FXCM - Potential Stop Loss Hunting / Spiking Victim - RESOLVED

[Jason Rogers]

Grettings Mr. Albert and The Rest of The Gentlemen,

I hope you are all well and again I wanted to thank you for everything. I did get an adjustment to my account but never any explanation. But I have to admit Mr. Jason Rogers has been really nice, kind and courteous. He even followed up with me to cjhceck up on things. I truly believe he is a good man.

I honestly think that the issue is an internal one as I had mentioned before. I don't think it had to do with FXCM United States but rather with FXCM MENA. I hope that the folks at FXCM are looking into the incident with FXCM MENA because I truly believe it is someone on the inside from that end that caused all that trouble. The thing to note is when the inciden happened, it was the first time ever in many, many trades that I put a physical stop loss. I usually keep it on paper from the fear and worry of what actually happened. I do hope that Mr. Jason does follow up on what happened for their sake.

Maybe I should have gone to him from the very beginning but honestly, perhaps its a good thing i didn't so he could look at the evidence that I had presented and all that happened with me and offcourse not to mention the most important of all was the weird stuff I got from FXCM MENA, especially that Bloomberg Shot.

Anyway Sirs, I wanted to update you, thank again and wish you all the best, including Mr. Jason Rogers.

Kins Regards,
Nasser.

I'm happy we were able to get this resolved, and please do not hesitate to contact me in the future if you ever need any help.

All is quiet on the Western Front (no explanation from Jason yet), must be hiding in them thar hills!

Me thinks this result has more to do with the pending case than any 'dicky' candle!

Hi Albert,

I wanted to give Nasser the opportunity to share the outcome on his own first (if he so chose) since our privacy policy limits me on what I can share publicly on my own. In terms of the price action on NZD/USD on May 10 around 5pm ET, it was a bad tick, and the trade should have been credited during the initial audit. Not crediting the trade due to the bad tick was an error on FXCM MENA's part and I have asked the audit team to review why this happened.

For general background information...whenever a bad tick is suspected, we notify the trading desk about the irregular price move. The trade desk will check the interbank feeds on whether trades were done at that price. If it looks to be a bad tick, we will then contact the bank with which the trade was executed about breaking the trade and crediting the clients account.

In the future, I hope this type of situation is handled properly on our side the first time around rather than a client having to post about it publicly for action to be taken. It creates a headache for the client (and myself), but we will work as hard as possible to get a problem resolved.

-Jason

 

[nfaris]

Thanks Mr. Jason For Replying.

Dear Mr. Jason and Sirs,

Thanks so much Mr. Jason for your post. Mr. Jason, You are free to share any information you choose too. You have my full authorization. I have had to close my account with FXCM MENA since all my information has been made public. Believe that is the last thing I ever wanted to do. Actually when I first filed the case, I hid all information that identifies anybody but my case was not taken (I dont know why, i guess it seemed like it wasn't authentic). So then, I had to file all information that I had in line with FPA's guidlines.

Mr Jason, it really did bother me that i had to come and file this case. The things is, I had to. I had no choice but I must admit I could have communicated with you when you initially made contact. I do apologize Sir, but I was really given a sort of "runaround" that it caused me stress and made me lose trust, so I had to come to FPA.

Mr. Jason, what bothers me and really what I think you should see as very important is that before I came to FPA, the issue was audited twice. Once at FXCM MENA and then I was told it was sent to the United States and the result came back the same. That's what i find very weird. Then you come along, looked at the issue and it is resolved in one day. So what was FXCM MENA staff really doing?

It took almost a month to get the issue resolved. It took alot of time from me, you and all the other gentlemen. Honestly, don't you think that was a bit stressful for me and affected my focus etc. But anyway, I dont want to make excuses, I should have kept focused.

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Mr. Jason, see below the two emails so you know i'm truthful:

Email 1:
Dear Mr. Nasser

This is Simon, I am a colleague of Nihal's and I have sent an audit to management about your complaint, please find below the reply to your complaint. I have tried to contact you but unfortunately I wasn't able to reach you. Please let me know if you have any question:


Hello Simon,
We see that the price was in fact correct. Attached you find a screenshot of the feed pricing for that moment. You will see that the MT4 chart corresponds correctly to the feed pricing. It appears to be a case of extreme volatility. Please advise if you require additional clarification.
Thank you.

