I was fleeced by my broker and I have proof! | Page 6 | Forex Factory

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I was fleeced by my broker and I have proof!

  • #101
  • Edited 6:14pm Apr 11, 2016 5:16pm | Edited 6:14pm
You make some great points, Maxwell. :nerd:

Quoting maxwell-eqtn
I also have FXCM and I notice that their spread changes a lot during certain news events and time of the day
First, thank you for being a client of FXCM. You are correct that spreads can widen during news and at the end of the trading day at 5pm New York Close. When our liquidity providers widen their spreads, our spreads widen accordingly.

Quoting maxwell-eqtn
The problem I do not understand here is that if they admitted that their server was faulty then they should compensate you. I have had problems with them many times about my trades not getting closed at my limit and they were able to compensate me for the mistake.
As a matter of fact, I made exactly this offer to the OP: http://www.forexfactory.com/showthre...39#post8867039

"If your trades were negatively impacted, I encourage you to file a trade inquiry: http://bit.ly/1OLBiMs

The Trade Services Team will review your case and reply to you personally with a resolution. I apologize for any inconvenience you faced."

Quoting maxwell-eqtn
I have another question, Let say you win $10,000 trading and they broker pays you this money does they broker consider it a loss......., I mean where does the money come from? If it was a casino I understand that such money comes from money collected by the casino from other losers. Therefore in such a case the casino does not like winners else they will be paying out lots of money and go broke. Is this the same with Forex brokers? If this is the case then Forex brokers will not also like winners else they will also go broke and file for bankruptcy....
The OP was trading on FXCM's No Dealing Desk (NDD) forex execution, both when ATC was his introducing broker and afterwards. That means FXCM offset each of his trades one-for-one with our liquidity providers mentioned above and did not profit from his losses or lose from his profits. Any profits the OP made came from the market, not FXCM's pocket. We made money from the OP's trading volume, so we wanted him to be profitable.
  • #102
  • Apr 11, 2016 5:18pm Apr 11, 2016 5:18pm
Quoting ZeF
{quote}{quote} well OP said he used ECN to work with FXCM products or so he thought. This begs the question why would FXCM manipulate shit as they'll make a living from his commissions. If that was the case, then money comes from "the market". There's also casino-type model brokers - like Oanda, called Market Makers.
Spot on, ZeF

Since the OP was trading on FXCM's No Dealing Desk (NDD) forex execution, we made money from his trading volume, and did not lose money from his profits, or profit from his losses.
  • #103
  • Apr 11, 2016 5:25pm Apr 11, 2016 5:25pm
Quoting heispark
How can this broker still keep top player position....? http://smnweekly.com/2016/04/05/fxcm...s-in-feb-2015/
Hi Heispark,

FXCM continues to be an industry leader because the vast majority of our clients realize we are not how the OP portrays us. We take great pride in the quality of trade execution and customer service we provide to our clients.
  • #104
  • Apr 11, 2016 5:28pm Apr 11, 2016 5:28pm
Quoting Stubborn
Had thought of joining FXCM a few months back but somehow got delayed. Will have to give it a thought now on opening any account in FXCM.
Thank you for expressing your concerns. I have tried to address the doubts raised by the OP, but if you still have any questions, please let me know.
  • #105
  • Apr 11, 2016 5:39pm Apr 11, 2016 5:39pm
Quoting Cubbybgood
{quote} Before you go calling me a newbie... This picture was to just point out that the bid price is 1.47331. The price on chart is 1.47320. This is where the discrepancy lies. Looking at the price on the chart you will see 1.47320. Now, when you look at the price in the price box in the terminal you will see 1.47341. This is a 2.1 pips difference. Also, my TP was set at 1.47329 and the price was already at 1.47320 according to the price on the actual chart... not the bid price. The thing is both these numbers are supposed to be the same not different....
I mentioned previously that FXCM provides traders with the choice of different account types. You were trading on a Standard account with low spreads and commissions and No Dealing Desk (NDD) forex execution. We also offer a DD option for smaller Mini accounts ($50 minimum) with all inclusive spreads, no commissions and DD execution.

We have 20 MT4 servers, and each server can only display the pricing from one account type on the charts. The charts on some MT4 servers reflect our NDD spreads while the charts on other MT4 servers reflect our all inclusive DD spreads. It's possible the MT4 charts you saw were displaying the all inclusive spreads. If so, that's easily fixed. I posted about this in the FXCM thread: http://www.forexfactory.com/showthre...85#post8827785
  • #106
  • Edited 5:56pm Apr 11, 2016 5:44pm | Edited 5:56pm
Quoting Cubbybgood
{quote}{quote} This problem was happening to me on every trade on this server. It doesn't make sense to get compensated for every trade I make. Also, how do I get compensated for trades when they hit TP. Say they stole 2-4 pips from each of my trades on that faulty server? I'm sure that wouldn't fly over well. Never the less....I would never trust this broker again after witnessing what happened here.
What if you misinterpreted what you saw?

