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FXCM MENA

  • #1
  • First Post: Feb 22, 2014 4:25am Feb 22, 2014 4:25am
Does any one have any experience with this broker? It claims to be an affiliate of FXCM, so under what regulation is it under? Is the fund safe under this broker? Please share your experience, with deposit and withdrawal as well.
  • #2
  • Feb 23, 2014 7:49pm Feb 23, 2014 7:49pm
I hope this live support response would help:

Quote
A chat representative will be with you shortly.

Lacking structure in your trading? The DailyFX 360 course can help! Through in-depth coaching on fundamental and technical analysis, you will develop the skills needed to build a complete trading plan for yourself with specific entry and exit rules and you will receive access to exclusive weekly webinars. Ask us today to learn more!
You are now chatting with 'FXCM - Khirstine'
FXCM - Khirstine: Welcome to FXCM’s live chat. Your estimated wait time is 5 minutes. Please don’t disconnect we’ll be with you as soon as we can. While you wait we encourage you to read through our guide on our most popular questions:
FXCM - Khirstine: http://forexforums.dailyfx.com/fxcm-online-support/
FXCM - Khirstine: Hello Notmyn Ame, FXCM Mena is an affiliate of FXCM
Notmyn Ame: Does it share the same regulation as FXCM?
Notmyn Ame: Or what regulation is it under?
FXCM - Khirstine: One moment please
FXCM - Khirstine: Please view this link: http://www.fxcmmena.com/about-us/fxcm-mena/
FXCM - Khirstine: FXCM Mena is part of FXCM - which is a public company traded on the New York Stock Exchange
FXCM - Khirstine: We are regulated by multiple entities, including the NFA and CFTC
Notmyn Ame: Ok, thank you that would be all
  • #3
  • Feb 23, 2014 10:32pm Feb 23, 2014 10:32pm
Cool. Thanks for the help. At least now I know that fxcm mena is safe.
  • #4
  • Feb 24, 2014 1:43am Feb 24, 2014 1:43am
Quoting Nutkaze
Cool. Thanks for the help. At least now I know that fxcm mena is safe.
Np, but I just feel that it is a little weird the way they worded it. "FXCM Mena is part of FXCM - which is a public company traded on the NYSE". The "which is a public company..." refers to FXCM so they are implying that you are safe with FXCM, but hey, if they don't state it out right like "FXCM Mena is regulated by the NFA", by you implying that it is could cause problems as they can just later be in denial o.O
  • #5
  • Feb 24, 2014 8:23am Feb 24, 2014 8:23am
After reading again the reply, it seem that the reply from the live chat is not specific, to the point of playing around with the words. By not mentioning "FXCM Mena is regulated by the NFA", they can claim otherwise if the unimagineable happens.

yes, that what I thought of, judging by the reply. The two entities fall under different jurisdication, so if one fail, the traders are under the mercy of the regulator. In this case, the regulater is the central bank of Lebanon, which no one know if it secure or not.
  • #6
  • Last Post: Feb 25, 2014 2:52pm Feb 25, 2014 2:52pm
Quoting Nutkaze
Does any one have any experience with this broker? It claims to be an affiliate of FXCM, so under what regulation is it under? Is the fund safe under this broker? Please share your experience, with deposit and withdrawal as well.
Quoting jhehe
I hope this live support response would help: {quote}
Hi Nutkaze and Jhehe,

FXCM's entities worldwide are regulated by different authorities based on their location. For example, FXCM US is regulated by the NFA and CFTC, while FXCM UK is regulated by the FCA. FXCM MENA is our affiliate operating out of Beirut and is regulated by the Central Bank of Lebanon. They provide service to traders in the Middle East and North Africa in Arabic, French and English. Clients of FXCM MENA have access to the same FXCM platforms and trade execution, but with local support and local deposit and withdrawal options.

Jason
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