Locked (hedge) trade can face a Margin Call

Hi:

FXCM scammed me in this way:

http://img30.imageshack.us/img30/7613/fxcm01.jpg


they close my locked order after a few hours locking period on 2009.05.18 17:50 and 2009.05.18 17:51.the market price on EUR/USD should be around 1.35512 to 1.35617 on 2009.05.18 17:50.The locking position for BUY ticket close on 1.34420 which is different from market 110 pips 2009.05.18 17:50 .



locked position for EUR/USD :
BUY ticket no:1053512(2 lot),1053514(2 lot),1053015(2 lot),1053019(2 lot),1052998(2 lot)

SELL ticket no:1080543(2 lot),1080590(2 lot),1080591(2 lot),1074549(1 lot),1074558(1 lot),1074546(1 lot),1074548(1 lot)


locked position for USD/JPY :
BUY ticket no:1045499(1 lot)
SELL ticket no:1077303(1 lot)


my account balance = -4153.26

they give reason that my account have margin call while all the trade position already locked.after deal with them,they only willing to pay me with 11200 for their FAULT and ERROR.

HOW COME LOCKING TRADE CAN FACED MARGIN CALL IN FXCM??? this is the way they scammed me.they suck all my hard earn money


conversation after I discovered my account left with -4153.26:

Andrew: Welcome to FXCM's Live Chat Feature. How may I help you?
ang: what happen to my account?
ang: i already lock all my position. but now -4k????
ang: 81005600
Andrew: ok one moment while i look into your account?
ang: any thing wrong with your system/????
Andrew: there is nothing wrong with the system, did you have a open trade?
ang: no
Andrew: what ticket number are you referring too?
ang: i already lock all my position
ang: how come now can be -4138.16
ang: it should be floating
ang: how authorise system to close order?
Andrew: do you know what ticket number it was?
ang: the ticket for locking is 1053512,1053514,1052998,1053019,1053015,1077303,10 45499,this is for buy locking
Andrew: ok all of those tickets were locked?
ang: 1045499 &1077303 is for jpy/usd lock
Andrew: ok one moment
ang: eu/usd lock for sell is 1080543,1080590,1080591,1074549,1074558,1074546,10 74548,
Andrew: ok i am going to have my IT department look into this right now
ang: why this can b happen in fxcm????
ang: this is scam company job????
Andrew: no if there is a issue on our side at FXCM
Andrew: we can have the audit committee look into
Andrew: the tickets and any issue from on our part will be adjust to make it right
ang: i didn't close the order manually,i just lock it.
ang: how long it take???
Andrew: The orders should be good right now
ang: i feel my cash was not protected trade under fxcm.
Andrew: can you check and see if the tickets are ok now?
ang: my right as a consumer are being rape by fxcm
ang: my mt4 still show my account -4138.16
Andrew: I understand your frustration with the platform, this is nothing that FXCM did intentionally
Andrew: are the tickets ok now?
ang: who authorise fxcm to close my locking trade????
Andrew: or are they still locked?
Andrew: that is a technical issue t
ang: now my account -4138.16 with no locking trade,is 0 trade
ang: all the locking trade already close by fxcm in account history.
Andrew: Ok so are the tickets unlocked now?
ang: the locking ticket no all already close forcely by fxcm
ang: my mt4 still show -4138.16 with no order
ang: my locking order only can check in account history.
Andrew: Where any of the trades closed at a different price? because there was a request to close the tickets
Andrew: ?
ang: there is imposibble for for an account to close with -4138????????
ang: right??
ang: who request to close the trades???
ang: i didn't close the locking trades
ang: i didn't put any stoploss
ang: this is your ssytem error.
Andrew: ok one moment
ang: the system won't close trade with -4k+++ right
ang: ????
Andrew: ok we can run the reports on our side
ang: this type of thing only happen in SCAM company....y now it happen at fxcm??????
ang: do u agree ,the account value won't be exceeded the total cash equity in account???
Andrew: we do have a no debit policy at FXCM
ang: what is no debit policy???
Andrew: ok we will look into the tickets mentioned
ang: how long it take?????
Andrew: it will be done within 24 hours
ang: y it take so long?????????>
ang: can fxcm call me ?????i want the detail explanation?????
ang: who should responsible for this error??????
Andrew: do you want a call right now?
ang: yes.
Andrew: one moment
ang: there should not be any account with close order losing more than 4k right????
Andrew: we have a formal trade inquiry process and
Andrew: I will have the audit committee call you within 24 hours
ang: do ur site done anything to system???
Andrew: I am sorry but I do not follow your question
ang: there should not be any account with close order losing more than 4k right????
Andrew: I am unable to speak about the trades anymore
Andrew: now that the audit committee is looking into these issues
ang: so how now???
ang: y fxcm close the locking trades???
ang: do u have a look in the trades????
Andrew: my audit committee is now in the process of that
ang: r u in uk / us?
Andrew: I am in the US
ang: uk based account operating in US?
Andrew: We have multiple offices all over the world
ang: how long it take???????????
ang: there should not be any account with close order losing more than 4k right????
Andrew: I appreciate your patience with regards to your account
Andrew: the audit committee will be in contact with you
Andrew: sorry for the inconvenience
ang: when they call????
ang: y fxcm can any how close his client locking trades
ang: but need long time to investigate????
Andrew: Is there anything else I may do to help you today?
ang: : when they call???? ang: y fxcm can any how close his client locking trades ang: but need long time to investigate????
Andrew: within 24 hours
ang: u check on 1053019
ang: the closing price is 1.34420
ang: but in chart the range is 1.352x to 1.354x
ang: how come different so much????
Andrew: Please allow for the Audit Resolution Committee to look into the tickets
ang: i feel very frustrated for fxcm/
Andrew: I understand your frustration
ang: how come the locking buy & sell ticket closing in same time
Andrew: and we will look into the tickets and be in contact with your shortly
ang: but the pip value can be different by more than 120pips in same time for same pair???
Andrew: I am unable to speak about the trades anymore
ang: anyway i already print screen all this trades
Andrew: ok thanks
Andrew: and again
Andrew: thanks for your patience with this inquiry
ang: if i not receive any explaination and any frustration penalty payment from your site,i willl disclose this issue in major forex forum like forexfactory.
Andrew: That is why we will look into this for you
Andrew: sorry for the inconvenience again and thanks for your patience
ang: anyway i already feel hurt as fxcm customer.
Andrew: please give us time to look into the issue
Andrew: thanks again
ang: ok i wait for your call.thanks
Andrew: I also understand your concerns



