This is HUGE: FXCM fined $2 Million and refunds | Page 2 | Forex Factory

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Attachments: This is HUGE: FXCM fined $2 Million and refunds
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This is HUGE: FXCM fined $2 Million and refunds

  • #21
  • Aug 19, 2011 10:04am Aug 19, 2011 10:04am
ive already left fxcm. get over it. i am.

bye fxcm....
  • #22
  • Aug 19, 2011 3:46pm Aug 19, 2011 3:46pm
Quoting ITradeDaily
Word just came down today that FXCM is being fined $2 million by the NFA and they must also provide refunds for slippage orders going back to 2008. This is massive news. The refunds are going to hurt - that's a TON of orders to go back through.

Direct link to NFA case: http://www.nfa.futures.org/basicnet/...16&contrib=NFA
2 million dollars, that's peanuts for a giant like FXCM. And as far as refunds are concerned, it is not going to "hurt" FXCM, that was not their money to begin with.
  • #23
  • Aug 19, 2011 4:16pm Aug 19, 2011 4:16pm
bye fxcm not be trusted
  • #24
  • Aug 23, 2011 7:15am Aug 23, 2011 7:15am
Quoting Blud4oilPrgm
bye fxcm not be trusted
They certainly arent to be trusted but are any of the others any better? I realise they havnt been caught yet but do you really think they operate honestly when its so easy to rip people off with slippage?
  • #25
  • Aug 24, 2011 4:08pm Aug 24, 2011 4:08pm
Fantastic Indeed ! a little government dusting at work. I was delighted to stumble upon this bit of news. I had had a few arguments over the years with the Big Ol' walmart of Forex FXCM. I bet all those 25 year old desk hounds will start to rethink the possibility of going down with the ship if this behavior continues. On the other hand FXCM just might be a choice broker to trade with as they have been bitch slapped real good, and the lingering possibility that they may behave now that they have been marked, a second blow might cost the dealer license.

"Look Left Think Right"
  • #26
  • Aug 30, 2011 9:02pm Aug 30, 2011 9:02pm
You have an excellent point. Glade you shed some light on the situation from your point of view. Thank you.
Quoting CurrencyAnalyst
Fantastic Indeed ! a little government dusting at work. I was delighted to stumble upon this bit of news. I had had a few arguments over the years with the Big Ol' walmart of Forex FXCM. I bet all those 25 year old desk hounds will start to rethink the possibility of going down with the ship if this behavior continues. On the other hand FXCM just might be a choice broker to trade with as they have been bitch slapped real good, and the lingering possibility that they may behave now that they have been marked, a second blow might cost the dealer...
  • #27
  • Oct 5, 2011 10:37am Oct 5, 2011 10:37am
Quoting tbawab
You have an excellent point. Glade you shed some light on the situation from your point of view. Thank you.
They have now been fined $14.2 million by CFTC

http://online.wsj.com/article/BT-CO-...03-712195.html
  • #28
  • Oct 5, 2011 10:50am Oct 5, 2011 10:50am
Quoting 89tick
They have now been fined $14.2 million by CFTC
The settlement between FXCM and the CFTC was anticipated and previously disclosed on August 11, 2011, during FXCM’s Second Quarter Earnings Conference Call. At that time, the company established a reserve of $16 million in anticipation of the fines associated with the CFTC ($6 million) and the NFA ($2 million) settlements as well as restitution ($8,261,937) credited to affected clients. To date, the NFA fine has been paid and restitution to affected clients has been credited. The NFA and CFTC fines as well as restitution are all covered under that reserve, resulting in no negative impact to the net income of FXCM Inc.

Our full statement can be found here FXCM US Reaches Settlement with the CFTC for $6 Million

-Jason
  • #29
  • Apr 10, 2014 11:24am Apr 10, 2014 11:24am
Quoting Jason Rogers
{quote} The settlement between FXCM and the CFTC was anticipated and previously disclosed on August 11, 2011, during FXCM’s Second Quarter Earnings Conference Call. At that time, the company established a reserve of $16 million in anticipation of the fines associated with the CFTC ($6 million) and the NFA ($2 million) settlements as well as restitution ($8,261,937) credited to affected clients. To date, the NFA fine has been paid and restitution to affected clients has been credited. The NFA and CFTC fines as well as restitution are all covered...
i got email that i have been credited but after couple years that money disapeard from my acc. fxcm says money had been send back to CFTC. Its very unfair if fxcm credit your acc and after 3 years take out all that credits .
  • #30
  • Apr 11, 2014 5:09pm Apr 11, 2014 5:09pm
Quoting fesi11
{quote} i got email that i have been credited but after couple years that money disapeard from my acc. fxcm says money had been send back to CFTC. Its very unfair if fxcm credit your acc and after 3 years take out all that credits .
Hi Fesi, I was out of the office yesterday, so I apologize for not responding sooner. CFTC regulations required us to transfer unclaimed funds over to the government. Information on claiming your money from the state can be found at www.NAUPA.org, the web site for the National Association of Unclaimed Property Administrators.
  • #31
  • Feb 11, 2017 12:00pm Feb 11, 2017 12:00pm
Attached Image (click to enlarge)
Click to Enlarge Name: S832_GBPCAD_L_2017-02-10_1348.png Size: 75 KB

Attachment g

I have only just joined FXCM (UK) and this is a trade I took last week (10th February 2017). This is the largest slippage (93 pips) I have ever encountered on a trade.

93 pips slippage. I except slippage on trades but this seems very excessive. I have been trading for a number of years and this is the worst slippage I have encountered to date.

I am aware that news (Unemployment figures in Canada 13:30 GMT) caused this quick move and that the GBPCAD isn't one of the majors, but that slippage is huge (over 4*s my original risk).
  • #32
  • Last Post: Feb 11, 2017 3:29pm Feb 11, 2017 3:29pm
Can somebody please tell me if FXCM have been barred from operating in the US as of a few days ago,
why am I still able to trade on their platform and how long will this last??

Also, I understand Gain Cap have taken over their US Accounts. Does this mean that all accounts and
balances will migrate to Forex.com accounts and trading will have to be undertaken on their platform
as of some date in the future?

I personally have had great experiences with FXCM, put 100's of trades thru their platform and via Ninjatrader and have
only ever had one issue. Execution and customer service has been top notch. Don't personally know about any illegal
practices but I understand this relates to pre 2014. Will be sorry to see them go from the US.
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