FXCM - Potential Stop Loss Hunting / Spiking Victim - RESOLVED

[nfaris]

A Couple More Important Pictures

Dear Corporal MichelAnge21, Mr. Albert and Sergeant Vincam,

Dear Corporal, first please let me mention that you are absolutely right. But here is the thing, if you visit the link I provided above in one of the posts, you will see that FXCM MENA actually sent the audit request to the U.S. to "further investigate my request".

THIS IS FROM THE FXCM MENA GENTLEMAN:
"Dear Mr. Nasser

Thank you for your email

just to further investigate your request and to provide you with the best possible service, I just forwarded your email to my audit committee in the United States. Please allow 48 hours to get a response from them and I will communicate the response to you as soon as I receive it.

Thank you
Simon Peter Massabni
Sales Team Captain"

Dear Sirs, I have attached two more pictures from FXCM (one Live, the other Demo). You can see that almost everything is the same except for the spike. Now the reason the vertical axis is not the same is because of that spike. But otherwise, if you look at the shape of the graphs, you will notice that they are almost identical.

Please see the attachments my Good Sirs.

Please guys, and i mean people like me, if you can help and send screenshots like Mr. Albert has suggested, please do. It really would be a help and certainly kind of you.

Thank you for all your support. All of you!

Kind Regards and All the Best,
Nasser.

 

[MichelAnge21]

I dont have such spike in my charts from GoMarkets. I cant understand why FXCM would be the only broker with such a discrepancy since they brag about using multiple liquidity providers and chosing the best quotes for their feed. They also brag about total transparency in their feed. Let s see what their audit will say. They are also NDD are nt they ?

 

[vincam]

I dont have such spike in my charts from GoMarkets. I cant understand why FXCM would be the only broker with such a discrepancy since they brag about using multiple liquidity providers and chosing the best quotes for their feed. They also brag about total transparency in their feed. Let s see what their audit will say. They are also NDD are nt they ?

Yes they say they are NDD. Something else, nfaris has a screen shot that they sent him from Bloomberg that supposedly shows the loss of liquidity in the market, it's a very strange looking chart but they sent him it as evidence of the spike. Something very fishy is going on though because for Bloomberg to show such a thing the entire market would have to experience it or at least come close to it, when we know clearly across other brokers no such thing happened. I am starting to suspect that screenshot may have been tampered with, I find it impossible that FXCM and Bloomberg show the same thing and no other brokers do, highly suspect...

 

[MichelAnge21]

Vincan

Yes, very suspect. They brag of MULTIPLE liquidity providers. They are a bigger broker than mine and they sure are in the top 10% for size. If they experienced " lack of liquidity ", it should have affected ALL brokers.

I could understand if it was a small operation with only one liquidity provider but not with them even if it was the asian session.

 

[MichelAnge21]

here s a link to a video where FXCM brag about their platform constantly chosing between 10 liquidity providers and their " best bid best offer " engine AUTOMATICALLY chosing the best bid-ask among the 10 to be displayed by their platform. Is nt that enough to nail them for false representation ? Nasser sure was nt getting the " best bid-ask " possible since we were ALL getting a better bid-ask with other brokers and those " 10 liquidity providers " sure cover most of the available liquidity ( ie: they were the same liquidity providers other brokers use ).

HTTP://raghee.net/2011/05/31/fxcms-no-dealing-desk-advantage-for-forex-trading/

:unhappy:

 

[nfaris]

Dear Sergeant Vincam and MichelAnge21 - YES! YES! YES!

My Dear Sirs,

What you have wrote in the last 3 posts is right on the money (that's what I kept thinking)! About the Bloomberg Screenshot, I swear Sergeant that I was thinking the same thing (that is was tampered with). It shows you a "break in the market" a sideways gap, not what a Gap really looks like (upwards or downwards displacement from the previous candle". I kept asking and asking where is the GAP in the MT4 and the proprietery trading station (which didn't show it at all). And guess what, no reply, no logical explanation, nothing. Just a manipulation of words. A sideways Gap can actually occur, i just thought, but that only happens when all trading is halted and then resumed.

And here is another thing Sirs. They actaully talk of atleast 15 liquidity providers to provide the customer with the best price feed. So, what must have happened if the spike is true is that the 15 liquidity providers mist have all had the same spike. So i asked about the liquidity providers and this is what I got:


THIS WAS FROM ME TO THEM:

Dear Mr. Simon,

Kindly advise me on the number of banks that provide you with quotes. I would also like to know which banks they are. I hope you would be kind enough to provide me with this information. Awaiting your reply.

Kind Regards,
Nasser Faris


THEN THIS WAS THE REPLY FROM THEM:
Dear Mr. Nasser

Thank you for your email.

At FXCM we get our price feed from over 15 banks but we cannot disclosed any of their names for confidentiality reasons. Thank you for your understanding.

Good day

Simon Peter Massabni
Sales Team Captain


THEN THIS WAS MY REPLY:
Dear Mr. Simon,

Thank you for providing me with the number of banks that provide you with price feeds. I do not understand though why you would not disclose which banks they are. It is not similar to asking the personal details of an account holder. I would just like to know which banks provide your feeds. If you do not provide me with the banks' names then would you kindly elaborate on the "confidentiality reasons" because I don't understand why such a simple request is denied.