From your first post, I thought you may have been impacted by a tech issue on March 11th that affected 2 MT4 servers, but after reading your later posts, I believe you might have been looking at MT4 charts that displayed our all inclusive spreads for Mini accounts on DD execution. That would also explain why you thought our spreads are wider than you had with ATC, which is impossible, because even when ATC was your introducing broker, your trades were cleared (executed) through us.

Note that if you had a Standard account with FXCM, even if the MT4 charts you saw displayed the wider all inclusive spread for Mini accounts, you orders would have executed on the tighter NDD spreads. If you have any doubts about this, you can ask any of the traders who had been waiting for us to update some of our MT4 servers to reflect NDD pricing on their charts: http://www.forexfactory.com/showthre...80#post8784480
  • #107
  • Edited 6:45pm Apr 11, 2016 5:59pm | Edited 6:45pm
Quoting asgcorp
It's a pawnshop. Anything based on MT4 is a pawnshop. This software was coded so that it could be manipulated, including price feed, etc. They will freeze the platform also during major events, such as rate decisions, NFP, etc. They will unfreeze your terminal when your account is wiped out. MT4 brokers are all pawn shops pretty much. Unless otherwise stated. Even if they let you trade, report back if you get your funds back, and not peanut buttercookie change, but say 20-40K USD. I doubt they exist.
Quoting GDR3k
What do you expect when you're using bucketshop hillbillys?
Quoting Rtm
{quote} From one bucketshop to the next. Good luck in your journey of FX!
The SNB flash crash last year proved FXCM provides genuine No Dealing Desk (NDD) forex execution: http://www.forexfactory.com/showthre...23#post8130023

Below is an excerpt from an interview with Finance Magnates our CEO Drew Niv did after the historic event:

"At the time of the SNB announcement over 3,000 FXCM clients held slightly over $1 billion in open positions on EUR/CHF. Those same clients held approximately $80 million of collateral in their accounts. As you know this was the largest move of a major currency since currencies started floating 1971.


The EUR/CHF move was 44 standard deviation moves, while most risk management systems only contemplate 3-6 standard deviations. The moved wiped out those clients account equity as well as generated negative equity balances owed to FXCM of over $225 million. We believe that the FXCM system operated properly during this event.


The caveat of our no dealing-desk execution system is that traders are offset one for one with a liquidity provider. When a client entered a EUR/CHF trade with FXCM, FXCM Inc. had an identical trade with our liquidity providers. During the historic move, liquidity became extremely scarce and shallow, which affected execution prices. This liquidity issue resulted in some clients having a negative balance.


While clients could not cover their margin call with us we still had to cover the same margin call with our banks. When a client profits in the trade FXCM gives the profits to the customer, however, when the client is not profitable on that trade FXCM Inc. ends up having to pay the liquidity provider.


FXCM ended with a regulatory capital shortfall. Accordingly, FXCM needed to get a loan to cover this balance, which it did. For anyone that still thinks FXCM is running an FX dealing desk, we have now demonstrated that such is not the case."

  • #108
  • Apr 11, 2016 6:12pm Apr 11, 2016 6:12pm
Quoting Sossos
Ah, memories of PFG. Every American Forex trader lost 100% of their account despite the fact that they were supposedly segregated accounts. After that I no long even consider Forex to trade on. If and or when they centralize Forex I'll think about it.
Quoting sidhujag
{quote} We are headed towards decentralized systems... we need centralized clearing via blockchain ledger
PFG was both a futures and forex broker, so I'm not sure what you believe centralizing forex would accomplish. The problem was they were secretive about their financials going as far as hiring an obscure accountant to audit their books.

By contrast, we believe in making our financials transparent so that clients and potential traders know about our performance and health as a company. FXCM strongly believes all traders should be asking his or her broker some pivotal questions regarding the company's financial stability. Our financials are audited by Ernst & Young, which is one of the top four ranked accounting firms in the world.

