Fxcc is stilling money through widening spreads!!!

[Alen Riviera 12345]

First of all,Fractal or whatever name you use on this is site,we all know that is most likely that you are from FXCC. Next,I had a poor money management that's right,but I had exactly the same situation at that time at another broker,that broker didn't closed my positions and I managed to make profits with another pair,Audusd to be more precise and use that profit to close big part of my losing position.I trade still on that account and have money on it.Next,FXCC or whatever brokerage house is not here to teach me drive,to use that metaphor,but to keep a road clean and traffic lights working,but here that wasn't a case,they widened spreads to 200 pips!!! and price itself never changed more than 35 pips at that time.Also,I didn't had time to close any part of my position and free margin.When broker is stilling money that is very,very obvious,and it's right,when i trade perfect there is a very little space to do that but when I do some mistake they always use that and after that is always story like you wrote etc.I traded with a lot of bad forex brokers but never expected this type of fraud from FXCC.Try trading again via FXCC and after a few months you will see.also they said in their mail YES,WE widened spreads at that time more than 100 pips and I calculated that was about 188 pips!!!So,whatever happened next I want to others see what are they doing.Also,Cysec is working on my complain so you see there is something wrong clearly

Can I just ask a few questions as I know this broker, have used them in the past and IMHO they're ok, I had no issues, other than I could better quotes elsewhere, so I moved. I have to say I'm a bit confused by your complaint..

Your appalling lack of money management caused you to lose circa 75% of your account, you were down to 3,500 but with two open positions - one down 2,200 and the other down 210. So you were close to wipe out, margin calls had occurred, overall this suggests (to an impartial observer) that you're completely clueless regarding how to trade and moreover margin requirements etc. You don't mention if your two open positions had stops.

So in order to keep these underwater positions open you needed to deposit more funds to your losing positions, bizarrely you were actually adding to losers. After losing 75% of your account and being very close to a full wipe out, you were now technically 92% down on your original 14,000.

Your credit card was refused by the broker, presumably the rest of your personal money management is as poor as your trading management. You then tried the likes of skrill to get money into the account to desperately protect your losing positions. Then, to cap it all, you're holding these negative positions as the FOMC taper announcement is made on December 18th when they surprise analysts and the market by beginning to taper which caused spikes across many securities - indices and FX. You get caught up in that maelstrom.

Your response to your appalling trading, honestly as bad as I've ever read anywhere, is to blame the broker. Let me make a suggestion, stop trading until you have devised a full trading plan and know what you're doing.

 

[FXCC]

Hello,

Our attention has been drawn to the allegations you have made with regards to our brokerage and service on the Forex Peace Army website. We are disappointed that you have chosen to air what is after all your private business on a public forum, however, having decided on that route we will explain the situation as we saw it.

In answer to your points we can confirm that we are an STP broker who receives our currency pair quotes from a liquid pool of Tier one institutional banks. We have no control of the quotes supplied, since we do not execute trades but send them to our liquidity providers for execution and can assure you that (within a very high rate of probability, circa 99%+) our clients trades are always filled at the best available price. Our profit comes from the very small commission we attach to our clients trades.

Some inexperienced traders can often become confused regarding how the ECN model works. Clients are virtually guaranteed to be filled at the best quote available, but during times of increased volatility, particularly when high impact news events take place such as the FOMC meeting decision, when the global FX retail system experiences natural distortion. Ironically the widening of spreads and the difficulty to be filled at low spreads, is proof of the independence of the ECN model. But there is an argument to be made that holding trades straddling over such huge dynamic news events, as you did, without being incredibly vigilant, is exposing yourself to unnecessary risk.

This is one of the reasons why you have to read and fully understand the Risk Disclosure document we publicly display on our website, prior to registering a live account with us.

The risk management plan used by the client is a key aspect when it comes to keeping trades open on the market, as any decrease in the margin level prior to a major news release creates an even higher probability of going into a stop out, in case the market goes against you.

