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I am having an issue with a company
I have some details that will like to share with FXCM clients so they don't hope much for nothing!, or wait too much before filing a complaint at regulatory bodies against FXCM!!
FXCM legal opinion is that it's not going to pay clients any money for losses resulted from the Swiss announcement. Instead, FXCM legal department working on if it will charge retail clients for negative balances or just go after institutional clients, as they know that most if not all of retail clients have no money to pay big amounts resulting from negative balances.
I suggest FXCM clients to quickly file a complaint against FXCM US, UK or whatever branches it has around the world.
FXCM breached the contract by closing order 1 hour after swiss announcement. We all know that there was liquidity at least after some minutes of swiss announcement on many brokers platform, so 1 hour after makes FXCM is a very bad situation on the legal part.
I can't believe how clients still trust a scam broker like FXCM. Instantly, withdraw your money if wasn't effected and file complaints if you were.
FXCM legal opinion is that it's not going to pay clients any money for losses resulted from the Swiss announcement. Instead, FXCM legal department working on if it will charge retail clients for negative balances or just go after institutional clients, as they know that most if not all of retail clients have no money to pay big amounts resulting from negative balances.
I suggest FXCM clients to quickly file a complaint against FXCM US, UK or whatever branches it has around the world.
FXCM breached the contract by closing order 1 hour after swiss announcement. We all know that there was liquidity at least after some minutes of swiss announcement on many brokers platform, so 1 hour after makes FXCM is a very bad situation on the legal part.
I can't believe how clients still trust a scam broker like FXCM. Instantly, withdraw your money if wasn't effected and file complaints if you were.
Jason Rogers
FXCM Representative
- Messages
- 517
Hi Master Yoda,
Here's the latest statement we released this morning:
FXCM to Forgive Majority of Clients Who Incurred Negative Balances
NEW YORK, Jan. 28, 2015 (GLOBE NEWSWIRE) -- FXCM Inc. (NYSE:FXCM), announced today its decision to forgive approximately 90% of its clients who incurred negative balances in certain jurisdictions, on January 15, 2015 as a result of the Swiss National Bank announcement on that date. FXCM will notify the applicable clients and adjust applicable client account statements in the next 24-48 hours. "FXCM worked diligently to reach this decision and we are extremely appreciative of our clients for their patience and loyalty as we worked through this," said Drew Niv, CEO of FXCM.
The SNB announcement, extreme price movements and the resulting lack of liquidity were exceptional and unprecedented events causing many market participants to incur trading losses. These events were unforeseen and beyond the control of FXCM.
FXCM will also notify certain clients (such as institutional, high net worth, and experienced traders who generally maintain higher account balances) requesting payment of negative balances, pursuant to the terms of the FXCM master trading agreements. This group represents approximately 10% of clients who incurred negative balances which comprises over 60% of the total debit balances owed.
Full press release: FXCM to Forgive Majority of Clients Who Incurred Negative Balances (NYSE:FXCM)
NEW YORK, Jan. 28, 2015 (GLOBE NEWSWIRE) -- FXCM Inc. (NYSE:FXCM), announced today its decision to forgive approximately 90% of its clients who incurred negative balances in certain jurisdictions, on January 15, 2015 as a result of the Swiss National Bank announcement on that date. FXCM will notify the applicable clients and adjust applicable client account statements in the next 24-48 hours. "FXCM worked diligently to reach this decision and we are extremely appreciative of our clients for their patience and loyalty as we worked through this," said Drew Niv, CEO of FXCM.
The SNB announcement, extreme price movements and the resulting lack of liquidity were exceptional and unprecedented events causing many market participants to incur trading losses. These events were unforeseen and beyond the control of FXCM.
FXCM will also notify certain clients (such as institutional, high net worth, and experienced traders who generally maintain higher account balances) requesting payment of negative balances, pursuant to the terms of the FXCM master trading agreements. This group represents approximately 10% of clients who incurred negative balances which comprises over 60% of the total debit balances owed.
Full press release: FXCM to Forgive Majority of Clients Who Incurred Negative Balances (NYSE:FXCM)
"Forgive"!!! What a shameful broker FXCM
FXCM breached the contract by closing orders an hour later than the Swiss Announcement.
I advice all FXCM clients to sue FXCM in court for breaching the contract and ask for the whole capital of account, not going into the scammer trap of covering negative balances!!
