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EUR/CHF

  • #13,941
  • Jan 16, 2015 2:28am Jan 16, 2015 2:28am
Quoting Harris27
{quote} No, it's harder for them than us. We can sue them in court even if 100 clients packed in one case one lawyer...against the broker The broker can't put all clients in one case and lawyer

And whoever thinks this is a simple black and white case is in kindergarten. There are too many things and facts retail clients can use to defend our rights. Who would believe brokers don’t have responsibilities? FXCM just admitted on the news that their protective measures are insufficient to protect the function of the platform.
  • #13,942
  • Jan 16, 2015 2:36am Jan 16, 2015 2:36am
Quoting Harris27
{quote} Exactly, if your broker is ASIC regulated and u r a UK Citizen, FCA would not care of the broker charges, just as if Australian citizen and broker regulated by FCA. Means, the broker must be regulated in your country of residence to have real effect on you, otherwise regulators decisions would be useless and court will be the only decider from there. The same if the client have an account with a broker regulated by FCA, ASIC, CYSEC...etc, if you are not a UK "citizen", must complain to the regulatory body nearest to your home or residence...

Hi Mate,
Could you please explain a bit more in Australia’s case? If the court is the only decider here in Australia, what does it mean to us and the brokerage firm?

Thanks
  • #13,943
  • Jan 16, 2015 2:37am Jan 16, 2015 2:37am
@ rodoid, Ask yourself, What is the stop out% and margin requirement for if not for protection from zero or negative balance account?

If u over leverage, can be stopped out(positions closed) even if your positions running loss was a small amount, why? bcoz u exceeded margin req. available margin, ofcourse ur account will not be stopped out but instead positions only. The same happens when ur running losses increase, positions must be closed at certain margin req. amount, so negative or zero balances is a big cheat by brokers!!
  • #13,944
  • Jan 16, 2015 2:40am Jan 16, 2015 2:40am
Quoting tim10167
{quote} Hi Mate, Could you please explain a bit more in Australia’s case? If the court is the only decider here in Australia, what does it mean to us and the brokerage firm? Thanks
Where's your broker based, regulated by ?
  • #13,945
  • Jan 16, 2015 2:45am Jan 16, 2015 2:45am
Quoting Harris27
{quote} Where's your broker based, regulated by ?

FXCM's Australian branch. Regulated by ASIC
  • #13,946
  • Jan 16, 2015 2:51am Jan 16, 2015 2:51am
If the case is negative balance, tell them to fxck off or simply ignore them. I don't think they are asking clients about money, a friend of mine got all positions closed at 1.03 after an hour, called them, they replied to him: will correct all accounts after sometime.

They are in big trouble, worried of their regulation and going to bankruptcy, although I think US Authorities will fix it for them at least in the US if they manage to fix clients accounts, after all NFA and CFTC love companies like FXCM that pay them fines....hahaha

Are you asking them for money?
  • #13,947
  • Jan 16, 2015 3:01am Jan 16, 2015 3:01am
Quoting Harris27
If the case is negative balance, tell them to fxck off or simply ignore them. I don't think they are asking clients about money, a friend of mine got all positions closed at 1.03 after an hour, called them, they replied to him: will correct all accounts after sometime. They are in big trouble, worried of their regulation and going to bankruptcy, although I think US Authorities will fix it for them at least in the US if they manage to fix clients accounts, after all NFA and CFTC love companies like FXCM that pay them fines....hahaha Are you asking...

