FXCM Discussion

I had a small account with FXCM (~2k$). I did not trade CHF but I don't trust this broker anymore. Yesterday I made a withdrawal request. Do you guys think they will send me back my money or they will keep it?

one bad news and brokers going belly up

Sorry for my ignorance, what happens when a broker sells itself? Does it cease operating? For a major institution to say that holds a lot more credit than a few traders on ff...

To my fellow trader friends based in Australia:

I recently logged an ASIC (Australian Securities & Investment Commission) claim and the progress is very positive. I couldn’t say much more about my case because it is confidential at the moment but I encourage everyone who suffered a negative balance on your account and is chased by your brokers to stand up and report to ASIC.
Don’t get scared by the contract you signed with your broker. Why? because government regulatory entities is on top of the contractual law in almost any country. ASIC looks way beyond the wordings of the contract. They look at numerous things such as how brokerage companies advertise and communicate to their clients, mismanagement of risk to protect their clients….etc. Brokers such as FXCM who advertised “It is their policy to credit retail trading accounts to a zero balance when debit balances occur as a result of trading on FX or CFDs” is clearly a breach of the ASIC regulatory law.
FXCM has no risk management at all. On the other hand, companies like forex.com (Gain Capital) did the right thing with their risk management in the past 12 months by implementing various protective measures.

So, how effective and powerful ASIC is? Please look at the following two articles and see how many FX brokage companies ASIC forced to close in the past year in Australia:
http://leaprate.com/2014/10/asic-tak...federal-court/
http://forexmagnates.com/asic-forces...try-crackdown/

These two articles tells us when we report a claim to ASIC, we should include every possible evidence we can provide because ASIC has a much broader view on how these brokage firms should be regulated. No evidence is too small. Provide everything from your emails, live chats, broker’s advertisement, news articles…….etc.

This is the web link to report to ASIC, let us all work together so we can make a change to protect our rights:
http://asic.gov.au/about-asic/contac...r-trading-etc/

I am not saying we traders shouldn’t bear the risk ourselves. But for account to go into deep negative territory, brokers who failed to have the protective measures in place needs to bear a lot of responsibilities as well.

They will send it. Got mine yesterday on a larger account

Where is Jason

I put in a withdrawal request VIA ACH on Friday...how long did it take for you to get your funds?

Made my withdrawal on Friday morning European time via the web interface. Got my money on Tuesday morning.

I'm in the states and withdrew@ 8:30 am London time Friday and haven't seen squat yet

But you've got your confirmation email from FXCM that the withdrawal is being processed? I got mine at about 7:45 am CET in the morning.

Put mine in Friday morning. Got it yesterday


Did you get the email

Is your MT4 showing 0 balance?

I just got off live chat with them, my acct shows 0, they said to allow several business days for it to clear

I'd check later today...

It's on the way

Hahahaha quality

Karma is a bitch. All of those year screwing their clients. Ironic thing is had they not changed for the better to non dealing desk, they would have survived just fine. Look at scam broker forex.com, they made money that day.

http://www.valuewalk.com/2015/01/retail-forex-traders/

"As Josh Brown, Jason Zweig and other smart observers point out – maybe detail investors should just say no to FX trading."

cnbc jim cramer in an interview with IB's ceo petterfy: "are individuals even supposed to be in this market"?

for americans, hard times ahead!

Hi Kayolix,

FXCM customer support is available to help if you have any questions about a withdrawal. Simply access live chat or give us a call. Traders can continue to trade, deposit, or withdraw as always.

Jason

Hi Profit Daily,

FXCM believes NDD forex execution provides a fair model for our traders and eliminates the conflict of interest that is present when you trade with a dealing desk broker.

When you are trading with a dealing desk firm, or a market maker, at the most basic level, when you lost money on those trades, they may profit off of your loss. And as you mentioned, some dealing desk brokers announced profits that day. When you are trading with a dealing desk firm, or a market maker, at the most basic level, when you lost money on those trades, they made money. Imagine what would have happened at a dealing desk firm had the market moved in the other direction.

Jason

Finally Jason Rogers is here.

Maybe he can answer the question surrounding fxcm no debit balance policy.

Btw, I just realised Jason Rogers status is "invisible" whenever he's online, so maybe he's been reading this forum for hours and trying to pick which questions should he answer and which ones he better avoids.

So, Jason in all fairness to forum community, pls answer this.

Does FXCM have a no-debit-balance policy or not?

Closed my fxcm account. It was a shame because I had positive trading experience with them. I didn't like the way customer support handled my inquiries and I don't like the situation at hand.