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I was fleeced by my broker and I have proof!

  • #121
  • Edited 5:27am Apr 12, 2016 4:14am | Edited 5:27am
Quoting Jason Rogers
{quote} Konichiwa MrHigurashi, If you take a look at the USDJPY spot versus Tom/Next spread seen on Bloombergs forward points that day, you will see that this was by no means limited to FXCMs rollover interest rates. {image}

Again, I can't find this anywhere on Bloomberg. Post your source.
  • #122
  • Apr 12, 2016 4:27am Apr 12, 2016 4:27am
Quoting Jason Rogers
{quote} 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...

This is just about the worst excuse I've heard for this problem. This was the best you could come up with? You just said that my server was one of the 2 servers that was known to have a problem. Now that's not on the table anymore? Ok great. Lets talk about the real problem behind this issue since it's not a server issue anymore.

Also why would the 2 prices display differently and why is this normal? What I describe here is NOT normal and is actually called a discrepancy in price. I especially like this part about what you said..."It's possible the MT4 charts you saw were displaying all inclusive spreads." You really don't know why or have a REAL explanation for the discrepancy I was having here. Go back and try again please. Because as I understand it, this picture could get you another fine.
  • #123
  • Edited 5:30am Apr 12, 2016 4:42am | Edited 5:30am
Quoting Jason Rogers
{quote} 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...

Again, I'm on your new server now and the spreads are still displaying differently compared to my ATC account. I'm comparing live server to live server. So what you are saying is not true.

This does not explain why this discrepancy was even taking place. Why does the biggest broker in the world have such a stupid mess up on their displayed spreads for over a week and not know it?

By the way, my account was a standard ECN account.

"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."

This was not what I was seeing. Look at the picture again. As I see you still have 1 big problem here...

1. Why was there a problem with the displayed prices? You never answered this. From your reasoning I understand you say I could have been receiving mini account spreads when I was using a standard account. Why was this happening was what I wanted to know.
  • #124
  • Apr 12, 2016 4:45am Apr 12, 2016 4:45am
Quoting Cubbybgood
{quote} Again, I can't find this anywhere on Bloomberg. Post you source.
You wont because this is Bloomberg's enterprise product. It cost way way more then any retail trader can afford.
  • #125
  • Apr 12, 2016 4:51am Apr 12, 2016 4:51am
I would just say, there are lots of brokers out there, do your research and make a judgment call. Ignore any advertisement or marketing.

I would like to know though, did anyone else with a ECN broker experience this type of rollover on that date?

LOL, wow, they are really trying to kill this thread without actually killing it. I just posted and nothing showed up on the main page. That's just bad form FF.
  • #126
  • Apr 12, 2016 5:10am Apr 12, 2016 5:10am
Quoting mrhigurashi
{quote} You wont because this is Bloomberg's enterprise product. It cost way way more then any retail trader can afford.
Actually, the first pic of the JPY rate he posted I'm pretty sure is from Dailyfx.com. Hee said it was from bloomberg. Still would like to see that source. I sure that was not taken from software.
  • #127
  • Apr 12, 2016 5:21am Apr 12, 2016 5:21am
Quoting mrhigurashi
I would just say, there are lots of brokers out there, do your research and make a judgment call. Ignore any advertisement or marketing. I would like to know though, did anyone else with a ECN broker experience this type of rollover on that date? LOL, wow, they are really trying to kill this thread without actually killing it. I just posted and nothing showed up on the main page. That's just bad form FF.

