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FXCM Discussion

  • #9,881
  • Feb 7, 2017 2:04am Feb 7, 2017 2:04am
Quoting GEfx
I left fxcm after their nearly-fatal exposure the the CHF mess several years ago. The event should have been enough for every fxcm client to close their account and move to a reliable broker. I have accounts at oanda and forex.com. ( I made a brief attempt to return to fxcm several months ago with a small account, but closed it at the first of the year, as a result of some information I got about their management.)
Sure, from one to another???

FXCM clients who are moving to GAIN / Forex.com need to be aware that this new broker has multiple regulatory actions taken against it by the NFA, and the CFTC. Beware of Forex.com

http://www.forexscamalerts.com/fxcm-...ined-7-million

http://www.cftc.gov/PressRoom/PressReleases/pr7528-17
It takes a lot for me to IGNORE you, but you can try.
  • #9,882
  • Feb 7, 2017 2:24am Feb 7, 2017 2:24am
I have been anti fxcm and forex.com for many years and everytime Jason Rogers and others would come to defend these low life cheating companys. Well SUCK SHIT Jason and all you traders who ignored the facts. Im so happy these guys have finally got a decent punishment!
  • #9,883
  • Feb 7, 2017 3:53am Feb 7, 2017 3:53am
Quoting Jason Rogers
{quote} {quote} Hi Everyone, While I won't speak for other brokers, FXCM is open to considering new trading platforms. It's all based on trader demand, so I have noted your interest in cTrader and will let you know if we decide to offer it in the future. With our No Dealing Desk (NDD) forex execution, FXCM acts as a price aggregator. We take the best available bid and ask prices from our liquidity providers global banks, financial institutions and other market makers and stream those prices to your platform. {image} This large, diverse group of...
Remember this you piece of shit??? Telling people there is no dealing desk??? You are a low life CUNT and should be in jail getting fucked in the ass.
  • #9,884
  • Feb 7, 2017 4:00am Feb 7, 2017 4:00am
Quoting midnight
I have been anti fxcm and forex.com for many years and everytime Jason Rogers and others would come to defend these low life cheating companys. Well SUCK SHIT Jason and all you traders who ignored the facts. Im so happy these guys have finally got a decent punishment!
Exactly! There was plenty of red flags and yet many many traders still decided to use them and trust turds like this Jason cock!
  • #9,885
  • Feb 7, 2017 4:02am Feb 7, 2017 4:02am
Quoting midnight
I have been anti fxcm and forex.com for many years and everytime Jason Rogers and others would come to defend these low life cheating companys. Well SUCK SHIT Jason and all you traders who ignored the facts. Im so happy these guys have finally got a decent punishment!
Since FXCM was on the other end of the CHF shitstorm a few years ago, they were over leveraged and paid the price for it. They are a MM, no way around that. Also take into account that being a retail FX trader in the US is akin to a weed smoker; lots of regulation by the feds. With FXCM out of the picture there is only Oanda (which didnt lose money during the Swiss dip a few years ago (funny they are a MM too but they are honest) and forex.com, which is Gain Capital. With FXCM gone the market for off-shore forex retail will go up. Looked into a few myself but nothing is panning out.
  • #9,886
  • Feb 7, 2017 5:05am Feb 7, 2017 5:05am
Quoting hunter101
{quote} Since FXCM was on the other end of the CHF shitstorm a few years ago, they were over leveraged and paid the price for it. They are a MM, no way around that. Also take into account that being a retail FX trader in the US is akin to a weed smoker; lots of regulation by the feds. With FXCM out of the picture there is only Oanda (which didnt lose money during the Swiss dip a few years ago (funny they are a MM too but they are honest) and forex.com, which is Gain Capital. With FXCM gone the market for off-shore forex retail will go up. Looked...
I can recommend dukascopy. Been with them for 2 or 3 years. I originally was with fxcc and they were also good. Oanda is a MM but at least they are open about it!
  • #9,887
  • Feb 7, 2017 5:17am Feb 7, 2017 5:17am
Quoting midnight
{quote} I can recommend dukascopy. Been with them for 2 or 3 years. I originally was with fxcc and they were also good. Oanda is a MM but at least they are open about it!
Those would be great if U.S. traders were allowed to use them.
  • #9,888
  • Feb 7, 2017 6:01am Feb 7, 2017 6:01am
Quote
From September 4, 2009 through at least 2014 (the "Relevant Period"), FXCM and FXCM Holdings, by and through their officers, employees, and agents, including Respondents Niv and Ahdout, engaged in false and misleading solicitations of FXCM' s retail foreign exchange ("forex") customers.

What I've yet to see is whether FXCM's perfidy ended some time after 2014 or continues until February 17, when they're finally shut down.

