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Discuss ExcelMarkets.com

General discussions of a financial company
...email from ExcelMarkets Management team.
They are out of business due to its liquidity provider broker (Global Broker NZ Ltd) sustained the heavy loss due to the SNB decision. They ask clients to request withdrawal...

ExcelMarkets is over? Wow! They seems kind of a solid firm, It makes me wonder how week are all forex markets traders companies on internet.

Have a good one guys, hoping you both get all $ back and the profits.

Let's know all what happens with them and your withdrawal amount, keep us up to date.
 
This is what its website is telling right now to the community:

"CRITICAL NOTICE 15 Jan 2015

The dramatic move on the Swiss franc fueled by the Swiss National Bank's unexpected policy reversal of capping the Swiss franc against the euro has resulted in rare volatility and illiquidity. Both our primary and backup liquidity providers became unresponsive or illiquid for hours after the event. The majority of clients in a franc position were on the losing side and sustained losses amounting to far greater than their account equity. When a client cannot cover their losses it is passed onto us.

ALL OPEN POSITIONS MUST BE CLOSED BY 5PM NEW YORK TIME OR THEY WILL BE AUTOMATICALLY CLOSED AT THAT TIME. NEW POSITIONS CANNOT BE OPENED AS OF THIS TIME.

ALL CLIENT FUNDS ARE IN SEGREGATED ACCOUNTS AND NEVER USED FOR LP MARGINS. OUR PRIMARY CONCERN HAS ALWAYS BEEN PROTECTING CLIENT FUNDS AND 100% OF POSITIVE CLIENT EQUITY OR BALANCE IS SAFE AND WITHDRAWABLE IMMEDIATELY.

Global Brokers NZ Ltd. STP's 100% of order flow and has sustained a total loss of operating capital. GBL can no longer meet regulatory minimum capitalization requirements of N$1,000,000 and will not be able to resume business. Losses incurred on trades that could not be exited due to illiquidity were losses incurred directly with the liquidity provider and we do not have the ability to reimburse those. Please note the interbank market for francs was illiquid for hours after the event and no traders with an open franc position were able to close it for a significant period of time, at any broker.

News of the impact of this event on companies and traders is just beginning to come to light. As Directors and Shareholders we would like to offer our sincerest apologies for this devastating turn of events, and to thank you for being such a supportive group.

We ask that you place withdrawal requests for your account balance at your earliest convenience and allow for minor delays as our team begins to experience higher than usual service volumes.

Note: We are currently experiencing hundreds of withdrawal requests. A small percentage of clients have reported errors during the automated withdrawal request process. If you experience a system error please do not panic. Although we are not offer trading services our staff is fully operational and we will not disappear on you. If an error occurs please email us at support@excelmarkets.com describing the nature of the issue. We thank you for your patience and for the kind words many of you have already expressed.

- David Johnson, Director"
 
Hi rjs950,

Their team also ensure me that my fund is safe and can be withdrawn, but needs longer processing time.
They said they lost their operating capital, however i think they haven't got in insolvency status like Alpari UK.
Alpari UK also closed, my friend has account with them and he can not perform withdrawal request, guess it needs to go through FCA.
Anyway, are you currently in Auckland NZ? Do you ever come to their office? You might help to check it out directly :)
 
ExcelMarkets is over? Wow! They seems kind of a solid firm, It makes me wonder how week are all forex markets traders companies on internet.

Have a good one guys, hoping you both get all $ back and the profits.

Let's know all what happens with them and your withdrawal amount, keep us up to date.

Yeah, they informed us very early and somehow I think they are still very supporting clients to perform withdrawal.
Unlike Alpari UK which announced insolvency later on today, no supporting information from them as experienced by my friend.
 
ExcelMarkets Withdrawal Update Announcement

Hi All,

I just checked again excelmarkets.com, and there is an update regarding the withdrawal as the detail you can find on below link

Excel Markets: Client Withdrawals Batch Payment Schedule

I am now 99% sure I will get my money back (amien :))

If I get back the fund, and somehow they consolidate and back in business again (with better risk management), I will highly recommend others to do open an live account with them as well as for myself.

Btw, I also receive email from EM with the same content.
 
Today my fund is available in my local bank account.
Great appreciation to Excelmarkets team, Hope they will be back in business with better risk management and the same quality of service to its client both in customer support and trading execution.
 
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