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Class Action Lawsuit Against FXCM

  • #101
  • Edited 8:18pm Feb 12, 2011 7:43pm | Edited 8:18pm
Anyone want to be part of a sue against Alpari; for freezing your MT platform in your computer. Which is a way of spread manipulation. I have proof on Alpari cheating on others matters. By the way, I take full responsibilities of my losses. This is not about stop hunting. This is about falsely representing data to their customers. If anyone has a knowledge of someone suing Alpari please let me know. I think is about time we stop these abuses.
  • #102
  • Feb 12, 2011 8:38pm Feb 12, 2011 8:38pm
Quoting h4xforum
Anyone want to be part of a sue against Alpari; for freezing your MT platform in your computer. Which is a way of spread manipulation. I have proof on Alpari cheating on others matters. By the way, I take full responsibilities of my losses. This is not about stop hunting. This is about falsely representing data to their customers. If anyone has a knowledge of someone suing Alpari please let me know. I think is about time we stop these abuses.
theyll just blame technical problems
  • #103
  • Feb 12, 2011 9:24pm Feb 12, 2011 9:24pm
Quoting h4xforum
Anyone want to be part of a sue against Alpari; for freezing your MT platform in your computer......
Lemme guess. Was this around some news event (Uncle Ben or Tricky Trichet speaking or perhaps NFP) with everyone and their brother all trying at the same split second to place an order? Hmmm.
  • #104
  • Feb 12, 2011 10:33pm Feb 12, 2011 10:33pm
I have multiple accounts with brokers including a low 6 digit active trader account with FXCM.

I have been succesfully trading this account for quite a while and have had succesful accounts with FXCM for a few years. Not everything you read on the web is true.

There are still guys on here who dont know how to trade and blame it on their broker. While I do agree it sucks not having a 100 transparent broker you make that part of your game plan and trade accordingly.
  • #105
  • Feb 13, 2011 1:11am Feb 13, 2011 1:11am
Quoting Sim

Ah mutt u beat me to it again!


lol, ya gotta luv the naivety of the average n00b though, they expect tight 1 or 2 pip spreads, instant fills with no slippage regardless of market conditions, no commissions, ridiculous returns.....and all this trading micro lots with a few hundred bucks in their account! And if they don't get it they want to sue the broker!!
  • #106
  • Feb 13, 2011 2:24am Feb 13, 2011 2:24am
Quoting pipmutt


lol, ya gotta luv the naivety of the average n00b though, they expect tight 1 or 2 pip spreads, instant fills with no slippage regardless of market conditions, no commissions, ridiculous returns.....and all this trading micro lots with a few hundred bucks in their account! And if they don't get it they want to sue the broker!!
Yes and that's another issue which FXCM has been proesecuted in the past for as previous posts have mentioned. The FX education industry and broker advertising thrives on misrepresenting the belief that trading is very easy. Still boils down to client stupidity for not being more diligent in the end of course.
  • #107
  • Feb 13, 2011 2:49am Feb 13, 2011 2:49am
Quoting Porkpie

Yes and that's another issue which FXCM has been proesecuted in the past for as previous posts have mentioned. The FX education industry and broker advertising thrives on misrepresenting the belief that trading is very easy. Still boils down to client stupidity for not being more diligent in the end of course.
Agreed, advertising hype....weight loss programs, horse racing tips, beat the casino systems, increase the size of your equipment!

But isn't that what advertising is all about, selling the dream?

Your idea of requiring brokers to publish hard facts and statistics is the best, that way we could cut through all the crap and get to the reality more easily.
  • #108
  • Feb 13, 2011 4:11am Feb 13, 2011 4:11am
Quoting pipmutt
Agreed, advertising hype....weight loss programs, horse racing tips, beat the casino systems, increase the size of your equipment!

But isn't that what advertising is all about, selling the dream?

Your idea of requiring brokers to publish hard facts and statistics is the best, that way we could cut through all the crap and get to the reality more easily.

I agree with all of this however, I think the industry needs more legilation.

Of course everyone should use due diligence when deciding on a broker and of course you should take all the hype with a pinch of salt, however, it seems to me that allowing those who make the markets to also control the flow of data to those who trade in those markets is asking for trouble without some form of tight control.

And I also think its a little strange that some others don't see that the forex business needs some further control. The right legislation would do everyone a favour.

Personally I wouldn't touch Metatrader with a bargepole but that doesn't mean I think every broker is a crook. However, because a number of traders haven't had any problems doesn't mean none of them are.
He was looking for the card so high and wild hed never need to deal another
  • #109
  • Feb 13, 2011 4:19am Feb 13, 2011 4:19am
Quite a vague situation. On the one hand, a trader blames his broker that he lost money. Why not to try to return it back? Especially taking into account that it is trendy now to sue brokers if you lose. if the situation doesn't change it is brokers who will need protection from traders )))

But the reason of the claim is a bit strange... May be it's a PR company raised by FXCM? They will proove that they are not quilty and by that time this issue will be discussed by lots of traders on different forums, for free

On the other hand brokers do have plenty of techniques not to let us win & decrease the number of winning trades.

