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FXCM Discussion

  • #9,981
  • Feb 8, 2017 5:10pm Feb 8, 2017 5:10pm
Just a quick update, closed two accounts with FXCM yesterday and today, both times received my fund through wire within several hours. At least the relationship ended in a peaceful manner.
  • #9,982
  • Feb 8, 2017 5:15pm Feb 8, 2017 5:15pm
Quoting Forexia
{quote} The concern is NOT just that they are not regulated by the US regulatory body; it's that they are not regulated AT ALL, by anybody. And in fact there is not even regulations even laws in those offshore countries at all. Everything can be hunky dory for a few days, weeks even months but then all of sudden something can happen and your money can be gone in a flash and there could be NO recourse to get it back. It's this lack of or complete absence of recourse SHOULD something happens that worries people. When we deposit funds with a broker,...
They can't be regulated BY ANYBODY. Look at all the good brokers regulated in the UK, Australia, Dukas in SWitzerland. None of them can accept US clients because of US regulations, not those of their own country.
  • #9,983
  • Feb 8, 2017 5:29pm Feb 8, 2017 5:29pm
Quoting Forexia
{quote} .... I would be VERY weary in sending my money to any off-shore brokers that are located in places that don't even have decent laws, decent address let alone financial regulations. I agree with Shrike, these companies can just disappear overnight without a trace...
I agree completely Forexia. But Pipmaster77's point is that he deposits very small amounts at these brokers and utilizes the generous leverage. If the account gets wiped out, he deposits a little more. This, opposed to depositing a LARGE amount and using smaller leverage - which is how I've been paper trading. I see his point, but I figure you have to be right FAR more often than wrong to have any success when trading that way.
  • #9,984
  • Feb 8, 2017 5:40pm Feb 8, 2017 5:40pm
Quoting styles20001
{quote} I agree completely Forexia. But Pipmaster77's point is that he deposits very small amounts at these brokers and utilizes the generous leverage. If the account gets wiped out, he deposits a little more. This, opposed to depositing a LARGE amount and using smaller leverage - which is how I've been paper trading. I see his point, but I figure you have to be right FAR more often than wrong to have any success when trading that way.
Not neccessary to have huge winning %, it works the same way as if I had 50:1 broker. So, let's say I have 10K to trade with in my bank account, and I want to risk 2% on a trade. Let's say 5 minis on EURUSD with a 40 pip stop. With my broker, I only need to deposit the 200 I am risking. In the US, I need $1,000 on deposit with the broker just to cover the margin due to the 50:1. So I am risking the same % of my capital, it just isn't at risk of having more than neccessary on deposit at the broker. It truly is a mch, much less risky approach to trading. I never worry about broker closing shop or anything because my money is in my bank.
  • #9,985
  • Edited 6:03pm Feb 8, 2017 5:48pm | Edited 6:03pm
Quoting Bilstein
Closing my account with you guys hurt a little but it had to be done.
Quoting 1greyfox
No matter what happens, I want you to know that when I needed help and answers, you were always kind and prompt in getting me on the right track. Thank you for the good which you have done to make my experience with FXCM a good one. 1greyfox
Quoting yazzie
As a US FXCM client of many years am looking at going to Oanda or elsewhere but not many choices.
Quoting freden
Just a quick update, closed two accounts with FXCM yesterday and today, both times received my fund through wire within several hours. At least the relationship ended in a peaceful manner.
Hi Everyone,

On behalf of all my colleagues, I want to express our most sincere thanks to all our US customers who have been with us over the years and wish you all the best. It has been a pleasure and privilege for me to answer your questions here on the forum.
  • #9,986
  • Feb 8, 2017 5:51pm Feb 8, 2017 5:51pm
Quoting ngson99
Hi, I just want to report that my recent withdrawal request (made on 2nd Feb) hasn't been processed yet. With all recent development of fxcm in the US, I feel a bit unease. Normally, my requests are processed very fast - within 0 to 2 days. I have emailed my account manager (2 days ago) and also the [email protected] (yesterday). My account manager just got back to me last night and said they will expedite the request. Thanks
Hi Ngson,

As many others here have already confirmed, FXCM US clients can withdraw funds from their accounts (and even close their accounts) at any time simply by logging into the MyFXCM.com portal. While part of our settlement with the NFA and CFTC was to close our US subsidiary, there will be no changes for clients outside of the US. If you send an email to admin AT fxcm DOT com, and CC me at jrogers AT fxcm DOT com, our Operations staff can check on the status of your request and update you.

