Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

FXDirectDealer, LLC Ordered to Pay $600,000 Civil Monetary 3 replies

FXDD Discussion 15 replies

discussion room about FXDD 0 replies

FXDD or Interbankfx 8 replies

FXDirectDealer 2 replies

Attachments: FXDirectDealer (FXDD) Discussion
Exit Attachments

FXDirectDealer (FXDD) Discussion

Quoting Peter Davis
... The internet is an excellent source of information; however, sometimes it’s hard to validate all of it.
Does this mean that FXDD is NOT looking to sell their US operation? Can you definitively state that FXDD plans to continue operating normally in th US through out the forseable future?

Sorry to push the issue, but being a 9 year client of your company it would help me greatly to clearly understand your plans for the future.
Quoting gspajon
Does this mean that FXDD is NOT looking to sell their US operation? Can you definitively state that FXDD plans to continue operating normally in th US through out the forseable future?

Sorry to push the issue, but being a 9 year client of your company it would help me greatly to clearly understand your plans for the future.
Yes, FXDD plans to continue operating normally in the US. Thanks for being a part of our history and we hope you stay a part of our future.
Quoting Peter Davis
Yes, FXDD plans to continue operating normally in the US. Thanks for being a part of our history and we hope you stay a part of our future.
I want to thank you very much for being forthright in your response. I am grateful to hear this as I have been and would like to continue to be a satisfied client. I would hope that this same type of response would come from the staff when inquiries come into your call center. Often times answers are...elusive, and lack definition. Thank you for your response, and this client (me) remains happy to be an FXDD client.

While I know that futures change I am confident any such change will be a well informed change all the while keeping your asset clients informed so as to make well informed decisions.
If FXDD's U.S. operations are up for sale, senior management would not let lower levels know until it was a done deal. I have worked for a couple of companies acquired by Fortune 500 companies. Senior management denied acquisition rumors strongly until the deal was completed.

Why?

1) A potential mass exodus of clients
2) A potential mass exodus of employees
3) Major disruptions to business operations.

I would take anything said with a grain of salt and definitely have a second account open elsewhere. In all likelihood, a sale or transfer would be transparent initially as the acquiring company would give strong incentives for existing employees to stay and would transition changes relatively slowly. Also a sale could be a very good thing. If the rumor were true with RJ O'Brien taking over, I would expect more stability and safety; not less.

Frankly, announcing a deal before it is finalized could cause the deal to fall apart due to clients leaving and valuations changing. Also, there is no way in my experience that a representative of a company would be given knowledge of what is in the works without express orders to state that nothing was in the works or to only make vague statements.

Notice the vagueness of FXDD's reply. It does not answer the question "Does this mean that FXDD is NOT looking to sell their US operation? FXDD simply states that they plan to continue operating normally in the US. No company with plans to be sold would state that they do NOT plan to continue operating normally (at least until the time of sale).

If FXDD is not looking to be sold then the reply should be simple. "FXDD is NOT looking to be sold at this time" with a caviot that "Extravagant offers will be considered!"; which is always the case
Your point is well taken Pianoman, however, my point in asking this question is trust. Any company that wants my business must be truthful with me either in public or in private. The company's inner workings are no more under my control, than the inner workings of my company are under the control of FXDD. That is not the issue.

If FXDD's staff whether out of ignorance or purpose, tells me facts that are blatantly untrue, AND if it is later seen that those lies (either by omission or commission) were know to the company at the time of such declarations, they have lost my trust, and therefore my business. I suspect this to be true for many.

The fact that FXDD's rep in so much as he/she was allowed, stated they are planning to continue, in a public forum tells me at least that I should wait and see what develops. For my part they have now been "put on notice" to deal with me honestly. At this point I have no reason to justify any distrust, and will continue until I do.

Unfortunately, DIShonestly, like the markets, is uncertainty. You never know when it will occur and must be prepared for it if it does show up. That doesn't mean I close my accounts, just like I don't close my position because the future is uncertain. I take appropriate steps to protect my position, that's all. Those are within the relm of MY control, and I have done those steps long ago.
Well this isn't looking good, http://www.forexindustryinsider.com/...-against-fxdd/

FXDD owes clients $3.3 million so far, and only has $6 million in excess net capital.
get the hell out while you can, i knew something was up when about a month or so ago they pump there business here on FF to get more clients, look like they gonna need the money
As you may have seen, the NFA recently filed a “member responsibility action” against FXDD in regards to the company’s capital position.