I would like to know this as well. All I know is OANDA and forexbrokerinc did not.
  • #128
  • Apr 12, 2016 5:23am Apr 12, 2016 5:23am
If I here one more rep at FXCM say that OANDA is a "dealing desk" broker I'm going to lose it. I most have been told this by at least 5 different reps at FXCM. Jason said this in on of his posts here. He later deleted it. Said something like.... OANDA's JPY rates didn't change because they are a dealing desk broker. Nice comment Jason. Don't worry, I saw it before you deleted it. Please tell everybody at FXCM that OANDA is NOT a dealing desk broker and never have been! They don't seem to have their facts straight.
  • #129
  • Apr 12, 2016 5:23am Apr 12, 2016 5:23am
Well, that's it for now. I guess I'll wait to see what Jason comes up with now....
  • #130
  • Apr 12, 2016 9:55am Apr 12, 2016 9:55am
Quoting Cubbybgood
If I here one more rep at FXCM say that OANDA is a "dealing desk" broker I'm going to lose it. I most have been told this by at least 5 different reps at FXCM. Jason said this in on of his posts here. He later deleted it. Said something like.... OANDA's JPY rates didn't change because they are a dealing desk broker. Nice comment Jason. Don't worry, I saw it before you deleted it. Please tell everybody at FXCM that OANDA is NOT a dealing desk broker and never have been! They don't seem to have their facts straight.
I always thought Oanda was a DD. What are they then?
  • #131
  • Apr 12, 2016 10:10am Apr 12, 2016 10:10am
Oanda is a marketmaker, and they never claimed otherwise. They dont have a desk where dealers sit and look at client trades, but who does with todays automation anyways.
  • #132
  • Edited 11:01am Apr 12, 2016 10:37am | Edited 11:01am
Quoting mitch77
{quote} I always thought Oanda was a DD. What are they then?

I can't find any info online that they are or are not a dealing desk broker. All I know is they claim not to be. Just like FXCM claims not to be.
Attached Image (click to enlarge)
Click to Enlarge Name: OANDA_no_dealing_desk..png Size: 337 KB
  • #133
  • Apr 12, 2016 10:55am Apr 12, 2016 10:55am
Thanks for the replies.
  • #134
  • Edited 6:04pm Apr 12, 2016 4:36pm | Edited 6:04pm
Quoting Cubbybgood
{quote} Jason, thankyou for your incredibly patronizing post....Augh. That's right. You are the all knowing one and we should trust everything you say.
I'm sorry that's how you feel. My goal is simply to address some misconceptions you have about FXCM. We strive to provide all our clients with excellent service. I would like to extend this same level of service to you even though you have already closed your account with us. As I mentioned in my earlier posts, the Trade Services Team can investigate exactly what happened with your trades, if you will provide them with the necessary details by filing an inquiry.

Quoting Cubbybgood
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!
Quoting Cubbybgood
{quote} Again, I can't find this anywhere on Bloomberg. Post your source.
Quoting mrhigurashi
{quote} You wont because this is Bloomberg's enterprise product. It cost way way more then any retail trader can afford.
Quoting Cubbybgood
{quote} Actually, the first pic of the JPY rate he posted I'm pretty sure is from Dailyfx.com. Hee said it was from bloomberg. Still would like to see that source. I sure that was not taken from software.
As MrHigurashi said, the Bloomberg Terminal is a paid premium service. While the image I shared with you previously was from a DailyFX article about the spike in Yen overnight interest rates, Bloomberg was cited as the source of the data. You can confirm this by looking at my subsequent post to MrHigurashi which included a screenshot taken directly from the Bloomberg Terminal.
  • #135
  • Edited 5:44pm Apr 12, 2016 5:24pm | Edited 5:44pm
Quoting Cubbybgood
{quote} This is just about the worst excuse I've heard for this problem. This was the best you could come up with?
This first thing I told you about the problems you described was the following:
Quoting Jason Rogers
I would need more details to be sure, but based on what you said, I believe Problems 1 and 2 you described had to do with a known issue which affected 2 of our MT4 servers on that particular day...

However, in the absence of complete information, I was always open to other explanations:
Quoting Jason Rogers
The bid-ask spread would have been one of my first thoughts as well. But in this case, based on the OP's description, I think the problem may have been related to a known issue that affected two of our 20 MT4 servers at the time in question...

Quoting Cubbybgood
Also why would the 2 prices display differently and why is this normal? What I describe here is NOT normal and is actually called a discrepancy in price. I especially like this part about what you said..."It's possible the MT4 charts you saw were displaying all inclusive spreads."
We have 20 MT4 servers. Some of our MT4 servers display our all inclusive spreads for Mini accounts which trade commission-free, while others display our low NDD spreads for Standard accounts which pay a separate commission.

Quoting Cubbybgood
You really don't know why or have a REAL explanation for the discrepancy I was having here. Go back and try again please. Because as I understand it, this picture could get you another fine.
It's unfortunate you see us as being on opposing sides, because the truth is I want to know what happened with your trades as much as you do. Please help me help you. I have invited you multiple times in the course of our discussion to file a trade inquiry.

