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  • #6,901
  • Jan 30, 2015 9:20pm Jan 30, 2015 9:20pm
Quoting rayzz
{quote} Because they have an explicit no-debit-policy, stipulated clearly on the product disclosure document pg.29, among many, which now they are trying to avoid.Jason, tell your bosses about this...if you still wanna mess around with asic and retail clients in australia then bring it on. A civil proceeding is likely held in supreme or federal court.If it ever comes to court, we dont even need a lawyer..just bring all evidences of their australia PDS, their website risk disclosure, other writtten proof, and a bunch of reporters...its fxcm with...
100% correct. FXCM, do you need me to give you ASIC's phone number and let them give you a tutorial on retail finacial brokage business regulation in Australia?
  • #6,902
  • Jan 30, 2015 10:09pm Jan 30, 2015 10:09pm
I have just seen a 10 fold increase in my margin holdings I was looking at fxcm to open a account shortly after the update Jason please explain whats going on
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  • #6,903
  • Jan 30, 2015 10:11pm Jan 30, 2015 10:11pm
Quoting Jason Rogers
{quote} Thanks for providing that additional info. I'll be sure to include it in my feedback to management and will let you know if we decide to offer that platform in the future. In the meantime, here's info on platforms FXCM currently offers, several of which support automation and backtesting: http://bit.ly/1uHQJuw


whats happened to the margin increase its beyond belief please explain
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  • #6,904
  • Jan 30, 2015 10:22pm Jan 30, 2015 10:22pm
Quoting Aussi
{quote} whats happened to the margin increase its beyond belief please explain
Which pair?
  • #6,905
  • Jan 30, 2015 10:35pm Jan 30, 2015 10:35pm
Quoting tim10167
{quote} 100% correct. FXCM, do you need me to give you ASIC's phone number and let them give you a tutorial on retail finacial brokage business regulation in Australia?
Tim, at least expose this to wall street journal. Go email [email protected] and take it from there.Feed this fxcm story to as many reporters as you can.
  • #6,906
  • Jan 30, 2015 10:37pm Jan 30, 2015 10:37pm
Quoting Kanzler
{quote} Which pair?


hi mate on all pairs my margin was 2103.00 now $10441.00 don't seem right that why askin the question may be a update that's gon wrong ? and across all pairs
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  • #6,907
  • Jan 30, 2015 10:43pm Jan 30, 2015 10:43pm
Quoting rayzz
{quote} Tim, at least expose this to wall street journal. Go email [email protected] and take it from there.Feed this fxcm story to as many reporters as you can.
just a note here no matter what fxcm have in their small print in Australia YOU CAN NOT GET PEOPLE TO SIGN THIER RIGHTS AWAY IF ITS WRITTEN IN LAW
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  • #6,908
  • Jan 30, 2015 10:43pm Jan 30, 2015 10:43pm
Quoting Aussi
{quote} hi mate on all pairs my margin was 2103.00 now $10441.00 don't seem right that why askin the question may be a update that's gon wrong ? and across all pairs
Weird. I noticed on the Swiss pairs after the meltdown that they raised it five fold on my account but the other ones were raised only after that regulatory ruling, and by about 50%.
  • #6,909
  • Jan 30, 2015 10:45pm Jan 30, 2015 10:45pm
Quoting Aussi
{quote} just a note here no matter what fxcm have in their small print in Australia YOU CAN NOT GET PEOPLE TO SIGN THIER RIGHTS AWAY IF ITS WRITTEN IN LAW
Aussi, care to elaborate a bit more?
  • #6,910
  • Jan 30, 2015 10:53pm Jan 30, 2015 10:53pm
Quoting rayzz
{quote} Aussi, care to elaborate a bit more?
HI, when a law says one thing in Australia when laws are made by ASIC you can not try to by pass that law with fine print , all people that have a problem with fxcm should consult a lawyer you have that legal right to complain to asic in Australia company's that try to take your rights away get stung with big fines

again if fxcm ask you to repay sums that in this case were beyond control when you had stops in place and their platform failed to work no matter what happened they have a duty of care , DUTY OF CARE and after the fact they deign it go get them
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  • #6,911
  • Jan 31, 2015 1:14am Jan 31, 2015 1:14am
Quoting Jason Rogers
{quote} Hi Yazzie, I've asked one of my colleagues in our Active Trader department to follow up with you with more details about our beta test of Trading Station with depth of market information.
Hey Jason,How can I know the leverage offered in UK account,I have an UK fxcm account, I would like to know the leverage and also the margin requirement too.Thanks in advance Cheers
  • #6,912
  • Jan 31, 2015 3:43am Jan 31, 2015 3:43am
Quoting rayzz
{quote} Tim, at least expose this to wall street journal. Go email [email protected] and take it from there.Feed this fxcm story to as many reporters as you can.
Hi rayzz,