We wanted to let you know firsthand that FXDD's capital position is sound and customer funds are not and have never been at risk. Customer trust is at the forefront of everything we do and FXDD has always sought to comply with net capital requirements and maintain excess net capital.

FXDD is in compliance with its present net capital requirement of approximately $21m. In fact FXDD's net capital exceeds this requirement. Throughout this entire process, trading operations in the US and abroad have and will continue to operate as normal.

FXDD is committed to full compliance with all pertinent regulations and laws related to its business. FXDD continues to disagree with the NFA on the merits of its complaint. The company will continue to work with the NFA to come to a constructive resolution.

In the meantime, we want to thank you for your business and are happy to discuss any questions you may have, offline.

To learn more, read the story on Forex Magnets.

Sincerely,

Your FXDD Team
Quoting Peter Davis
As you may have seen, the NFA recently filed a “member responsibility action” against FXDD in regards to the company’s capital position.

We wanted to let you know firsthand that FXDD's capital position is sound and customer funds are not and have never been at risk. Customer trust is at the forefront of everything we do and FXDD has always sought to comply with net capital requirements and maintain excess net capital.

FXDD is in compliance with its present net capital requirement of approximately $21m. In fact FXDD's net capital...
You have already lost your credibility entirely.
You played tricks on your clients.
Quoting Peter Davis
To learn more, read the story on Forex Magnets.
IMHO Spelling "Forex Magnates" properly would help your agenda, as ill-conceived as it may be
I'm not insane; my mother had me tested.
Quoting entheos
You have already lost your credibility entirely.
You played tricks on your clients.
Couldn't agree more.
I'm not insane; my mother had me tested.
Quoting PoundTrader
get the hell out while you can, i knew something was up when about a month or so ago they pump there business here on FF to get more clients, look like they gonna need the money
run baby run!!!!....if they have 6 mio and nfa wants to fine em 3mio and an additional 3 for daring to challenge them...how will they survive?
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • Post #53
  • Quote
  • Edited 6:07pm Dec 10, 2012 11:10am | Edited 6:07pm
For anyone interested, have a good read of this;

http://www.nfa.futures.org/basicnet/...21&contrib=NFA

Basically, here are the allegations against FXDD;

http://www.nfa.futures.org/basicnet/...px?seqnum=3347

And here is their response;

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=339
Quoting Peter Davis
As you may have seen, the NFA recently filed a “member responsibility action” against FXDD in regards to the company’s capital position.

We wanted to let you know firsthand that FXDD's capital position is sound and customer funds are not and have never been at risk. Customer trust is at the forefront of everything we do and FXDD has always sought to comply with net capital requirements and maintain excess net capital....
I red the forex magnates post as you suggested and the member responsibility action linked in the article http://www.nfa.futures.org/basicnet/...px?seqnum=3473 , but I find the action more alarming than what forex magnates makes it out to be.

The NFA gives FXDD until this Friday to put the $3.3 million into escrow and the amount in escrow can't be counted towards the capital requirement.

Quote
FXDD is required to deposit - and keep on deposit during the pendency of the BCC case - $3.3 million in a bank escrow account or in an attorney trust account, acceptable to NFA, or post a bond in such amount with NFA. Moreover, FXDD may not consider any funds on deposit in a bank escrow account as a current asset for purposes of calculating the firms capital.

If FXDD has $21 million in capital, with only $1million more than requirement, how will you come up with the extra $2.3 million? The member responsibility action also mentions FXDD was below the capital requirement just a few weeks ago and had to get extra capital from a subsidiary

Quote
8. On December 3, 2012, NFA became aware that FXDD was under its minimum net capital requirement as of October 31, 2012. Specifically, as of October 31, 2012, the firm's minimum net capital requirement was just above $21 million. However, NFA determined that FXDD apparently had ANC of $17.4 million and its ENC was close to a negative $3.6 million

I hope FXDD is working actively behind the scenes based on what hte NFA said will happen if the money is not in escrow by this Friday

Quote
2. In the event FXDD fails to comply with the requirements of paragraph 1, above, by noon (CDT) on Friday, December 14, 2012, the following measures will become effective immediately:

a. FXDD shall be prohibited from accepting or placing trades for any customer accounts except for the rollover of currently existing customer positions and/or liquidation of existing customer positions. In taking any action to rollover or liquidate customer positions, FXDD must act in the best interest of its customers.

b. FXDD shall be required to liquidate...

