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FXCM scammed me,LOCKED trade can faced MARGIN CALL

Discussion in 'Scam Alerts' started by mat88, May 20, 2009.

  1. mat88

    mat88 Recruit

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    [​IMG]


    Hi:

    FXCM scammed me in this way:


    they close my locked order after a few hours locking period on 2009.05.18 17:50 and 2009.05.18 17:51.the market price on EUR/USD should be around 1.35512 to 1.35617 on 2009.05.18 17:50.The locking position for BUY ticket close on 1.34420 which is different from market 110 pips 2009.05.18 17:50 .



    locked position for EUR/USD :
    BUY ticket no:1053512(2 lot),1053514(2 lot),1053015(2 lot),1053019(2 lot),1052998(2 lot)

    SELL ticket no:1080543(2 lot),1080590(2 lot),1080591(2 lot),1074549(1 lot),1074558(1 lot),1074546(1 lot),1074548(1 lot)


    locked position for USD/JPY :
    BUY ticket no:1045499(1 lot)
    SELL ticket no:1077303(1 lot)


    my account balance = -4153.26

    they give reason that my account have margin call while all the trade position already locked.after deal with them,they only willing to pay me with 11200 for their FAULT and ERROR.

    HOW COME LOCKING TRADE CAN FACED MARGIN CALL IN FXCM??? this is the way they scammed me.they suck all my hard earn money


    conversation after I discovered my account left with -4153.26:

    Andrew: Welcome to FXCM's Live Chat Feature. How may I help you?
    ang: what happen to my account?
    ang: i already lock all my position. but now -4k????
    ang: 81005600
    Andrew: ok one moment while i look into your account?
    ang: any thing wrong with your system/????
    Andrew: there is nothing wrong with the system, did you have a open trade?
    ang: no
    Andrew: what ticket number are you referring too?
    ang: i already lock all my position
    ang: how come now can be -4138.16
    ang: it should be floating
    ang: how authorise system to close order?
    Andrew: do you know what ticket number it was?
    ang: the ticket for locking is 1053512,1053514,1052998,1053019,1053015,1077303,1045499,this is for buy locking
    Andrew: ok all of those tickets were locked?
    ang: 1045499 &1077303 is for jpy/usd lock
    Andrew: ok one moment
    ang: eu/usd lock for sell is 1080543,1080590,1080591,1074549,1074558,1074546,1074548,
    Andrew: ok i am going to have my IT department look into this right now
    ang: why this can b happen in fxcm????
    ang: this is scam company job????
    Andrew: no if there is a issue on our side at FXCM
    Andrew: we can have the audit committee look into
    Andrew: the tickets and any issue from on our part will be adjust to make it right
    ang: i didn't close the order manually,i just lock it.
    ang: how long it take???
    Andrew: The orders should be good right now
    ang: i feel my cash was not protected trade under fxcm.
    Andrew: can you check and see if the tickets are ok now?
    ang: my right as a consumer are being rape by fxcm
    ang: my mt4 still show my account -4138.16
    Andrew: I understand your frustration with the platform, this is nothing that FXCM did intentionally
    Andrew: are the tickets ok now?
    ang: who authorise fxcm to close my locking trade????
    Andrew: or are they still locked?
    Andrew: that is a technical issue t
    ang: now my account -4138.16 with no locking trade,is 0 trade
    ang: all the locking trade already close by fxcm in account history.
    Andrew: Ok so are the tickets unlocked now?
    ang: the locking ticket no all already close forcely by fxcm
    ang: my mt4 still show -4138.16 with no order
    ang: my locking order only can check in account history.
    Andrew: Where any of the trades closed at a different price? because there was a request to close the tickets
    Andrew: ?
    ang: there is imposibble for for an account to close with -4138????????
    ang: right??
    ang: who request to close the trades???
    ang: i didn't close the locking trades
    ang: i didn't put any stoploss
    ang: this is your ssytem error.
    Andrew: ok one moment
    ang: the system won't close trade with -4k+++ right
    ang: ????
    Andrew: ok we can run the reports on our side
    ang: this type of thing only happen in SCAM company....y now it happen at fxcm??????
    ang: do u agree ,the account value won't be exceeded the total cash equity in account???
    Andrew: we do have a no debit policy at FXCM
    ang: what is no debit policy???
    Andrew: ok we will look into the tickets mentioned
    ang: how long it take?????
    Andrew: it will be done within 24 hours
    ang: y it take so long?????????>
    ang: can fxcm call me ?????i want the detail explanation?????
    ang: who should responsible for this error??????
    Andrew: do you want a call right now?
    ang: yes.
    Andrew: one moment
    ang: there should not be any account with close order losing more than 4k right????
    Andrew: we have a formal trade inquiry process and
    Andrew: I will have the audit committee call you within 24 hours
    ang: do ur site done anything to system???
    Andrew: I am sorry but I do not follow your question
    ang: there should not be any account with close order losing more than 4k right????
    Andrew: I am unable to speak about the trades anymore
    Andrew: now that the audit committee is looking into these issues
    ang: so how now???
    ang: y fxcm close the locking trades???
    ang: do u have a look in the trades????
    Andrew: my audit committee is now in the process of that
    ang: r u in uk / us?
    Andrew: I am in the US
    ang: uk based account operating in US?
    Andrew: We have multiple offices all over the world
    ang: how long it take???????????
    ang: there should not be any account with close order losing more than 4k right????
    Andrew: I appreciate your patience with regards to your account
    Andrew: the audit committee will be in contact with you
    Andrew: sorry for the inconvenience
    ang: when they call????
    ang: y fxcm can any how close his client locking trades
    ang: but need long time to investigate????
    Andrew: Is there anything else I may do to help you today?
    ang: : when they call???? ang: y fxcm can any how close his client locking trades ang: but need long time to investigate????
    Andrew: within 24 hours
    ang: u check on 1053019
    ang: the closing price is 1.34420
    ang: but in chart the range is 1.352x to 1.354x
    ang: how come different so much????
    Andrew: Please allow for the Audit Resolution Committee to look into the tickets
    ang: i feel very frustrated for fxcm/
    Andrew: I understand your frustration
    ang: how come the locking buy & sell ticket closing in same time
    Andrew: and we will look into the tickets and be in contact with your shortly
    ang: but the pip value can be different by more than 120pips in same time for same pair???
    Andrew: I am unable to speak about the trades anymore
    ang: anyway i already print screen all this trades
    Andrew: ok thanks
    Andrew: and again
    Andrew: thanks for your patience with this inquiry
    ang: if i not receive any explaination and any frustration penalty payment from your site,i willl disclose this issue in major forex forum like forexfactory.
    Andrew: That is why we will look into this for you
    Andrew: sorry for the inconvenience again and thanks for your patience
    ang: anyway i already feel hurt as fxcm customer.
    Andrew: please give us time to look into the issue
    Andrew: thanks again
    ang: ok i wait for your call.thanks
    Andrew: I also understand your concerns



