Fxcm - what a dissapointment

Afterlife

Private, 1st Class
I have been a client of Fxcm for over 2 years and I was very happy with them, until the 17th of December when they had a slippage on their platform and closed all my Eur/Chf positions at prices never seen even on their own charts -significantly below the 1.2 threshold.

And guess what!!! It happened 12 hours before snb announcement of negative rates introduction

And guess what #2: I was not informed my accountd were wiped out...not even one email in 12 hours!!

Funny coincidences...

I filed complaints and they offered to reimburse me, but only 1/3 of the lost ammount -no logical explanation for the ammount offered- and asked me to sign an agreement I drop all charges to be reimbursed

I contested their decision but..surprise! I was asked to file another complaint to another department of theirs...like they couldn't forward it.

Then...I received an incredible answer: I have to wait 8 weeks for an answer.

It is almost one month since it happened, I was not answered yet and I cannot keep opened all the positions I want due to the diminished margin( I have to be reimbursed around 6 ths euros).

What can I do? Can I sue them for the lost opportunity should the eurchf pair jump before I am reimbursed?

Thank you for support.
 

Afterlife

Private, 1st Class
I have received the final answer. It is outrageous, can I change the title to: Fxcm is a scam company?

It is more suitable.

Could you help me with the next steps? What should I do in order to get my stolen money back?
 

Master Yoda

Captain
I have received the final answer. It is outrageous, can I change the title to: Fxcm is a scam company?

It is more suitable.

Could you help me with the next steps? What should I do in order to get my stolen money back?
Was was the answer?

It's strange Jason has decided to not answer. Usually he is very active here
 

Afterlife

Private, 1st Class
FXCM is a scam company! RUN FOR YOUR LIFE!!!

In the past 2 months they really showed what a big scam they are:

First they had a slippage on the platform because of which they closed all my positions. They did not notify me about wiping my account but I understood why: 12 hours later snb announced negative rates and eurchf spiked, I could have won a lot of money.

After several complaints they offered to reimburse around 30% of the real loss(not talking about the potential wins), no explanation offered for why they choose that ammount regardless my efforts to talk to them-i was speaking to myself. When I was prepared to sue them...snb dropped the floor.

In the meantime I reopened some positions so the drop wiped my accounts. They closed my positions at 1.03, giving me a negative balance 20 times my margin.

I work with 2 other brokers which closed my positions at 1.17 at least (I must congratulate Oanda for the wonderful customer service), so 1.03 is really outrageous.

Anyway, does not matter, in the FXCM contracts and on the website it clearly states there is no posibility of negative balance, in case of an unexpected event that drops accounts to negative balance they will cover it.

Now...guess what phonecall I got yesterday: "Hi, this is FXCM, you have to bring us money for the negative balance"

Isn't this incredible? Considering their financial situation, I guess their services will get much worse in the near future. If you have money with them...RUN FOR YOUR LIFE!!!
 

joneslds

Corporal
Read the very fine small print from your broker before you open the live account.
ask if they have margin closeout policy Which Prevent the trader from losing more than you have deposited .

FXCM broker that has a lot of complaints here in the forum which leads me to believe that they are SCAMS !

As you probably know, the Swiss National Bank devalued the currency was 1.20 ( EURCHF ) yesterday at 9:30 GMT .
After the announcement there was no liquidity in the CHF pairs. The EUR / CHF fell from 1.2000 to 0.95-1.00 , and then to 0.85 to 0.90 and finally returned to price between 1.03 to 1.04 , all in accordance with the Service electronic brokerage ( EBS ) .

I thought I had made ​​a lot of money with the Swiss bank did but look 'so the email I received from AVASCAM trade

The AvaTrade are applying the run levels for all the executed orders that occurred between the times 09:30:00 GMT 10:50:00 , with a price of 1.0450 EURCHF . For all other pairs , the implementation rate will be calculated and orders will be adjusted using the price EUR / CHF above, and the price of the relevant third currencies vs EUR at the time mentioned above.
 

Afterlife

Private, 1st Class
They have this clearly stated in their policy, In case my balance goes negative due to extraordinary events, they will reimburse to 0. This is why I laugh, but still they tried to make me pay. It is really incredible the way they treat customers, like we are kettle and they can lie to us whatever they want.
 
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