my complaint details ...
N.B. I WAS OFFERED A REIMBURSMENT OF LOSS ON THE EUR/USD TRADE BY MR. MOHEB AT THE START ... HOWEVER I WANTED THE TRADE TO BE SETTLEED AS IT DID ON MY EA ....
WHEN I FILED THE COMPLAIN ... I WAS EVEN REFUSED FOR REIMBURSMENT OF THE LOSS ... OMG ... CANT BELIEVE THIS ... YOU DONT HAVE ANY WILL TO KEEP A CLIENT BY COMING UP WITH A SOLUTION THAT IS EVEN WORSE THAN THE SOLUTION U OFFERED EARLIER AND I DIDNT LIKE .....
ANYWAY I AM WITHDRAWING MY MONEY AND MOVING TO ANOTHER BROKER THAT WILL PROVIDE ME WITH A BONUS THAT COVERS EVEN MORE THAN THE TRADES IN QUERY .. I JUST WANT TO WARN PEOPLE FROM FALLING INTO YOUR TRAPS ..
ANYWAY HERE IS THE REPLY DETAILS ....
Dear Sherif Elelami,
Your case has been forwarded to my attention for review. I have investigated your complaint fully and would like to start by apologising for any inconvenience and/or distress that this matter may have caused you.
I understand your disappointment with respect to the trading results pertaining to your account and I want to assure you that FXCM takes the allegations made in your letter very seriously.
Ticket: 5657932
Pair: EUR/USD
Size: 24K
B/S: Buy
Open: 11/07/2013 12:47:52 at 1.34008
Stop: 1.32950
Stop execution: 11/07/2013 13:36:26 at 1.32947
Slippage: 0.3 pips
P/L: -254.64
Ticket: 5651266
Pair: AUD/USD
Size: 24K
B/S: Sell
Open: 11/07/2013 05:19:18 at 0.94792
Stop: 0.95100
Stop execution: 11/07/2013 13:01:30 at 0.95101
Slippage: 0.1 pips
P/L: -74.16
Please see the attached screenshots for visual details.
The first trade inquired about, ticket 5657932 was executed at a valid rate in the market. FXCM provides forex execution through a straight through processing, or No Dealing Desk forex execution model. In this model FXCM passes on to its clients the best prices that are provided by one of FXCM's liquidity providers with a fixed mark-up for each currency pair. In this model, FXCM does not act as a market marker in any currency pairs. As such, FXCM is reliant on these external providers for currency pricing. Although this model promotes efficiency and competition for market pricing, there are certain limitations to liquidity that can affect the final execution of your order.
I've indicated on the first attached screenshot where this price was reached in the market. As soon as the price was triggered it executed at the best rate available. Please see the FXCM Execution Risks regarding slippage:
Trading Risks, Forex Execution Risks - Dealing Desk, NDD @ FXCM UK
Specifically:
FXCM aims to provide clients with the best execution available and to get all orders filled at the requested rate. However, there are times when, due to an increase in volatility or volume, orders may be subject to slippage. Slippage most commonly occurs during fundamental news events or periods of limited liquidity. Instances such as trade rollover (5pm EST) is a known period in which the amount of liquidity tends to be limited as many liquidity providers settle transactions for that day. For more information on why rollover occurs, see the section on ‘Rollover Costs’. During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you receive.
As the stop price was reached in the market and executed correctly, there is no adjustment warranted.
The second trade which has been challenged in this inquiry is ticket 5651266. The account holder indicated that the stop price was not reached in the market and therefore should not have been closed.
Please note, since this was a Sell position, you would need to observe the Ask prices as they appear on the chart. Anytime you are using an order to Buy, you would use the Ask chart. Alternatively anytime you are Selling, you would need to look at the Bid chart. This means that when closing a Sell position, you would need to be looking at the Ask chart in order to see the necessary closing prices as they reach in the market.
For a visual explanation of the difference between Bid and Ask charts and how to use those while trading please use the following link:
Market Scope Charts FAQ - Page 2
I've indicated on the second screenshot where the price was reached in the market and executed immediately. As there was no error in the execution of this stop order, no adjustment is warranted.
Going forward, it is important to note that because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices. Therefore, any prices displayed by a third party charting provider, which does not employ the market maker's price feed, will reflect "indicative" prices and not necessarily actual "dealing" prices where trades can be executed.
Please note that pursuant to the terms outlined in FXCM’s Complaints Procedure, this is our final response. If you are dissatisfied with the outcome, you may refer the matter to the Financial Ombudsman Service (“FOS”) for an independent resolution. Please note that for the FOS to consider your complaint, it must be referred to them within six (6) months of this final response letter.
For further information please refer to the following FOS explanatory link ‘Your Complaint and the Ombudsman’.
your complaint and the ombudsman - our consumer leaflet
The Address of the Financial Ombudsman Service is:
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
Once again, we are sorry for the inconvenience and hope that you will find that the points noted above offer a fair resolution.
Kindest Regards,
Shalom Rosen
Client Services Associate
55 Water Street
50th Floor
New York, NY 10041
USA
Telephone:
Toll free (US & Canada): (888) 503-6739
Fax:
Email: srosen@fxcm.com
Forex Capital Markets is headquartered at Financial Square 32 Old Slip, 10th Floor, New York, NY 10005 USA.
___________________________________________________________________________________________________
i got the final response today from your company and i will be filing a case at fca tommorrow ... i guess its unsolevable by your side anymore ,,,, but just as a final trial .... i will post the company`s reply here ...Hi Shico,
Thanks for reaching out to me today (and thanks to Pharaoh for suggesting it)
You mentioned that you contacted our customer support team about these 3 trades. Please email me at jrogers@fxcm.com with your full name and account number, so I can look through your previous correspondence and follow up with the Trade Audit Committee for you.
