FXCM Discussion

I've been with FXCM 8 years and really would love to continue being scammed by them rather than FOREX.com. Ugh. Since FXCM is so underhanded and shady, why can't they let me stay and "pretend" I live in another country?

....The crook (FXCM) is dead...long life to the crocs..
http://explore.org/live-cams/player/...bill-swamp-cam

https://www.bloomberg.com/news/artic...-as-fxcm-exits

haha cool. they deserve it. they should go to jail and be screened in American Greed tv show

I thought you were undecided whether to continue with Forex.com or not and you were actually thinking of giving Oanda a try?

Is that not the case? Did you change your mind after checking out Oanda and still decided to let your account be transferred over to Gain?

Anyone have a broker with a good charting system!!?? I just switched to forex.com and they ARE TERRIBLE..HOOORRRIIIBLE! to say the least.
Please someone help... don't say Oanda apparently they don't accept U.S USERS

Oanda actually does accept U.S. users...

I knew fxcm was dirty when i first started in 2013. I could see the patterns. Soon as you put a trade in, your trade will instantly move against you. I spent over 10k with FXCM. I complained here so many times. Jason knows me from the past 5 years i've been on here. He knows i've been calling out the company forever. He stands by his company however they are con artists. I spoke with a lawyer and i'm getting my $10k back. Every last penny that i lost because of fxcm.

The Plaintiff, William H. Sanders, claims to have lost over $150,000 to FXCM over the years due. Two main topics the lawsuit deals with is the Demo accounts which serve to attract clients while not simulating real market conditions and when clients do switch to live they receive completely different execution and the execution itself where it is claimed that FXCM is in fact a market maker which actively goes after profitable clients. The main excerpts are below:

Plaintiff, William H. Sanders, just like thousands of other customers, was lured into transacting business with Defendant, FXCM, buying and selling foreign currencies in what is known as the foreign exchange (Forex) market, but little did Sanders, or any of the others, know that FXCM intended to, and did, systematically bilk them out of their account money through an elaborate scheme of fraudulent tricks, devices, and artifices. What was represented to Sanders and others as a foreign currency trading platform developed upon professed principles of fairness, honesty, and integrity, which was supposedly rooted in providing customers with a true market trading experience, totally devoid of dealer intervention and market manipulation, was in truth a platform predicated upon deceit and trickery that systematically looted the accounts of customers who, like Sanders, placed their trust in FXCM.

The scheme deployed by FXCM was complex and varied, utilizing aggressive and pervasive marketing and advertising campaigns, including television, internet, seminars, webinars, and other media, portraying FXCM as a foreign currency trading platform where investors could trade foreign currencies in a true market environment. The advertisements were specifically targeted to convey a sense of trust and transparency to potential FXCM customers and to gain the customers confidence in FXCMs trading platform. To further bolster customers confidence in its platform, FXCM enticed customers to use FXCMs practice or demo account (hereinafter, the Demo Account) to simulate an FXCM trading experience. But the Demo Account, just like the myriad advertisements, misled customers about the true nature, functionality, and performance of the platform. Once lured into opening an account, customers were subjected to a staggering array of stratagems and ploys, some using extremely sophisticated computer software based upon complex algorithms and high-speed computers, to deceive the customers into believing that their trading was being affected by normal market forces, while in reality FXCM traded against its own customers.

And the so-called Demo Account which was held out by FXCM as the sine qua non to persuade prospective customers to trade with FXCM was the most cunning and crippling canard of all. By trading through the Demo Account without being at financial risk, the customer was allowed to experience direct market pricing, free from FXCM dealer interference or manipulation. The switch pulled by FXCM on how trading occurs once the customer opens a live account and starts trading with real money, is nothing short of a modern-day equivalent of the classic street con game known as Three-card Monte. Once live trading began, direct market pricing was replaced by profound dealer interference and trade manipulation.

To further its fraudulent practices, FXCM associated with software developers and programmers to create and deploy one of the most sinister software applications ever imagined, the central component of which included a back-end administrative console that provided FXCM an arsenal of system commands to facilitate FXCMs fraud on customers. For example, through this console, FXCM can prevent the customer from closing out a profitable trade; hold up a trade so that FXCM can pirate the profit by trading against the customer; or manipulate the price of the market by utilizing flash trades to artificially move a market to close out a customers stop order. FXCM deployed these technological tricks to separate customers, like Sanders, from their money.

Defendant further deceives customers by failing to disclose its dishonest practices in its disclaimers contained in Defendants customer agreements. Buried in the fine print of Defendants lengthy, misleading, contradictory, and largely incoherent computer-generated customer agreement, Defendant purports to innocuously disclose and disclaim to the customer that, at times, the Defendant may act as a principal in transactions, which may result in the customers not getting the best price on certain trades. In fact, Defendant does not act as a principal in a market at all; rather, the Defendant acts as a well-armed and unscrupulous adversary to its customer, with superior knowledge, a technological advantage, one which ignores its own Code of Conduct, and which intentionally defrauds unwitting customers.

