FXCM use sync to scam its clients

vincam

Sergeant
Messages
322
Thank you Albert, this platform syncing does seem to be the heart of the issue and I don't understand such a delay between the two either. I can imagine it would be difficult to know where your account stands frequently while you wait for the sync to occur.

Have you ever had any instances such as Scoony's? Where a trade closes at one price on MT4 and then hours later closes at another on Trader Station?
 

Scoony

Private, 1st Class
Messages
41
I belive what Scoony is trying to do is warn others about the syncing procedure and to watch out for it when dealing with FXCM, and at this point I am with him.

1.Scoony, can you post the combined statement that Jason talked about in the beginning of this thread that he says will shed more light on the situation? I believe you posted it in the Traders Court but if you post it here maybe we can have Jason expand on it.

Maybe I am missing something here if so please let me know, while the FSA and ombudsman may say this is okay according to how you operate, most traders in here would say it is something to definately be watching for on FXCM.

Hello Vincam,

I do not have the "combined statemen" I am not sure what that is and where to get that...yes it is correct...I guess I cannot make FXCM re-imburse the money that they stole from me (sorry but that is how I see it and I wont be trading with them anymore). But I want to warn other traders about this scam...and BTW the FSA and Obmudsman did not say it was OK - they said they could not see the wrong doing (probabely because they never traded in their life) and wanted me to officially open an investigation which I dont have the time to do considering that the most I could get out of this is about 1100 Euro.

I already have bad experiences with broker scams and that is the reason why I never have more than 10,000 Euro with one broker.

Thanks anyhow.

Florian
 

Albert.b

Sergeant
Messages
154
Thank you Albert, this platform syncing does seem to be the heart of the issue and I don't understand such a delay between the two either. I can imagine it would be difficult to know where your account stands frequently while you wait for the sync to occur.

Have you ever had any instances such as Scoony's? Where a trade closes at one price on MT4 and then hours later closes at another on Trader Station?
Hi vincam,

No I have not, I tend to keep my eye on the Read Only!

As I have said, in this high tech age, I think FXCM should be doing it a lot better than they are at present.

I now await with anticipation for the FXCM reply to this issue!
 

Jason Rogers

FXCM Representative
Messages
510
Hello Vincam,

I do not have the "combined statemen" I am not sure what that is and where to get that...
Hi Florian,

The combined account statement can be accessed through either MyFXCM.com or the FX Trading Station II platform with the read-only login setup for your account. The MT4 username and password will not be able to access these portals. Here are the instructions on how to run a report on each:

MyFXCM.com

Step 1. Log into MyFXCM.

Step 2. Click on Account Statement or Statement Summary.
• An account statement report is a complete report that includes all transactions and account activity.
• A statement summary report provides a summary of account activity based on each individual symbol.​


Step 3. Select the account number and time period that you would like to view. Click Get Report.

Step 4. Once complete a report will display on the page.


FX Trading Station II


Step 1. Log into FX Trading Station II



Step 2. Click the report button at the top of the platform, and select the dates to display in the report.



Step 3. Once complete, a report will display on the page.


The read-only account reports are the accounting record of statement and display the most accurate history of account activity. Accessing the combined account statement will give a better picture of why the margin call occurred when comparing it to MT4. Please let me know if you have any questions.

-Jason
 

vincam

Sergeant
Messages
322
Can you what Jason is showing there Scoony and post it? I know you're doubtful of recovering your money but it would be nice to see it so we can see how FXCM is operating from that angle.
 

Scoony

Private, 1st Class
Messages
41
Can you what Jason is showing there Scoony and post it? I know you're doubtful of recovering your money but it would be nice to see it so we can see how FXCM is operating from that angle.
Hi Vincam,

I dont have the login/pw for that site...and I did not really sign up for a Trading Station account...so I need to get a new login/pw to do that.

Lets see if I can get it...

Regards
Scoony
 

Albert.b

Sergeant
Messages
154
The Silence is Deafening!

There has been a bit of banter on this thread and I am beginning to think that we have been focusing on the wrong points!

I think we all agree that there has to be, at some point, a market maker!

A broker can be a market maker or they can do business through a market maker, but there just has to be a market maker, somewhere out there.

Lets assume that FXCM are true 'white knights', who obey all the rules and only have their client's best interest at heart.

If this is the case, I think we have been going in the wrong direction.
I believe that the question really is,
HOW GOOD IS THE FXCM SOFTWARE?


I am a customer of FXCM and in the time I have been with them, I have had lots of Trade Syncs between the MT4 Platform and the Read Only!

It is a major point with FXCM, that you must keep accessing the Read Only while you are trading.

Why should this be?

I also have two live accounts, with two other brokers and to date, I have never had a trade sync from either of them!
With these brokers, what I see on their MT4 platform, as far as trades are concerned, is actually what the account is at that point.