    Email i sent to FXCM REPresentative:

    how about the 1077303 & 1045499 (usd/japan trade).?
    both this trade already been locked.

    this problem occur is due to fxcm ERROR & FAULT.and FXCM should responsible for all this illegal action.

    All non close trade already LOCKED by me.Non closing trade cannot be consider as LOSING trade.I want FXCM to under stand,locked trade position is not to get any MARGIN CALL.how come a locked position can be treat as MARGIN CALL?????what is the logic behind this action?For me,i just know FXCM SCAM me in this manner.



    if I already get a margin call ,y the mt4 platform still allow me to place order to lock and my account still got cash.?this is due to FXCM system error.and I'm not going to responsible to FXCM ERROR by losing my HARD EARN money.

    pls suggest a more human nature solution for this FXCM FAULT and ERROR.

    in below situation:
    If FXCM send USD20k for me.after receive USD20k i told FXCM,sorry FXCM,your money got margin call,i only can return you USD6k.how did u feel?

    I'm thinking to disclose this issue in famous FOREX forum like forex factory regarding this issue to warn others beware of this type of SCAM by FXCM.

    and I also in planning to make a complain to a legal association like NFA & FSA regarding this issue.

    the worst mt4 i had ever met in forex company is from FXCM.like the past few days i did made a few complain including to you that i need to restart mt4 for more than 100 times in order to close my order.the weak performance of fxcm mt4 cause me need to lock the position.

    FXCM do not deal the business with me in an honest and reliable way.
     
  2. PipStar

    PipStar Sergeant

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    I see that by 'locked' you mean that you hedge your positions but still receive margin call right?
     
    #2 PipStar, May 20, 2009
    Last edited: May 20, 2009
  3. Black Knight

    Black Knight Private, 1st Class

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    I know you're upset, mat88 - but give them a chance to look into it and see what they come back with.

    Looking over the chat you posted, it feels Andrew remained very professional and tried to be as helpful as he could, despite how you were yelling at him. A scam would be if no one was there to pick up your call - at least give them a chance to look into it like they said they would.

    I've found with experience that you get further with these companies if you win one or more reps over to your side, to champion your cause. (Keep in mind Andrew didn't close your trade, he wants to help you find out who/what did and why). If you piss them off, they're only too happy to file your request rather than escalating it further up their ranks.

    Fingers crossed for you, mate - please keep us posted on what you hear back.
     
  4. mat88

    mat88 Recruit

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    yes, i hedge the position.
     
  5. mat88

    mat88 Recruit

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    FXCM want to pay me usd11020 at first,then yesterday they email me and increase to usd11200.

    but i don't want.because my account have usd25000.FXCM just simply close my HEDGE position when market goes in my way that i was able to unlock.
    they just simply give out a reason"margin call" when market move in your way.
    why FXCM didn't "margin call" at 1.34xx level but margin call at 1.35xx level???
    if like this cannot call as SCAM,then what should i call this as????
     
  6. mbs

    mbs Recruit

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    Hedge?

    Sorry, but isn't between this lines an answer to your problem?
    http://www.fxcm.com/nfa-rules.jsp
    I just wanted to see the website of the reported broker, and this announcement is on they frontpage.
    And as i can see you hedged your positions on 18 May......
     
    #6 mbs, May 20, 2009
    Last edited: May 20, 2009
  7. mat88

    mat88 Recruit

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    before 15th MAY 2009 my account already shifted from FXCM US to FXCM UK.
    on MONDAY which is 18 MAY 2009.i double confirm the real position of my account whether is UK or US based.FXCM confirmed my account is UK based and I can continue to HEDGE.
     
  8. mat88

    mat88 Recruit

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    pls take a look on EUR/USD for BUY & SELL ORDER closing time,just different by 1 minute,but the market price for EU at that moment can be DIFFERENT as much as 110 pips.
     
  9. jsales430

    jsales430 FXCM PR Coordinator

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    Order is locked is a limitation of integrating the MT4 platform into our No Dealing Desk execution model. We have made it clear to all clients trading on this version of MT4 that they contact FXCM as soon as this happens so that we can investigate and make adjustments as needed. In this particular case I see that FXCM made a very sizeable adjustment for this client

    For more information or to talk to FXCM directly please contact FXCM. Contact FXCM

    Kindest regards,
    Jaclyn Sales
    FXCM
    212-897-7660
    jsales@fxcm.com
     
  10. mat88

    mat88 Recruit

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    can any one pls help me or sugggest me the way to get back USD25000 in my account?
     
: fxcm, fxcm.com

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