FXCM use sync to scam its clients

[Jason Rogers]

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 Florian,

If you need the read-only login, please contact customer support and they can help retrieve it for you .

-Jason

 

[achilles]

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:

To me that just seems the obvious answer, I certainly won't be using them!

 

[Albert.b]

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

Hi Jason,

Thank you for the reply to my query!

Could the FXCM/MT4 'Technology Bridge' be improved, so that the number of Syncs could be reduced?

 

[Scoony]

Hi Florian,

If you need the read-only login, please contact customer support and they can help retrieve it for you .

-Jason

Hi Jason,

I got my login/pw...basically the combined statement does NOT show any new things just the time when the margin call appears to have been executed on FXCM. To create the other report I would have to download and install the FXCM platform and since I will not use FXMC anymore I do not want to waiste my time and computer ressources doing. I guess you still think it was legitimate to take away my money (from wrong syncs) create a fake margin call and execution on MT4 and then scam me off my money by choosing (afterwards) the worst time to execute my positions. And you still dont want to give me my money back....

IF ANY TRADER UNDERSTANDS THIS PRACTICE OF YOURS HE WILL BE CLOSING HIS FXCM ACCOUNT OR NOT EVEN OPEN ONE.

IF FXCM THINKS IT CAN JUST STEAL MY MONEY AND I DONT DO NOTHING ABOUT IT-IT IS WRONG. I ALREADY HAD OVER 25 PEOPLE WHO THANKED ME FOR THE WARNING AND THAT THEY WILL NOT OPEN AN ACCOUNT WITH FXCM OR CLOSE THEIR ACCOUNTS.

AT LEAST A LITTLE BIT OF SATISFACTION...

 

[Jason Rogers]

Hi Jason,

I got my login/pw...basically the combined statement does NOT show any new things just the time when the margin call appears to have been executed on FXCM. To create the other report I would have to download and install the FXCM platform and since I will not use FXMC anymore I do not want to waiste my time and computer ressources doing. I guess you still think it was legitimate to take away my money (from wrong syncs) create a fake margin call and execution on MT4 and then scam me off my money by choosing (afterwards) the worst time to execute my positions. And you still dont want to give me my money back....

Hi Florian,

If you don't want to post the combined account statement, then that is your call. You can choose to release any amount of information to create sympathy for your case. FXCM does not have the same luxury. FXCM's privacy policy prohibits us from releasing details about our traders or their trading records, and we act accordingly. The combined account statement whether accessed through www.myfxcm.com or the FX Trading Station II are one and the same, so you do not have to download any software.

Only the combined account statement will display whether the margin call occurred when your usable margin reached 0 when there was only 250 Euros remaining as equity in your account, and also shed light on the account syncs.

I truly wish you all the best with your trading, and hope that your trades turns out better in the future.

-Jason