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  • #9,901
  • Feb 7, 2017 10:42am Feb 7, 2017 10:42am
Quoting Jason Rogers
{quote} 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...
Jason, please don't insult our intelligence with all that BS. It's proven beyond doubt that FXCM is a scam and you're part of it.
  • #9,902
  • Feb 7, 2017 10:49am Feb 7, 2017 10:49am
Quoting Jason Rogers
{quote} 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...
Especially as you once more emphasize the "high fill ratios" and "hig standard of execution".. my own experience with you does not support that extraordinary situation! Slippage as value for liquidity indicates you are far from your competitors here, which also have to rely on "high quality filling". So there is a big crack on the picture you always draw here.
I once reviewed this on myfxbook, but my answer on your proposals for possible reasons of my bad experience got deleted.
  • #9,903
  • Feb 7, 2017 11:03am Feb 7, 2017 11:03am
Quoting Jason Rogers
{quote} 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...
Dont sugar coat the situation you slimey cockroach. FXCM has been found guilty many times and has been fined millions of dollars many times.

From wikipedia:
In December 2010, FXCM went public and began trading on the NYSE, becoming the first forex broker in the US to IPO. The initial public offering price was 14.00 per share.[10][11] The following year, in February and March 2011, a number of class actions lawsuits were filed against FXCM, alleging fraud and racketeering from deceptive and unfair trade practices, and misleading shareholders during the 2010 IPO.[12][13][14]
In August 2011, the NFA fined FXCM $2M for slippage malpractices. FXCM reached settlements with the NFA and the CFTC of $2M and $6M respectively, for practices relating to failure to pass along positive slippage to customers on certain order types prior to August 2010. In conjunction with these settlements, FXCM provided clients with restitution for the total amount of positive slippage, approximately $8M.[15]
In October 2011, FXCM completed its acquisition of Japanese FX broker Foreland Forex Co., Ltd. for approximately $17M, net of cash and liquid assets acquired.[16]
On October 25, 2011, three debtors, Certified, Inc., Global Bullion Trading Group, Inc., and WJS Funding, Inc., filed an adversary complaint in the United States Bankruptcy Court for the Southern District of Florida against Forex Capital Markets LLC, ODL Securities, Inc., and ODL Securities, Ltd. (“Defendants”). The complaint asserts claims under the Federal Bankruptcy Code to recover allegedly preferential and fraudulent transfers to the Defendants, under the Racketeer Influenced and Corrupt Organizations Act (“RICO”), 18 U.S.C §1961 et seq., as well as the common law. The complaint seeks an unspecified amount of compensatory and punitive damages, interests, and costs.[17]
  • #9,904
  • Feb 7, 2017 11:05am Feb 7, 2017 11:05am
Well; FXCM is finally caught red handed; and ForexFactory has been mentioned in the article

http://financefeeds.com/fxcm-and-ceo...nst-customers/
  • #9,905
  • Feb 7, 2017 11:08am Feb 7, 2017 11:08am
Jason and the rest of FXCM are dishonest and a bunch of low life crooks. The penalties and law suits all justify what i say. You guys should be in jail.
  • #9,906
  • Feb 7, 2017 12:01pm Feb 7, 2017 12:01pm
Quoting Jason Rogers
{quote} 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...
https://www.forexcrunch.com/snbomb-r...forex-brokers/

FXCM was on the otherside of the Swiss so you guys had to get bailed out for the flash crash. While Oanda forgave negative equity.. If you were referring to Oanda then you are wrong. Look Oanda is a MM which is certain, they do price people out with stops, but many other brokers do that, yet FXCM was essentially the biggest retail FX in the US and now you guys are gone because the board wanted to get money not just from spread/commissions but also hedging against their clients. Trading against their clients will always end up losing, for 95% of FX traders fail, why not brokerages?

It's great that you can talk up your 16 liquidity providers yet still go against your clients? Something doesnt add up here. You can talk all you want but the market does not lie. FXCM's stock is falling and people will know that FXCM is a scam/scamming their clients. Look, i was looking to join up with FXCM in a few months too until this yesterday's news hit. Now as a US citizen i have to go off shore, where there is no regulation. I rather be there than at Gain. And yes i am with Oanda.
  • #9,907
  • Feb 7, 2017 12:24pm Feb 7, 2017 12:24pm
Quoting swingtrade65
Hi Jason, How about you explain to me why as soon as 5pm hits the spreads get crazy wide....seems to me like a stop hunt or a chance to scam some pips from retail traders......how about a spread going from an average "according to the FXCM website" of 1.5 but everyday they stretch it out....today it was listed as 24 pips....with NO NEWS ????????????????????