Furthermore, if you still do not provide me with the banks' names, please direct me to the location on your website where it shows me policy against the disclosure of banks' names based on "confidentiality" which I agreed upon or which are normal terms of your business because I checked and couldn't find it. Thank you.


THEN NO REPLY OR ANSWER AT ALL.


Also Sirs, yes, they kept telling me they are NDD and a true ECN (this was over the very few phone calls. The thing is exactly what you mentioned. 15 liquidity providers and that was the best price I got.

I honestly think that the tampering happened from a rogue element in Lebanon and there was no truth about contacting the audit departments, both locally and in the United States.

Again Sirs, Thank You for seeing through this and for all the help.

All The Best,
Nasser.

 

[MichelAnge21]

Dear Nasser

There is nothing secret or even " confidential " there. Here s a quote from a PUBLIC document FXCM had to file with the SEC in the USA.

" 73% of our volume was transacted with the following global banks, in alphabetical order: Barclays, Banque Nationale de Paris, Citi, Credit Suisse, Deutsche Bank, Dresdner Bank/Commerzbank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Nomura and UBS. The balance of our trading volume was transacted with our other market makers. "

Those are the same " majors " that all brokers use. You can view the full document here:
HTTP://services.corporate-ir.net/SEC.Enhanced/SECCapsule.aspx?c=238885&fid=7244313

See ? The explanation your Simon in Lebanon told you makes no sense. FXCM use exactly the same major banks as all the other large brokers. So, if I did not get that same spike from GoMarkets in Australia and all the other traders here say the same thing about their own broker ( no spike ), FXCM MENA is lying to you obviously. Those Big Banks all have trading desks in Asia and all over the World. They are all in the market at any time of the day.

 

[Albert.b]

Hi Mr. Albert,

If i were to make the pictures smaller (so there are more candles), you would almost see the same pattern. Also, I didn't just download the data once. I did it several times were it tells you "do you want to recalculate the data for all time frames".

So as you can see it is an extremely suspicious candle (the spike). Also Sir, just to remind you, several people have looked at actual live accounts and saw nothing even close. I looked at 2 different demo accounts and again saw nothing anywhere near that spike.

Why the two are not the same just confuses me. The thing is, if I ask FXCM, they are going to make up something. That's what they have been constantly doing and I have showed with proof in terms of prictures, comparisons with other brokers, statistical analysis, my actual statement (which they sent me), and the list goes on that the candle in question is a spike. But they have constantly made up one thing after another.

What am I supposed to do with such people (please note that I dont blame all of FXCM but i truly believe that there are some bad apples within the company, but i have no choice except to file against FXCM)?

If you are able to see the link I provided earlier, the extra evidence is there plus my full communication with FXCM on the problem. But all I have been given is a runaround.

Thanks for your help Mr. Albert. All the Best,
Nasser.

YOU NEED INDEPENDENT SCREENSHOTS OF LIVE FXCM ACCOUNTS, which if they show what you are saying, it will need a lot of explaining by FXCM!

So guys, help the man!

 

[nfaris]

Thanks Mr. Albert. and Corporal MichelAnge21

Dear Sirs,

Thank you again for your amazing quick responses as usual. Corporal MichelAnge21, do you see the run around i've been going through. I have all the emails, I swear it. I didn't delete anything. But that's what i've been getting constantly. Thank you Sir for that information. I swear that is so kind of you to actually go and do that. Thank you so much.

Dear Mr. Albert,

So far i've had no assistance from anyone in terms of getting live screenshots of FXCM. Offcourse I don't blame anyone like me because perhaps no one with an FXCM account has seen this. May I please ask if i'm allowed to do the following: Can I try to go to the FXCM reviews and find some good people that might be able to help me and send me screenshots? Please let me know because as I had written earlier, I don't want to break any rules. I'm thankful to you for everything.

Also, as a suggestion, shall i write this person Simon and ask him who he contacted in the United States. I don't want to judge him at all but I have gotten nothing from him other than shady replies.

I'm honestly quite upset with all this if it turns out to be true that I want to take these people to court if i turn out to be right. Not FXCM, the company, just the individuals that I believe are rogue elements. Can I actually do that if it turns out that I am correct? Please again, just so i'm clear, it's not FXCM i'm after. I just believe there are bad apples in there that are responsible for all this if i'm actually right. You know the saying "a bad apple can ruin the whole barrel". And if these bad apples are really there, all they are doing is ruining the reputation of FXCM.

My Dear Sirs, I thank you and salute you. Thank You So Much.
Nasser.

 

[MichelAnge21]

Nasser

You sure can go to the " Reviews and Ratings " section: you are a client of FXCM. That section is for clients. Leave a summary of what happened to you there. It is me who cannot go there and do it for you because I m not client with FXCM. At the end of your review, just tell the people to look at your thread here in the " scam alerts folder " so you dont have to make a very long story in the Reviews section.

Frankly, I did not understand why you declined the offer from Jason, the FXCM representative who posted early in the thread. If you think your problem is because of an agent at FXCM MENA, then bring the problem to FXCM s headquarters. He will sure be back at some point and you should accept his offer to mediate.

You can also click his name and send him a private message or ask Vincam to communicate with him. Jason also left his email address at your intention with his post. It is Jason s job to defend his company s reputation in forums like here.


Good luck