Brokers chasing you for negative account balance | Page 24 | Forex Factory

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Brokers chasing you for negative account balance

  • #461
  • Feb 2, 2015 4:16am Feb 2, 2015 4:16am
Everyone should be complaining to the FCA if you strongly believe you have been taken for a big ride by your spreadbetting company. Groups I’ve found are below...you are not alone

[email protected] (CMC)

[email protected] (Swissquote)

[email protected] (Swissquote)

[email protected] (Saxo Singapore)

[email protected] (Saxo)

[email protected] (IG Index / IG Markets)

[email protected] (Interactive Brokers)

www.negativebalances.com
  • #462
  • Feb 2, 2015 5:12am Feb 2, 2015 5:12am
weird how FXCM is now changing the wording on the websites.

Here is a screen shot prior to the 15th of January and right under a screenshot of the current page. Looks like their are trying to hide their former "no debit balance" policy. Not sure how this will work out for them..

Attached Image (click to enlarge)
Click to Enlarge Name: modifications 14 jan 2015 - now - nodebitpolicy - safety of funds 2.jpg Size: 241 KB
  • #463
  • Feb 3, 2015 3:07am Feb 3, 2015 3:07am
Quoting RudiMar
weird how FXCM is now changing the wording on the websites. Here is a screen shot prior to the 15th of January and right under a screenshot of the current page. Looks like their are trying to hide their former "no debit balance" policy. Not sure how this will work out for them.. {image}
What's the difference? I don't see any changes in wording?
Make your losses in demo. Earn your profits live.
  • #464
  • Feb 3, 2015 3:13am Feb 3, 2015 3:13am
Quoting Forexia
{quote} What's the difference? I don't see any changes in wording?
Losses limited to account size part removed.
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-02-03_17-16-20.png Size: 54 KB
  • #465
  • Feb 3, 2015 7:35pm Feb 3, 2015 7:35pm
Quoting Greeny
{quote} Losses limited to account size part removed. {image}
Yes now I see. Thanks for pointing that out. Well as long as they still "credit retail trading account to zero balance when a debit balance occured due to trading...", the traders should still be covered. If they do that, it goes without saying that the losses is limited to account size. If the loss is smaller than the account size, then there would be no need for them to credit any balance to zero.

My personal take.
Make your losses in demo. Earn your profits live.
  • #466
  • Feb 3, 2015 10:36pm Feb 3, 2015 10:36pm
And yet another finding
http://www.businessinsider.com.au/qu...65c7-279080273
My comments are not to be taken as trading advice, not a financial advisor
  • #467
  • Feb 4, 2015 4:03am Feb 4, 2015 4:03am
forwarding this from Forexlive forum“List of forex brokers forgiving negative balances and those who aren’t January 21st, 2015 11:51:20 GMTby Ryan Littlestone View Comments

”Paul •11 hours ago

ok, have created a website, for doing a legal action against CMC: please, follow the link here: http://cmcmarkets-unfair-adjustment.my-free.website/

- See more at: http://forexmagnates.com/covered-bro....Pbv2bCq8.dpuf
  • #468
  • Feb 4, 2015 4:44am Feb 4, 2015 4:44am
Quoting bg123
forwarding this from Forexlive forum“List of forex brokers forgiving negative balances and those who aren’t January 21st, 2015 11:51:20 GMTby Ryan Littlestone View Comments ”Paul •11 hours ago ok, have created a website, for doing a legal action against CMC: please, follow the link here: http://cmcmarkets-unfair-adjustment.my-free.website/ - See more at: http://forexmagnates.com/covered-bro....Pbv2bCq8.dpuf
"In total, I had more than 100 K in my CMC Account, including my life savings." damn that's lot of money... wish you granted best result upon this 'harsh' situation. is there any chance to make this more public it may many traders out there face same thing.
  • #469
  • Feb 4, 2015 4:54am Feb 4, 2015 4:54am
Anyone interested in information exchange regarding Axitrader negative account balance situation can get in touch at [email protected] .
  • #470
  • Feb 4, 2015 6:30am Feb 4, 2015 6:30am
Quoting bg123
forwarding this from Forexlive forum“List of forex brokers forgiving negative balances and those who aren’t January 21st, 2015 11:51:20 GMTby Ryan Littlestone View Comments ”Paul •11 hours ago ok, have created a website, for doing a legal action against CMC: please, follow the link here: http://cmcmarkets-unfair-adjustment.my-free.website/ - See more at: http://forexmagnates.com/covered-bro....Pbv2bCq8.dpuf
be very careful with this company, they have been known to sue for liable.
he's not known as the 10billion dollar man for nothing

