, since most of you are good at it.
But, to make you feel any better, i'm sorry that happened to you.
I think one of you should be generous enough to write a full retail ebook, based upon brokers across ALL fields in forex, futures, eminis' and so on.

It's the least that one of you could do, since bitching is what many here do best. Once again, i am sorry that you got burned.

Have you considered an ECN, or a STP desk?
Seems like half or more of your posts are on broker topics......maybe you can write the ebook?
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