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?
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?