Defendant has worked with software companies and individual software programmers to modify its back-end systems and middleware to enable it to engage in the dishonest trading practices described below. Defendant has modified its trading platform so that many of these dishonest trading practices are applied to a customers account by automated computerized algorithms. Through this association, Defendant has also modified its trading platform to include a sophisticated back-end administrative console which provides Defendant and its employees a series of system commands designed, each accessible through a drop down menu, to execute many of the dishonest trading practices described below. All of these software modifications have been implemented by Defendant to prevent customers from making money and to cause customers to lose money to Defendant.


Defendants dishonest trading practices include, but are not limited to, the following:

a. Slow Server Command: When a customer is engaged in profitable trading activity, Defendant routes the customers account to a slow server, causing trade execution to be slowed down, and allowing Defendant the time to hijack any potential profit in the trade by buying and selling in-between the customers order and the real market, with Defendants taking any profit and leaving the customer victimized with no money for his or her effort;

b. False Error Messages: Defendant uses its administrative back-end software to prevent the customer from closing out a profitable trade and instead causes the trading system to generate any one of a series of error messages to the customer, blocking the customers efforts to finalize what would have been a profitable order;

c. Flash Trades: Defendant, in a practice known as stop hunting, manipulates the market price of the traded currency, including printing bogus flash trades which move the market to trigger the customers stop order for a given trade, essentially closing the customer out of that trade;

d. Arbitrary Margin Rules: Defendant arbitrarily changes the margin rules on Fridays for an ensuing week without any notice to the customer, which results in the customers being deprived of any trading advantages or leverage opportunities they may have, and again causing the customers account to be closed out in favor of Defendant;

e. Abuse of Slippage: Defendant, in a practice known as slipping a trade, takes advantage of slippage in a given trade. Slippage is the change in price between the time when a price is quoted and a market order is placed. It is customarily caused by market movement while the trade is being executed. The incidence of slippage should roughly be equal in favor of the customer and the broker. Defying all laws of probability, in almost every case, Defendants customers suffer losses as a result of slippage at grossly greater percentages than Defendant does, which can only be explained by Defendants manipulation of pricing; and

Slow Fill and No Fill Commands: Defendant often fails to execute valid and profitable trade orders entered by the customer and instead causes the trading system to generate a slow fill or no fill message to the customer as the customer attempts to close out a profitable trade, preventing the customer from making a profit while generating illicit profits for Defendant.

Sounds about right, all fx brokers do some or all of the above. Obviously some do it better than others and manage not to get caught.

In light of this , Im going to be in the process of funding an account , it was going to be with FXCM but not a cat in hells chance of that happening now . So what are the best brokers to try ?
Anyone have any suggestions , im in the UK .

http://www.forexfactory.com/showthread.php?t=154210

maybe this option, Im new there.

Hi Cyguy,

Trading Station (Desktop, Mobile and Web) is FXCM's own proprietary trading platform. While you will no longer be able to place live trades through our platforms, now that your US account has been transferred to another broker, you should still be able to access your charts by logging into a demo account.

Defendant has worked with software companies and individual software programmers to modify its back-end systems and middleware to enable it to engage in the dishonest trading practices described below. Defendant has modified its trading platform so that many of these dishonest trading practices are applied to a customers account by automated computerized algorithms. Through this association, Defendant has also modified its trading platform to include a sophisticated back-end administrative console which provides Defendant and its employees a series of system commands designed, each accessible through a drop down menu, to execute many of the dishonest trading practices described below. All of these software modifications have been implemented by Defendant to prevent customers from making money and to cause customers to lose money to Defendant

The scheme deployed by FXCM was complex and varied, utilizing aggressive and pervasive marketing and advertising campaigns, including television, internet, seminars, webinars, and other media, portraying FXCM as a foreign currency trading platform where investors could trade foreign currencies in a true market environment. The advertisements were specifically targeted to convey a sense of trust and transparency to potential FXCM customers and to gain the customers confidence in FXCMs trading platform. To further bolster customers confidence in its platform, FXCM enticed customers to use FXCMs practice or demo account (hereinafter, the Demo Account) to simulate an FXCM trading experience. But the Demo Account, just like the myriad advertisements, misled customers about the true nature, functionality, and performance of the platform. Once lured into opening an account, customers were subjected to a staggering array of stratagems and ploys, some using extremely sophisticated computer software based upon complex algorithms and high-speed computers, to deceive the customers into believing that their trading was being affected by normal market forces, while in reality FXCM traded against its own customers.

TradeStation is just another mechanism used by FXCM to scam retail traders. I proved beyond doubt to FXCM's "support" that they built on it several tricks to fool/scam people. Avoid using it....or any other software/service coming from that criminal company.

Original documentation - https://www.slideshare.net/FinanceMa...uted-complaint

Thank you Phylo! Excellent!

You bastards !!!! I am switching to a unrefined computer software and slow-speed computer Market Maker !!!

FOREX.COM HERE I COME !!!

Hi Everyone,

The case you're referring to was filed in February of 2011 and was dismissed in November of that same year.

A quick search shows this was already pointed out in December of 2011: http://www.forexfactory.com/showthre...ed#post5234250