Email i sent to FXCM REPresentative:

how about the 1077303 & 1045499 (usd/japan trade).?
both this trade already been locked.

this problem occur is due to fxcm ERROR & FAULT.and FXCM should responsible for all this illegal action.

All non close trade already LOCKED by me.Non closing trade cannot be consider as LOSING trade.I want FXCM to under stand,locked trade position is not to get any MARGIN CALL.how come a locked position can be treat as MARGIN CALL?????what is the logic behind this action?For me,i just know FXCM SCAM me in this manner.



if I already get a margin call ,y the mt4 platform still allow me to place order to lock and my account still got cash.?this is due to FXCM system error.and I'm not going to responsible to FXCM ERROR by losing my HARD EARN money.

pls suggest a more human nature solution for this FXCM FAULT and ERROR.

in below situation:
If FXCM send USD20k for me.after receive USD20k i told FXCM,sorry FXCM,your money got margin call,i only can return you USD6k.how did u feel?

I'm thinking to disclose this issue in famous FOREX forum like forex factory regarding this issue to warn others beware of this type of SCAM by FXCM.

and I also in planning to make a complain to a legal association like NFA & FSA regarding this issue.

the worst mt4 i had ever met in forex company is from FXCM.like the past few days i did made a few complain including to you that i need to restart mt4 for more than 100 times in order to close my order.the weak performance of fxcm mt4 cause me need to lock the position.

