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Class Action Lawsuit Against FXCM

  • #41
  • Feb 10, 2011 11:28pm Feb 10, 2011 11:28pm
Quoting dragan53
oanda,mb ,theres many,go markets,vantage fx
they are my safe list of low spead safe brokers
Thanks dragan & mattrader..will checkout the list..
  • #42
  • Feb 11, 2011 1:32am Feb 11, 2011 1:32am
Quoting tar
http://finance.yahoo.com/q?s=fxcm&ql=1
Take another look. It has taken a dive.

Quoting GulfCoastPip
Any b0rker that uses the MT4 Dealer Plugin or similar should be brought up on charges and the CEO, managers and supervisors should be banned from the industry after they spend some time in the clinker!
They use the Boston Technologies MT4 bridge. That is enough of a red flag right there even if they aren't using Boston Technologies virtual dealer.

Its about time this stinking turd of a company got some back. They have been involved in mafia like operations for too long.
  • #43
  • Edited 2:40am Feb 11, 2011 2:29am | Edited 2:40am
Quoting oakmonster
Take another look. It has taken a dive.

They use the Boston Technologies MT4 bridge. That is enough of a red flag right there even if they aren't using Boston Technologies virtual dealer.

Its about time this stinking turd of a company got some back. They have been involved in mafia like operations for too long.
Refco declared bankruptcy 3 months after listed. Will FXCM follow their old shareholder's footstep?

The share price did not take a dive at the opening but only nose down on 2pm EST. Maybe some other bad things were cooking, who knows?
  • #44
  • Feb 11, 2011 2:41am Feb 11, 2011 2:41am
their profits are looking good after stealing our money,if this story stays here for a longer time,eventually people will see it and move from one bucketshop to another

if people can sign up with ava fx,why wouldnt they with fxcm
i mean u cant find a bigger scammer than avafx,plus500 .....


man that refco company is the enron of brokers
  • #45
  • Feb 11, 2011 2:44am Feb 11, 2011 2:44am
It'll obviously take a little longer than 3 months but I wouldn't want to be a shareholder right now.
He was looking for the card so high and wild hed never need to deal another
  • #46
  • Feb 11, 2011 2:52am Feb 11, 2011 2:52am
Quoting dragan53
their profits are looking good after stealing our money,if this story stays here for a longer time,eventually people will see it and move from one bucketshop to another

if people can sign up with ava fx,why wouldnt they with fxcm
i mean u cant find a bigger scammer than avafx,plus500 .....


man that refco company is the enron of brokers
Maybe they have a hidden bad debt again. So in order not to repeat the history, they got to steal your money to cover their burning ass.
  • #47
  • Feb 11, 2011 2:56am Feb 11, 2011 2:56am
Quoting CodeMeister
[indent] Seems to me the best way to deal with brokers is to learn how they work and trade within those boundaries. If brokers are messing with scalping strategies, its time to find another strategy. I think that arbitrarily widening spreads is a pretty good sign of that. Brokers do want your business; but they have to protect themselves at the same time. Things don't work to the way we think they should and especially not to our advantage. Think of casinos and blackjack. Once the casinos caught onto the advantage that card counters had, they changed...

Whilst that's all true up to a point, if you go back to the 70s/80s when counting first took hold, the casinos started shuffling after almost every hand and everyone walked away from the tables. That brought the casinos to their senses and so they just changed a few rules to make things more difficult. People then returned and the game evolved. Counting is still workable in a few games, although things have certainly gotten a lot tougher over the years.
My point though is that the best way to deal with brokers that play games is simply to walk away. Don't change your strategy and let them play with you. Just walk.We cannot let them get away with stuff like this and need to give them a clear message that if they play games we'll walk. Or in this case, go to litigation (as they've obviously gone far beyond the legal boundaries).
He was looking for the card so high and wild hed never need to deal another
  • #48
  • Feb 11, 2011 3:43am Feb 11, 2011 3:43am
Quoting Twee
Sorry to butt in here everyone, but I have to defend FF from the false conspiracy Porkpie has promoted.

The news story was never deleted as Porkpie claimed. It is right here and was never deleted or removed from the homepage. It was bumped off the homepage because newer stories came in which is normal operation.

Second, we moved this thread to the Broker Discussion forum because it's about a broker. This is our standard policy which can clearly be seen if you compare the Trading...
Damn! You just ruined my conspiracy theory. What's a bored trader to do now??
  • #49
  • Feb 11, 2011 4:21am Feb 11, 2011 4:21am
Why are traders so passive? The only surprising thing is that it took so long for something like this to happen. Finally, someone has got the balls to stand up and fight against ripoffs and injustice against small traders in the forex industry. It will be interesting to see what comes out of this.
  • #50
  • Feb 11, 2011 4:36am Feb 11, 2011 4:36am
as an ex FXCM customer, I have had much better execution, with a low spread and no issues getting stopped out of a profitable trade by mis-quotes. (something that happened all the time)
  • #51
  • Feb 11, 2011 5:05am Feb 11, 2011 5:05am
All brokers will slip you and make it more difficult once you start making money. I read an article about this recently at Trading Markets. Here you can see two accounts, both with the same trade. Why the different spreads?? The account on the left has been making money consistently for 9 months. The account on the right is new.

My solution is to trade higher timeframes. Trading lower timeframes means that these issues will eat into a greater % of my profits.

