dbFX (Deutsche Bank)

Surprised that FXCM didn't put up a harder fight to keep the accounts since the platforms were connected.

This is FXCM's statement regarding dbFX:

NEW YORK, NY, April 20, 2011 –Since 2006 FXCM has had a facilities management agreement with Deutsche Bank to provide technology, systems and personnel associated with DB’s retail FX offering, dbFX. On April 20, 2011 Deutsche Bank indicated it will be selling the dbFX client accounts and exiting the dbFX business. Earlier this year, FXCM had discussions with Deutsche Bank about purchasing these accounts. FXCM has a disciplined process for evaluating potential acquisitions and establishing their potential value to the company weighing important factors such as client concentration, brand loyalty and projected attrition. After considering these factors, FXCM made an offer to Deutsche Bank that reflected what we believed to be the full value of those accounts after the attrition associated with client transition.

Deutsche Bank was able to find a buyer willing to pay a higher price and will be offering dbFX clients the option to transition their accounts off the current DB/FXCM platform onto the buyer’s platform or closing their accounts. Clients can continue to trade on the dbFX platform until May 13, at which time dbFX will stop offering this service.

Revenues from the dbFX agreement represented 2.3% of total FXCM revenues In 2010, and a smaller percentage in the first quarter of 2011. Since the inception of our agreement, client equity from dbFX clients was deposited with Deutsche Bank and was never included in client equity figures for FXCM.

Per the terms of our contract, FXCM will be assisting Deutsche Bank with the wind down of dbFX, including transferring accounts to the buyer or closing them down, based on the individual account holders instructions.
http://ir.fxcm.com/phoenix.zhtml?c=2...064&highlight=

-Jason

And what is the minimum deposit? $1M?

cheers

The End of dbFX – An Analysis

http://forexmagnates.com/the-end-of-dbfx-an-analysis/

I tried to contain myself today, but in the end, I just blew a fuse. I got so angry, that I did not even pick-up my cell phone, which had the dbFx 800 number. I was on the computer, reading the almost blank dbFx website, when I clicked on the Chat link in a fit of rage. Here is what transpired after that click:

Please wait for a site operator to respond.


dbFX Sales and Client Services: Welcome to dbFX Instant Messenger. How may I help you?


Former db Customer: I've basically contacted Deutsche Bank to let it know that I think that what it has done to its Retail Customers is reprehensible and unforgivable.


dbFX Sales and Client Services: Hello


Former db Customer: I think that given the lack of concern for me as a Customer, I will have no choice but to not use db bank services in the future, in favor of your competitor, Barclays Bank, on a host of other financial related concerns.


dbFX Sales and Client Services: how may I help you?


Former db Customer: I'm voicing my concern, but I do realize that db could care less. I think that db needs to stop and ask itself, why it got involved in the Retail FX business in the first place.


Former db Customer: This is not merely a rant. Your bank has lost what could have been millions of dollars in deposits, because of the way you have handled me as a Retail FX customer.


dbFX Sales and Client Services: you can send your complaints to [email protected]


Former db Customer: With that kind of attitude, you can rest assured, I won't be making any future contacts with an irresponsible bank such as db - ever again. Neither will any of my clients.


dbFX Sales and Client Services: can I help you with something in particular?


Former db Customer: How about giving me a logical, rational and coherent reason for stabbing me in the back as a Retail FX Customer?


dbFX Sales and Client Services: dbFX has been a strongly performing business for Deutsche Bank but has reached a point where in order to reach its full potential it requires significant investment in specific resources which are not consistent with Deutsche Bank’s current strategic initiatives.


Former db Customer: You are giving me Public Relations Copy as an answer? I'm not asking for PR, I'm asking db to explain it's unprincipled behavior towards me as a Retail FX Customer, by dumping my account into the Forex Bucket Shop rat hole, known as Forex.com?


dbFX Sales and Client Services: We are happy to review your compliant. Please email us at [email protected].