but slightly curious how you would miss their reviews
(i nearly pulled out whats left of my hair when trading with them many yrs ago)

more publicity around this issue could possibly go along way,
contact as many major media outlets / newspapers etc who will listen,
and before the story gets old.

also wish all the very best of luck
  • #471
  • Feb 4, 2015 9:03am Feb 4, 2015 9:03am
My main broker is Tallinex and they just confirmed that they will clear my huge negative balance. I am really delighted and thankful to them! Definitely I will go on trading with them.
  • #472
  • Feb 4, 2015 11:52am Feb 4, 2015 11:52am
Quoting mkuefne
My main broker is Tallinex and they just confirmed that they will clear my huge negative balance. I am really delighted and thankful to them! Definitely I will go on trading with them.
Congrats...
Is "huge" a secret?
No matter what people are saying here, if it was that easy to get the money of the clients, they they wouldn't be doing clearing debts. Whoever doesn't do it, he is the one that will be cleared...
  • #473
  • Feb 4, 2015 12:12pm Feb 4, 2015 12:12pm
Fight back and get in touch with other traders. Look at forexcrunch site

http://www.forexcrunch.com/snbomb-re...forex-brokers/

Take it to a consumer affairs show we have Fair Go in NZ. Send a complaint off to ASIC once you see what your Ig group suggests.

Worst comes to worst you can offer to pay $5 per month in settlement and offer to pay 5c in every $1 of debt owed

I believe these price adjustments are crooked after all they advertise no dealer intervention, no requotes which is what Cmc falsely advertises on their sites.

Quoting thang33
My IGMARKETS broker is chasing me for payment. Expecting me to pay because I have made a fair penny over the year. But all has been spent on paying bills and debts that I have had accrued over the years because of my terrible trading. They requested my bank account statements to prove that I have no money to pay them back. WHICH IS TRUE!!! I have bed credit ratings and have had a default before. There is no way I can pay them back with this huge deficit. Lesson learnt but I might have to pay this for life with my current income! 280k AUD is not...
  • #474
  • Feb 4, 2015 12:32pm Feb 4, 2015 12:32pm
Class actions are possible vs the big brokers with litigation funding if approved will cover all legal costs with no risk. Check out class action Fairplayonfees.co.nz or .com.au

And have a read of what billionaire and owner of Cmc Markets had to say in 2010 about the new nextgen platform which is in use today:

"Hi Black Swan

So lets answers your questions as best I can. Why I think you should use CMC rather than our competition. Not in any particular order.
3. 100% automation of trades, no dealer intervention and millisecond execution of orders
No cancelled orders when the markets get tough, all trades filled"


http://www.trade2win.com/boards/spre...questions.html


Quoting bg123
forwarding this from Forexlive forum“List of forex brokers forgiving negative balances and those who aren’t January 21st, 2015 11:51:20 GMTby Ryan Littlestone View Comments ”Paul •11 hours ago ok, have created a website, for doing a legal action against CMC: please, follow the link here: http://cmcmarkets-unfair-adjustment.my-free.website/ - See more at: http://forexmagnates.com/covered-bro....Pbv2bCq8.dpuf
  • #475
  • Feb 4, 2015 12:41pm Feb 4, 2015 12:41pm
Thanks for posting lists of who we can get in touch with

Quoting igeurchfloss
Everyone should be complaining to the FCA if you strongly believe you have been taken for a big ride by your spreadbetting company. Groups I’ve found are below...you are not alone [email protected] (CMC) [email protected] (Swissquote) [email protected] (Swissquote) [email protected] (Saxo Singapore) [email protected] (Saxo) [email protected] (IG Index / IG Markets) [email protected] (Interactive Brokers) www.negativebalances.com
  • #476
  • Feb 4, 2015 4:36pm Feb 4, 2015 4:36pm
Hi Guys!