All quotes were taken directly from the NFA website http://www.nfa.futures.org/basicnet/...px?seqnum=3473 . Peter can you give any update on progress of this and confirm that everything will be ok.
Hi JP_s:

We are continuing to work with the NFA to come to a constructive resolution. Beyond that, it is company policy not to comment on legal matters still pending. We will proactively inform you of any major developments with the NFA going forward.

Thank You.
While we work to come to a constructive resolution regarding NFA Case No. 12-BCC-021, FXDD has reached an agreement in principle with the NFA to place US$3.3m in an escrow account in accordance with the NFA requirement. The escrow account should be opened and fully-funded tomorrow.

In addition to these restricted funds in escrow, FXDD still exceeds its net capital requirements.

All trading operations in the US and abroad continue to operate as normal.


Thank you.
I was wondering if any else is having the same problems with FXDD that I am having? Especially those traders who are using their MAMM/LAMM platform?(Platform for money managers) I have had so many issues with this platform, and their accounting with my clients? Some of it almost too crazy to believe, and has to be a technical problem. But I am having a hard time dealing with them to find what the problem is.
The too hard to believe part is that none of the accounting is correct with any of my clients. The platform will give me a balance at the end of day and then funds will just disappear out of the clients’ accounts? I have one client who is up about $4,000 per 100k lot traded this month and that’s is correct as too what my system produced. The problem is that the other clients are only up half that? Anyone who understands how MAMMs/LAMMs work that this is impossible to happen if you are trading all clients’ funds the same way.(Which I am) this happens a lot.

I know for a fact that every client should be up $4,000 per 100k lot traded. I have been having these problems for the last two months with FXDD as long with a whole range of other problems. Some of them being 20 pip slippage, the platform not honoring my stops, and even positions that just opened up by themselves. (There were no orders in) I was just happen to be in front of the platform and watched as one by one a position was open for my clients. I have stayed with FXDD for the last three months hoping that they were trying to figure out the problem and hopefully reimburse me and my clients. Which at first they gave me the impression that they were trying to do. Now they are ignoring my emails and can’t get a hold of anyone who can help me figure out what is going on. It’s hard to believe that I am the only one who is having these issues with FXDD. This might be an issue with their MAMM/LAMM platform only, and not affecting their retail Swordfish platform.(I’m not sure)


Is anyone else having these problems? Does anyone have any advice for me? I know it’s simple to say just leave but they owe me and my clients a lot of money, which if I leave is going to be a lot harder to get that money back. I am going to give them until Monday to give them one more chance to make things right, but after that I think me and my clients are going to start filing complaints with the NFA to see if they can help us with this situation.


(FYI I have been trading for over 12 years and have used many brokers and have never had any of these issues before. )
Dear FXDD

i have send 11emails to your support since 30 oct.


[highlight=rgba(255, 255, 255, 0)]Please check order number **********[/highlight]
[highlight=rgba(255, 255, 255, 0)]Placed on 10:44 oct 30[/highlight]
[highlight=rgba(255, 255, 255, 0)]The candle hit the price at 11:15 ([/highlight][highlight=rgba(255, 255, 255, 0)]1.3735)[/highlight]
[highlight=rgba(255, 255, 255, 0)]And take profit at 11:44[/highlight]



Every time i get the same answer from support that the price for the order was not reached which is 1.3735

Can you reply here that the price wad not reached and let every body with fxdd account check there platform
oct 30 10:44 MT4 server time
Quoting Agent3bood
Dear FXDD i have send 11emails to your support since 30 oct. Please check order number ********** Placed on 10:44 oct 30 The candle hit the price at 11:15 (1.3735) And take profit at 11:44 Every time i get the same answer from support that the price for the order was not reached which is 1.3735 Can you reply here that the price wad not reached and let every body with fxdd account check there platform oct 30 10:44 MT4 server time


Agent3bood, we need your account number in order to investigate this matter specific to your trade. Once you provide that to us, we'll look into your request.
Can you first put image of the price for the time mentiond
i use 4digit MT4 live server 6
please put the price data here and I will give you my acc. Number
My account is 4 digits not 5
0 traders viewing now