So, seeing that FXCM is a far larger broker than these two, why are their systems far superior to the system FXCM uses?

In the past I have had a couple of real issues with the FXCM system!

One day some time ago, I opened the Read Only and found that there were two open trades which I new nothing about, as these trades were not showing on the MT4!

The FXCM system had somehow opened these two trades, which, winning or losing, I could not close!

I had to telephone them to get these trades closed at a loss. I claimed and was reimbursed these losses, so no problem there.

I also have had the MT4 showing I had a balance of about £70.00, when there was really over £700.00 in the account. Some times, it can take quite a while for this to be synced correctly.

In this high speed electronic age, this is just a joke!

Even at close last Friday, my FXCM account is showing different balances for the MT4 and the Read Only.

This is when all the other MT4 platforms I had open, where showing virtually the same prices for the pair!

FXCM will tell you that the MT4 platform is only an interface!

This may be so, but surely, it would be better all round, if it was at least the quality of other MT4 systems.

Others manage to do it, so why can't FXCM?

I could go on and on, relating other instances, but I would rather sum up and say that the FXCM system/software looks to be second rate, when compared to the other brokers I use.
It is coming up to four working days since I posted the above thoughts, about the FXCM sync system!

I would of expected Jason, to have come out 'all guns blazing', telling us just how good their system is!

Instead what do we get?

We get the sound of deafening silence, which usually means that it is difficult to refute what has been said, so they say nothing.

The thing is will they ever improve it, so that it is a better experience for their clients?

My advice to any FXCM clients is, every time you open a trade and every time you close a trade,
CHECK THAT THINGS ARE OK, BY LOOKING AT THE READ ONLY
, don't assume that all is correct.

Then if there is a problem, you can then be on the case right away!

Look at the Read Only three or four times a day anyway, just in case you get phantom trades, the same as I did in the example above.
 

vincam

Sergeant
Messages
322
Seems like a lot of work to even use their platform, why not just switch brokers that don't have this "sync" scenario and avoid it all together :err:
 

f-man

4Xangels Representative
Messages
762
Hi Vincam,

I dont have the login/pw for that site...and I did not really sign up for a Trading Station account...so I need to get a new login/pw to do that.

Lets see if I can get it...

Regards
Scoony
Hi Scoony,

I don't know when you opened this account, but if you opened it recently, you received an email with subject "MetaTrader 4 Reporting Log-in" even before you receive your MT4 account details. In this email you can see this account number that you can use for logging in the www.myfxcm.com
You also received with a separate email the password for it.
 

Jason Rogers

FXCM Representative
Messages
510
We get the sound of deafening silence, which usually means that it is difficult to refute what has been said, so they say nothing.

The thing is will they ever improve it, so that it is a better experience for their clients?

My advice to any FXCM clients is, every time you open a trade and every time you close a trade,
CHECK THAT THINGS ARE OK, BY LOOKING AT THE READ ONLY
, don't assume that all is correct.

Then if there is a problem, you can then be on the case right away!

Look at the Read Only three or four times a day anyway, just in case you get phantom trades, the same as I did in the example above.
Hi Albert,

If you are asking why there is an account-sync, please take the time to review the FAQ and execution guide for FXCM's MT4. I mentioned these two resources in my first post and the webpages are still there for you to view. See the technical support section of the FAQ in particular. Many of the questions you are asking are answered.

Nonetheless, I will take the time to go over more of it in detail. MT4 was designed for dealing desk execution (whereby your broker is acting as the market maker). MT4 has a front end which is what you download onto your computer and use to place trades. And there is a back-end which the broker can use to operate it's dealing desk and accounting purposes. Metaquotes designed this as a turn-key package for brokers who wanted to easily setup their own forex offering. This is why the vast majority of MT4 firms operate a dealing desk and have not designed their own platform. Many MT4 brokers don't have account syncs or balance adjustments because they operate a dealing desk which uses the MT4 back-end execution and reporting, but again you're trading with a dealing desk.

FXCM does not have a dealing desk or make the market, therefore MT4's back-end is not used. A technology bridge is used to integrate the MT4 interface into FXCM's NDD forex execution back-end and accounting. You can think of the technology bridge as the communication link transmitting ordesr between MT4 and FXCM. Even though there is this communication between the two, there are still limitations in the design of MT4 which can hinder communication. That is why you will see an account sync to bring your MT4 balance in line with the FXCM balance due to rollover, withdrawals, deposits, etc. If the MT4 platform you are using does not use a balance adjustment or require you to monitor their own accounting system, then there is a high likelihood the broker is using dealing desk execution. In fact, there are multiple brokers which require the same time of monitoring of a read-only statement to confirm execution such as FXCM requires.

I'm happy that you know how to check the read-only statement to confirm trading activity, and this is what all traders should be doing on the MT4 platform if they have any questions about an account sync or need to verify the execution of a trade.

-Jason
 
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