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FXCM/ ODL scam

Discussion in 'Scam Alerts' started by Lonely, Aug 30, 2010.

  1. Lonely

    Lonely Recruit

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    I had an account with ODL which was functioning well up until FXCM took over and introduced the no dealing desk MT4. I had several problems since and it then ended with a disaster.
    one day while trading I witnessed my positions being closed on MT4 one by one for no obvious reason, then when I contacted FXCM live desk they claimed I received a margin call on their system which never happened on MT4 !!!
    no body was able to explain the issue and they were in denial of any responsibility. I tried to investigate the problem myself until i noticed that the leverage on MT4 was double what I was supposed to get for some reason therefore, the margin calculation on MT4 were half of what it was supposed to be, as a result I didnt receive a margin call on my MT4 platform. After proving this fault on MT4 to them they corrected the issue but refused to be held responsible for the losses incurred due to this error and only said I should check my read only report on their trading station platform which doesnt not make any sense.
    Not to mention that they did not address my complaint until I raised the matter to the FOS. The compliance department response was full of non sense and very shallow.. they did not even address the core of the problem which is the false information on the MT4 platform and instead they went on about how more losses would have incurred on my account if I kept the positions and the interest I would have paid which is completely hypothetical and irrelevant !!!

    a scam or not a scam , i would leave it to your judgement.
     
  2. Pharaoh

    Pharaoh Colonel

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    Keep bugging FOS. An inquiry from them is likely to trigger more action than a complaint from a client.
     
  3. NickB

    NickB Forex4Noobs Rep.

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    I wouldn't call it an all out scam as a scam implies intention to defraud. Did they do it intentionally we do not know?

    However, what kind of solution have they offered you? Are they going to lower your leverage and refund your losses?

    Like Pharaoh said keep bugging the FOS.
     
  4. Lonely

    Lonely Recruit

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    They corrected the issue on MT4 the next day but refused to be held responsible for the losses incurred !!

    so they admitted the problem on MT4 but to cover the losses incurred it was a big NO NO !! unbelievable I have to say

    I think it can be called a scam because when they knew what the problem was they consciously denied responsibility and would not offer an adjustment to cover the losses incurred.
     
  5. NickB

    NickB Forex4Noobs Rep.

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    Sorry to hear that. You really should continue to contact the FOS until they do something about it.
     
  6. Lonely

    Lonely Recruit

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    I have indeed filed a complaint against FXCM/ODL with the FOS. I was also contacted a few weeks back by the FOS to inform me that my case is under review at the moment . I believe I have a strong case against them and I will keep you updated with the result for the benefits of everybody...
     
: fxcm, fx cm, fxcm.com

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