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Money lost in bounce back from FXCM to Forex.com

Discussion in 'Scam Alerts' started by robinsont6956, Nov 21, 2009.

  1. robinsont6956

    robinsont6956 Recruit

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    I hope this is the correct procedure to file a complaint.

    I'm currently with Forex.com UK and doing very well and experiencing no issues. But I wanted to compare spreads between Forex.com and FXCM UK by capturing the spread in a text file and comparing the two brokers minute by minute.

    In doing this, I transfered $2k from Forex.com to FXCM. No issues in setup up the account with FXCM and found that when I went live, my EA wouldn't work with 5 digits FXCM uses to trade at the .01 level.

    I contact the EA vendor which confirmed that the EA doesn't work with 5 digits and that he is working the issue but will not be fixed in a timeframe that would allow me to leave $2k in an account doing nothing.

    I then decided to close my account with FXCM and send the money back to Forex.com. I found that FXCM would only send the money back to my bank account on file instead of the origination; but then I heard from FXCM and they indicated they could just bounce back the money to the originator (Forex.com). I of course said yes, please do! This turned out to be a huge mistake.

    It's been 2 weeks now with multiple e-mails and several phone calls to each broker. FXCM sent me a copy of the wire transaction which I forwarded to Forex.com. Forex.com indicated that they could not find the money and that as far as they were concerned this document appeared to mainly have origination information but nothing with regard to where the money was supposed to go. During one of my follow-up calls with FXCM, they indicated that they always have issues trying to get money to Forex.com.

    This doesn't appear to be a scam per-se' but more a series of issues culminating in lost funds and a tremendous waste of my time going back and forth between the two brokers. At this point, I'm not sure what I should do or request from either broker as a next step to help recover the money.

    Is it possible to ask FXCM to reverse the wire and then go ahead and re-wire the money to my back account? Or is there something else I should ask one or both brokers to do?

    Any help in the form of advice would be most appreciated.

    Best regards,

    Terry L. Robinson
     
  2. Pharaoh

    Pharaoh Colonel

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    Trying to transfer between brokers might save you a wire transfer fee, but is also subject to this sort of issue.

    Stay in touch with both brokers. Try to get them talking directly to each other. Keep on all the banks involved and ask them to trace the money. If you don't have ALL parties in on the conversation, it's easy for each one to blame one or more of the others.

    One note: If you just want to compare live price feeds for spikes, spread, etc., you can open a live account and then "forget" to fund it.
     
  3. robinsont6956

    robinsont6956 Recruit

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    Good advice, wish I had thought of that earlier but will try to get them both on a conference call. The live account tip will work nicely and would have been much easier!

    Thank you for your advice!

    Terry
     
    #3 robinsont6956, Nov 22, 2009
    Last edited: Nov 22, 2009
  4. Jason Rogers

    Jason Rogers FXCM Representative

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    Hi Terry,

    I work for FXCM. If you need help, please feel free to contact me, and I can also get involved with it from my side.

    Jason Rogers
    jrogers@fxcm.com
     
  5. robinsont6956

    robinsont6956 Recruit

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    Thank You

    Jason,

    Thank you for your offer to help. As of yesterday (12/1) I heard back from Shayla and Megan who conducted a wire trace, the information they provided really helped Forex.com find the transfer and deposit it.

    On another note, I'm not sure how to relay this to FXCM, but Shayla Alexander and Megan Martens really took a personal interest in helping me resolve this issue and would really like to commend them for their efforts. I will also send you a copy of this to your e-mail address so perhaps you could forward this through your chain of command so they receive some sort of recognition for outstanding customer service.

    It is because of this, I will consider FXCM for my future trading activities.

    Best regards,

    Terry
     
  6. kubek

    kubek Private

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    It's nice to hear for a change that there are still brokers/people who care about you. Best of luck
     

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