Thanks and welcome to the forum!
Jason
N.B. I WAS OFFERED A REIMBURSMENT OF LOSS ON THE EUR/USD TRADE BY MR. MOHEB AT THE START ... HOWEVER I WANTED THE TRADE TO BE SETTLEED AS IT DID ON MY EA ....
WHEN I FILED THE COMPLAIN ... I WAS EVEN REFUSED FOR REIMBURSMENT OF THE LOSS ... OMG ... CANT BELIEVE THIS ... YOU DONT HAVE ANY WILL TO KEEP A CLIENT BY COMING UP WITH A SOLUTION THAT IS EVEN WORSE THAN THE SOLUTION U OFFERED EARLIER AND I DIDNT LIKE .....
ANYWAY I AM WITHDRAWING MY MONEY AND MOVING TO ANOTHER BROKER THAT WILL PROVIDE ME WITH A BONUS THAT COVERS EVEN MORE THAN THE TRADES IN QUERY .. I JUST WANT TO WARN PEOPLE FROM FALLING INTO YOUR TRAPS ..
ANYWAY HERE IS THE REPLY DETAILS ....
Dear Sherif Elelami,
Your case has been forwarded to my attention for review. I have investigated your complaint fully and would like to start by apologising for any inconvenience and/or distress that this matter may have caused you.
I understand your disappointment with respect to the trading results pertaining to your account and I want to assure you that FXCM takes the allegations made in your letter very seriously.
Ticket: 5657932
Pair: EUR/USD
Size: 24K
B/S: Buy
Open: 11/07/2013 12:47:52 at 1.34008
Stop: 1.32950
Stop execution: 11/07/2013 13:36:26 at 1.32947
Slippage: 0.3 pips
P/L: -254.64
Ticket: 5651266
Pair: AUD/USD
Size: 24K
B/S: Sell
Open: 11/07/2013 05:19:18 at 0.94792
Stop: 0.95100
Stop execution: 11/07/2013 13:01:30 at 0.95101
Slippage: 0.1 pips
P/L: -74.16
Please see the attached screenshots for visual details.
The first trade inquired about, ticket 5657932 was executed at a valid rate in the market. FXCM provides forex execution through a straight through processing, or No Dealing Desk forex execution model. In this model FXCM passes on to its clients the best prices that are provided by one of FXCM's liquidity providers with a fixed mark-up for each currency pair. In this model, FXCM does not act as a market marker in any currency pairs. As such, FXCM is reliant on these external providers for currency pricing. Although this model promotes efficiency and competition for market pricing, there are certain limitations to liquidity that can affect the final execution of your order.
I've indicated on the first attached screenshot where this price was reached in the market. As soon as the price was triggered it executed at the best rate available. Please see the FXCM Execution Risks regarding slippage:
Trading Risks, Forex Execution Risks - Dealing Desk, NDD @ FXCM UK
Specifically:
FXCM aims to provide clients with the best execution available and to get all orders filled at the requested rate. However, there are times when, due to an increase in volatility or volume, orders may be subject to slippage. Slippage most commonly occurs during fundamental news events or periods of limited liquidity. Instances such as trade rollover (5pm EST) is a known period in which the amount of liquidity tends to be limited as many liquidity providers settle transactions for that day. For more information on why rollover occurs, see the section on ‘Rollover Costs’. During periods such as these, your order type, quantity demanded, and specific order instructions can have an impact on the overall execution you receive.
As the stop price was reached in the market and executed correctly, there is no adjustment warranted.
The second trade which has been challenged in this inquiry is ticket 5651266. The account holder indicated that the stop price was not reached in the market and therefore should not have been closed.
Please note, since this was a Sell position, you would need to observe the Ask prices as they appear on the chart. Anytime you are using an order to Buy, you would use the Ask chart. Alternatively anytime you are Selling, you would need to look at the Bid chart. This means that when closing a Sell position, you would need to be looking at the Ask chart in order to see the necessary closing prices as they reach in the market.
For a visual explanation of the difference between Bid and Ask charts and how to use those while trading please use the following link:
Market Scope Charts FAQ - Page 2
I've indicated on the second screenshot where the price was reached in the market and executed immediately. As there was no error in the execution of this stop order, no adjustment is warranted.
Going forward, it is important to note that because the spot forex market lacks a single central exchange where all transactions are conducted, each forex dealer may quote slightly different prices. Therefore, any prices displayed by a third party charting provider, which does not employ the market maker's price feed, will reflect "indicative" prices and not necessarily actual "dealing" prices where trades can be executed.
Please note that pursuant to the terms outlined in FXCM’s Complaints Procedure, this is our final response. If you are dissatisfied with the outcome, you may refer the matter to the Financial Ombudsman Service (“FOS”) for an independent resolution. Please note that for the FOS to consider your complaint, it must be referred to them within six (6) months of this final response letter.
For further information please refer to the following FOS explanatory link ‘Your Complaint and the Ombudsman’.
your complaint and the ombudsman - our consumer leaflet
The Address of the Financial Ombudsman Service is:
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
Once again, we are sorry for the inconvenience and hope that you will find that the points noted above offer a fair resolution.
Kindest Regards,
Shalom Rosen
Client Services Associate
55 Water Street
50th Floor
New York, NY 10041
USA
Telephone:
Toll free (US & Canada): (888) 503-6739
Fax:
Email: srosen@fxcm.com
Forex Capital Markets is headquartered at Financial Square 32 Old Slip, 10th Floor, New York, NY 10005 USA.
___________________________________________________________________________________________________