That way the Trade Services Team has the necessary details such as your account number and ticket numbers for the trades in question, so they can investigate this for you. As I mentioned previously:

Quoting Jason Rogers
My offer stands, even though you closed your account with us. If an error on our part negatively impacted your trades, we will make the appropriate correction. If such a correction were to involve making a credit to your account, you are welcome to withdraw those funds and trade them elsewhere. However, I hope you will see it's FXCM's goal to treat you fairly as we always have from the time your ATC trades were cleared through us.
  • #136
  • Edited 5:57pm Apr 12, 2016 5:30pm | Edited 5:57pm
Quoting Cubbybgood
If I here one more rep at FXCM say that OANDA is a "dealing desk" broker I'm going to lose it. I most have been told this by at least 5 different reps at FXCM. Jason said this in on of his posts here. He later deleted it. Said something like.... OANDA's JPY rates didn't change because they are a dealing desk broker. Nice comment Jason. Don't worry, I saw it before you deleted it.

I did not delete anything like you described. This is my original statement and I stand by it:
Quoting Jason Rogers
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, they can charge you whatever rollover rate they like. By contrast, FXCM provided you with NDD execution and had to pass on the higher rollover rates for JPY pairs that banks were charging us.

Quoting Cubbybgood
Please tell everybody at FXCM that OANDA is NOT a dealing desk broker and never have been! They don't seem to have their facts straight.
As several others have confirmed here, your current broker is a market maker, which is another term for a dealing desk broker. They say this on their own website. The reason you may have been confused about this is because they also say they have "no dealing desk... intervention". However, that is not the same as saying they have no dealing desk at all.

To provide true No Dealing Desk (NDD) forex execution as FXCM does for all our Standard accounts, we offset each client order one-for-one with the best prices from competing liquidity providers. That means we don't take the market risk on the other side of your trades. We want you to be profitable, because we make our money from your trading volume, not your trading losses.
  • #137
  • Apr 12, 2016 6:47pm Apr 12, 2016 6:47pm
Jason, I understand we're just going to agree to disagree. There is no point in responding to all your messages anymore.

I was trying to point out the bigger picture here yet you continue to belittle me. FXCM has so many complaints against them yet you act as if they don't exist. They have a large history of unethical practices. It's the reason they have had to pay 10's of millions in fines over the years. It shows a broker that breaks the rules, takes advantage of clients and attempts to get away with it. I expected more from one of the largest brokers in the world. It's disappointing that ethical practices are still being broken and what I've pointed out in my thread is proof of it. Obviously FXCM's luck has not been very good with bad practices and you can't deny that. Just because you've been caught a few times does not mean that's the only rules of trade you've broken. You've just not been caught....yet. Until I stop hearing FXCM paying fines for bad practices you can expect people like myself to continue to post online of bad experiences. You can only put out the fire so long before it gets to big.

Good luck in playing the single man battle here.
  • #138
  • Apr 13, 2016 12:14am Apr 13, 2016 12:14am
Quoting Cubbybgood
Well, that's it for now. I guess I'll wait to see what Jason comes up with now....
Quoting Cubbybgood
Jason, I understand we're just going to agree to disagree. There is no point in responding to all your messages anymore.

I was trying to point out the bigger picture here yet you continue to belittle me. FXCM has so many complaints against them yet you act as if they don't exist. They have a large history of unethical practices. It's the reason they have had to pay 10's of millions in fines over the years. It shows a broker that[/highlight]...
Contradiction
  • #139
  • Apr 13, 2016 12:22am Apr 13, 2016 12:22am
First of all I don't want to stand on any side as I haven't traded with FXCM, but I can see that FXCM was fined for taking clients profits from price improvements and they stopped it after 2010. Cubbybgood, do you know other fines that they paid for cheating clients?

http://www.wsj.com/articles/SB100014...06640141660638
  • #140
  • Apr 13, 2016 2:46am Apr 13, 2016 2:46am
Quoting Jason Rogers
{quote} 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...
fill times increased a lot... hence no more fxcm.

do difference in fill times from demo to live with my current broker. fxcm play games imo.
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