CFTC fines FXCM and its Founding Partners for Defrauding Retail Forex Customers. FXCM to Deregister.

[wolffj]

Very sad news. FXCM was a top notch FOREX broker and their platform was second to none. I have been researching other FX brokers that cater to US clients, and no one even comes close to the perfection in execution and have a professional trading platform close to what FXCM offered with Trade Station. The FX brokers I have come across either have a decent trading platform (TOS, PRT) or good execution, but not both. I guess I need to get accustomed to eating my porterhouse steaks with a butter knife. FXCM you will be missed!

 

[doctorcomputador01]

Very sad news. FXCM was a top notch FOREX broker and their platform was second to none. I have been researching other FX brokers that cater to US clients, and no one even comes close to the perfection in execution and have a professional trading platform close to what FXCM offered with Trade Station. The FX brokers I have come across either have a decent trading platform (TOS, PRT) or good execution, but not both. I guess I need to get accustomed to eating my porterhouse steaks with a butter knife. FXCM you will be missed!

I respect your opinion but i know a lot of people that lost the faith in fx because the broker made a a bad intentional movement , no one is perfect but the broker is for the trader like the car is for a car racer , here we have to work with low leverage and high taxes, i guess is enough charge to have to add a unfair broker , again i respect your opinion but fxcm will be no missed for the traders affected. Congratulacion for the government entities fight for both sides and fair trade !

 

[OutsidetheBoxHK]

compensation / credit for retail clients/customers for the cases/settlements with the NFA of August 12, 2011 and February 6, 2017
February 6, 2017 -- CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCM’s Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCM’s Defrauding of Retail Forex Customers.
August 12, 2011 -- On August 12, 2011, pursuant to a settlement offer submitted by FXCM and Niv, FXCM was ordered, within 30 days of the effective date of the Decision, to make a good faith effort to credit the accounts of its customers the amount of positive slippage which its customers experienced on their trades from and after June 18, 2008.

I have written to Jaclyn at the email below, have contacted info@fxcm.com, and also contacted info@fxcm.co.uk
and I either get no response or no help about addressing my claim.
I had been a long standing customer of FXCM US and then was switched over to FXCM UK. I am currently reviewing trades that I made on the FXCM accounts below and would like to be compensated as other customers have been according to statements I have seen online.
I have had 11 accounts total between both entities
I have not been contacted by FXCM yet regarding either of the above-mentioned cases, and yet I have closed trades with FXCM that fall under the relevant dates contained in these cases.

Jaclyn Sales, 646-432-2463

Vice-President, Corporate Communications

jsales@fxcm.com

investorrelations@fxcm.com

 

[OutsidetheBoxHK]

THESES m F I was winning against them every day ....and THEY SENT ME A LETTER : we can no longer have a relationship with you ......FOR COMPLIANCE REASON!!!!

NOW I SEE what they were doing

February 6, 2017 -- CFTC Orders Forex Capital Markets, LLC (FXCM), Its Parent Company, FXCM Holdings, LLC and FXCM’s Founding Partners, Dror Niv and William Ahdout, to Pay a $7 Million Penalty for FXCM’s Defrauding of Retail Forex Customers.
August 12, 2011 -- On August 12, 2011, pursuant to a settlement offer submitted by FXCM and Niv, FXCM was ordered, within 30 days of the effective date of the Decision, to make a good faith effort to credit the accounts of its customers the amount of positive slippage which its customers experienced on their trades from and after June 18, 2008.

I had 11 different accounts with FXCM, and even though I am now a profitable trader, I firmly believe that I fell prey to their fraudulent schemes on slippage and also on dealing desk trading against their clients (with information about stop loss orders, account balance, margin available / required, etc.
I have not been contacted by FXCM yet regarding either of the above-mentioned cases, and yet I have closed trades with FXCM that fall under the relevant dates contained in these cases.

 

[Enayess]

Good luck for those who finally may getting back their funds and all other possible loss forex brokers usually use in cases like that. Glad to see that laws are really working in America still and all is simply fine and dandy everywhere where needed There are more to come for those.

 

[Mazshura]

Another thread about that scammers here. So that broker deregistered already or not ? That one more reason to work with regulated and US based or somewhat close brokers on basically any steps of that and there is no other point to think otherwise.

 

[oscarra]

So that broker deregistered already or not ?

Not on the eu side, no complaints on Fpa so far looking good, obviously they been watched closely by some regulator

https://register.fca.org.uk/shpo_searchresultspage?search=FXCM&TOKEN=3wq1nht7eg7tr