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FXCM use sync to scam its clients

Discussion in 'Scam Alerts' started by Scoony, Feb 1, 2011.

  1. vincam

    vincam Sergeant

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    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?
     
  2. Scoony

    Scoony Private, 1st Class

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    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
     
  3. Albert.b

    Albert.b Sergeant

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    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!
     
  4. Jason Rogers

    Jason Rogers FXCM Representative

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    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.
    [​IMG]

    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. ​

    [​IMG]

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

    Step 4. Once complete a report will display on the page.
    [​IMG]


    FX Trading Station II


    Step 1. Log into FX Trading Station II

    [​IMG]


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

    [​IMG]


    Step 3. Once complete, a report will display on the page.
    [​IMG]


    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
     
  5. vincam

    vincam Sergeant

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    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.
     
  6. Scoony

    Scoony Private, 1st Class

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    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
     
  7. Albert.b

    Albert.b Sergeant

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    The Silence is Deafening!

    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.
     
  8. vincam

    vincam Sergeant

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    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:
     
  9. f-man

    f-man 4Xangels Representative

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    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.
     
  10. Jason Rogers

    Jason Rogers FXCM Representative

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    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
     
: fxcm, fx cm, fxcm.com

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