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Fxcm Uk

Discussion in 'Scam Alerts' started by pipperray, Jun 2, 2010.

  1. pipperray

    pipperray Recruit

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    I do not know if this quallifies as a fraud or not, but it sure ranks as sharp practice.
    I have had an account with FXCM for more nearly 2 years and when the US FSA introduced their new rules late in 2009 I swiched to the UK. I only have a micro account that uses Trade Station II.
    For the past few months - at least since they became an ECN I have had problems with order filling - not that they dont get filled, but they have often been way off the price I clicked on - I use 1 click order entry; on some occasions the order has been delayed and entered way off the price - on others the order was entered, but the price seemed to differ from the bid offer values displayed.

    When I confronted FXCM about the first issue they reimbursed me for orders that I could identify, but would not investigate further.
    On the second issue until last week I had assumed this was slippage on the order, but on two days I submitted orders that were accepted immediately, but in one case was 9 pips off the price;
    Again they have re-imbursed me the 'slippage' on 3 trades;
    They say there was a delay on the price server, but this delay seems to occur too frequently to be coincidence; they say that if I can produce other orders where this occurred then they will investigate, but as a scalper this is not possible - the only time I could track any orders back on a tick chart would be at the weekend when they are not available.
    I did point out that the odd pip could mean the difference between a losing trade and a profitable trade, but they will only investigate against ticket nos.
    I have some documentation, but not much, however if any others feel they are being had in a similar fashion would the FPA pursue this please?:confused:
     
  2. Pharaoh

    Pharaoh Colonel

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    They reimbursed you, so it's not a total scam.

    Make it plain to them that this will stop or you will do the following:

    1. Close your account.
    2. Let as many people as possible know why you closed you account.

    Then see what happens. If it occurs again, follow through on closing the account, leaving a shining 1 star review, and posting about it here and in other forex forums.
     
  3. Jason Rogers

    Jason Rogers FXCM Representative

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    Hi pipperray,

    Sorry about the slippage you experienced on your trades last week. FXCM's audit team will always try to come to a fair and equitable resolution when reviewing positions, but we will need ticket numbers to investigate or detailed information we can go by to identify the trade to review. One thing I can suggest regarding slippage is setting your market orders to Market Range for the order type and setting a range of slippage (in pips) that you are willing to experience on the trade in case there is no more liquidity at the price you click on. Please feel free to post any additional questions and I would be happy to help.

    -Jason
     
: fxcm, fxcm.com, fx cm

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