I will encourage my friend to inform the reporter. Thanks for the suggestion.
  • #6,913
  • Jan 31, 2015 6:16am Jan 31, 2015 6:16am
I applaud to FXCM for "forgiving" the negative balance (which was clearly stated on their website and other material). BUT the fact that they said it was a one-time courtesy, and that other people will have to pay the negative balance is ridiculous. I waited to see how things play out, and now I know... bye-bye FXCM you won't be seeing me anytime soon.
  • #6,914
  • Jan 31, 2015 9:40am Jan 31, 2015 9:40am
I am curious as to why anybody has money with a firm that has a documented history of cheating their cusotmers, they have been fined repeatedly by the nfa/cftc 6 times look up nfa id 0308179 http://www.nfa.futures.org/basicnet/...08179&type=reg and these are just the times they have been caught, when there are other brokers out there that do not have the same storied history of duping their clients. What am I missing here?
  • #6,915
  • Jan 31, 2015 10:32am Jan 31, 2015 10:32am
Quoting endroute
I am curious as to why anybody has money with a firm that has a documented history of cheating their cusotmers, they have been fined repeatedly by the nfa/cftc 6 times look up nfa id 0308179 http://www.nfa.futures.org/basicnet/...08179&type=reg and these are just the times they have been caught, when there are other brokers out there that do not have the same storied history of duping their clients. What am I missing here?
Been trying to tell everyone. The NFA/CFTC claims to protect us, however, they let these companies keep operating, the amounts they're fined are such a small % of the money they cheat their clients out of. The NFA prohibits segregation of client funds, requires up to 20x more margin than other brokers worldwide and yet people still buy into this "I'm safe with a USA regulated broker" crap. I trade with unregulated offshore brokers, I have much better trading conditions and receive my withdrawals within 24 hours. Of course, i would prefer to trade with a regulated offshore broker, but since the NFA feels they control the entire world, they prohibit me from doing that as well.
  • #6,916
  • Jan 31, 2015 12:45pm Jan 31, 2015 12:45pm
Hi Friends,

Just re-posting this message again for those didn't see it two days ago.

My friend who is a FXCM's Australian retail client (had a normal retail trading account) received the following email form FXCM 24 hours after FXCM's "forgiving" the negative balance announcement. It has a deadline of 5th Feb.


IMPORTANT MESSAGE REGARDING YOUR FXCM TRADING ACCOUNT(S): XXXXXXXX


Dear XXX,
Please be advised that you currently hold a negative balance of (USD XXX) in your FXCM account(s). The terms of your master trading agreement entered into with FXCM, available on FXCM’s website; provide FXCM with the right to collect this negative balance plus interests and costs. We request that you remit funds immediately in order to eliminate your negative balance.
In this situation, FXCM will accept deposit by bank wire, which can be facilitated via thewww.myfxcm.comportal.
NEXT STEPS
Accordingly, FXCM demands that you pay your negative balance by February 5, 2015. Should you fail to pay your negative balance, FXCM will not hesitate to initiate any and all civil proceedings available to recover your deficit plus interest and costs.
If you have any questions, or wish to arrange payment, please contact us by calling +1 (646) 432-2957, or by e-mail [email protected].
If you do not respond by February 5, 2015, FXCM may start proceedings against you and may increase your liability for costs.
FXCM hereby reserves, on behalf of itself and its affiliates under common control, all rights and remedies that it may have at law, in equity, under the terms of any agreement between FXCM or any of its affiliates and you. Nothing in this letter shall be deemed to constitute a waiver of any of FXCM's rights and remedies.
Your cooperation is appreciated.
Thank you in advance,
FXCM Legal Department
  • #6,917
  • Jan 31, 2015 2:24pm Jan 31, 2015 2:24pm
Hi my trader friends,

As per my friend’s case above. It is very clear that FXCM's "forgiving" the negative balance announcement really means they will go after anyone who they think they can get something off you, regardless if you are only a mum and pop trader as long as you have asset under your name, they will make a move. FXCM just told us a big lie.
  • #6,918
  • Jan 31, 2015 11:48pm Jan 31, 2015 11:48pm
Quoting tim10167
Hi Friends, Just re-posting this message again for those didn't see it two days ago. My friend who is a FXCM's Australian retail client (had a normal retail trading account) received the following email form FXCM 24 hours after FXCM's "forgiving" the negative balance announcement. It has a deadline of 5th Feb. IMPORTANT MESSAGE REGARDING YOUR FXCM TRADING ACCOUNT(S): XXXXXXXX Dear XXX, Please be advised that you currently hold a negative balance of (USD XXX) in your FXCM account(s). The terms of your master trading agreement entered into with FXCM,...


they can send emails letter threating you , NOTHING IN THE WORLD WILL STOP THEM FROM SENDING THEM if you pay them well it will be without prejudice so they will say you paid them willingly but if you intend to fight for your rights go get sound advice as I said in a earlier post they have a duty of care , seems to me and my opinion only ASIC will take them to task complain >>>>>> it cost nothing
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  • #6,919
  • Feb 1, 2015 12:59am Feb 1, 2015 12:59am
is it possible to negotiate the amount of payment with them ?
  • #6,920
  • Feb 1, 2015 1:24am Feb 1, 2015 1:24am
Why would you negotiate? You shouldnt be paying anything for negative balance because it's their policy to zero deficit balance.

If you negotiate, then youd submit to their bait...

Dont pay anything..the law is on our side...

They fact that they decide to "forgive" some and chase some others wouldnt even hold up as a strong and fair conduct in the face of the law because:
1. There's nothing to "forgive". No-debit-balance is their policy. Even if they claim force majeure, they first need to explain why others brokers could take measures and saw it coming. Fxcm just had poor risk management.

2. On what ground do fxcm decide on which clients to chase and which ones to forget? They need to explain it intelligently on court, IF it ever comes to court.
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