Massive swap rate on AUDCHF | Forex Factory

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Massive swap rate on AUDCHF

  • #1
  • First Post: Jan 31, 2012 6:27pm Jan 31, 2012 6:27pm
Just went short on 2 standard lots on this pair to see the swap rate of -$380 taken out of the balance!!! FXCM is my broker...Is this a highway robbery or what...Plan to dump this criminal broker!
  • #2
  • Jan 31, 2012 6:51pm Jan 31, 2012 6:51pm
What does your swap short number say on the currency pair within TSII?
FXGears.com
  • #3
  • Jan 31, 2012 7:01pm Jan 31, 2012 7:01pm
Quoting Jack_Larkin
What does your swap short number say on the currency pair within TSII?
I use MT4 platform...not familiar with TSII.
  • #4
  • Jan 31, 2012 7:11pm Jan 31, 2012 7:11pm
Ok, so what's the swap short rate in MT4?

You are aware of how swaps work with your broker right?

And you're aware what the Swiss central bank did recently to devalue the franc right?

And you're aware that the AUD has the highest interest rate among the majors right?


While the charge does seem a little high (my first thought was triple swap Wednesdays even though that's tomorrow,) I wanna know what they are openly quoting for their swap rates first, that's why I'm asking what the rate is that you're provided by FXCM.

If you were charged more than their quoted rate, then you should be spending time with their customer service reps (not flaming them online) as it seems like a mistake (not a "criminal" act as you put it)....

But if the rate matches the charge, and you executed and held a position past 5pm EST that you totally should have known would involve a swap... I can't fault FXCM for an oversight on your end.



All that being said, the same position would only cost ~$160 through my current broker that does swaps on triple Wednesday swap rates.. and they don't have the best swaps rates in the world, so I'm leaning on the 'error' side of things.
FXGears.com
  • #5
  • Jan 31, 2012 7:18pm Jan 31, 2012 7:18pm
Actually, are you using the old MT4 bridge account? Or the new direct MT4 account with FXCM?

Perhaps the difference is from the open position being synced with their accounting.. like you got slipped but it didn't show till they synced the positions? Some MT4 bridges are really cruddy this way when it comes to accounting for trades... Oanda, MB Trading, and a few others have users constantly being confused about this... but FXCM recently redid their MT4 setup and have been converting their clients over to the non-bridged MT4 server so their trade accounting would be more transparent.

Just a side thought... In any case, this is something you should be on the phone with FXCM about to get clarification on..
FXGears.com
  • #6
  • Feb 1, 2012 11:17am Feb 1, 2012 11:17am
Any closure here?

Was it a mistake on their part? If so, could you describe how they handled the customer service issue?

Was it an oversight on your end? If so, could you tell us about it?


You outright called them criminals... if you did that to anyone in person and were mistake you'd probably apologize and explain why you were mislead to thinking in such a way.

Your words will echo in this forum for anyone who searches FXCM in the future... if it was a mistake that they corrected or a screw up on your end, I think you owe it to the community to let us know about it.

Do you not comprehend the impact of your actions here? The language you used was charged, so now people want to know the outcome of this whole mess.

Or... maybe they did steal from you with criminal intent... don't leave us hanging.. show us proof.
FXGears.com
  • #7
  • Feb 2, 2012 1:32am Feb 2, 2012 1:32am
Quoting Jack_Larkin
Any closure here?

Was it a mistake on their part? If so, could you describe how they handled the customer service issue?

Was it an oversight on your end? If so, could you tell us about it?


You outright called them criminals... if you did that to anyone in person and were mistake you'd probably apologize and explain why you were mislead to thinking in such a way.

Your words will echo in this forum for anyone who searches FXCM in the future... if it was a mistake that they corrected or a screw up on your end, I think you owe it to...
The slightest whisper about FXCM and Jack Larkin oddly appears. Could Jack Larkin perhaps be an alias used by FXCM? Is there a possibility of an FXCM employee posing as a forum member?

Have a look at his previous threads. Judge for yourself..
  • #8
  • Feb 2, 2012 7:46am Feb 2, 2012 7:46am
Quoting High.Five
The slightest whisper about FXCM and Jack Larkin oddly appears. Could Jack Larkin perhaps be an alias used by FXCM? Is there a possibility of an FXCM employee posing as a forum member?