In my experience the Metatrader platform is better designed to slip and requote profitable traders, the FXCM platform does it as well, just not as efficiently as the MT4 platform.
Attached Image (click to enlarge)
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  • #52
  • Feb 11, 2011 5:44am Feb 11, 2011 5:44am
wou man,u can get fxcm fined with this evidence,make sure u send it to sec
so they can charge the crooks
a big victory for us
  • #53
  • Edited 6:45am Feb 11, 2011 5:48am | Edited 6:45am
Quoting FX__jake
All brokers will slip you and make it more difficult once you start making money. I read an article about this recently at Trading Markets. Here you can see two accounts, both with the same trade. Why the different spreads?? The account on the left has been making money consistently for 9 months. The account on the right is new.

My solution is to trade higher timeframes. Trading lower timeframes means that these issues will eat into a greater % of my profits.

In my experience the Metatrader platform is better designed to slip...
the spreads in the right of the screen shot are very tight , the left one is FXCM's usual spreads ...
  • #54
  • Feb 11, 2011 8:39am Feb 11, 2011 8:39am
Quoting dragan53
u can just change the server and execute ur trade on the other server
that happens to other brokers as well

what does the off quotes actually mean?
Hi dragan,

The off-quotes message occurs when you try to place an order on the MT4 platform which is not supported or the position on the MT4 interface may already be closed.

The off-quote message could occur for any of the following reasons due to an unsupported order:

 

  1. Trying to partially close a position. For example, attempting to close 0.10 (10k) of a 20k position.
  2. Placing a micro lot trade. For example, attempting to place a 0.01 (1k) volume trade.
  3. Placing a trade that is not in increments of 0.10 (10k) volume. For example, attempting to place a 0.77 (77k) trade.
  4. Adding a stop or limit to a market order before the order executes. For example, setting an EA to place a 0.1 volume (10k) buy market order with a stop loss of 50 pips.

The second reason I mentioned is when the order has been closed but the MT4 interface hasn't updated to reflect the order closing. This is a display issue and the trade that is visible in the MT4 platform has actually been closed but never updated in MT4. When you open an MT4 account with FXCM, you also have a read-only FX Trading Station II account. All of the accounting for the MT4 trading is viewable through the FXTSII read-only account and you should use the read-only statement to confirm the order execution.

All of this and more is covered in the MT4 FAQ.

-Jason

  • #55
  • Feb 11, 2011 9:01am Feb 11, 2011 9:01am
hey jason

can u also tell us,why u fxcm shows different quotes for clients with more money
than clients with less?
  • #56
  • Feb 11, 2011 9:16am Feb 11, 2011 9:16am
Quoting Jason Rogers
When you open an MT4 account with FXCM,
Only an idiot would do that.

Hopefully you'll get what you deserve in court and the whole ugly pack of MT4/bucket shop cards will start to topple.

I take it your signature' 'The truth about forex trading' is supposed to be ironic ?
He was looking for the card so high and wild hed never need to deal another
  • #57
  • Feb 11, 2011 10:13am Feb 11, 2011 10:13am
.

"......falsely portraying its Forex trading platform as a fair, transparent and true foreign currency exchange......"


No! Really!! You mean to tell me retail forex trading isn't fair, transparent, and a 'true foreign currency exchange'?

Aww c'mon, next you'll be telling me Santa and the Tooth Fairy don't exist.....


This Sanders guy is going to get creamed in court....if it ever gets that far!
  • #58
  • Feb 11, 2011 10:22am Feb 11, 2011 10:22am
Quoting pipmutt
.



This Sanders guy is going to get creamed in court....if it ever gets that far!
Let's hope so and let's hope it does get to court rather than being settled by an out of court payment.

We need this thing to get publicity and also for a legal precedence to be established.
He was looking for the card so high and wild hed never need to deal another
  • #59
  • Feb 11, 2011 10:31am Feb 11, 2011 10:31am
Quoting dr_who

let's hope it does get to court
Can't see that happening myself, either it will be dropped (or whatever the US equivalent is), settled, or there'll be a counterclaim.

I expect FXCM have everything covered in the small print somewhere, best price, counterparty, OTC etc etc etc, they ain't gonna be worried about this, just look at their history.

To be perfectly frank, anyone who thinks this is a real market and a level playing field probably doesn't belong in it!
  • #60
  • Feb 11, 2011 10:32am Feb 11, 2011 10:32am
Quoting dragan53
hey jason

can u also tell us,why u fxcm shows different quotes for clients with more money
than clients with less?
Hi dragan,

FXCM has multiple account options: micro, standard, and active trader. All 3 are listed here along with the minimum deposit. On the micro and standard 10k account, FXCM is compensated by a pip mark-up added onto the best bid/ask spread being streamed onto the platform by the banks. On the active trader setup, the pip mark-up on the spread is reduced and you pay a separate commission instead. So screenshot is most likely showing a standard account on the left and an active trader account on the right.

Why do we offer reduced spreads with commissions on active trader? FXCM's revenue on NDD/STP forex execution is generated based on trading volume and earning the spread mark-up/commission on that volume when you place a trade. The more trades you place on the platform, the more revenue generated for FXCM. This is contrasted with a dealing desk broker which can earn additional revenue through their traders losses and controlling the market. The active trader setup is designed to reward traders for higher volumes with lower commissions. As your trading volume goes up, costs can also go down. There's a demo on the active trader page if you would like to view the spreads, and the setup can be requested on the FXTSII, Active Trader, and MT4 platforms.

-Jason
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