Some inexperienced traders can also be confused as to how margin calls work and what their responsibilities are in relation to avoiding margin calls. We would like to draw your attention to this link on our website which clearly outlines our clients and our responsibility where margin calls are concerned.

https://hub.fxcc.com/downloads/Inve...ns/Investment_Services_General_Conditions.pdf

In terms of good will, as an act of good faith and generosity, we did offer to deposit the value of half the spread into the client’s account, but instead it was demanded of us to either deposit the entire loss incurred on that trade (which was opened many weeks prior to this event) or get bombarded with bad reviews on online forums and websites.

Naturally, we have limited control of the decisions clients make regarding their: risk, the leverage they select, or the drawdowns they are prepared to suffer before questioning their trading strategies, our only control is our margin calls. But as a responsible broker we are always prepared to assist clients with any trading issues they may have.

Best regards,
FXCC

 

[Alen Riviera 12345]

FXCC is on court

Hello,it's nice that someone from FXCC hear me now after I was forced to file a complaint to CYSEC and register myself to Forex Peace Army...Your answer is expected and I wont enter into a discussion with you at all.We will get the final answer from Cyprus court and I wont talk with you anymore.I am writing this for just one reason:So the other traders can see what to expect from you and your "Broker on your side" approach.Thanks

 

[Fractal]

Actually when I found your complaint, through a search I'm subscribed to through Google on this firm, I first had you down as a possible competitor of the broker, busily trolling and slinging s*** on them in a vicious attempt to discredit them.

The reason I thought you might be a competitor playing dirty was due to your trading being as 'good' an example of how not to trade as I've ever read, it really is that jaw dropping bad. You should walk away from trading now, you're hopeless and clueless in equal measures and you have that obstinacy gene that'll never work in your favour in my industry.

I found your complaint as it popped up in a Google search that's always sent to me and I still have a small account open with the broker, hence my interest. They're not the biggest, but they're ethical, trustworthy and operate an ECN or STP model. I know that as a fact, otherwise they wouldn't have had a penny off me.

Your ramblings point you out as clueless, you fukced up and lost, be a man, take it on the chin and move on. If you've lost all your savings unlucky, but no one said this business would be easy.

Your statement that you've traded with lots of dishonest brokers leaves me genuinely open mouthed, here's the thing, I've never been ripped off, I messed up early on, but 99% of the mistakes I've made are mine and I've taken ownership of them.

The only issue I ever had was with FXCM, and looking back they reinstated a trade for me and refunded a loss, but didn't have to, as I was trying to close out during NFP activity and couldn't get a fill. Yep, in the early days (a decade or so back) when I was a clueless as you, I was trying to get in and out of a trade during times of increased volatility. Oh and by the way, my last inclination would have been to moan on a forum regarding my loss, I kept it private between me and FXCM.

I'm giving you the benefit of the doubt that you are genuine and in my opinion the reason you've kicked off is due to your massive percentage losses, "it can't be you it must be the broker". It's a natural reaction that the unskilled and inexperienced always go through until they man up. Problem is that manning up and beginning the real learning experience often comes too late if you've done all your cash in.

I'd wish you luck, good trading and all of that, but it'd be falling on deaf ears. Here's the safest bet I'll take this week, Cysec will tell you to do one.

 

[FxMaster]

Hello,it's nice that someone from FXCC hear me now after I was forced to file a complaint to CYSEC and register myself to Forex Peace Army...Your answer is expected and I wont enter into a discussion with you at all.We will get the final answer from Cyprus court and I wont talk with you anymore.I am writing this for just one reason:So the other traders can see what to expect from you and your "Broker on your side" approach.Thanks

What is current status of your case now ?

 

[Fractal]

Yeah, I'd like to know too. Now thst FXCC are on the thread we'll get two opinions and I know which one I'll pay attention to. Clue, it won't be the loser....

 

[henyo]

but still 14,000 is big. that can be really depressing! pls do keep us posted!