FXCMs regulatory capital position is as strong as it has been in recent years. Minimum regulatory capital requirements for continuing operations (US, UK & Australia) and discontinued operations is $63 million. FXCM however, has regulatory capital of $148 million, a surplus of $85.1 million.
  • #109
  • Apr 11, 2016 6:16pm Apr 11, 2016 6:16pm
Quoting sidhujag
I had issues like this trading gold with them but instead they would extend price to touch my sl and only their chart ever got to that price... ill never be back with those crooks
Hi Sidhujag,

Is it possible you're not taking into account the bid-ask spread? This can be a factor during news events when spreads can widen particularly with gold which is especially volatile.
  • #110
  • Apr 11, 2016 6:24pm Apr 11, 2016 6:24pm
Quoting meyoik
Thanks for starting this thread I've had some friends tell me they had issues with their MT4 platforms too, some strange over night accounting.
Hi Meyoik,

Did your friends tell you anything more specific about these issues? I would be happy to address their concerns.
  • #111
  • Apr 11, 2016 6:35pm Apr 11, 2016 6:35pm
Quoting timos
There is a reason why they've got fined so many times..... {quote}
Hi Timos,

It's important to understand that as an industry leader, FXCM is subject to a greater level of scrutiny than smaller, less-regulated forex brokers. We are one of the only retail forex brokers in the world that's regulated on three continents. By contrast, it's unlikely for an unregulated or lightly-regulated firm would get much attention.

That's not to excuse previous regulatory actions, but rather to emphasize how FXCM actively works with our regulators to resolve issues and ensure the best trading environment possible for our clients. We welcome our position of responsibility, and our retail clients who place 563,123 trades through us per day* are glad we do.


* As of the latest publicly available data from March 2016
  • #112
  • Apr 11, 2016 6:43pm Apr 11, 2016 6:43pm
Quoting LuKa12
{quote} I had a scalping method that worked perfect via NT off FXCM once live (told by FXCM demo was exactly the same as live) things changed fill times down (pauses) method lost its sparkle so I stopped trading with FXCM.
Hi LuKa,

While FXCM demo accounts display live market prices, no demo account can fully replicate the liquidity (or lack thereof) of live trading during major news events or other times when prices change quickly. Therefore, it's important to understand that slippage is a risk of live trading with any broker.

The great thing about trading with FXCM is that slippage can be either positive or negative, and we have tools like Market Range and Range Entry to help you minimize your negative slippage while still receiving the full benefits of any positive slippage that's available.
  • #113
  • Edited 7:18pm Apr 11, 2016 7:03pm | Edited 7:18pm
Quoting Hurst
Their rollover charges are much higher than they should be. They also did the same to me not closing trades at tp areas but hitting stops like no tomorrow even though price never actually touched those areas. They also had a practice of gapping through stops over the weekend nailing you with the excess. If it gapped through a pt they would give you exactly the original pt target. The got fined for that, I also got back money from them for this, but it tells you they are crooks because they have been dishonest in the past. Most brokers are playing...
Hi Hurst,

Our rollover rates are a reflection of the rates we receive from our liquidity providers which you can see here: http://bit.ly/1mbpmtH

Quoting Hurst
They also did the same to me not closing trades at tp areas but hitting stops like no tomorrow even though price never actually touched those areas.
There could be a couple of explanations for this:

  1. You are not taking into account the bid-ask spread.
  2. You're trading on our NDD price feed (raw spreads with commissions) but looking at MT4 charts for our DD price feed (all inclusive spreads with no commissions), or vice versa.

Quoting Hurst
They also had a practice of gapping through stops over the weekend nailing you with the excess. If it gapped through a pt they would give you exactly the original pt target. The got fined for that, I also got back money from them for this, but it tells you they are crooks because they have been dishonest in the past.
You're right that FXCM should have passed on positive slippage to our clients from the beginning. As part of our settlements with the FCA and other regulators, we reimbursed both current and former clients for any positive slippage they should have received prior to 2010. That same year, we updated our execution system to pass on positive slippage to our clients whenever it's available.

FXCM LLC (our US-regulated entity) now provides daily trade reports to the NFA which monitors and supervises FXCM LLC's activity including information on the price where client orders are filled and the corresponding price where those orders are offset with our liquidity providers. All of FXCM's global trading entities including FXCM UK and FXCM Australia execute client rolling spot forex transactions as a riskless principal with FXCM LLC, so the same execution standards are applied for all FXCM clients worldwide.

