FXCM will close your account if you make money too fast!

[undertaker]

I appreciate your questions but must reiterate that I cannot comment on the specifics of this case. While an account could be closed for any number of reasons, a client being profitable is not one of those reasons. FXCM offers traders No Dealing Desk (NDD) forex execution, which means we offset each client order one-for-one with the best prices from 10+ competing liquidity providers (no B-Booking). Since we don't take the market risk on the other side of your trades, we don't profit from your losses or lose from your profits. Instead, we make our money from your trading volume. This business model means that profitable traders are our best clients, because they continue to generate trading volume for us.

if so, please find the reason in a rush. People never think good if they get something bad.

 

[forextrader007]

I am still waiting to receive my funds. Once they put your account on hold or close your account you can only get information via email. If you call or attempt to chat with FXCM they will direct you to email them as they do not have access to your account. I have included the last email received from FXCM below. Hope this helps.


Dear David Farrington,

Thank you for your continued cooperation with FXCM.

We are working with our banking vendor to take care of this matter as quickly as possible. Would you be able to provide us with your bank's ACH department contact? If so, we can request our banking vendor to contact that individual directly and try to resolve the issue quicker. Again, we apologize for the delay and thank you for your understanding.

If you have any further questions regarding this matter please feel free to contact FXCM’s Compliance Department at compliance@fxcm.com.








Kindest Regards,



FXCM Compliance

Tel (212) 897-7660

Fax (212) 897-7669

Email: compliance@fxcm.com

Website: Forex Trading - FXCM


FXCM Inc. is headquartered at 55 Water Street, 50th Floor, New York, NY 10041 USA.

Below is the email received before the one above.


Dear David Farrington,

Thank you for your continued cooperation with FXCM.

We reached out to our banking vendor and confirmed that the return of your ACH deposit was initiated as stated. Per the bank, it can take up to 3-4 weeks to process the request. They will contact your bank to ensure that this is taken care of as quickly as possible.




We apologize for the delay and thank you for your understanding. If you have any further questions regarding this matter please feel free to contact FXCM’s Compliance Department at compliance@fxcm.com.








Kindest Regards,



FXCM Compliance

Tel (212) 897-7660

Fax (212) 897-7669

Email: compliance@fxcm.com

Website: Forex Trading - FXCM


FXCM Inc. is headquartered at 55 Water Street, 50th Floor, New York, NY 10041 USA

 

[forextrader007]

I would avoid FXCM it you plan on being one of the few traders that actually plan to make some real money. They will close your account if you make money. Let me explain why FXCM will close your account. The FXCM agent "Jason" on this board keeps claims FXCM doesn't care if you make money. FXCM has tight spreads and if you use the spreads to your advantage you will make money at their expense. Do NOT believe what the "jason" person states. Test the system for yourself. FXCM has still not refunded my money after 30 days. I have email them everyday with limited response and my money is still being help. My bank Wells Fargo is now going after FXCM for not sending my money and making false claims they have returned the funds and are lost in transit. I am also in the process of working with a lawyer. Big companies think they can simply do as they please and I plan to take stand against FXCM.

 

[fxtrader_sg]

Did you get any response on 1)Getting back your money and 2)reason for closing ?

Closing an account without valid reasons especially on the rare winners in FX trading does mean something suspicious!

 

[FxMaster]

Once again go to their live chat support and invite them to join this thread

 

[FxMaster]

also send him message about this thread Jason Rogers FXCM Representative

 

[Pharaoh]

If you were at the US branch of FXCM, an inquiry to the NFA may be worth looking into.

 

[forextrader007]

I would avoid FXCM on all levels! They are hiding behind other companies as well. Options Express is using them for Forex Transactions and many others as well. Be sure to ask the company you plan to use if they are in any way connected to FXCM. FXCM will NOT let you make money (REAL MONEY) the idea behind most of these companies is to keep clients and or customers at the break even point or a little above. If one is able to beat the tight spread it will cost them money. The FXCM person on this board "JASON" is NOT to be trusted. If it were not for places like forexpeacearmy.com we would all be blind to what is really going on. I just opened a citiFX demo account and my $100,000 went to $247,000 in 4 days. Guess what happened? We have decided not to do business with you at this time. The people in the FX arena are in business to make money off the customers. I am a full time trader and have never had an issue trading stock options. I always have gotten paid and have never had nonsense occur like with these FX companies. Forex is great to trade if you can get paid once you have grown your account.

 

[forextrader007]

Looks like FXCM is having some real issues! These big companies are a huge risk for the customers. FXCM may be going under if someone doesn't bail them out. Wanted to update everyone. I finally received all of my funds from FXCM (looks like just in time before they go under). Be sure to choose your broker wisely. Happy investing!

 

[3d2t.trading]

Its been a while since this thread. Was this matter resolved and what were the reasons for closing your account? and did you get your funds?