That said for US traders wanting to continue trading uninterrupted, please note FXCM has signed a non-binding letter of intent with GAIN Capital Holdings, Inc. (“GAIN”) under which GAIN would purchase FXCM's US customer accounts. The transaction is subject to regulatory approval and a definitive agreement. FXCM and GAIN are working to determine the timing for the account transfer and expect to provide further information in that regard in the coming days.
We will for the interim period continue to service our US customers and to provide top quality trade execution pending the customer-account sale and business withdrawal. FXCM will also be working diligently to be sure that an account transition to GAIN’s retail brand, FOREX.com, will be orderly, expeditious and seamless.
  • #9,987
  • Feb 8, 2017 5:53pm Feb 8, 2017 5:53pm
Quoting Jason Rogers
{quote} Hi Ngson, As many others here have already confirmed, FXCM US clients can withdraw funds from their accounts (and even close their accounts) at any time simply by logging into the MyFXCM.com portal. While part of our settlement with the NFA and CFTC was to close our US subsidiary, there will be no changes for clients outside of the US. If you send an email to admin AT fxcm DOT com, and CC me at jrogers AT fxcm DOT com, our Operations staff can check on the status of your request and update you. That said for US traders wanting to continue...
Hi,
My account is with the UK. Just to clarify.
Thanks
  • #9,988
  • Feb 8, 2017 5:53pm Feb 8, 2017 5:53pm
Quoting angus
What is going to happen with FXCM UK?
Hi Angus,

Since FXCM US has not been a contributor to overall profits for the firm over the past few years, FXCM will target significant cost cutting by closing the US entity. Specifically, withdrawing from this business will free approximately $52 million in capital. We will use the proceeds from any sale of the US accounts, as well as the large amount of regulatory capital currently tied up, to reduce the balance of our loan from Leucadia. With the reduction of this loan balance, along with sales of non-core assets that were previously announced, FXCM could be in a position to fully pay off the Leucadia loan before the end of this year.

With this exit, FXCM will be in a better position to service our international customers and focus on our profitable subsidiaries including FXCM UK. It's also worth noting that funds held with FXCM UK are insured for up to £50,000 per client by the Financial Services Protection Scheme.

Our full financials can be found here and we will announce our Q4 and full year 2016 financials in the next few weeks.
  • #9,989
  • Feb 8, 2017 5:55pm Feb 8, 2017 5:55pm
Quoting ngson99
{quote} Hi, My account is with the UK. Just to clarify. Thanks
Thanks for clarifying, Ngson. If you email admin and CC me as mentioned in my previous post, we can follow up on your request.
  • #9,990
  • Feb 8, 2017 6:02pm Feb 8, 2017 6:02pm
Quoting TheFxAnalyst
{quote} That would be interesting, always thought he was a real person.
Hi Everyone,

To clarify, 'Jason Rogers' is a pseudonym used on the forums as I disclose in my forum profile: http://www.forexfactory.com/jason*rogers

I set it up this way back in 2009 when I first started participating on the forums in the event someone else would need to fill my role as FXCM's online representative. But 7 years later, still me
  • #9,991
  • Feb 8, 2017 6:08pm Feb 8, 2017 6:08pm
Quoting Jason Rogers
{quote} Thanks for clarifying, Ngson. If you email admin and CC me as mentioned in my previous post, we can follow up on your request.
I don't get it, why do I need to send email to [email protected]? I have sent email to [email protected] already.
  • #9,992
  • Feb 8, 2017 6:29pm Feb 8, 2017 6:29pm
Quoting ngson99
{quote} I don't get it, why do I need to send email to [email protected]? I have sent email to [email protected] already.
Got a reply from admin.co.uk
New road block: they need a recent bank statement. For more than three years of monthly regular withdrawals, I was never being asked of the statement. A bit strange but I comply for now.
  • #9,993
  • Feb 8, 2017 8:58pm Feb 8, 2017 8:58pm
Quoting Jason Rogers
{quote} Hi FX_insider, I want to clarify some misinformation that your friend shared with you. While FXCM does own a liquidity provider, the name of that company is Lucid Markets. Its an institutional level liquidity provider in the forex market and to date has provided no liquidity to FXCM's retail no dealing desk execution. Here's a link to the press release when we announced our acquisition of 51% of Lucid. Non-disclosure agreements mean that we don't...