Have a look at his previous threads. Judge for yourself..




I must also be an alias for Pepperstone and Oanda then since I seem very active in talking about them as well.

Oh, and if anyone does bother going through my post history, they'll see me not recommending FXCM when people ask about brokers in most cases.

Like, dude, are you kidding me? "Judge for yourself"?

Seriously speaking, this is why so few career traders waste their time on these boards, the sea of shit people like you spew out at such constant rates.
FXGears.com
  • #9
  • Feb 2, 2012 7:53am Feb 2, 2012 7:53am
Quoting High.Five
The slightest whisper about FXCM and Jack Larkin oddly appears. Could Jack Larkin perhaps be an alias used by FXCM? Is there a possibility of an FXCM employee posing as a forum member?

Have a look at his previous threads. Judge for yourself..
The slightest whisper about FXCM and High.Five oddly appears. Could High.Five perhaps be an alias used by some scorned losing trader who blames FXCM for busting out instead of taking the blame themselves? Or is there a possibility of competing brokers putting employees on the forum to flame FXCM?

Have a look at his previous posts. Judge for yourself...


(BTW, maybe looking at his previous posts won't be as clear, since Twee (an admin at forex factory) just went through and deleted most of his redundant bullshit...)
FXGears.com
  • #10
  • Feb 2, 2012 9:09am Feb 2, 2012 9:09am
Quoting Jack_Larkin
The slightest whisper about FXCM... redundant bullshit...)
A poorly drafted retort by any standards.

The use of expletives old bean, clearly indicate the obvious. You do indeed receive a kick-back from FXCM to post here.

Bravo!
  • #11
  • Feb 2, 2012 9:36am Feb 2, 2012 9:36am
Quoting fchaman
Just went short on 2 standard lots on this pair to see the swap rate of -$380 taken out of the balance!!! FXCM is my broker...Is this a highway robbery or what...Plan to dump this criminal broker!
Well, I finally got this sorted out....it was a mistake done by FXCM...called them, and they credited my account for $380.

No plan to dump 'em...was a bit upset about it. FXCM still the best forex broker I have dealt with!

By the way, thanks Jack for your valuable insight....Cheers!
  • #12
  • Feb 2, 2012 9:42am Feb 2, 2012 9:42am
Quoting High.Five
A poorly drafted retort by any standards.

The use of expletives old bean, clearly indicate the obvious. You do indeed receive a kick-back from FXCM to post here.

Bravo!
It was by your standards, I was imitating your previous post only directing it at you.


Oh, and I'm glad such a jest could clinch it for you and make your thoughts conclusive on the matter of me getting kick backs.. was 9/11 an inside job too? Did the US not land on the moon? What other deep conspiracies have you uncovered? Aliens abduct farmers and cows right?

Oh! I totally want to see you in your tin foil hat! Please upload a pic!



Excuse me while I get back to my day job as an equities trader for a capital management firm..
FXGears.com
  • #13
  • Last Post: Feb 2, 2012 9:48am Feb 2, 2012 9:48am
Quoting fchaman
Well, I finally got this sorted out....it was a mistake done by FXCM...called them, and they credited my account for $380.

No plan to dump 'em...was a bit upset about it. FXCM still the best forex broker I have dealt with!

By the way, thanks Jack for your valuable insight....Cheers!
I am very glad it's sorted out and you're not affected monetarily.

I was concerned myself, since the charge seems high, so after reading your post I spent some time with their support chat asking general questions about their rollover policy.. and the more they explained it, the more the charge seemed like it should just be a mistake.

No matter, they corrected it, glad it worked out for you in the end.

Always check account statements and trade activity with your broker for stuff that doesn't look right, no matter which broker you use... mistakes happen, systems can fail, human error can get mixed into the mess... all that matters is how they handle the issues (and hopefully they correct the problem and treat it as a customer service issues as it should be..)

And yeah, I wasn't trying to be hard on you, but given the language you used and how alarming the charge seemed to be, I totally thought the community here would benefit from knowing the end result.

Cheers! and happy trading!
FXGears.com
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