Former db Customer: In other words, Deutsche Bank refused to give a logical, rational and coherent answer to a reasonably expected question from a very upset customer who put his faith and trust into your institution, only to get stabbed in the back for having done so. Is this your way of handling such matters. Giving me an email address to voice my concerns?

dbFX Sales and Client Services: what is your question exactly?


Former db Customer: I just gave it to you! Read it again!


dbFX Sales and Client Services: you have 2 choices either to close your account or to consent to Forex.com and, as I mentioned before we are happy to review any complaints you may have. I have given you the reason we are exiting the business.


Former db Customer: I have two (2) choices? You just don't get it do you. Your bank's actions have most likely cost it MILLIONS of dollars in deposits in OTHER financial related business transactions BECAUSE your bank has proven itself to be UNTRUSTWORTHY in the little things.


dbFX Sales and Client Services: If you would like to discuss this further, please email us.


Former db Customer: No you did not! You gave me Public Relations Copy! That is not an intelligent, rational, coherent answer. The PR response, was NEVER coherent, nor has it ever made any sense whatsoever!


dbFX Sales and Client Services: Please provide your name and account number.


Former db Customer: Here's my account number: LOST-MILLIONS-IN-FUTURE-BUSINESS-$$$$$$$$$$. Got it?


dbFX Sales and Client Services: If you have a complaint please email [email protected].


Former db Customer: Your Bank, disgusts me to no end. That's my account number AND my name. Disgust is my Last Name.


dbFX Sales and Client Services: If you have a complaint please email [email protected].


Former db Customer: You guys need to REMOVE the slogan: A Passion to Perform, and replace it with: A Passion to Screw its Customers!


dbFX Sales and Client Services: If you have a complaint please email [email protected].


Former db Customer: Exactly! Hit me with email us your complaint. That's the way to handle the matter. Never stand up and be accounted. Never stand up and take the heat from ticked-off customers like myself. Just toss out an email address and that will make everything fit protocol - right?


dbFX Sales and Client Services: We can address your complaint if you email us your information and complaint.


Former db Customer: You guys should NEVER have gotten in the business in the first place.


Former db Customer: How about a phone number and the name of the Bank President. Or, how about a phone number and name of the dbFx division head? Can you provide that?


dbFX Sales and Client Services: You can call us at 212-710-9000


Former db Customer: Gladly.


End of chat (abruptly)
--------------------------------------




I am so ticked right now, I can hardly see straight. My business was predicated on being able to operate at 100:1. I make consistent profits and was rapidly growing my accounts. I thought I was dealing with a reputable Bank. I have referred (privately) many traders to Deutsche Bank over the years and now I look like a total fool to the people I have told that dbFx was the best in the business, despite their White Label link to FXCM.

When I say they lost millions in future business, that's an understatement. They've probably lost tens of millions in future business. I have never been so ticked-off at a single company in all of my adult life. To just dump good customers into a rat infested hole like Forex.com, is unthinkable and abundantly unforgivable. I will NEVER trust Deutsche Bank again - ever. Not even with so much as a credit card account. Everything I have with them will be close and that includes all NONE Retail FX accounts as well. I am leaving them with absolutely nothing of mine left - just like they left me.

I am dumping them - just like they dumped me and all of the people that I referred to them over the years. And, I am encouraging everyone that I have ever referred to db over the years to do the exact same thing they are doing to us - dump their butts on the street! We got sold to the highest bidder at auction, like a bunch of slaves on the block. No difference at all. No warning and no righteous justification or explanation. I fact, the explanation given makes no sense at all, when you stop to read it.

I called Barclays and they want a minimum of $500k initial. That's the platform I am headed for, but I'll need a bit longer to get there. HSBC and a couple others are options as well, but the deposit requires go even higher.

Right now, my blood pressure is off the charts and if I could physically get my hands around somebodies neck I would ring it completely off. This is infuriating for those of us that have worked so darn hard to be successful in this business and to get AWAY from simple minded bucket shops and slippage schemes. I've worked my butt off to get where I am today as a trader and getting stabbed in the back by a Bank calling itself the most reputable Forex Intermediary in existence, is irritating beyond measure. All of my time-tables for growth have now been screwed up. Which means that ALL of my projects waiting for capital injections will be DELAYED.