FXCM scammers finally caught out http://www.forexscamalerts.com/fxcm-...ined-7-million

The only misinformation has come from Jason Rogers. Wonder where he will pop up next
  • #9,994
  • Feb 8, 2017 9:03pm Feb 8, 2017 9:03pm
Quoting rod178
{quote} FXCM scammers finally caught out The only misinformation has come from Jason Rogers. Wonder where he will pop up next
I like TSII indeed, I will keep to use FXCM, mine is FXCM UK, seems won't be affected by this matter.
Forex, my love!
  • #9,995
  • Feb 8, 2017 9:57pm Feb 8, 2017 9:57pm
Quoting rod178
{quote} FXCM scammers finally caught out http://www.forexscamalerts.com/fxcm-...ined-7-million The only misinformation has come from Jason Rogers. Wonder where he will pop up next
"FXCM clients were denied favorable price improvements due to the abusive trade execution practices of Effex Capital. This effectively amounts to an asymmetrical slippage policy, which is against the law in the United States. It is also a practice that FXCM had been fined for as far back as 2011. For this reason, FXCM was found to have failed "to observe high standards of commercial honor and just and equitable principles"."

Under this "settlement" do FXCM US clients get back the money that was scammed from them?
trading GoldH4, EuroH1, and PoundH1 Futures and FX skype:fxtraderpro1
  • #9,996
  • Feb 8, 2017 10:30pm Feb 8, 2017 10:30pm
Quoting styles20001
{quote} I agree completely Forexia. But Pipmaster77's point is that he deposits very small amounts at these brokers and utilizes the generous leverage. If the account gets wiped out, he deposits a little more. This, opposed to depositing a LARGE amount and using smaller leverage - which is how I've been paper trading. I see his point, but I figure you have to be right FAR more often than wrong to have any success when trading that way.
Yeah but what I am talking about is NOT about how much you can trade with via leverage. I am talking about safety of funds and the credibility of the broker. One dollar lost with a broker due to scam is one dollar too much, how much leverage you can get is irrelevant. How much leverage do you think you can get if a broker just disappeared with your funds, no matter how small. So what are you going to do? Deposit another of your $100 with the next off-shore broker on the list and then pray the broker will still be there tomorrow when you wake up?
Make your losses in demo. Earn your profits live.
  • #9,997
  • Feb 8, 2017 10:31pm Feb 8, 2017 10:31pm
Quoting carguychase
{quote} "FXCM clients were denied favorable price improvements due to the abusive trade execution practices of Effex Capital. This effectively amounts to an asymmetrical slippage policy, which is against the law in the United States. It is also a practice that FXCM had been fined for as far back as 2011. For this reason, FXCM was found to have failed "to observe high standards of commercial honor and just and equitable principles"." Under this "settlement" do FXCM US clients get back the money that was scammed from them?
No, into the pocket of CFTC/NFA it goes!!
Make your losses in demo. Earn your profits live.
  • #9,998
  • Feb 8, 2017 10:39pm Feb 8, 2017 10:39pm
Quoting Forexia
{quote} No, into the pocket of CFTC/NFA it goes!!
Can we initiate a group lawsuit?
trading GoldH4, EuroH1, and PoundH1 Futures and FX skype:fxtraderpro1
  • #9,999
  • Edited 11:20pm Feb 8, 2017 10:40pm | Edited 11:20pm
I am going to host a youtube live event tonight (Thursday) February 9, at 10:00 to 11:00 pm central time for those who would like to discuss the FXCM situation and alternative brokers. Here is the link if you are interested:
Inserted Video


I see that the link opened instead of just posting the link... so if you click on my name and bring up my profile, you can link to my web site and from there get the YouTube link to the live event.
  • #10,000
  • Feb 8, 2017 10:51pm Feb 8, 2017 10:51pm
@mindyyost,

Does Interactive Brokers offer forex account for a reasonable account size? I saw some crazy number such as $10M is required.
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