Quoting Hurst
Most brokers are playing against you, so it is in their interest to take as much money off you as possible. Retail traders have a short life, brokers know this and i doubt most brokers actually put your orders into the market. FXCM also start rejecting your orders especially if you are making money out of them, having withdrawn profits from them, I am now finding that my market orders keep getting requoted even in slow markets.
We are not most brokers. As a result of the changes we made in 2010, FXCM is now one of the only firms in the industry to pass on positive slippage on all order types including market and limit orders. By contrast, some forex brokers will re-quote their clients rather than let them benefit from price improvements. There are no re-quotes with FXCM.

It's possible the problems you are facing are due to some technical issue or latency. (Your forum profile mentions you live in Australia and our servers are in the US.) Either way, our tech support team would be happy to investigate this for you and offer solutions.

Quoting Hurst
By restricting this movement FXCM stop you scalping. Depending on the trading you are doing FXCM could be a serious effect on your ability to make a profit.
On our NDD model, we profit from your trading volume, not your losses. That means scalpers are some of our best clients. We even have an Active Trader program that offers commission discounts for high volume traders.
  • #114
  • Apr 11, 2016 7:17pm Apr 11, 2016 7:17pm
Quoting GDR3k
Use limit orders to get around broker debauchery
Quoting meyoik
Good tip GDR3k
Quoting Goldmines1
{quote} hi can you please tell how limit orders can help in such situation? why cant broker play on limit orders?
You're right. That is a good tip, but not for the reason you think.

On our NDD model, FXCM immediately offsets each client order with the best prices from competing liquidity providers, and doesn't profit from client losses or lose from client profits. But stats show that over 58% of all limit and limit entry orders received positive slippage with FXCM.
  • #115
  • Apr 11, 2016 7:21pm Apr 11, 2016 7:21pm
Quoting Jason Rogers
Where to begin with this post?

Bitch, be kewl....

Easy on the fingers dude...carpal tunnel is forever!

Inserted Video
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #116
  • Apr 11, 2016 7:31pm Apr 11, 2016 7:31pm
Quoting Magix
Easy on the fingers dude...carpal tunnel is forever!
Sound advice. I'll pick this up again in the morning.
  • #117
  • Apr 12, 2016 1:41am Apr 12, 2016 1:41am
Go to the CFTC website cftc.gov and type in "FXCM" in the search bar. The results will be quite illuminating - for example

Results 1 - 10 of about 323 for fxcm


So FXCM has scammed at least 323 people, scammed enough to have them file complaints with the government. I would suggest you file a complaint as well.
  • #118
  • Apr 12, 2016 1:52am Apr 12, 2016 1:52am
Oh btw, Jason Rogers if you're reading this, the CFTC information is on the public record. So don't even THINK of trying to deny it. If you do, I'll start posting the complaints against your scumbag company, one by sweet little one... Now, have a nice day.
  • #119
  • Apr 12, 2016 2:58am Apr 12, 2016 2:58am
Hi all
This is not the first time traders have such problem with this broker
But you have to know that most of brokers earn money such this way i have lots of films during my tradings with even well-known brokers
I would like to ask all of traders to mention their problems with brokers and open a thread and not let those trickier and scam Brokers to be richer by this or that
ways, please.
Have a nice time
  • #120
  • Edited 7:26am Apr 12, 2016 6:13am | Edited 7:26am
Quoting Jason Rogers
To clarify, I believe you mean Problem 3, not Day 3, since earlier you said Problem 1 occurred on Day 3. It's important to understand that rollover interest rates for JPY pairs spiked on March 31st not just for FXCM but for market participants around the world as shown by graphs of the global JPY rollover rate at the time. {image} You mentioned a dealing desk broker did not reflect the same spike in JPY rollover rates. That may be, but it only highlights the fact that since a dealing desk broker doesn't offset each of your trades in the market,...
Jason, thankyou for your incredibly patronizing post....Augh. That's right. You are the all knowing one and we should trust everything you say.

Please don't post random pictures of the JPY interest rate saying they are from Bloomberg. Please post the actual resource. I would like the see the actual links to these pictures you posted from Bloomberg! I want to study them.

It's completely known from multiple sources that the interest rate for the JPY did go up over night by 250% April 1st. You don't need to show us that. You need to show and explain to us here why I saw an increase of 4370% on my rollover on 3/31 and why it was increased by 4370%. I would understand a broker increase in spreads up to 250-300% but not 4370%. You're really trying to defend an increase like this?

Also you have your facts wrong. The big increases in the JPY interest rate happened on 3/29 and 4/1. Why was mine increased by 4370% on 3/31 when the rate was fairly close to standard.

See my attached picture for interest rate stats. I even used you're Global-rates.com source.
Attached Image (click to enlarge)
Click to Enlarge Name: Interest_rate.png Size: 322 KB
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