Fxcm rang me three times today asking me to put money to balance my negative acc. I told them to piss off. I think they did tell people they will correct the negative account yesterday but when they realized the lost is 225 million this morning, they started to ask all clients with negative balance to put in more money
  • #13,948
  • Jan 16, 2015 3:04am Jan 16, 2015 3:04am
Quoting tim10167
{quote} Fxcm rang me three times today asking me to put money to balance my negative acc. I told them to piss off. I think they did tell people they will correct the negative account yesterday but when they realized the lost is 225 million this morning, they started to ask all clients with negative balance to put in more money

I didn’t even have a chance to ask my money back, they just keep chasing me to put more money in. They even sent emails to me few hours ago saying they reserve the right on further legal actions
  • #13,949
  • Jan 16, 2015 3:12am Jan 16, 2015 3:12am
Quoting Harris27
If the case is negative balance, tell them to fxck off or simply ignore them. I don't think they are asking clients about money, a friend of mine got all positions closed at 1.03 after an hour, called them, they replied to him: will correct all accounts after sometime. They are in big trouble, worried of their regulation and going to bankruptcy, although I think US Authorities will fix it for them at least in the US if they manage to fix clients accounts, after all NFA and CFTC love companies like FXCM that pay them fines....hahaha Are you asking...

I seriously doubt FXCM will have the ability to fix their US client’s accounts anymore. Which investors would risk putting more money in at this time?
  • #13,950
  • Jan 16, 2015 3:15am Jan 16, 2015 3:15am
Quoting tim10167
{quote} I didn’t even have a chance to ask my money back, they just keep chasing me to put more money in. They even sent emails to me few hours ago saying they reserve the right on further legal actions
Ignore their emails and calls, don't answer. Typical threaten clients when they are on the dead end..hahaha

Time for the biggest market maker in the world named FXCM to close its offices worldwide.

I saw someone on this thread post a legal announcement found on FXCM site that states client can not loose more than the balance or in other words, accounts can not go to negative balance, if they hadn't remove it yet from their site, take a quick screenshot of it. If the scammer removed it, take a pic of it from this thread(go back some pages check that member post about it)
  • #13,951
  • Jan 16, 2015 3:19am Jan 16, 2015 3:19am
Quoting Harris27
{quote} Ignore their emails and calls, don't answer. Typical threaten clients when they are on the dead end..hahaha Time for the biggest market maker in the world named FXCM to close its offices worldwide. I saw someone on this thread post a legal announcement found on FXCM site that states client can not loose more than the balance or in other words, accounts can not go to negative balance, if they hadn't remove it yet from their site, take a quick screenshot of it. If the scammer removed it, take a pic of it from this thread(go back some pages...

Thanks Harris!
  • #13,952
  • Jan 16, 2015 3:32am Jan 16, 2015 3:32am
A Gift to FXCM clients who are contacted several times by the scammer FXCM!!! to deposit money in order to cover their negative balance accounts:

""Is there a debit balance risk? Can I lose more money than I deposit?

Not with FXCM. It is FXCM's policy to credit accounts to a zero balance when debit balances occur as a result of trading.

One of the greatest concerns traders have about leverage is that a sizable loss could result in owing money to their broker. At FXCM, your maximum risk of loss is limited by the amount in your account. All accounts are tracked by our "Margin Watcher" feature. With the Margin Watcher feature, if account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all open positions.""


Link: http://www.fxcm.com/uk/support/faq/margin-requirements.


This is for FXCM UK but since branches don't have different policies regarding basic point, FXCM Australia branch must have same policy too, check their site, although as you read above it says "FXCM's Policy" not US UK or ...


Take a screenshot of it from the link and tell them to fuck off, ignore........
  • #13,953
  • Jan 16, 2015 3:39am Jan 16, 2015 3:39am
Remember this very well, bcoz they owe you money: Read again what FXCM says:

"Margin Watcher feature, if account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all open positions"

read again: "account equity falls below margin requirements" FXCM clients can conclude that FXCM owe them money, this is what I had been saying from yesterday about impossible for account to go to negative balance(if happens, broker must fix it under its responsibility), it's a big cheat by brokers, there must be still money in account for the client when all orders close due to " margin requirements"

Ask for your money, tell you'll sue them at ASIC, also try with the NFA and CFTC, not wrong.
  • #13,954
  • Jan 16, 2015 3:42am Jan 16, 2015 3:42am
Quoting Harris27
@ rodoid, Ask yourself, What is the stop out% and margin requirement for if not for protection from zero or negative balance account?
Ok, I agree with you on that point but that's the theory. It works fine as long as there is someone in front of you to be counterparty of your trade.