As the day draws to a close the liquidity dries and the spreads widen so while it appears to be as you said its simply a premium if you wish to trade when there are few market makers If I'm am correct
  • #9,908
  • Feb 7, 2017 1:26pm Feb 7, 2017 1:26pm
Quoting midnight
{quote} 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!
Thanks Midnight!!
  • #9,909
  • Feb 7, 2017 1:30pm Feb 7, 2017 1:30pm
dear sir
i am member of fxcm and have a live account i tried to make withdraw but i recieved a message tell me that my bank account number is not found i go to my account to update my bank information but i didnt find bank account number just i found bank iban and i wrote it but they still need my bank account nuber
please help me to add my account number and where to add it

regards
  • #9,910
  • Feb 7, 2017 2:09pm Feb 7, 2017 2:09pm
Quoting amiralrawi
dear sir i am member of fxcm and have a live account i tried to make withdraw but i recieved a message tell me that my bank account number is not found i go to my account to update my bank information but i didnt find bank account number just i found bank iban and i wrote it but they still need my bank account nuber please help me to add my account number and where to add it regards
Welcome to the forum, Amiralrawi

In order to make a withdrawal via bank wire, you must type the correct bank information on our MyFXCM.com website. In the same section where it asks you for an IBAN number, you should see an option to enter your bank account number instead. Specifically, the field on the bank information page asks you to enter your "Bank Account Number or IBAN". If you still have difficulty updating your bank information on MyFXCM.com please note our live customer support team is available to help you 24 hours a day. Please contact us via phone or live chat for further assistance.
  • #9,911
  • Feb 7, 2017 2:11pm Feb 7, 2017 2:11pm
Jason: is Effex Capital still a liquidity provider for FXCM and do they still get preferential treatment, as alleged in the cftc complaint?
  • #9,912
  • Feb 7, 2017 2:47pm Feb 7, 2017 2:47pm
Quoting alphadude
Well; FXCM is finally caught red handed; and ForexFactory has been mentioned in the article http://financefeeds.com/fxcm-and-ceo...nst-customers/
WOW! You can go to jail for smashing a car window and grabbing a laptop, but people like Dror Niv and William Ahdout can pull this off and simply pay a fine? And not out of their own pockets, but the company's account? Sorry if this sounds too political, but it's just mind boggling to me.
  • #9,913
  • Feb 7, 2017 3:11pm Feb 7, 2017 3:11pm
http://financefeeds.com/fxcm-and-ceo...nst-customers/

seems like this implicates you to mr rogers as part of the deception. tsk tsk

wendigo
  • #9,914
  • Feb 7, 2017 3:37pm Feb 7, 2017 3:37pm
Quoting shrike
Jason: is Effex Capital still a liquidity provider for FXCM and do they still get preferential treatment, as alleged in the cftc complaint?
Hi Shrike,

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. I can also say that Effex Capital is no longer pricing FXCM's NDD forex price feed.

We discuss in our UK execution study the criteria we use to rank our liquidity providers which you can see listed in question 13 of the FAQ. FXCM's liquidity providers are ranked based on compliance to these standards which we identify as providing the best customer experience possible. Being a top ranked liquidity provider is important. Liquidity providers with the best pricing according to these rules may gain an advantage over other liquidity providers which could result in a large increase in orders captured. Poorly performing liquidity providers are ranked lower for order flow and ultimately could be removed from our platform until they return to compliance.

Also, The results of this study show FXCM UK retail client order prices to be better for FX than futures prices (74.97% of the time) and interbank prices(91.56% of the time).*
________________________________________________________________

* The study does not in away way attempt to represent that FXCM maintains a particular capacity or performance level. The figures in this study are provided for information purposes only, and are not intended for trading purposes or advice. FXCM is not liable for any information errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. Past results are not indicative of future performance.

Material Assumptions
FXCM's Retail Clients are defined as individual, joint, and corporate accounts trading on our retail price stream.

The comparison to each of the Futures and Interbank data is made at the time that the FXCM client order is executed. Normal market slippage and slippage due to rejections by liquidity providers are already included by the time the FXCM client order is executed. However, there is an assumption that there is no slippage on the Futures or Interbank market data.

In order to maintain consistency, Futures Market data and Interbank data used the same acceptable ranges in market trades. The summary of findings is based on the assumption that the maximum acceptable difference between the FXCM price and the Interbank/Futures market price is 5 pips in either direction.