This is NOT a small issue for me and I am steaming over it.

Not a thin dime. I will not leave those jerks with one solitary dime of mine in their possession. I am so glad this is Friday. If this had been a Monday, my entire week would be messed up behind this nonsense.

I come back from vacation to here THIS CRAP! Unbelievable.

I feel your pain JetTrader.

I spent the last couple of weeks rewriting my software libraries to use dbFX's FIX implementation (which is basically FXCM's implementation only with dbFX feed).

Just a couple of hours ago, I finished a 24 hours analysis of ticks from dbFX vs. Currenex, and dbFX wins - their spread is typically tighter, but most importantly - it is way more stable.

I was so happy I found an actual respectable bank in this business, but now that they are gone I am simply clueless as to where to go. I have a couple hundreds of thousands to trade with, which is too small for the major banks, and too big for me to feel comfortable in the hands of the typical shady type of the FX world.

But dbFX are gone, that's it.

The question is - who are we going to trade with now.

Totally understand your rage. I for one had much less balance with them compare to you, experienced the same horrible moment yesterday when I checked my email first thing in the morning.

The only reason I picked DBFX was exactly trying to avoid circumstances like this, despite the fact that they didn't provide the best cost, platform or services. What a shame! If they truly care about clients who gave them business, even FXCM will be a much better choice to transfer accounts to, at least we can imagine a much flexible time to exit, without having to close all positions to beat the dead line.

I guess the rep you were talking to was from FXCM, I have a little sympathy for that person. They must have worked out their butts to confront angry clients these couple of days, but they were dumped by DBFX too. Some of them could face layoff in the near future.

Feels like there’s nobody winning in this case, even for Gain Capital. Not sure how many DBFX clients will choose to stay with them, if the number is far less than they expected, I would assume they had paid too much, after all, FXCM had the best position to assess the value of this transaction. Maybe Citi or Oanda etc will gain a few high capitalized clients.

This is not happening, they're just dumping us like this??? Selling our accounts to bucketshop like Forex.com, what a joke! No integrity in FX business left I guess

Does anyone know good alternative to dbFX for under two hundred thousand euro account? CitiFX or Dukascopy maybe? Safety of account is priority here.

im praying my broker / bank doesnt close there retail doors, citifx

Something like that , yes

Thanks!.

Moving forwards, looks like the next best candidate is probably CITIFX. Need more times to search DBFX replacement.

Looking forward for recommendation and advices.

Have a nice day guys and cheers!!

thats the only other bank thats in retail forex CITIFX is on your side

I just e-mail to CITIFX (HK) to confirm either are they receiving clients from Malaysia or not.

Agree that CITIFX is very attractive, but my concern is their leverage, IIRC 1:50. I heard that (not sure either true or not) that the leverage can be negotiated up until for 1:100 for major pairs? Do you have any information about that hearsay?

One of my friends also looking for DBFX replacement, and currently he is evaluating these potential replacement candidates:

1. City Index Group (preferable UK)
2. Dukascopy with Retail Account

Please advice and cheers

Just receive e-mail from CITIFX:

"Unfortunately we are not able to accept any client from Malaysia as of now."

What would be the effect of DBFX quitting forex on world stock markets?

, i hope you don't trade forex

Sorry to hear about this. I was looking at dbFX as a possible future broker. I have used forex.com and was not happy with them so I would not consider using them again.

The foreign investments in a particular country also determines the value of the currency. Giant investment companies invest in stock markets. Any problems in forex will definately affect world stock markets.

Deutsche Bank is one of the biggest FX players and that won't change. They are just not interested anymore in dealing with the average Joe Shmoe.

There are reports that 2 owners of Saxobank are selling their stake worth some $930 mllion. Why suddenly 2 of the biggest names in forex are leaving forex?