Best,
Justin


Simon Peter Massabni
Sales Team Captain

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Then I complained and here is the second email:

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Email 2:
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


AND THEN THIS WAS THE RESPONSE "FROM THE UNITED STATES":

Dear Mr. Nasser

First I would like to thank you for your patience.

After further investigation on the NZDUSD spike issue, I would like to share with you management's response to your inquiries:

1- Since FXCM operates with a No Dealing Desk execution, our price feed is provided by the biggest liquidity providers on the market. Accordingly, we match the best sell price and buy price on the market on the platform with a small markup. The incident on the NZDUSD was due to high volatility which caused a gap in the market at the noted time.

2- Since Metatrader4 is linked to FXCM Trading Station 2, the execution on
MT4 is a replicate of an execution according to the price feed on TS2. This price feed can be easily viewed on Market Scope which is the main charting system of FXCM on TS2. With that being said, please find attached the following items:

- Snapshot of Marketscope at the noted time of the spike.
- Snapshot of the MT4 charting system at the noted time of the spike.
- Snapshot of your account statement at the noted time of the spike.

As you will notice, all 3 documents will exhibit the spike at the noted time. On mt4 and on the account statement the timing zone is GMT and the incident happened at 21:01 GMT. On the other hand, the timing on TS2 is
GMT-4 (eastern timing) and the TS2 Marketscope also exhibits the spike at
17:01 ( 21:01 GMT )

As you see sir, all our resources confirm the legitimacy of the spike as per the liquidity that FXCM had on hand. Sorry for any inconvenience and we appreciate your business.

Wishing you a good day

Best regards



Simon Peter Massabni
Sales Team Captain


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I will attach the bloomberg screenshot and shots from FXCM MENA. Firstly, just please look at the Bloomberg Shot and the "skip gap". Also, look at the time in the bloomberg screenshot and the actual time. You judge for yourself Sir if there is something "fishy" about the shots.

I would like to sincerely thank you for your help. You are truly a good man. I hope you will look at the information carefully. You be the judge Sir.

All The Best To All,
Nasser

 

[Albert.b]

Nfaris, you are right a hundred times over!

Without FPA help, your problem would have NEVER, NEVER, NEVER been sorted - PERIOD!

 

[nfaris]

Thank You Mr. Albert.

Dear Mr. Albert,

Again Sir, I just wanted to thank you and all the good guys at FPA. Very true, it was because of all your help and efforts that my problem was solved. Thank You All So Much. I'm in much gratitude to you all. Thank You All So Much.

Nasser

 

[freebie cephas]

Dear Mr. Albert,

Again Sir, I just wanted to thank you and all the good guys at FPA. Very true, it was because of all your help and efforts that my problem was solved. Thank You All So Much. I'm in much gratitude to you all. Thank You All So Much.

Nasser

I followed this case of Nasser with the intensity it deserves. I am so fascinated. FPA thanks a million times! You are doing immense work! And Albert, you are truly great. Thanks again. I am a newbie still on Demo with FXCM but this case has moved me close to opening an account with them. They seem responsive and responsible enough. Maybe they have learnt from their mistakes. Anyway find out for me from the (FXCM) whether I can start with them by trading with some US$200 as a start. I would definitely come on board with them. As for Nasser, you deserve all the pat on the back for being so persistent. Good luck!

 

[Jason Rogers]

Anyway find out for me from the (FXCM) whether I can start with them by trading with some US$200 as a start. I would definitely come on board with them.

Hi Freebie Cephas,

You can open your FXCM account with $200. Below is the breakdown of the different account types we offer:

If you have any additional questions, feel free to ask me in the FXCM discussion thread: https://www.forexpeacearmy.com/forex-forum/forex-brokers/1125-fxcm-com-21.html#post132703

Jason