Yesterday, there were no counterparty when it happened...

But I would like to go further: I think the only thing we can do is to fully understand that there is a risk of losing our entire account and more.

Knowing that, there are 2 strategies in my opinion:
1/ use a big account and a small leverage. In this case, the account will eventually go entirely (but you will lose a lot a money) and a little debt will (maybe) be asked by the broker.
2/ use a small account and a big leverage. In this case, the account will go entirely (little loss) for sure and the debt will be huge.

I prefer solution #2 because the broker will have to sue you, it will take time and money and he will go bankrupt before achieving his goal. It is also better to choose a non regulated broker in your country so that it will be even more difficult for him to have the debt paid by you.

I think that it is what you try to say here. Am I correct?

I'm not a broker, I just try to understand.

Thank you
  • #13,955
  • Jan 16, 2015 3:45am Jan 16, 2015 3:45am
Quoting Harris27
A Gift to FXCM clients who are contacted several times by the scammer FXCM!!! to deposit money in order to cover their negative balance accounts: ""Is there a debit balance risk? Can I lose more money than I deposit? Not with FXCM. It is FXCM's policy to credit accounts to a zero balance when debit balances occur as a result of trading. One of the greatest concerns traders have about leverage is that a sizable loss could result in owing money to their broker. At FXCM, your maximum risk of loss is limited by the amount in your account. All accounts...
Cool stuff. Thanks
  • #13,956
  • Jan 16, 2015 3:54am Jan 16, 2015 3:54am
Quoting rodoid
My question: is a low leverage the only way to avoid these kind of problem? Thank you
No it is not. I'm with FXCM, did not had open positions, and now they have losses that can't or won't cover, I may never see my money again. And as as me all their clients.

SNB has scammed the world.
  • #13,957
  • Jan 16, 2015 3:54am Jan 16, 2015 3:54am
Here we go:

2015.01.16 11:53:53 *UK Broker Alpari Enters Insolvency
  • #13,958
  • Jan 16, 2015 4:05am Jan 16, 2015 4:05am
Quoting rodoid
{quote} Ok, I agree with you on that point but that's the theory. It works fine as long as there is someone in front of you to be counterparty of your trade. Yesterday, there were no counterparty when it happened... But I would like to go further: I think the only thing we can do is to fully understand that there is a risk of losing our entire account and more. Knowing that, there are 2 strategies in my opinion: 1/ use a big account and a small leverage. In this case, the account will eventually go entirely (but you will lose a lot a money) and...
No. All what am trying to say, stop thinking of paying back the broker or that you owe them money, that's false thoughts. Think how to get back money from them, if they call tell them u want money from them, u will sue them not the opposite.

Regardless what strategy u followed, like paz said Swiss mafia Bank ruined the market, individuals, companies, firms worldwide.

It will take time to recover their mess!!! Imagine when will usdchf go back to parity??? when we thought this is a new era of above it, Swiss MB spoiled it all!!
  • #13,959
  • Jan 16, 2015 4:05am Jan 16, 2015 4:05am
Here is the link about Alpari:

http://www.alpari.co.uk/client-updat...t-announcement
  • #13,960
  • Jan 16, 2015 4:06am Jan 16, 2015 4:06am
Quoting dd303
Here we go: 2015.01.16 11:53:53 *UK Broker Alpari Enters Insolvency
Nobody will be happy despite the hard work, other than regulatory bodies, especially NFA, CFTC and FCA that are known for its always fines of brokers.
FXCM already used to this action by all 3 regulators, nothing new hahaha
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