FXCM breached the contract by closing orders an hour later than the Swiss Announcement.
I advice all FXCM clients to sue FXCM in court for breaching the contract and ask for the whole capital of account, not going into the scammer trap of covering negative balances!!
Master Yoda
Captain
- Messages
- 2,929
I agree with Ed, I don't like the term forgive. Yet, at least you dropped that negative balance case
What I exactly meant was FXCM didn't bother to close the orders, but only after 1 hour of Swiss Announcement, that's breach of contract.
If they closed it after some minutes at 1.02 or 1.03 for eurchf and 0.90 or whatever for usdchf they could had said had no liquidity at that exact Swiss announcement time and the argument will be to proof that its liquidity providers didn't provide it with data feed at that time.
But in FXCM case, they are in a bad legal situation, if some clients have the guts to complaint to the regulatory bodies and take the complaint to court later, clients can ask FXCM to cover all the losses and at least the whole capital if not sue them for more money.
When the contract is breached, there's no part fixing of it on the legal part if clients want to really go for it till the end that I wish they do.
If they closed it after some minutes at 1.02 or 1.03 for eurchf and 0.90 or whatever for usdchf they could had said had no liquidity at that exact Swiss announcement time and the argument will be to proof that its liquidity providers didn't provide it with data feed at that time.
But in FXCM case, they are in a bad legal situation, if some clients have the guts to complaint to the regulatory bodies and take the complaint to court later, clients can ask FXCM to cover all the losses and at least the whole capital if not sue them for more money.
When the contract is breached, there's no part fixing of it on the legal part if clients want to really go for it till the end that I wish they do.
When FXCM want to name its decision "Forgive", look what FXCM announces on its website:
Margin Requirements and Leverage FAQs - FXCM UK
Is there a debit balance risk? Can I lose more money than I deposit?
Not with FXCM. It is FXCM's policy to credit accounts to a zero balance when debit balances occur as a result of trading.
One of the greatest concerns traders have about leverage is that a sizable loss could result in owing money to their broker. At FXCM, your maximum risk of loss is limited by the amount in your account. All accounts are tracked by our "Margin Watcher" feature. With the Margin Watcher feature, if account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all open positions.
Margin Requirements and Leverage FAQs - FXCM UK
Is there a debit balance risk? Can I lose more money than I deposit?
Not with FXCM. It is FXCM's policy to credit accounts to a zero balance when debit balances occur as a result of trading.
One of the greatest concerns traders have about leverage is that a sizable loss could result in owing money to their broker. At FXCM, your maximum risk of loss is limited by the amount in your account. All accounts are tracked by our "Margin Watcher" feature. With the Margin Watcher feature, if account equity falls below margin requirements, the FXCM Trading Station will trigger an order to close all open positions.
Be Aware FXCM clients that FXCM is cheating you, manipulating on you by saying "Forgive" to put you in a defensive state instead of an offensive one.
The link: Margin Requirements and Leverage FAQs - FXCM UK prove it all
Add to that that FXCM closed orders very late resulting in negative account, and no ability for clients to possibly hedge or close their trades manually.
All that is breach of contract, file a complaint to the regulators and take it to court, ask for your capital, you can win the case.
The link: Margin Requirements and Leverage FAQs - FXCM UK prove it all
Add to that that FXCM closed orders very late resulting in negative account, and no ability for clients to possibly hedge or close their trades manually.
All that is breach of contract, file a complaint to the regulators and take it to court, ask for your capital, you can win the case.
///Is there a debit balance risk? Can I lose more money than I deposit?
Not with FXCM. It is FXCM's policy to credit accounts to a zero balance when debit balances occur as a result of trading.///
Many words written by FXCM like Not with FXCM, FXCM's policy.
All these are finalizing, confirming, assuring that FXCM MUST DO THAT.
Implies, FXCM clients need no forgive from FXCM, they are already protected from FXCM policy posted on its site.
FXCM clients must now focus on suing FXCM for breaching contract by closing positions very late.
Not with FXCM. It is FXCM's policy to credit accounts to a zero balance when debit balances occur as a result of trading.///
Many words written by FXCM like Not with FXCM, FXCM's policy.
All these are finalizing, confirming, assuring that FXCM MUST DO THAT.
Implies, FXCM clients need no forgive from FXCM, they are already protected from FXCM policy posted on its site.
FXCM clients must now focus on suing FXCM for breaching contract by closing positions very late.
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