Fees that a participant would pay on the Futures or Interbank market, such as CME Exchange Fees, NFA Fees, FCM Fees, Clearing Fees, and other commissions, were excluded from the study. Similarly, FXCM Commissions are excluded from the study.
  • #9,915
  • Feb 7, 2017 4:02pm Feb 7, 2017 4:02pm
Quoting styles20001
{quote} WOW! You can go to jail for smashing a car window and grabbing a laptop, but people like Dror Niv and William Ahdout can pull this off and simply pay a fine? And not out of their own pockets, but the company's account? Sorry if this sounds too political, but it's just mind boggling to me.
This is just saying FXCM is a B-booker just like 99% of the so-called ECN/STP brokers under ASIC. ASIC's required standard disclosure document even states that they are B-bookers. Moral of the story: NEVER ever take what you read on the brokers' website at face value. ALWAYS read the broker's legal Disclosure document which given that there is NO central exchanges in FX, even at institutional level, it's ALL market-making models. At institutional level, those big players aka Liquidity Providers are even more unscrupulous at market-making against their clients. Read this previous post from me discussing how the big boys, aka liquidity providers screw with their clients: http://www.forexfactory.com/showthre...12#post8007612

Interestingly enough, all of the links to articles published by ForexMagnets quoted from that post about liquidity providers' wonderful behaviour are all "404 Not Found". But fear not, I saved the last article so I will attach it here if you wish to read it.
Attached File(s)
File Type: pdf Banks _Bucketshop_ Retail Forex Brokers _ Winners and Losers from Swiss Franc Volatility.pdf   510 KB | 439 downloads
And I will also attach two Disclosure documents here by brokers, one by IC Markets
Attached File(s)
File Type: pdf IC-Markets-CFD-PDS.pdf   938 KB | 479 downloads
, an ASIC-regulated ECN/STP broker and one by FXCM
Attached File(s)
File Type: pdf risk_disclosure_fxcm_llc_en.pdf   142 KB | 388 downloads
. You will see both of them state that they are market makers with IC Markets admitting that they are actually b-bookers which is required by the ASIC standard.
Make your losses in demo. Earn your profits live.
  • #9,916
  • Feb 7, 2017 4:42pm Feb 7, 2017 4:42pm
Closing my account with you guys hurt a little but it had to be done.
  • #9,917
  • Feb 7, 2017 4:58pm Feb 7, 2017 4:58pm
[quote=Forexia;9536101]{quote} "there is NO central exchanges in FX, even at institutional level, it's ALL market-making models"

I don't get why it needs to be on an exchange in the first place. I thought that since we are no longer on a gold standard, money is created endogenously. Therefore,

having money on an exchange would be different than trading a commodity that has a fixed supply.

http://www.levyinstitute.org/pubs/wp_512.pdf
  • #9,918
  • Feb 7, 2017 5:12pm Feb 7, 2017 5:12pm
I hope Ninjatrader finally connects with a broker like Tallinex, Tradersway, or FX Choice soon! That way a FX trader can take advantage of the NT8 platform upgrades for forex with a broker offering normal forex rules!
  • #9,919
  • Feb 7, 2017 6:46pm Feb 7, 2017 6:46pm
Been trying to tell everyone. Only some listened, and they are all trading happily and restriction free on a true ECN with the same offshore broker I use.
  • #9,920
  • Feb 7, 2017 7:08pm Feb 7, 2017 7:08pm
Just found this on the forex scam alert site. I have been touting this for years, seems like they actually stole my verbiage.

High leverage to keep margin deposits small. Great care must be taken when using leverage. Before following this advice, make sure you fully understand leverage and how it works. Babypips provides education material on this subject. The strategy outlined here describes how to use forex broker leverage limits to provide partial protection against the risk of forex broker bankruptcy. The following example illustrates this strategy:

  1. Peter has a $20,000 account balance with your forex broker. Peter is prudent with his money such that he leverages 5:1 and so his trades are usually around $100,000. Peter's broker goes bankrupt. As an unsecured creditor, Peter may lose most or all of his $20,000 account balance, and have to wait years to get any of it back.
  2. Henry has $20,000 that he wants to use to trade forex. He also wants to make $100,000 trades. However, he only deposits $500 in his forex broker account. This means that his trades are leveraged 200:1, but Henry's broker allows up to 500:1 leverage, so Henry has no problem making these trades. Now Henry's broker goes bankrupt. As an unsecured creditor, Henry may lose most or all of his account balance, but this is only $500 of the $20,000 that Henry has allocated for forex trading. The other $19,500 is kept safely in his own bank account with a tier 1 national bank.

If a forex broker goes bankrupt, it is obviously better to be Henry than it is to be Paul. However, Henry is at a much higher risk of a margin call if there is a significant market fluctuation, which may result in the forex broker closing his trade automatically. This may not be what Henry wants, so he needs to employ his leverage carefully. As a last point, do not leverage up to such high levels if $500 is all that you have available for forex trading. One or two significant market fluctuations can wipe you out. Henry has another $19,500 to draw on to top up his account, you don't.

I trade exactly like Henry with my offshore, 500;1, ECN broker.

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