I created a website to gather and unite together all traders who suffered losses on EUR/CHF due to the unfair trading adjustment by CMC Markets.

Please, join us on:

http://cmcmarkets-unfair-adjustment.my-free.website/



We have already several joiners, from UK and AUS. The aim is to coordinate and collect as much evidence as possible, before organizing an official complaint to local regulators, and (if this is not enough) organize a class action to take legal steps against CMC Markets.

Join us!
  • #477
  • Feb 4, 2015 5:10pm Feb 4, 2015 5:10pm
Quoting al2001
Class actions are possible vs the big brokers with litigation funding if approved will cover all legal costs with no risk. Check out class action Fairplayonfees.co.nz or .com.au And have a read of what billionaire and owner of Cmc Markets had to say in 2010 about the new nextgen platform which is in use today: "Hi Black Swan So lets answers your questions as best I can. Why I think you should use CMC rather than our competition. Not in any particular order....
This class action shouldn't be against the brokers. It should be against those unscrupulous greedy so liquid "providers" who shut down the price feed that created a disrupted market and then took advantage of this disruption and provided outrageously unfair price that's completely outside of market just to widen our losses. The brokers were basically left holding the bag just like we were. Our negative balance is basically their negative balance that they ultimately have to pay to their brokers which is those liquidity "providers" who gave us bad quotes in the first place.

Take a look at this article: http://forexmagnates.com/banks-bucke...nc-volatility/

In an extreme example (that affected at least two brokers), Barclays had filled EUR/CHF sell orders at 0.065 (no extra zero) while at the same time EBS was quoting its session low of 0.85. Technology providers that Forex Magnates spoke to corroborated with similar examples of their clients. Firms did state that Barclays and other banks ultimately did provide some price improvement, but often to levels below that of EBS’s low of the day.

http://firstadopter.tumblr.com/post/...to-its-clients

If there was one company that we need to sue, we need to sue Barclays and Saxo (which is also a liquidiity "provider") for unfair dealing and outright securities fraud. I bet all the brokers chasing after clients for negative balances were being chased in turn by Barclays and Saxo and all the other liquidity f***ers who f***ed up the quotes and now are demanding for brokers to pay up for trades filled with those f***ed quotes.

All the brokers and us traders should unite and launch class action lawsuits together against these liquidity "providers" so called "prime banks". After all, we are the retail fx industry.
Make your losses in demo. Earn your profits live.
  • #478
  • Feb 4, 2015 7:15pm Feb 4, 2015 7:15pm
Quoting mojo123
{quote} Congrats... Is "huge" a secret? No matter what people are saying here, if it was that easy to get the money of the clients, they they wouldn't be doing clearing debts. Whoever doesn't do it, he is the one that will be cleared...
Huge means in my case -698 000 EUR. I had 43 lots eurchf longs open which were closed at 1.02 on black Thursday. They confirmed to clear the negative balance within 2 hours. And yes, I agree with you, if it was easy for them or other brokers to chase clients for the negative balances, they wouldn't forgive such amounts so easily.
  • #479
  • Feb 6, 2015 1:08am Feb 6, 2015 1:08am
http://www.forexfactory.com/showthread.php?t=524824

Kindly help me with this.
  • #480
  • Feb 6, 2015 1:57pm Feb 6, 2015 1:57pm
IC Markets has decided to Cover for the Client Negative Losses from Swiss Franc Volatility.

Please find the official Press release announcement made by IC Markets here: http://forexmagnates.com/ic-markets-...nc-volatility/
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