Anyone know?

dwt
  • #9,889
  • Feb 7, 2017 7:00am Feb 7, 2017 7:00am
Quoting dwt
{quote} What I've yet to see is whether FXCM's perfidy ended some time after 2014 or continues until February 17, when they're finally shut down. Anyone know? dwt
The thieving did not stop in 2014. I know for a fact FXCM was fined €200,000 just several months ago. But as i said before, these fines are not a deterrent. They make tens of millions from cheating their clients, so paying a few million in fines is worth the crime.....
  • #9,890
  • Feb 7, 2017 7:09am Feb 7, 2017 7:09am
Question:
will the FXCM stock price collapse this time to zero? LOL
  • #9,891
  • Feb 7, 2017 7:10am Feb 7, 2017 7:10am
Quoting styles20001
{quote} Those would be great if U.S. traders were allowed to use them.
I did a search on: https://www.100forexbrokers.com/fx/broker_search.php

I selected accepts US clients, is regulated and is ECN.

Came up with 10 brokers. Stay away from the market makers and do research from the remaining 5. Hope this helps!
  • #9,892
  • Feb 7, 2017 7:24am Feb 7, 2017 7:24am
  •  leemo
  • | Joined Oct 2009 | Status: Frankie Howard lives on... | 42 Posts
I now know why I had so many rejected orders.
http://www.zerohedge.com/news/2017-0...tly-banned-nfa
  • #9,893
  • Feb 7, 2017 7:31am Feb 7, 2017 7:31am
Quoting The-Flipper
Question: will the FXCM stock price collapse this time to zero? LOL
Yesterday FXCM closed at $6.85 and at the moment in pre-market price is fluctuating around $2.95 -$3.5 The moment it will open, it will drop further. So yes - most likely it will become penny stock.
  • #9,894
  • Feb 7, 2017 8:29am Feb 7, 2017 8:29am
any practical example of them "cheating" their clients?
  • #9,895
  • Feb 7, 2017 8:49am Feb 7, 2017 8:49am
  •  leemo
  • | Joined Oct 2009 | Status: Frankie Howard lives on... | 42 Posts
Giving most of their business to one liquidity provider owned by the directors and receiving kick backs for it. Last look LP, so if the trade is moving for the trader in the first x milliseconds then dont execute the trade. If against the trader then ok

What a business?????
  • #9,896
  • Edited 9:15am Feb 7, 2017 8:59am | Edited 9:15am
".........the US Commodity Futures Trading Commission (CFTC) has fined FXCM $7 million for defrauding retail forex customers".
So, Jason.....I was right or what?

I'm glad to read that those scammers had to pay back what they stole from me and so many other traders. Justice sometimes work out.
  • #9,897
  • Feb 7, 2017 9:08am Feb 7, 2017 9:08am
Quoting fosterlince
any practical example of them "cheating" their clients?
There must be close to a dozen examples because FXCM have been fined so many times. Here is 1 that i spoke of from 2014:

https://www.fca.org.uk/news/press-re...s%E2%80%99-and

Copied & pasted from above link:
The Financial Conduct Authority (FCA) has fined Forex Capital Markets Ltd and FXCM Securities Ltd (“FXCM UK”) £4,000,000 for allowing the US based FXCM Group to withhold profits worth approximately £6 million ($9,941,970) that should have been passed on to FXCM UK’s clients.
  • #9,898
  • Feb 7, 2017 9:09am Feb 7, 2017 9:09am
I'm at EQLX and Dukascopy becasuse of these reasons and their model is better. I learned long ago that "STP" brokers just use a desk anyways from another company.
  • #9,899
  • Feb 7, 2017 10:16am Feb 7, 2017 10:16am
http://financefeeds.com/fxcm-and-ceo...nst-customers/
FXCM and CEO Drew Niv banned from US: Full details of FXCM’s several years of trading against customers
  • #9,900
  • Feb 7, 2017 10:38am Feb 7, 2017 10:38am
Quoting fosterlince
any practical example of them "cheating" their clients?
While I cannot speak about the NFA or CFTC complaint specifically due to the nature of our settlement, I can say that we have settled with the NFA and CFTC without admitting or denying any of their allegations or claims. Effex Capital is no longer pricing FXCM's NDD forex price feed. Note FXCM would not have suffered more than $200 millon dollars in losses during the SNB flash crash had it been taking the other side of client trades – unlike so many of the DD firms in the industry.

I can also discuss with you FXCM's execution practices outside of the US. FXCM uses 16 liquidity providers to create a best bid best offer price stream for clients. LPs selected to price retail clients are forced to adhere to an extremely high standard of execution beyond just price – including consistently low rejection rates, low latency, minimum quote sizes and high fill ratios even during market events.
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