FXCM do not deal the business with me in an honest and reliable way.

FXCM want to pay me usd11020 at first,then yesterday they email me and increase to usd11200.

but i don't want.because my account have usd25000.FXCM just simply close my HEDGE position when market goes in my way that i was able to unlock.
they just simply give out a reason"margin call" when market move in your way.
why FXCM didn't "margin call" at 1.34xx level but margin call at 1.35xx level???
if like this cannot call as SCAM,then what should i call this as????

before 15th MAY 2009 my account already shifted from FXCM US to FXCM UK.
on MONDAY which is 18 MAY 2009.i double confirm the real position of my account whether is UK or US based.FXCM confirmed my account is UK based and I can continue to HEDGE.

pls take a look on EUR/USD for BUY & SELL ORDER closing time,just different by 1 minute,but the market price for EU at that moment can be DIFFERENT as much as 110 pips.

FXCM kick u out for games when market goes in your way.

can any one pls help me or sugggest me the way to get back USD25000 in my account?

Uhm, you do know that the NFA disallowed hedging and it went into effect this week right? It has been one of the more talked about issues and I do believe FXCM was willing to switch customer accts to their UK office (which still allows hedging).

Ill see if I can find some links...

i already swithing my aCCOUNT TO FXCM UK which allow swithing b4 15 May.
I double confirm on 18 MAY which is MONday on my account status .FXCM confirm that my account already been swithed to FXCM UK which I can continue to hedge as normal.

hmm, well not sure what to tell ya then.

It would seem that your account was not switched correctly OR FXCM UK has also implemented the hedge rullings by mistake.

However, the downside is that you need to look at FXCM's small print regarding order management. I guess they are covered by their actions.

I believe this is their system error and they just give out a reason as 'margin call' for hedge position

how come a hedge trade can facing MARGIN CALL?what is the logic behind this?

how come the market price for hedge trade closing at same time can different by 110 pips?

why i need to take responsible for FAULT and error by FXCM?

Margin calling, strictly speaking, isn't a scam.

I think a lot of people fool themselves into thinking that they're not down all that money just because the loss is not yet realized. Probably the biggest con of them all in the world of forex.

However, it does look like they screwed up as evidence by their desire to repay you 11200. Hope you can get the rest out of them, especially with the E/U going back up..

Did you even wait for the audit committee to get in touch with you? What did they say? Where are their emails?

http://img30.imageshack.us/img30/7159/fxcmmm.jpg

i still not reply and sign the email to get usd11200

http://img30.imageshack.us/img30/947...0000000000.jpg

the important question is how can a hedge trade facing margin call?
if my fund not enough during that period of time,why mt4 still allow me open position to hedge?

It does sound weird if the hedge is same size, there should be no margin call, unless the hedge is right on margin.

that's why fxcm willing to pay me usd11200,but this value is not enough,my

account have approximately usd25000.fxcm should responsible for their FAULT and ERROR.they do business in cheating way.

I think everyone completely understands your anger and frustration but to be honest sending them threatening emails and having a go at a CS rep isn't going to get you an explanation or get you your money back.

Try and calm down a bit, then you will be able to think clearly and present a good case.

Set out your complaint clearly and calmly, just the facts without any accusations or threats and ask them for a detailed explanation of why your orders were executed the way they were. If it was a system or administration error at their end they will refund the losses or reinstate your trades. Give them time to investigate your complaint and come up with an explanation.

If they refuse to give you a detailed explanation or refund the losses or reinstate your trades and you still believe you are entitled to a refund then you will need to raise the issue either with their Compliance Department and/or with the FSA. There are set procedures for complaints which FXCM (or the FSA) should advise you about.

Try not to lose your cool, just stick to the facts and present your case calmly. It might take a while but if you have a justified claim then eventually you will get your money back.

Good luck!

FXCM do not deal the business with me in an honest and reliable way.