I hope that soon we get replies to our questions.
  • #110
  • Feb 13, 2011 4:59am Feb 13, 2011 4:59am
Quoting dr_who

it seems to me that allowing those who make the markets to also control the flow of data to those who trade in those markets is asking for trouble
Sure it is, but like you say they're making a market, that's the essence of the market making business. They buy from and sell to clients, and they dictate the prices they're willing to buy and sell at (usually loosely derived from the underlying market). There's no obligation for traders to accept those prices, the brokers are merely streaming quotes and offering a product and service. Sounds kinda reasonable doesn't it?

Quoting dr_who

And I also think its a little strange that some others don't see that the forex business needs some further control. The right legislation would do everyone a favour.
What sort of control though?
  • #111
  • Feb 13, 2011 5:17am Feb 13, 2011 5:17am
So far, I don't have problem with FXCM. Probably is because I am a mid-term trader where one trade can last few days to few weeks.
  • #112
  • Feb 13, 2011 5:28am Feb 13, 2011 5:28am
Quoting pipmutt


lol, ya gotta luv the naivety of the average n00b though, they expect tight 1 or 2 pip spreads, instant fills with no slippage regardless of market conditions, no commissions, ridiculous returns.....and all this trading micro lots with a few hundred bucks in their account! And if they don't get it they want to sue the broker!!
The lawsuit against FXCM is not about all this and it's amazing how this thread quickly got side-tracked. Anyway, let's wait and see what happens when this goes to court and I really hope it does.
  • #113
  • Feb 13, 2011 5:53am Feb 13, 2011 5:53am
Quoting PipStar

The lawsuit against FXCM is not about all this and it's amazing how this thread quickly got side-tracked. Anyway, let's wait and see what happens when this goes to court and I really hope it does.
Well we can't discuss the suit because we don't know the details so we may as well chat among ourselves while we're waiting, is that alright?

  • #114
  • Feb 13, 2011 6:19am Feb 13, 2011 6:19am
Quoting pipmutt
Well we can't discuss the suit because we don't know the details so we may as well chat among ourselves while we're waiting, is that alright?

I'll put the kettle on..
  • #115
  • Feb 13, 2011 7:36am Feb 13, 2011 7:36am
Quoting Porkpie

I'll put the kettle on..
Great.....I'll get the bikkies!
  • #116
  • Feb 13, 2011 8:55am Feb 13, 2011 8:55am
Quoting pipmutt
Well we can't discuss the suit because we don't know the details so we may as well chat among ourselves while we're waiting, is that alright?


Personally I think it was Col Mustard in the kitchen with the lead pipe.


( I think he was a part time plumber at some point.)
  • #117
  • Feb 13, 2011 9:06am Feb 13, 2011 9:06am
Here's a movie we can discuss while we wait... Also maybe Jason can tell us more about the FXCM platform and describe what we are seeing in this video?

Inserted Video
  • #118
  • Feb 13, 2011 9:42am Feb 13, 2011 9:42am
Quoting pip_seeker
Here's a movie we can discuss while we wait... Also maybe Jason can tell us more about the FXCM platform and describe what we are seeing in this video?

http://www.youtube.com/watch?v=IwMY-zjYEek&NR=1
well i hope this video is real , this mean free money " Arbitrage between Fxcm prices and other brokers " ...
  • #119
  • Feb 13, 2011 9:43am Feb 13, 2011 9:43am
Quoting pipmutt
Sure it is, but like you say they're making a market, that's the essence of the market making business. They buy from and sell to clients, and they dictate the prices they're willing to buy and sell at (usually loosely derived from the underlying market). There's no obligation for traders to accept those prices, the brokers are merely streaming quotes and offering a product and service. Sounds kinda reasonable doesn't it?



What sort of control though?
Come on, you're missing one obvious point. They can also manipulate prices to individual traders, so they can spike out stops, slow trades, create any sort of slippage, cut the connection at will etc
If everyone got the same prices then that would be better but there is plenty of evidence to show that they dont.
He was looking for the card so high and wild hed never need to deal another
  • #120
  • Feb 13, 2011 10:06am Feb 13, 2011 10:06am
As far as I know the above video is real with the FXCM price quotes. There are a multitude of such videos on you tube and I doubt multiple people would take the time to produce ficticious videos.

Here is another good one and a must see for NOOBS.

Inserted Video
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